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Axis Bank Personal Loan

Axis Bank Personal Loan Highlights

Last Updated 08th Apr 2021

Axis Bank personal loan interest rate begins at 10.40% . The rate varies based on the type of employer, credit history, income, age, etc. Existing savings account holders are offered lower interest rates, and borrowers with a good repayment record can instantly get a top-up loan. Few of the schemes offered by the bank are:

  • Loan for Meeting Personal Requirements:Axis Personal Loan does not have end-use restriction of the loan amount and can be taken for fulfilling medical, wedding, travel or renovation, among other expenses. The minimum age to avail this loan is 21 years and can be taken for any tenure ranging between 12 to 60 months upto ₹ 15 lakhs.
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Axis Bank Personal Loan Details

  • Axis Bank Personal Loan Interest Rate starts from 10.40%.
  • Lowest EMI per lakh on Personal Loan from Axis Bank is ₹ 2,144 at the lowest interest rate of 10.40% at the longest loan tenure of 60 months.
  • Loan available for both salaried and self-employed professionals.
  • Borrowers within the age group of 21 and 60 years.
  • Loan amount of minimum ₹ 50,000 to ₹ 25 Lakh.
  • Loan Tenure 12 to 60 months.
  • Processing Fees: Upto 1.75%,Min Rs.4,999.
  • Foreclosure charges: Axis Bank personal loan prepayment is allowed with 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%
  • Part payment charges: Allowed at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%
  • Other Charges: Late EMI payment charges, EMI bounce charges, loan cancellation charges, which are disclosed by the bank at the time of signing the loan agreement.
  • Special Schemes: Axis Bank offers customised personal loan interest rates and schemes for special category of borrowers, including borrowers working in reputed companies, banks or government employees etc. Some of the special personal loan schemes of Axis Bank are:
    • Loan for Meeting Personal Requirements
    • Loan for Salaried Individuals
    • Personal Loan for Home Renovation
    • Holiday Loan

Interest rates on Axis Bank Personal Loans Schemes

As on today, Axis Bank Personal loan interest rates are in the range of 10.40% to 16.75%, with lowest rates offered to existing customers of the bank with a strong CIBIL Score and for those working with reputed corporate with a stable employment history. Axis Bank also runs special schemes for defense, armed forces and government employees. Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

Axis Bank Loan Top Up

Axis Bank Personal Loan Eligibility depends on various factors like company you work for, income, work experience, credit score and other. The eligibility parameters for personal loan from Axis Bank are:-

  • Occupation: Salaried professionals who are working in Government, Private, MNCs can take a personal loan from Axis Bank.
  • Age: Axis Bank offers personal loan to salaried professionals within an age group of 21 to 60 .
  • Minimum Income: The minimum income required to avail personal loans from Axis Bank is ₹ 25,000
  • Minimum Work Experience: Axis Bank checks current and total work experience to check the job stability of a borrower. The current work experience required to avail personal loans from Axis Bank is 1 months while the total work experience required is months.
  • Credit Score: Credit score is an important criteria to avail personal loan. The minimum credit score needed to become eligible for personal loans is 650.

How to get the best offer on Axis Bank Personal Loan?

You can get the best personal interest rates from Axis Bank subject to an assessment of your loan amount, salary, other obligation company you work with and loan tenure. The following factors determine the personal loan rate of interest you can expect to get from Axis Bank:

  • Loan Amount - This is the amount borrowed by a borrower from the bank. Generally, banks offer lower interest rates for higher amounts. Axis Bank offers loans between ₹ 50,000 and ₹ 25 Lakh.
  • Salary - Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. The interest rate of the bank varies with your net monthly income.
  • Employer Category - Axis Bank has an internal list of companies falling into categories that are ranked from high to low company categories based on company’s size, reputation and existing relationship with the bank. Employees who belong to companies in higher company categories get attractive discounts and low interest rate loans.
  • Relationship with the Bank - Axis Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in the past will get the benefit of a low Axis Bank loan interest rate.
  • Loan Tenure - Personal loans are of shorter tenure ranges from 12 months to 60 months as they are taken to meet their immediate requirements.
  • Repayment Capacity - Before giving a loan to the borrower, Axis Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has the repayment track record of previous loans taken. CIBIL also captures information of credit card bills payment.
Axis Bank Personal Loan Charges

In addition to Axis Bank’s personal loan interest rate, you need to compare other charges on the bank’s personal loan before taking a decision to borrow from the bank include:

  • Part Payment Charges - Part Prepayment on Axis Bank’s personal loans is Allowed after 1 Month at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%
  • Processing Fee - Axis Bank charges a non-refundable processing fee of Upto 1.75%,Min Rs.4,999 of loan amount with applicable tax.
  • Other charges: Once your Axis Bank personal loan application is accepted or sanctioned, bank will provide you a statement of other charges applicable on your loan account. Some of these charges are interest charged on late payment, EMI cheque bounce charges and loan cancellation charges, which are payable only in the event of one of these three charges.

