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Axis Bank Personal Loan Interest Rate

Current Axis Bank Personal Loan Interest Rates, May 2022

Last Updated 19th May 2022

Interest Rate 10.49% - 17.25% Check Best Offers
Tenure Upto 60 months
Processing Fee Rs.4,999
Loan Amount ₹ 50,000 to ₹ 25 Lakh
Minimum Income ₹ 25,000
Eligible Age 21 to 60 years
Part Prepayment Charges Allowed after paying 1 EMIs with charges ranging from, 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2% of the outstanding loan amount.
Foreclosure Charges Allowed after 1 months with charges ranging from For Loan Amt Approved of 10 Lacs and above-- 0% FC charges after 12 EMIs if closure through OWN FUNDS,1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2% of the outstanding loan amount.
  • You can avail the lowest rates on Axis Bank Personal loan if you are an existing customer of the bank or working with top corporations.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Voucher

Axis Bank Personal Loan Rate of Interest and Charges

  • Axis Bank offers Personal Loans to salaried individuals at a low rate in comparison to self-employed.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as Axis Bank personal loan rates and charges.
Axis Bank Personal Loan Rates and Charges
Interest Rate 10.49% to 17.25%
Part Prepayment Charges Allowed after paying 1 with charges ranging from, 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2% of the outstanding loan amount.
Foreclosure Charges Allowed after paying 1 months with charges ranging from, For Loan Amt Approved of 10 Lacs and above-- 0% FC charges after 12 EMIs if closure through OWN FUNDS,1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2% of the outstanding loan amount.
Processing Fees Rs.4,999

Interest rates on Axis Bank Personal Loans Schemes

Axis Bank Personal Loan interest rates are lower for existing customers of the bank with a strong CIBIL Score and for those working with reputed corporations with a stable employment history. The lowest rate on Axis Bank Personal Loan remains unchanged at 10.49% as of 23 Sep, 2021. Axis Bank also runs special schemes with lower rates for defense, armed forces and government employees. Personal loan interest rate for government employees and defence personnel is different from private salaried employees.

Axis Bank Personal Loan Rate Comparison with Other Banks

Here is a comparison of Axis Bank Personal Loan with top lenders based on the interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars Axis Bank HDFC Bank SBI
Rate of Interest Starting from 10.49% Starting from 10.25% Starting from 9.60%
Loan Tenure 12 - 60 months 12 - 60 months 6 - 72 months
Minimum Age 21 years 21 years 21 years
Processing Fee Rs.4,999 Upto 2.50% Min ₹ 999 Nil
Maximum Loan Amount ₹ 25 Lakh ₹ 75 Lakh ₹ 15 Lakh
Prepayment charges Allowed after 1 EMI's, 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2% Allowed after 12 EMI's, 2-4% Not allowed
Pre closure charges Allowed after 1 EMI's, For Loan Amt Approved of 10 Lacs and above-- 0% FC charges after 12 EMIs if closure through OWN FUNDS,1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2% Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 3%

Axis Bank Personal Loan Balance Transfer Interest Rates

Axis Bank personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing personal loan with Axis Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently, Axis Bank offers the lowest personal loan balance transfer rate of 10.25%.

How to Get Low Interest Rates on Axis Bank Personal Loan?

You can get the lowest Axis Bank personal loan rate by ensuring the below-mentioned things:

  • Ensure that you are aware of the Axis Bank personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a personal loan interest rates Axis Bank.
  • Always check if you are eligible for a pre-approved offer from Axis Bank to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further, keep track of the loan rates trends, as Axis Bank may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. Axis Bank offers lower rates to employees working in top firms drawing high salaries.

FAQs

What is the Interest Rate on Personal Loan in Axis Bank?

Today, the lowest interest rate on Axis Bank Personal Loan is 10.49% and ranges up to 17.25%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate. Also, Axis Bank personal loan interest rates for salary account holders are comparatively lower than that for other customers.

How can I reduce my interest in Axis Bank personal loan?

You can reduce the interest to be paid on Axis Bank personal loan by any of following ways: (i) Maintaining a good CIBIL score. (ii) By showing all proofs of income. (iii) By maintaining a good debt to credit ratio. (iv) Applying at peak time when Axis Bank provides discounted personal loan offers.

Is Axis Bank personal loan a floating rate loan or a fixed-rate loan?

Axis Bank is offered at both fixed and floating rates. In the case of the fixed-rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did Axis Bank's personal loan rate drop in 2022?

Presently, Axis Bank offers personal loans at an interest rate starting at 10.49%. There has been no change in personal loan rates of Axis Bank since 23 Sep, 2021.

How do I check my eligibility to get a personal loan at a low rate from Axis Bank?

The lowest rate on Axis Bank is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at the official website of Axis Bank. Apart from that, you can also use MyLoanCare Personal Loan Eligibility Calculator to calculate online eligibility without any hassles.

Can I ask for a reduction in the Axis Bank personal loan interest rate?

You can ask for a reduction in your Axis Bank personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from Axis Bank?

No, there is no need for any collateral or security while availing of a personal loan from Axis Bank. Axis Bank personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from Axis Bank early?

If you want to prepay your entire personal loan from Axis Bank, then you can make a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the Axis Bank personal loan scheme availed by you, before making any decision.

How does Axis Bank calculate the interest on a personal loan?

The interest for Axis Bank personal loan is calculated based on the following methods:

Flat rate method:   Under this method, Axis Bank personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of Axis Bank personal loan interest calculation.

Reducing rate method:  As per the Axis Bank personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

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Axis Bank Personal Loan News - May 2022
  • 2022-04-29 : Axis Bank Net Profit Jumps to Rs 4,118 crore in March Quarter
    The bank has reported a 54 percent jump in its standalone net profit to Rs 4,117.77 crore from a net profit of Rs 2,677.06 crore in the year-ago period for the quarter ended March 2022.
  • 2022-03-28 : SEBI Imposes Rs 5 Lakh Penalty on Axis Bank
    The market regulator, SEBI, has imposed a penalty of 5 lakh on Axis Bank for violating merchant banking regulations. SEBI examined the Debt Capital Market operations of the bank between August 2016 and August 2019.
  • 2022-02-15 : Axis Bank to Buy Citigroup India Retail Banking Business
    Axis Bank is set to buy the retail banking business of Citigroup. The deal is valued at about $2.5 billion after beating out rivals with factors such as job security for Citigroup.
  • 2021-12-15 : Axis Bank Witness Credit Growth in 18-24 Months
    Axis Bank has seen double-digit growth in GDP and Credit in FY 2024. At the same time, the GDP and credit are seen at 9.5% and 7% in FY 2022. Therefore, the bank aims to achieve GDP and Credit Growth at 8.2% and 8%, respectively.
  • 2021-10-27 : Axis Bank Reports A Growth Of 86 percent
    Axis Bank has reported a growth of 86 percent in net profit at Rs 3,133 crore in the second quarter ended Septe­mber 2021, predominantly on robust growth in fee income and sharp fall in provisions. Last year the bank posted a net profit of Rs 1,683 crore in Q2 of FY21.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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