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Axis Bank Personal Loan Interest Rate

Current Axis Bank Personal Loan Interest Rate

Last Updated 18th Feb 2021

Interest Rate 10.49% - 16.75%
Tenure Upto 60 months
Processing Fee Upto 1.75%,Min Rs.4,999
Loan Amount ₹ 50,000 to ₹ 25 Lakh
Minimum Income ₹ 25,000
Age 21 to 60 years
Prepayment Charges Allowed after 1 EMI's, 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%
Foreclosure Charges Allowed after 1 months at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%
  • Current Axis Bank personal loan interest rate starts at 10.49%.
  • Axis Bank offers special personal loan rates for borrowers who are existing bank customers or working in a reputed company.
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Interest Rates on Axis Bank Personal Loan

Axis Bank personal loan interest rates depend upon a number of factors such as borrower’s occupation, credit score, employment history, loan requirement, etc. Apart, the Axis Bank personal loan rates differ across different types of borrowers such as salaried employees, self-employed, pensioners and women borrowers. Axis Bank offers personal loan to salaried individuals at a minimum rate of 10.49%.

Interest Rates of Axis Bank Personal Loan Schemes

One of the best ways to assess which personal loan scheme is best, is to assess the rate of interest offered in each scheme. The interest rate of each scheme varies depending upon various factors like, the repayment option, tenure, customer profile targeted by the scheme, etc.

Loan for Meeting Personal Requirements

  • Axis Bank Personal Loan can be taken to plan wedding, vacation or medical emergencies.
  • The minimum net monthly income to avail the loan should be Rs. 15,000.
  • You can get a loan for meeting personal requirements from Rs. 50,000 upto Rs. 15,00,000.

Loan for Salaried Individuals

  • The loan is taken to fund major expenses of salaried employees such as vacation, wedding or medical expense amongst others.
  • The minimum net monthly income of the applicant should be Rs 15000.
  • Axis Bank offers convenient loans to salaried individuals. The minimum and maximum amount that can be borrowed with axis bank are Rs 50,000 and Rs 15,00,000 lakhs respectively. The repayment tenure ranges from 12 to 60 months.

Axis Bank loan for Govt Employees & Private Job Employee

While both salaried and self-employed professional can apply for a personal loan, salaried employees can avail Axis Bank personal loan at a comparatively lower interest rate. This is because salaried applicants have stability in their jobs with a fixed source of income. However, the rates and eligibility criteria for Govt employees and Private Job employees may vary in Axis Bank. The lowest personal loan rate for private employees is 10.49%.

Axis Bank Personal Loan rate comparison with other banks

Even though Axis Bank has some good personal loan schemes, you cannot be sure about the offerings from one bank unless you analyze multiple banks and their offerings.

Particulars Axis Bank HDFC Bank SBI
Rate of Interest Starting from 10.49% Starting from 10.50% 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 Upto 1.75%,Min Rs.4,999 Upto 2.50% Min Rs. 1,999 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 feel that they are paying high interest to the lender. Through this facility, you can continue your existing personal loan with Axis Bank at a lower rate of interest. Thus you can switch the lender without closing the loan. Currently Axis Bank offers the lowest personal loan balance transfer rate of Nil.

Factors Affecting Axis Bank Personal Loan Rates

When you apply for a personal loan from Axis Bank, there are various factors which play their part to determine the rate of interest for your loan. Below are the factors which will affect your Axis Bank personal loan rates:

  • Tenure: The interest rates on personal loans are not entirely dependent on the loan tenure, but it does play a part. Based on the policy of the bank, the interest rate can increase or decrease with respect to a shorter or longer time period.
  • Credit Score: Since a personal loan is an unsecured loan, your credit score carries a lot of weightage in determining the rate of interest on your loan. Thus, make sure you apply for the loan when your score is above 800. If you are applying with a score below 800, then you need to be prepared to accept a higher rate of interest.
  • Income: Income is also an essential factor in determining the rate of your loan. With the higher income, you are likely to get into a lower interest rate bracket and vice versa.
  • Loan Amount: The amount of credit you have applied for also affects the rate of interest. Based on your applied loan amount rate of interest can change beyond what is advertised based on specific categories.
  • Repayment Capacity: Banks can also offer you lower interest rates if you have a good repayment capacity.
  • Existing Relationship: Banks also provide some benefits to the existing customers, especially those who have a good track record with the bank.

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 extra interest as a compensation for any shortcoming.
  • Ensure that you maintain a good credit score above 700, so that the lender is ensured of your repayment capability and credibility.Thus, does not charge a higher rate.
  • Ensure maintaining a low credit utilization ratio that highlights that the ratio of your credit availability to expenses is well maintained.
  • Lastly, ensure that you do not apply for a personal loan with multiple lenders apart from Axis Bank so that you do not seem credit hungry.

Axis Bank Personal Loan Charges

Axis Bank applies various charges on personal loans such as processing fee, part payment charges and foreclosure charges. Processing fee applicable on Axis Bank personal loan is Upto 1.75%,Min Rs.4,999. Axis Bank offers part payment facility on personal loan after 1 month at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2% charges. Axis Bank offers foreclosure fee on personal loan to repay the entire amount after 1 month at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%.

Interest Calculation Method for Axis Bank Personal Loan

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

  • Flat rate method: As per the flat rate method calculator of Axis Bank personal loan interest rate, the 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.

