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About Axis Bank Personal Loan
Axis Bank, the third-largest private sector bank in the country with 4050 branches, provides customised loans to suit every retail, corporate and MSME Sectors. The bank offers Personal Loans to suit varied requirements of the customers. The bank vouches for quick approval and disbursement with minimal documentation. You can avail a Personal Loan for any emergency that crops up and can be rest assured of a solution even during the most critical financial situation.
Personal Loans are the ideal means to handle an emergency. The reason being the easy and quick availability of funds without having to provide collateral security. Axis Bank offers instant Personal Loans if the eligibility criteria specified are complied with. Axis Bank will give the approval for the Personal Loan within minutes and the amount will be transferred into your bank account instantly. The charges for the Personal Loan are minimal and the interest rate is competitive. You can repay the loan comfortably with the flexible repayment option provided by the bank.
You can avail the loan for any purpose. It can be for furnishing your home, to plan a holiday, to build a home gym, for wedding expenses, for the higher education of your children, etc. You can source the expenses incurred to run a business through a Personal Loan.
Why Should You Opt for Axis Bank Personal Loan?
The main reasons to opt for Axis Bank Personal Loan are:
- If you are a busy person and cannot schedule your time to go to a bank to apply for a loan, Axis Bank will be the best option since the bank provides the facility to apply for a loan online.
- The rate of interest is competitive
- The loan can be repaid comfortably with the flexible option of 12 months to 60 months provided by the bank.
- The documentation required is minimal and the approval is quick
- There is a provision to transfer your loan at a higher rate to Axis Bank for a lower rate of interest.
- You can earn loyalty Edge reward points for every transaction, which can be redeemed for more than 500 rewards, online shopping, recharge, bookings, etc.
- The loan process is hassle-free
- There are no hidden charges
- Good customer service
Features of Axis Bank Personal Loan
Following are some of the key features of the loan:
The loan can be utilised for any purpose. There is no restriction on the end-use of the loan. You can use the loan for giving your home a facelift, to plan a wedding, for medical expenses, to plan a holiday, etc.
The minimum loan provided is 50,000 and the maximum loan provided is 15 Lakhs.
The rate of interest is linked to 1-year MCLR and ranges from 12% to 24% p.a.
A Personal Loan is an unsecured loan and does not require any security
The repayment can be done within 12 months to 60 months
Axis Bank Personal Loan Interest Rates
Axis Bank Personal Loan interest rates range from 12% to 24%. The rate of interest is linked to 1-year MCLR. The present MCLR is 8.15%. The spread on MCLR ranges from 3.85% to 15.85%. The rate of interest depends on the tenure of the loan, the amount of the loan and the profile of the customer. The rate of interest is similar to both the salaried and self-employed individuals.
Types of Personal Loan Offered by Axis Bank
Axis Bank offers customized Personal Loans as per the individual requirement of the customers. Some of the specific Personal Loans are:
- Axis Bank Personal Loan for Planning a Holiday
- Axis Bank Personal Loan for Wedding
- Axis Bank Personal Loan for Home Renovation
Axis Bank Holiday Loan
You can now de-stress yourself by going on a holiday without having to worry about a lump sum investment. Axis Bank provides exclusive loans for a holiday with a moratorium of 2 months during which you need not pay any EMI. You can go on a holiday without having to worry about arranging funds to meet the EMI immediately from the next month.
The bank offers a holiday loan ranging from 50,000 to 15 Lakhs that can be repaid comfortably within 12 months to 60 months, as per your convenience. The rate of interest is competitive and ranges from 12% to 24%. The rate of interest depends on the repayment period, loan amount and the profile of the customer.
The bank makes the holiday even more memorable by providing exclusive benefits, like:
- Locked in Exchange Rates
- Waiver of 3 ATM Fees
- Saving of 3.5% currency charges with each swipe
Axis Bank Wedding Loan
You can make the dream wedding of your children/siblings a reality with the exclusive Personal Loans provided by Axis Bank for planning a wedding. A dream wedding comprises of various complex expenses and you cannot compromise on any of them. Now you can plan the budget of the wedding of your children/siblings without having to compromise on any aspect and without digging into your savings by availing Axis Bank Wedding Loan.
The bank provides an unsecured Personal Loan ranging from 50,000 to 15 Lakhs for wedding expenses at an interest ranging from 12% to 24% with a repayment period ranging from 12 months to 60 months.
Axis Bank Personal Loan for Home Renovation
You can take up the long-pending facelift for your home with the Axis Bank Personal Loan for Home Renovation, which is available with quick turnaround time and simple documentation. You can now avail a loan up to 15 Lakhs depending on your credit profile and repayment capacity and give a makeover for your home. The loan is provided at an interest ranging from 12% to 24% with a flexible repayment option ranging from 12 months to 24 months.
