Compare Personal Loan - Axis Finance vs Axis Bank

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Bank	SBI HDFC Bank ICICI Bank Bajaj Finserv IDFC First Bank Tata Capital Fullerton India IndusInd Bank Kotak Bank RBL Bank IIFL HDB Financial Muthoot Union Bank of India Canara Bank Bank of Maharashtra Syndicate Bank Andhra Bank Allahabad Bank Federal Bank PNB Indian Overseas Bank Indian Bank IDBI Bank Corporation Bank Bank of Baroda Standard Chartered Bank Yes Bank Karur Vysya Bank Axis Finance	SBI HDFC Bank ICICI Bank Bajaj Finserv IDFC First Bank Axis Bank Tata Capital Fullerton India IndusInd Bank Kotak Bank RBL Bank IIFL HDB Financial Andhra Bank Karur Vysya Bank Muthoot Yes Bank Standard Chartered Bank Union Bank of India Canara Bank Bank of Maharashtra Corporation Bank Allahabad Bank Federal Bank Syndicate Bank Bank of Baroda PNB Indian Overseas Bank Indian Bank IDBI Bank
Parameters
Interest Rate	Interest Rate 13.00% - 18.00%	10.49% - 16.75%
Processing Fees	Processing Fees 2%	Rs.4,999
Loan Amount	Loan Amount ₹ 50,000 to ₹ 25 Lakh	₹ 50,000 to ₹ 25 Lakh
Loan Tenure	Loan Tenure 12 to 60 Months	12 to 60 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,275	₹ 2,149
Part Payment Charges	Part Payment Charges Allowed after 3 months at Nil Part-Payment Charges	Allowed after 1 month at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%
Foreclosure Charges	Foreclosure Charges Allowed after 6 months at Nil Foreclosure Charges. 2% if foreclosure is done within the lock-in period	Allowed after 1 month at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%
Eligible Age	Eligible Age 21 to 58 Years	21 to 60 Years
Minimum Income	Minimum Income ₹ 25,000	₹ 25,000
Current Work Experience	Current Work Experience 12 Months	1 Month
Total Work Experience	Total Work Experience 24 Months	12 Months
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews) 4.4/5.0	4.4/5.0

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Compare EMI of Axis Finance and Axis Bank Personal Loan

Loan Amount	Axis Finance	Axis Bank
₹ 1 Lakh	₹ 2,275	₹ 2,149
₹ 5 Lakh	₹ 11,377	₹ 10,744
₹ 10 Lakh	₹ 22,753	₹ 21,489
₹ 12 Lakh	₹ 27,304	₹ 25,787

Which is a better bank for Personal Loan – Axis Bank or Axis Finance?

Axis Bank offers lower Personal Loan EMI at 2149 on a Personal Loan for 60 Months as compared to Axis Finance with a minimum EMI of 2275 for 60 Months. Average customer ratings for Axis Bank is currently at 4.4/5.0 which makes it a good choice for taking a Personal Loan.

How does Axis Bank Personal Loan compare with Axis Finance Personal Loan?

It is important to do a detailed comparison of Axis Bank and Personal Loan on all loan terms and conditions to understand their differences and take an informed decision. Keep in mind that each bank’s scheme has its own pros and cons that have to be evaluated before choosing the best offer. Some of the key results of the comparison between the two banks are:

Lowest Interest rate of Axis Bank Personal Loan is 10.49%, which is lower than the lowest interest rate of Axis Finance at 13.00%. Hence, Axis Bank is offering a cheaper loan option.
When compared on other Personal Loan charges such as processing fees, Axis Finance charges a processing fees of 2% while Axis Bank charges a processing fees of Rs.4,999.
One feature that makes Personal Loan a better option is foreclosure facility. Axis Bank gives the option to close the loan after 1 months at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2% and Axis Finance gives the option to close the loan after 6 months at Nil Foreclosure Charges. 2% if foreclosure is done within the lock-in period. This makes Axis Bank a better option for Personal Loan.
Axis Bank and Axis Finance allow part payment on Personal Loan after 1 months at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%. Axis Bank applies a charge of 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2% and Axis Finance charges Nil charges on Personal Loan.
Axis Bank with an average customer ratings of 4.4 is equally comparable to Axis Finance with an average customer rating of 4.4. Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers lower interest rate on Personal Loan – Axis Bank or Axis Finance?

As per the current rates, Axis Bank offers a lower interest rate of 10.49% on Personal Loan when compared to Axis Finance which offers a Personal Loan at 13.00%.

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Personal Loan News - Jun 2021

2021-06-16 : ICICI STACK launched by ICICI Bank for Corporates
ICICI Bank announced the launch of ICICI STACK for Corporates. This will provide customised digital banking services to companies in over 15 leading industries. ICICI STACK is going to offer digital banking solution banking solutions to corporates to seamlessly meet their banking requirements.
2021-06-16 : Ujjivan Small Finance Bank collaborates with MoEngage
Ujjivan Small Finance Bank has collaborated with customer engagement platform MoEngage to provide digital banking services in remote areas of the country. The aim is to build a wide presence of the bank with customers in the unserved regions through digital services.
2021-06-15 : Indian Overseas Bank declared a profit of Rs 831 crore
IOB closed the last fiscal with a net profit of Rs.831 crore as against a net loss of about Rs.8,527 crore. The total income for the year ended 31.03.2021 stands at Rs.22,525 crore as against Rs.20,766 crore for FY20. IOB plans to come up with Prompt Corrective Action to focus on loan recovery, low-cost deposits and less capital consuming advances.
2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family.
2021-06-11 : YONO to offer fast-tracked two-wheeler loans and express credit
The State Bank of India YONO app is going to offer fast track two-wheeler loans and express credit, a high-value personal loan. SBI is planning to expand the YONO product basket. YONO will be offering two-wheeler loans along with personal loans of small ticket size, between Rs 5-10 lakhs.

*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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