The functioning of the above-mentioned methods for Axis Bank personal loan can be understood with the help of the following table:

ParametersFlat Rate Method Reducing Balance Method
Loan amount₹ 4,00,000₹ 4,00,000
Tenure36 months36 months
Rate of Interest12%12%
Total Interest payout₹ 1,44,000₹ 78,296
Monthly EMI₹ 15,111₹ 13,286
Savings₹ 65,704

Axis Bank Personal Loan Interest Rates Calculation

Let’s say Mr. Maheshwari earns a monthly salary of ₹ 35,000 . His credit score is 810, and he avails the Axis Bank personal loan of ₹ 4 Lakh for a tenure of 2 years. Given his excellent credit score, the interest rate charged on his loan is 10.49%. Thus, the monthly EMIs he would have to pay are listed in the table below:

Months EMIs Principal Paid Interest Paid Outstanding Balance
Feb 2021 ₹ 18,549 ₹ 15,052 ₹ 3,497 ₹ 3,84,948
Mar 2021 ₹ 18,549 ₹ 15,183 ₹ 3,365 ₹ 3,69,764
Apr 2021 ₹ 18,549 ₹ 15,316 ₹ 3,232 ₹ 3,54,448
May 2021 ₹ 18,549 ₹ 15,450 ₹ 3,098 ₹ 3,38,998
Jun 2021 ₹ 18,549 ₹ 15,585 ₹ 2,963 ₹ 3,23,413
Jul 2021 ₹ 18,549 ₹ 15,721 ₹ 2,827 ₹ 3,07,691
Aug 2021 ₹ 18,549 ₹ 15,859 ₹ 2,690 ₹ 2,91,832
Sep 2021 ₹ 18,549 ₹ 15,997 ₹ 2,551 ₹ 2,75,835
Oct 2021 ₹ 18,549 ₹ 16,137 ₹ 2,411 ₹ 2,59,698
Nov 2021 ₹ 18,549 ₹ 16,278 ₹ 2,270 ₹ 2,43,419
Dec 2021 ₹ 18,549 ₹ 16,421 ₹ 2,128 ₹ 2,26,999
Jan 2022 ₹ 18,549 ₹ 16,564 ₹ 1,984 ₹ 2,10,434
Feb 2022 ₹ 18,549 ₹ 16,709 ₹ 1,840 ₹ 1,93,725
Mar 2022 ₹ 18,549 ₹ 16,855 ₹ 1,693 ₹ 1,76,870
Apr 2022 ₹ 18,549 ₹ 17,002 ₹ 1,546 ₹ 1,59,868
May 2022 ₹ 18,549 ₹ 17,151 ₹ 1,398 ₹ 1,42,717
Jun 2022 ₹ 18,549 ₹ 17,301 ₹ 1,248 ₹ 1,25,416
Jul 2022 ₹ 18,549 ₹ 17,452 ₹ 1,096 ₹ 1,07,964
Aug 2022 ₹ 18,549 ₹ 17,605 ₹ 944 ₹ 90,359
Sep 2022 ₹ 18,549 ₹ 17,759 ₹ 790 ₹ 72,600
Oct 2022 ₹ 18,549 ₹ 17,914 ₹ 635 ₹ 54,686
Nov 2022 ₹ 18,549 ₹ 18,071 ₹ 478 ₹ 36,616
Dec 2022 ₹ 18,549 ₹ 18,228 ₹ 320 ₹ 18,387
Jan 2023 ₹ 18,549 ₹ 18,388 ₹ 161 ₹ 0

Check Other Banks Interest Rates


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 current Axis Bank personal loan interest rate per annum?

Axis Bank is the one of the leading personal loan lenders in India. Currently, it offers personal loans beginning from 10.49% per annum.

What is Axis Bank personal loan interest rate for existing customers?

Axis Bank offers pre approved loans to its existing customers with discounted rates and easier terms and conditions. Axis Bank personal loan interest rate for existing customers begins from 10.49%.

What are the Axis Bank personal loan interest rates for salary account holders?

The personal loan rates of Axis Bank for salary account holders range from 10.49% to 16.75%.

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. A 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 personal loan scheme availed by you, before making any decision.

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Axis Bank Personal Loan News - Feb 2021
  • 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.
  • 2020-10-23 : Axis Bank announced festive benefits
    Axis Bank announced Dil se Open Celebrations that will offer deals and discounts on more than 1 lakh branded products on purchase through Axis Bank credit and debit cards. Further, the bank is also offering some key benefits to customers who are in need of a loan, offering home loans starting at 6.90% as well as car loans at 7.99% and up to 100% road funding.
  • 2020-07-02 : Axis Bank delivers strong loan growth
    Axis Bank reported a 4.53% year-on-year rise in profit, the profit reached at Rs 1,757 crore. Banks loan book grew backed by retail loan- car, two-wheeler, gold and personal loan- book grew 25% by almost Rs 28,500 crore on a quarterly basis and the domestic loan growth stood at 18%.
  • 2020-02-27 : Axis Bank revised its personal loan rate
    Axis Banks changed its personal loan rate. The personal loan rate for the private sector bank starts from 10.99%. Further, the bank reduced the processing fee from the current 2% to 1.75%.
*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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