Axis Bank Personal Loan Key Highlights
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| Key Highlights | Details |
|---|---|
| Loan amount | Rs. 50,000 to Rs. 25,00,000 |
| Interest rate | Starting from 10.49% p.a. onwards |
| Loan tenure | 12 months to 60 months |
| Processing fee | Up to 2% of the loan amount + GST |
| Prepayment charges | 0% to 5% of the outstanding loan amount |
| Part-payment charges | Up to 5% of the part-payment amount |
| Eligibility criteria | – Age between 21 and 60 years – Minimum monthly income of Rs. 15,000 – Employment stability of at least 2 years – Good credit score |
| Documents required | – Identity proof – Address proof – Income proof – Bank statements – Passport size photographs |
| Loan disbursal time | 3 to 5 working days |
| Repayment modes | Auto-debit, post-dated cheques, or online payment |
| Special features | – No collateral or guarantor required – Option to transfer existing high-interest personal loan to Axis Bank – Axis eDGE Reward points on loan disbursement |
***Please note that the above information is subject to change, and borrowers are advised to check with Axis Bank for the latest terms and conditions before applying for a personal loan.
Axis Bank Personal Loan Interest Rate
The interest rate for Axis Bank Personal Loan starts from 10.49% per annum onwards. However, the actual interest rate offered by the bank may vary based on various factors such as the loan amount, repayment tenure, borrower’s creditworthiness, income, and other factors. It is recommended that borrowers check with Axis Bank for the latest interest rates and terms and conditions before applying for a personal loan. Additionally, Axis Bank may also charge processing fees, prepayment charges, part-payment charges, and other applicable fees and charges, which should be taken into account while availing of the loan.
Features & Benefits of Axis Personal Loan
Here are some of the key features and benefits of Axis Personal Loan:
- High loan amount: Axis Bank offers personal loans ranging from Rs. 50,000 to Rs. 25,00,000, allowing borrowers to meet their various financial needs.
- Competitive interest rates: The interest rates for Axis Personal Loan start from 10.49% per annum onwards, making it an affordable borrowing option.
- Flexible repayment tenure: Borrowers can choose a repayment tenure of 12 months to 60 months, depending on their convenience and financial capacity.
- Easy and hassle-free application process: The application process for Axis Personal Loan is simple and can be done online, making it a convenient option for borrowers.
- No collateral or guarantor required: Axis Personal Loan is an unsecured loan, which means that borrowers do not need to provide any collateral or guarantor to avail of the loan.
- Quick loan disbursal: Once the loan is approved, the funds are disbursed to the borrower’s account within 3 to 5 working days.
- Part-payment and prepayment facility: Borrowers can make part-payments or pre-payments on their Axis Personal Loan without any additional charges.
- Axis eDGE Reward points: Borrowers can earn Axis eDGE Reward points on their personal loan disbursal, which can be redeemed for various gifts and benefits.
- Transfer existing personal loan: Borrowers can also transfer their existing high-interest personal loan to Axis Bank and avail of lower interest rates and other benefits.
Please note that the above features and benefits may vary based on the loan amount, repayment tenure, borrower’s creditworthiness, income, and other factors. Borrowers are advised to check with Axis Bank for the latest terms and conditions before applying for a personal loan.
Axis Bank Personal Loan Eligibility Criteria
Here’s Axis Bank Personal Loan eligibility criteria for both salaried and self-employed individuals:
| Eligibility Criteria | Salaried Individuals | Self-employed Individuals |
|---|---|---|
| Age | Minimum age of 21 years and maximum age of 60 years | Minimum age of 24 years and maximum age of 65 years |
| Income | Minimum net monthly income of ₹15,000 | Minimum annual income of ₹2 lakh |
| Employment | Minimum 1 year of continuous employment | Minimum 3 years of business vintage |
| Credit Score | Credit score of 750 or above | Credit score of 750 or above |
| Loan Amount | Minimum loan amount of ₹50,000 and maximum loan amount of ₹15 lakhs | Minimum loan amount of ₹50,000 and maximum loan amount of ₹20 lakhs |
| Loan Tenure | Minimum tenure of 12 months and maximum tenure of 60 months | Minimum tenure of 12 months and maximum tenure of 60 months |
| Other Criteria | Should be a resident of India | Should be a resident of India |
| Should have a stable income and employment/business | Should have a stable income and business |
Note: The above eligibility criteria may vary based on the bank’s internal policies and regulations. It is advisable to check the latest eligibility criteria on Axis Bank’s official website before applying for a personal loan.