Axis Bank Personal Loan Eligibility
To be able to secure a loan from any bank, you should meet certain eligibility criteria that are stipulated to ensure the safety of the loan.
Axis Bank has stipulated the following criteria which have to be complied with to be able to procure a loan from the bank:
- Salaried individuals employed with Government Departments, PSUs, Central and Local bodies, Public and Private Limited Companies of repute. Salaried doctors are also eligible for the loan. Self-employed individuals/professionals and businessmen are also eligible for the loan
- The minimum monthly salary/income required is 15,000
- The minimum age of the applicant should be 21 years and the maximum age at the time of maturity of the loan should be 60 years.
- A minimum of 2 years of work experience for the salaried and a business vintage of 5 years for the self-employed is mandatory.
- The credit score of the applicant should be satisfactory and preferably 750 and above
Documents Required for Axis Bank Personal Loan
The documents are required to ascertain the identity and whereabouts of the applicant. To ensure the income aspect and stability of employment/business, income proof is required. All the documents listed below have to be submitted along with the relevant application form for a Personal Loan duly filled and signed and two passport size photographs of the applicant.
|Type of Document||Salaried||Self-employed|
Aadhar Card, Voter's ID Card, Passport, Driving Licence
Photo ID Proof
PAN Card, Driving Licence, Passport, Aadhar Card, Voter's ID Card
Why Apply for Axis Bank Personal Loan through MyMoneyMantra?
You can now apply for Axis Bank Personal Loan online and also upload soft copies of the documents required. The process of applying for a loan has been simplified by the bank. Inspite of being able to avail a loan just by following 3 simple steps you may find it difficult since there will be a series of confusions that arise during the process. The main difficulty will be a comparison of the various deals and offers. Before deciding on Axis Bank Personal Loan, you will have to be aware of the other existing deals to ascertain the benefit of availing the loan through Axis Bank.
MyMoneyMantra, with an experience of over 30 years, has partnered with various banks/financial institutions and have the comparative data ready for your reference on their website on a single screen. You can quickly go through the various deals and decide on the one that would be most favourable for you. If you apply for the loan through MyMoneyMantra, you can encash on the vast experience of the loan aggregators to settle for the best deal.
The loan experts in the MyMoneyMantra team will do the comparison of the various rates and charges and will advise regarding the best deal to suit your income and requirements. They will assist you from the stage of filling up of the application until the disbursement of the loan. The documentation can be carried out with their assistance and they will help you to decipher the fine prints in the terms and conditions. The whole process will be hassle-free if you apply for the loan through MyMoneyMantra.
How to Apply for Axis Bank Personal Loan through MyMoneyMantra?
To apply for Axis Bank Personal Loan through MyMoneyMantra, you will have to follow the steps indicated below:
- Access the website of MyMoneyMantra
- Select "Personal Loan" under the Loans section on the home page of the website
- Enter the required loan amount
- You can do a customised search for the loan by clicking on the yellow tab, which says, "Let's get the best offers".
- You should then share some mandatory details like name, loan amount, tenure, type of employment, business/employment details, income details, name of the bank, and mobile number.
- On completing the above, an OTP will be sent to your mobile number. You will have to save the OTP to login to the website.
- With the basic information provided, the best deals that suit your requirement will be shared. You can compare the rate of interest and various charges and offers and choose the lender that you feel is the most beneficial. You can choose Axis Bank and place a request.
The MyMoneyMantra will be assisting you all along and will help you choose the best deal. All the guidance will be provided without any charges.
Other Products by Axis Bank
The other products under various categories are:
- Savings Account
- Current Account
- Express Deposit
- Fixed Deposits
- Recurring Deposits
- Tax Saver Fixed Deposit
- Fixed Deposit Plus
- Auto fixed Deposit
- Credit Cards
- Home Loan
- Personal Loan
- Car Loan
- Holiday Loan
- Loan Against Property
- Home Loan
- Business Loan
- Loan against Securities
- Commercial Vehicle and Construction Equipment Loan
- Farm Funding
- Ware House Receipt Loan
- Tractor Loans
- MSME Samruddi Loans
- Micro Finance
- Forex Card
- International Funds Transfer
- Online Funds Transfer
- Foreign Currency Cash
- Foreign currency Demand Drafts
- Online Currency Converter
- Life Insurance
- Home Insurance
- Vehicle Insurance
- Health Insurance
- Mutual Fund
- Demat Account
- Atal Pension Yojana
How to Calculate Axis Bank Personal Loan EMI?
