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Axis Finance Personal Loan

Axis Finance Personal Loan Highlights

Last Updated 07th Jan 2021

  • Current Axis Finance Personal Loan interest rate starts at 13.00%.
  • The processing fee charged on Axis Finance personal loan is 2%.
  • Axis Finance Personal loan tenure ranges between 12 months to 60 months.
  • Axis Finance offers prepayment facility on personal loan at charges: Nil Foreclosure Charges. 2% if foreclosure is done within the lock-in period.
  • Axis Finance allows part prepayment on personal loan after 6 months at Nil Part-Payment Charges
  • Apply for a Personal loan at MyLoanCare and earn cashback of up to ₹ 1,000.
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Axis Finance Personal Loan Details

  • Axis Finance Personal Loan Interest Rate starts from 13.00%.
  • Lowest EMI per lakh on Personal Loan from Axis Finance is ₹ 2,275 at the lowest interest rate of 13.00% 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 58 years.
  • Loan amount of minimum ₹ 50,000 to ₹ 25 Lakh.
  • Loan Tenure 12 to 60 months.
  • Processing Fees: 2%.
  • Foreclosure charges: Axis Finance personal loan prepayment is allowed with Nil Foreclosure Charges. 2% if foreclosure is done within the lock-in period
  • Part payment charges: Allowed at Nil Part-Payment Charges
  • 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 Finance 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 Finance are:

Interest rates on Axis Finance Personal Loans Schemes

As on today, Axis Finance Personal loan interest rates are in the range of 13.00% to 18.00%, 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 Finance 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 Finance Loan Top Up

Axis Finance 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 Finance are:-

  • Occupation: Salaried professionals who are working in Government, Private, MNCs can take a personal loan from Axis Finance.
  • Age: Axis Finance offers personal loan to salaried professionals within an age group of 21 to 58 .
  • Minimum Income: The minimum income required to avail personal loans from Axis Finance is ₹ 25,000
  • Minimum Work Experience: Axis Finance 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 Finance is 12 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 Finance Personal Loan?

You can get the best personal interest rates from Axis Finance 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 Finance:

  • Loan Amount - This is the amount borrowed by a borrower from the bank. Generally, banks offer lower interest rates for higher amounts. Axis Finance 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 Finance 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 Finance 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 Finance 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 Finance 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 Finance Personal Loan Charges

In addition to Axis Finance’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 Finance’s personal loans is Allowed after 3 Months at Nil Part-Payment Charges
  • Processing Fee - Axis Finance charges a non-refundable processing fee of 2% of loan amount with applicable tax.
  • Other charges: Once your Axis Finance 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 Finance 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 Finance Personal Loan?

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

Online Application Process

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

  • Visit the official website of Axis Finance. You can also apply for a Axis Finance 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 Finance 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 Finance, and on successful approval of the loan, the funds will be disbursed to your Axis Finance account immediately.

Offline Application Process

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

  • Visit the nearest Axis Finance 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 Finance
Maximum Annual Percentage Rate (APR) 13.4% to 18.4%
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 Finance Personal Loan Interest Rate: 13.00% to 18.00%
  • Processing Fee payable to: Upto ₹ 2,000
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,275 for 60 Months ₹ 1,00,000 loan at 13.00% (lowest rate, longest time period) to ₹ 9,168 for 12 Months ₹ 1,00,000 loan at 18.00% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 13.4% to 18.4%
  • Total cost payable over loan tenure: ₹ 9,181 for 12 Months loan to ₹ 38,519 for 60 Months loan

Personal Loan from Other Banks in India

FAQs

How much time will the Axis Finance 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 Finance instant loan can be 2 to 3 days.

Why to take personal loan from Axis Finance ?

Axis Finance offers loan at 13.00% rate with the lowest EMI of ₹ 2,275 per lakh. If you are paying EMI more than this, then you can opt for balance transfer and relocate your loan to Axis Finance.

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

Personal loan interest rates in Axis Finance are 13.00% to 18.00%. Axis Finance 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 Finance ?

If you apply for loan from Axis Finance, your lowest Personal Loan EMI per lakh will be ₹ 2,275.

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

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 Finance?

Axis Finance 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 Finance on personal loan?

Axis Finance charges a processing fee of 2% with applicable service tax.

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

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 58 years old at loan maturity time.

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

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 Finance personal loan?

You can get a personal loan from Axis Finance 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 Finance personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from Axis Finance, 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 Finance's website. In case you could not track your application online, you can contact Axis Finance 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 Finance personal loan ?

It is important to have a good credit score if you wish to apply for a personal loan from Axis Finance. 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 Finance?

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

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

You can close your personal loan from Axis Finance after 6 months by paying charges: Nil Foreclosure Charges. 2% if foreclosure is done within the lock-in period

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

You can ask Axis Finance 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 Finance personal loan EMI?

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

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

You can check the status of your Axis Finance personal loan on their website by using your mobile number. You can also check the Axis Finance 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 Finance personal loan process?

The most effortless Axis Finance 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 Finance 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 Finance Bank as well.


Axis Finance Personal Loan Reviews 4.4/5  by 6 customers
MyLoanCare Service
4.5/5.0
Banks Service
4.3/5.0
Akash, Indore
Reviewed on 30th Dec 2020
5 / 5 stars
Axis Finance Personal Loan Availed in Dec 2020

Good service and good executive to explain every point Read more...

Mohammed, Mumbai
Reviewed on 17th Nov 2020
3.5 / 5 stars
Axis Finance Personal Loan Availed in Nov 2020

Great help in providing services of loan with continuous follow-up. Read more...

Arpana, Mumbai
Reviewed on 14th Nov 2020
5 / 5 stars
Axis Finance Personal Loan Availed in Nov 2020

Very good service given by Kuldeep and Rohit . Less documentation and quick service. Answered my calRead more...

Venkatesulu, Bangalore
Reviewed on 11th Nov 2020
5 / 5 stars
Axis Finance Personal Loan Availed in Nov 2020

Really appreciate it. I am impressed with the service and follow up until loan amount disbursement.
Read more...

Vijay, Mumbai
Reviewed on 04th Nov 2020
4 / 5 stars
Axis Finance Personal Loan Availed in Nov 2020

Kuldeep sir was very helpful and timely disbursement was done. Read more...

Nedunuri, Hyderabad
Reviewed on 29th Oct 2020
4 / 5 stars
Axis Finance Personal Loan Availed in Oct 2020

Good easy hassle-free process. MyLoanCare is really good.Read more...

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