Documents Required for Axis Bank Personal Loan
| Documents Required | Salaried Individuals | Self-Employed Individuals/Professionals |
|---|---|---|
| Identity Proof | Passport, Voter ID card, PAN card, Driving License, Aadhaar card |
Passport, Voter ID card, PAN card, Driving License, Aadhaar card |
| Address Proof | Passport, Voter ID card, Driving License, Aadhaar card, utility bills (not more than 3 months old) |
Passport, Voter ID card, Driving License, Aadhaar card, utility bills (not more than 3 months old) |
| Income Proof | Latest 3 months’ salary slips, Form 16 and bank statements of the last 6 months |
Income tax returns of the last 2 years, balance sheet and profit and loss statement of the last 2 years, bank statements of the last 6 months |
| Employment/Business Proof | Employment certificate, current job appointment letter, company ID card |
Business registration certificate, GST registration certificate, Shop and Establishment Act certificate, partnership deed (if applicable) |
| Photographs | Passport size photographs |
Passport size photographs |
Note: The above list of documents is indicative and may vary based on the bank’s internal policies and regulations. It is advisable to check the latest list of documents required on Axis Bank’s official website before applying for a personal loan.
Axis Bank Personal Loan Processing Fees and Charges
Here are the processing fees and charges for Axis Bank Personal Loan:
| Processing Fees and Charges | Salaried Individuals | Self-employed Individuals |
|---|---|---|
| Processing Fees | Up to 1.50% of the loan amount (minimum ₹2,000) | Up to 2.00% of the loan amount (minimum ₹2,000) |
| Prepayment/Foreclosure Charges | Nil for floating rate loans | Nil for floating rate loans |
| 2% of the outstanding principal for fixed rate loans | 2% of the outstanding principal for fixed rate loans | |
| Late Payment Charges | 24% per annum on the outstanding amount, calculated from the due date of EMI | 24% per annum on the outstanding amount, calculated from the due date of EMI |
| Cheque Bounce Charges | ₹500 per cheque bounce | ₹500 per cheque bounce |
| Penal Interest | 2% per month on the overdue amount | 2% per month on the overdue amount |
Note: The above processing fees and charges may vary based on the bank’s internal policies and regulations. It is advisable to check the latest processing fees and charges on Axis Bank’s official website before applying for a personal loan.
Axis Bank Personal Loan EMI Calculator
Principal amount ₹1,00,000
Loan EMI ₹3,369
Total Intrest Payble ₹21,281
Total Payment (Principal + Interest) ₹1,21,281
Axis Personal Loan EMI Calculation
Here is an example of Axis Bank Personal Loan EMI calculation with amortization schedule:
Loan amount: ₹5 lakhs
Interest rate: 11.25% per annum
Loan tenure: 5 years
Using the formula: EMI = P × r × (1 + r)^n / ((1 + r)^n – 1)
where P is the loan amount, r is the monthly interest rate, and n is the loan tenure in months.
So, the monthly interest rate = 11.25% / 12 = 0.9375%
The loan tenure in months = 5 years * 12 months = 60 months
EMI = 500000 * 0.009375 * (1 + 0.009375)^60 / ((1 + 0.009375)^60 – 1)
EMI = ₹10,921
Amortization schedule for the first year of the loan:
| Month | Opening Balance | EMI | Interest | Principal | Closing Balance |
|---|---|---|---|---|---|
| 1 | 500000 | 10921 | 4688 | 6228 | 493772 |
| 2 | 493772 | 10921 | 4635 | 6281 | 487491 |
| 3 | 487491 | 10921 | 4582 | 6334 | 481157 |
| 4 | 481157 | 10921 | 4529 | 6334 | 474769 |
| 5 | 474769 | 10921 | 4475 | 6440 | 468329 |
| 6 | 468329 | 10921 | 4422 | 6493 | 461836 |
| 7 | 461836 | 10921 | 4369 | 6546 | 455291 |
| 8 | 455291 | 10921 | 4315 | 6599 | 448692 |
| 9 | 448692 | 10921 | 4262 | 6652 | 442040 |
| 10 | 442040 | 10921 | 4209 | 6706 | 435334 |
| 11 | 435334 | 10921 | 4156 | 6759 | 428575 |
| 12 | 428575 | 10921 | 4102 | 6813 | 421762 |
The closing balance of the last month of the first year will be the opening balance for the second year, and the interest and principal components of the EMI will change accordingly based on the new balance. This process will continue until the end of the loan tenure.