Axis Bank Personal Loan Documents

For salaried employees
  • Filled up loan application form
  • 2 Passport Size Photo
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID/ Aadhaar Card
  • Residential Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old)
  • Income Documents - 2 years Form 16, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

How to Apply for Axis Bank Personal Loan?

Getting a Personal loan from Axis Bank is fairly quick, with an online application and approval process. You can also apply for a Axis Bank personal loan through offline mode.

Online Application Process

The step-by-step procedure to get a personal loan online from Axis Bank is mentioned below:

  • Visit the official website of Axis Bank. You can also apply for a Axis Bank personal loan through an online marketplace like MyLoanCare.in.
  • Now, fill personal, professional and financial details as required by the lender and submit the form.
  • Once you have submitted the application form, Axis Bank will check your eligibility and provide you with information about the eligible amount you can avail.
  • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
  • Finally, your documents will be processed by Axis Bank, and on successful approval of the loan, the funds will be disbursed to your Axis Bank account immediately.

Offline Application Process

Borrowers can also apply for Axis Bank personal loan through offline mode by following the steps as mentioned below:

  • Visit the nearest Axis Bank branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
  • The bank representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
Illustration on Personal Loan Axis Bank
Maximum Annual Percentage Rate (APR) 10.75% to 17.1%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 12 Months to 60 Months
  • Axis Bank Personal Loan Interest Rate: 10.40% to 16.75%
  • Processing Fee payable to: Upto ₹ 1,750
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,144 for 60 Months ₹ 1,00,000 loan at 10.40% (lowest rate, longest time period) to ₹ 9,109 for 12 Months ₹ 1,00,000 loan at 16.75% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 10.75% to 17.1%
  • Total cost payable over loan tenure: ₹ 7,472 for 12 Months loan to ₹ 30,416 for 60 Months loan

Personal Loan from Other Banks in India

FAQs

How much time will the Axis Bank take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days. The turnaround time for a Axis Bank instant loan can be 7 to 9 days.

Why to take personal loan from Axis Bank ?

Axis Bank offers loan at 10.40% rate with the lowest EMI of ₹ 2,144 per lakh. If you are paying EMI more than this, then you can opt for balance transfer and relocate your loan to Axis Bank.

How much interest is charged by Axis Bank on personal loan?

Personal loan interest rates in Axis Bank are 10.40% to 16.75%. Axis Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

What is the lowest EMI per lakh on personal loan from Axis Bank ?

If you apply for loan from Axis Bank, your lowest Personal Loan EMI per lakh will be ₹ 2,144.

What is the minimum and maximum tenure of personal loan in Axis Bank?

You can repay your personal loan in a flexible period of minimum 12 months to maximum 60 months.

How much personal loan amount I can borrow from Axis Bank?

Axis Bank offers you loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 25 Lakh

How much processing fee is charged by Axis Bank on personal loan?

Axis Bank charges a processing fee of Upto 1.75%,Min Rs.4,999 with applicable service tax.

Is age an eligibility factor to get personal loan from Axis Bank?

Yes, age is an important eligibility factor to get personal loan as you should be at least 21 years old at loan approval time and 60 years old at loan maturity time.

Can I add my spouse's income while applying for personal loan from Axis Bank?

You can add the income of your spouse to increase your Personal Loan Eligibility and to get higher loan amount.

How can I get Axis Bank personal loan?

You can get a personal loan from Axis Bank by directly visiting the nearest branch or can apply online at their website. You can also apply online at MyLoanCare website after comparing the interest rates and charges of all banks.

How can I check my Axis Bank personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from Axis Bank, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at Axis Bank's website. In case you could not track your application online, you can contact Axis Bank loan assistance and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

What is the importance of credit score if I wish to avail a Axis Bank personal loan ?

It is important to have a good credit score if you wish to apply for a personal loan from Axis Bank. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from Axis Bank?

No, Axis Bank does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my Axis Bank personal loan after 1 year?

You can close your personal loan from Axis Bank after 1 months by paying charges: 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%

Can I negotiate with Axis Bank on the personal loan interest rate?

You can ask Axis Bank to lower your interest rate on the personal loan. However, it is not sure that the lender will reduce your interest rate.

How to pay your Axis Bank personal loan EMI?

You can pay your Axis Bank personal loan EMI by using ECS facility or through Standing Instruction.

