Axis Bank Personal Loan - Complete Guide

Axis Bank offers personal loans with fast processing of your loan. Personal loans can be used for multiple purposes. Axis Bank Personal Loan amount is starting from Rs. 50,000 up to Rs. 15 lakhs. It is offered with minimal documentation and speedy approval from Axis Bank.

Axis Bank Personal Loan Details

Eligibility Criteria

Details

Minimum Age of the applicant

21 years

Maximum Age of the applicant

60 years at the time of loan maturity

Minimum Net Monthly Income

Rs.15,000

Minimum Loan Amount

Rs.50,000

Maximum Loan Amount

Rs.15 lakh

Loan Tenure

12 – 60 months

Occupation

Salaried employees

Axis Bank Personal Loan interest rate

Axis Bank Personal Loan Interest Rate starting from 12% to 24% p.a. The bank offers a processing fee starting from 1.5% to 2% of the loan amount. This doesn’t levy any pre-payment charges but can avail loans for various purposes such as planning for a wedding or going on a vacation.

Features and benefits of Axis Bank Personal loan Interest Rate

• Flexible repayment tenure

• Competitive interest rate than another bank

• Special offers to the customer who have existing personal loans with other banks and want to lower their EMIs by transferring the loan to Axis Bank.

• There are multiple channels of repayment such as RTGS, NEFT, and ECS.

• This bank requires minimal documentation and a hassle-free application process.

Factors affecting Axis Bank Personal Loan Interest Rates

• Loan repayment capacity: If Axis Bank thinks that you are capable of loan repayment on time, it may offer you a reduced rate of interest.

• Credit score: If the applicant’s credit score is above 700, you may expect to receive a reduced rate of interest on your Axis Bank Personal Loan than the person whose credit score is lower.

• Loan tenure: Axis Bank may charge a low-rate of interest on a personal loan and the tenure of the loan is long. If there is a high rate of interest, it takes short-tenure for the loan repayment.

• Relation with Axis Bank: If you have a good relationship with the bank, there will be a charge that reduces the rate of interest on your loan. With continuity of relationship with the bank and paying your previous debts on time, you can get easy processing of loan with the bank.

Documents Required for Axis Bank Personal Loan Interest Rate

Here are the documents that required to submit when applying for a personal loan from Axis Bank:

• Application form

• Age proof

• Passport size photographs

• ID proof

• Residence proof

• Bank statement

• Signature verification proof

Some other documents you need to submit post-sanction/pre-disbursement:

• Submit duly signed loan agreement

• ECS form/Standing Instruction Request

Other Fees and Charges

Here are some additional fees and charges exclusive of GST are given below:

Repayment instruction/instrument return charge will be

Rs.500

Swap charges

Rs.500

Submitting duplicate statement issuance charges

Rs.250

Submitting duplicate amortization schedule charges

Rs.250

Submitting re-issuance of photocopies of the loan agreement and other documents

Rs.250

Submit Credit Information Companies (CICs) report charges

Rs.50

Duplicate NOC charge

Rs.500

Stamp duty charges applied

As per the State Stamp Act

Comparison of Axis Bank with other banks

Particulars

Axis Bank Personal Loan

HDFC Bank Personal Loan

Citibank Personal Loan

Aditya Birla Capital

Interest rate

12% p.a. above

10.75% p.a. above

10.50% p.a. above

11% p.a. above

Processing fee

2% + GST

2.5% + GST

0.25% to 3.00% + GST

At the discretion of the lender

Foreclosure charges

Nil

2% to 4% of the outstanding loan amount

4% of the principal outstanding

Contact the bank for more details

Late payment fee

2% of the overdue amount per month

2% of the overdue amount per month

Contact the bank for more details

At the discretion of the lender

Key points that you should know about interest rates on Axis Bank Personal Loan

Before you apply to Axis Bank for a personal loan, you need to know certain key things, including:

• Know how your Axis Bank Personal Loan EMIs can be measured. By using an Axis Bank Personal Loan EMI Calculator, you can easily do this.

• Know at the end the exact amount of interest you are going to pay on the principal amount.

• Find out if the loan includes any secret costs.

• Understand the difference between the fixed rate and the floating interest rate and choose the interest rate of your Axis Bank Personal Loan according to your repayment capacity. In fixed-rate personal loans, you pay a fixed rate of interest on the principal amount for the entire term, while your interest payment will adjust in floating rate personal loans.

Conclusion:

With the help of the above information, you can choose the best way to apply for Axis Bank Personal Loan. You can choose the loan amount, interest rate, tenure, and EMI for repayment. This will allow you to save your time and efforts for the same.

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Himanshu Kataria, Digital Marketing Executive