Comparison of Axis Personal Loan with other Banks/NBFCs
Here’s a comparison of Axis Bank Personal Loan interest rates and processing fees with those offered by other leading banks and NBFCs in India, as of 2023:
| Bank/NBFC | Interest Rate | Processing Fee |
|---|---|---|
| Axis Bank | 10.49% - 24% | Up to 2% of the loan amount |
| HDFC Bank | 10.75% - 21.30% | Up to 2.50% of the loan amount |
| ICICI Bank | 10.50% - 22.00% | Up to 2.25% of the loan amount |
| Kotak Mahindra Bank | 10.50% - 17.99% | Up to 2.50% of the loan amount |
| Bajaj Finserv | 10.99% - 16.00% | Up to 3.99% of the loan amount |
| Tata Capital | 10.99% - 19.00% | Up to 2.50% of the loan amount |
| Fullerton India | 12.99% - 36.00% | Up to 3.00% of the loan amount |
| IndusInd Bank | 10.75% - 23.50% | Up to 2.50% of the loan amount |
| IDFC First Bank | 10.99% - 20.00% | Up to 2.50% of the loan amount |
| Yes Bank | 10.75% - 20.00% | Up to 2.50% of the loan amount |
| SBI | 9.60% - 15.99% | Up to 1% of the loan amount |
Please note that these rates are indicative and subject to change at the discretion of the respective banks and NBFCs. The processing fees may also vary based on several factors such as loan amount, repayment tenure, borrower’s credit score, and others. It is advisable to check the latest rates and fees from the respective lenders’ official websites or through online aggregator websites.
Axis Bank Personal Loan Customer Care
Here are the contact details for Axis Bank Personal Loan customer care:
- Phone: You can call Axis Bank’s customer care toll-free number at 1860-419-5555 or 1860-500-5555 to get assistance with your personal loan related queries.
- Email: You can also write to Axis Bank’s customer care team at loans@axisbank.com from your registered email address to get your queries addressed.
- Corporate Address: If you want to visit Axis Bank’s corporate office in person, you can go to the following address:
Axis Bank Limited,
Corporate Office,
Bombay Dyeing Mills Compound,
Pandurang Budhkar Marg,
Worli, Mumbai – 400 025, India
Please note that the above contact details are for Axis Bank’s personal loan customers only. If you have a different type of account or product with Axis Bank, you may need to contact a different customer care number or email ID.
Terms & condition of Axis personal loan
The terms and conditions of Axis Bank Personal Loan are as follows:
- Eligibility Criteria: To be eligible for an Axis Bank Personal Loan, you must be a salaried employee, self-employed individual or professional, aged between 21 to 60 years and have a minimum monthly income of Rs. 15,000.
- Loan Amount: You can avail of an Axis Bank Personal Loan for an amount ranging from Rs. 50,000 to Rs. 25 lakhs, depending on your eligibility.
- Interest Rate: The interest rate on Axis Bank Personal Loan ranges from 10.49% to 24%, depending on various factors such as the loan amount, repayment tenure, credit score, and others.
- Repayment Tenure: You can choose to repay your Axis Bank Personal Loan over a flexible tenure ranging from 12 to 60 months, depending on your convenience and repayment capacity.
- Processing Fee: Axis Bank charges a processing fee of up to 2% of the loan amount, which is deducted from the loan amount at the time of disbursement.
- Prepayment Charges: Axis Bank allows you to prepay your Personal Loan after paying a certain number of EMIs. Prepayment charges are applicable and vary based on the number of EMIs already paid and the mode of prepayment.
- Late Payment Charges: If you miss any EMI payment, Axis Bank will levy a late payment charge, which is usually a percentage of the outstanding EMI amount.
- Credit Score: Your credit score plays a crucial role in determining your eligibility and interest rate for the Axis Bank Personal Loan. A high credit score can help you get a lower interest rate and a higher loan amount.
