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Axis Bank Personal Loan Interest Rate

Current Axis Bank Personal Loan Interest Rate

Last Updated 28th Jul 2021

Interest Rate 10.49% - 16.75%
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, 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2% of the outstanding loan amount.
  • Today’s Axis Bank personal loan interest rate starts at 10.49%.
  • Axis Bank offers the lowest personal loan rate of 10.49% to borrowers who are existing customers of the bank or are working with top corporations.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Axis Bank Personal Loan Rates and Charges

  • Axis Bank offers personal loans to salaried individuals at a minimum rate of 10.49%.
  • 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. As listed below:
Axis Bank Personal Loan Rates and Charges
Interest Rate 10.49% to 16.75%
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, 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

As on today, Axis BankPersonal loan interest rates are in the range of 10.49% 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. The lowest rate on Axis Bank personal loan remains unchanged at 10.49% as on 28 Jul, 2021. The last revision on Axis Bank Personal Loan was announced on 28 Jul, 2021 when the rate was 10.49%. Axis Bank also runs special schemes in which it offers lower rates 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 Personal Loan Rate Comparison with Other Banks

Here is a comparison of Axis Bank Personal Loan with top lenders based on 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 1.00%
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, 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 of 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 low-interest rate.
  • Always check if you are eligible for a pre-approved offer from Axis Bank as that allows you to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further keep tracking the loan rates trends, 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 Axis Bank personal Loan interest rate?

Today, the lowest interest rate on Axis Bank Personal Loan is 10.49%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate.

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 the below-mentioned ways:

  • By maintaining a good CIBIL score
  • By showing all proofs of income
  • By maintaining a good debt to credit ratio
  • By applying at peak time when Axis Bank provides discounted personal loan offers

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

Axis Bankis offered at both fixed and floating rate. 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 personal loan rate drop in 2021?

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 for a long time and continue to stand at 10.49%.

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 Axis Bank official website. Apart from that you can also use MyLoanCare Personal Loan Eligibility Calculator.

What is the lowest personal loan rate in Axis Bank?

The lowest personal rate offered by Axis Bank on a personal loan is 10.49%.

What is the interest rate charged by Axis Bank on personal loan?

Personal loan interest rates in Axis Bank are 10.49% to 16.75%. Axis Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

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 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 do so by making 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 - Jul 2021
  • 2021-07-09 : Axis Bank Q1 Net Profit seen up 95.2% YoY to Rs. 2,171.1 crores
    Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects Axis Bank to report a net profit of Rs. 2,171.1 crores up 95.2% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Two-wheeler Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 12.4% Y-o-Y to Rs. 7,851.8 crores.
  • 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
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