How to get Axis Bank personal loan status by mobile number?

You can check the status of your Axis Bank personal loan on their website by using your mobile number. You can also check the Axis Bank personal loan status on mobile through their mobile app. If you have applied for a personal loan through MyLoanCare website, you can track your status by logging into MyLoanCare Account with the registered mobile number.

What is the Axis Bank personal loan process?

The most effortless Axis Bank personal loan procedure is to fill your details on the above form. Your application will be assessed as per details entered by you, and you will be shown the best offer available from Axis Bank along with other banks too. Our loan advisor will contact you to understand your needs and forward your application to the bank of your choice. Although, you can also apply on the website of Axis Bank Bank as well.


Axis Bank Personal Loan Reviews 4.4/5  by 120 customers
MyLoanCare Service
4.4/5.0
Banks Service
4.4/5.0
Sandeep, Ghaziabad
Reviewed on 06th Apr 2021
4.5 / 5 stars
Axis Bank Personal Loan Availed in Jan 2021

MyLoanCare service is nice. There is no problem to get the loan. Executives are also supportive. YouRead more...

Vipul, Delhi
Reviewed on 01st Apr 2021
5 / 5 stars
Axis Bank Personal Loan Availed in Apr 2021

Good coordination. Team is very professional and provided prompt services.Read more...

Mahesh, Hyderabad
Reviewed on 24th Mar 2021
5 / 5 stars
Axis Bank Personal Loan Availed in Mar 2021

I’ve got the loan with low interest in comparison to the market.Read more...

Ramcharan, Bangalore
Reviewed on 19th Mar 2021
5 / 5 stars
Axis Bank Personal Loan Availed in Mar 2021

Wonderfully guided about the loan especially by Shubham Singh. He is just awesome.Read more...

Radhika, Bangalore
Reviewed on 17th Mar 2021
5 / 5 stars
Axis Bank Personal Loan Availed in Mar 2021

The loan process was hassle-free which was the highlight. Highly appreciate the service.Read more...

Mohit, Delhi
Reviewed on 01st Mar 2021
5 / 5 stars
Axis Bank Personal Loan Availed in Feb 2021

Very quick and fast service. And Paramjeet is a very good person. Very helpful in every condition. TRead more...

Sinto, Bangalore
Reviewed on 27th Feb 2021
5 / 5 stars
Axis Bank Personal Loan Availed in Feb 2021

When I think about loan, first thing that comes to mind is MyLoanCare. Excellent service.Read more...

Praveen, Bangalore
Reviewed on 20th Dec 2020
5 / 5 stars
Axis Bank Personal Loan Availed in Dec 2020

Its a good experience. The executive Lavish helped a lot.Read more...

Axis Bank Personal Loan News - Apr 2021
  • 2021-04-07 : Axis Bank becomes the new promoter of Max Life
    Axis bank along with its subsidiary Axis Capital and Axis Securities became the new promoter of Max life. The Bank has a stake of 12.99% on Max Life.
  • 2021-03-05 : Axis Bank launches WhatsApp banking
    Axis Bank launched banking services on WhatsApp. The new facility will enable its retail customers to seek information regarding their account balance, recent transactions, credit card payments, fixed and recurring deposit details, besides getting their queries answered in real-time.
  • 2021-02-26 : IRDAI gives approval for Axis Entities-Max Life Insurance deal
    The Insurance Regulatory and Development Authority of India has given its approval to acquire up to 12% stake in Max Life Insurance by Axis Bank and its subsidiaries, Axis Capital and Axis Securities. The IRDAI approval was an important venture transaction that was first announced in April 2020
  • 2021-01-28 : Axis Bank Q3 net profit down 36%
    Axis Bank reported a 36% drop in its net profit in the December quarter. Profit declined to Rs 1,116 crore from Rs 1,757 crore in the same period last year. Provisions in the quarter increased 33% to Rs 4,604 crore against Rs 3,470 crore in the year-ago period . Net interest income (NII), the difference between the interest earned and that paid on deposits which includes FD and RDs rose 14% to Rs 7,372.7 crore
  • 2020-10-30 : Axis Bank reported a net profit of ₹1,623 crores in Q2
    Axis Bank reported a net profit of ₹1,682.67 crores in the Q2 of FY21, as against a loss of ₹112 crores in the same period last year. The net interest income increased 20% y-o-y to ₹7,326 crore and its net interest margin (NIM) stood at 3.58%. Further, retail loans which include home, personal, gold, two-wheeler, gold and car loan grew 12% y-o-y to ₹3.05 trillion, accounting for 53% of the net advances of the bank.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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