What is the minimum credit score required to avail Axis Bank personal loan?
The minimum credit score required to avail an Axis Bank Personal Loan is 750. However, please note that the credit score requirement may vary based on various factors such as the loan amount, repayment tenure, and the borrower’s overall creditworthiness.
A higher credit score indicates a good credit history and a lower risk for the lender, which may result in a lower interest rate and a higher loan amount. Therefore, it is advisable to maintain a good credit score before applying for a personal loan from any lender, including Axis Bank.
How to check Axis Personal loan status?
You can check your Axis Bank Personal Loan status by following these simple steps:
- Visit the official website of Axis Bank at www.axisbank.com
- Click on the ‘Products’ tab and select ‘Personal Loans’ from the drop-down menu.
- Under the ‘Quick Links’ section, click on ‘Track Your Application.’
- Enter your loan application ID and mobile number registered with Axis Bank.
- Click on the ‘Submit’ button to get your Axis Bank Personal Loan status.
Alternatively, you can also check your Axis Bank Personal Loan status by contacting the bank’s customer care team at 1860-419-5555 or 1860-500-5555. You will need to provide your loan application ID and other relevant details to get the status update from the customer care executive.
Please note that the loan status may take some time to update depending on the stage of the loan application and other factors. Therefore, it is advisable to wait for a few days after applying for the loan before checking the status.
Advantages of Axis Personal loan
Here are some of the advantages of availing an Axis Bank Personal Loan:
- Easy Application Process: Axis Bank offers a hassle-free online application process for Personal Loans, making it easy for borrowers to apply for a loan from the comfort of their homes or offices.
- Competitive Interest Rates: Axis Bank offers competitive interest rates on Personal Loans, making it an attractive option for borrowers who are looking for a low-cost loan.
- Flexible Repayment Tenure: Axis Bank allows borrowers to choose a flexible repayment tenure ranging from 12 to 60 months, depending on their repayment capacity and convenience.
- Quick Disbursement: Axis Bank offers quick disbursement of Personal Loans, with funds being credited to the borrower’s bank account within a few working days of loan approval.
- Minimal Documentation: The documentation process for an Axis Bank Personal Loan is simple and minimal, making it easy for borrowers to complete the loan application process quickly.
- No Collateral Required: Axis Bank Personal Loans are unsecured loans, which means that borrowers do not have to provide any collateral or security to avail the loan.
- Part Prepayment Facility: Axis Bank allows borrowers to prepay a part of their Personal Loan without any penalty, which can help them reduce their interest burden and save on interest costs.
- Balance Transfer Facility: Axis Bank offers balance transfer facility on Personal Loans, allowing borrowers to transfer their existing Personal Loan to Axis Bank and enjoy lower interest rates and other benefits.
Overall, Axis Bank Personal Loan offers a range of benefits to borrowers, making it a popular choice among individuals who need quick and hassle-free access to funds for various personal financial needs.
Drawbacks of Axis Personal loan
While Axis Bank Personal Loan comes with several advantages, here are some of the drawbacks that you should consider before applying for the loan:
- High Eligibility Criteria: Axis Bank has high eligibility criteria for Personal Loans, which may make it difficult for some borrowers to qualify for the loan.
- Processing Fee: Axis Bank charges a processing fee for Personal Loans, which can add to the overall cost of the loan.
- Prepayment Charges: Axis Bank charges prepayment charges on Personal Loans, which can be a disadvantage for borrowers who want to prepay their loan to reduce their interest burden.
- Higher Interest Rates for Some Borrowers: Axis Bank may offer higher interest rates for borrowers who have a lower credit score or do not meet the bank’s eligibility criteria, which can increase the cost of the loan.
- Limited Loan Amount: Axis Bank may offer a limited loan amount to borrowers based on their income, repayment capacity, and credit history, which may not be sufficient for some borrowers’ needs.
- No Interest Rate Cap: Axis Bank Personal Loan interest rates are linked to the MCLR (Marginal Cost of Funds based Lending Rate), which means that there is no cap on the interest rates. This may result in a higher interest rate for borrowers if the MCLR goes up.
Overall, while Axis Bank Personal Loan has several benefits, borrowers should also consider the above drawbacks before applying for the loan and assess if it meets their financial needs and repayment capacity.