You can easily calculate the Axis Bank Personal Loan EMI using an EMI Calculator. You will have to access the EMI Calculator on the official website of the bank or on MyMoneyMantra website. The advantage of using MyMoneyMantra EMI Calculator is that you will have access to the various offers and rates from various financial institutions and you can do the comparison easily and choose the deal that suits you. After accessing the website you will have to choose the EMI Calculator and provide the details of the loan amount, tenure, and the rate of interest. You will get the EMI instantly. You will also know the interest payable and the overall cost of the loan. You can try different combinations until you arrive at the EMI that is as per your budget.
Axis Bank Personal Loan - Processing Fees and Other Charges
Axis Bank Personal Loan attracts processing fees and other charges, the details of which are given below:
|Type of charge||Details|
At 1.5% to 2% of the loan amount
Nil for pre-payment or part pre-payment of the loan
Standing Instruction (SI) charges
ECS/Cheque dishonour charges
500 per instance
Swapping of repayment mode
500 per instance
Penalty for delayed payment of EMI
2% p.m. on the overdue instalment for the overdue period
Charges to issue duplicate statement
250 per instance
Issuing of duplicate amortization schedule
250 per instance
To issue photocopy of loan documents
250 per set per instance
Issuing of Credit Report
50 per instance
Issuing duplicate NOC
500 per instance
As applicable to the respective State at actuals
GST is applicable for all the above charges.
Axis Bank Personal Loan - Customer Care Numbers
You can avail customer care services of Axis Bank by dialling the following numbers:
For Retail Banking:
For Agricultural and Rural Services:
Overseas Customer Care Numbers:
USA - 1855 205 5577
UK - 0808 178 5040
Singapore - 800 1206 355
Canada - 1855 436 0726
Australia - 1800 153 861
Saudi Arabia - 800 850 0000
UAE - 8000 3570 3218
Qatar - 00 800 100 348
Bahrain - 800 11 300
Non-Toll Free Number:
91 40 6717 4100
Axis Bank Personal Loan Interest Rate - FAQs
How much time does the approval of Axis Bank Personal Loan take?
The approval for the Personal Loan is conveyed within 30 working days from the date of receiving the application. The date considered will be the date when the application that is complete in all respects is submitted along with the entire set of documents required to process the loan application.
What is the quantum of Personal Loan provided by Axis Bank?
The quantum of the loan ranges from 50,000 to 15 Lakhs. The quantum is based on the requirement of the applicant, the repayment capacity, the income, and the credit score of the applicant.
What are the processing charges applicable for Axis Bank Personal Loan?
A processing fee at 1.5% to 2% of the loan along with applicable GST will be collected for Axis Bank Personal Loan.
What are the ways to apply for Axis Bank Personal Loan?
Axis Bank provides various options to apply for the Personal Loan:
- You can apply for the loan online through the bank's official website
- You can approach the nearest branch and submit the application for the loan along with the required documents.
- You can place a request by contacting the customer care helpline of the bank. The representatives of the bank will contact you for further process.
What is the tenure provided for repaying Axis Bank Personal Loan?
Flexible repayment period ranging from 12 months to 60 months will be provided.
How do I check the status of the Personal Loan application?
When you apply for Axis Bank Personal Loan you will get an application ID. To check the status of the loan application online you will have to access the website of the bank and select the 'checking of loan application status' option. Enter the application ID and Date of birth. On entering the Captcha displayed on the screen you will get the application status.
You can also contact Customer Care, that will provide you with the application status on providing the application ID along with the date of birth or the registered mobile number.
How to obtain the repayment schedule and the loan statements for the Axis Bank Personal Loan?
You can get the repayment schedule and the loan statements by:
- By approaching the nearest branch of the bank.
- By placing a request through email to www.axisbank.com/support
- Now there is a provision for e-statement. It is recommended to get e-statements since it is eco-friendly. Also, you can get monthly statements instead of quarterly statements. You can get an e-statement on your registered email address. You place a request for an e-statement through SMS to 5676782. Send ESTMTFrom Date<>To Date to 5676782.
What are the modes of repayment of Axis Bank Personal Loan?
You can make the repayment of the Personal Loan through various modes as detailed below:
- If you have an active Savings Bank or Current Account with the bank, you can opt for auto-debit. You can also open an account to utilise the auto-debit option to pay the EMI. The EMI will be automatically debited to the specified account on the due date.
- If the auto-debit has to be through an account at other banks, then you will have to opt for the ECS debit. The EMI will be debited to this account automatically on the specified date and will be remitted to the loan account.
- You can also issue Post Dated Cheques for the repayment. PDCs should be replenished in a timely manner. This option is available only in non-ECS centres.
Does Axis Bank provide pre-payment option for the Personal Loan and what are the charges collected?
Yes, pre-payment is permitted for the Personal Loan. Currently, the bank does not collect any charges for the pre-payment.
What is the rate of interest charged for Axis Bank Personal Loan?
The rate of interest applicable for Axis Bank Personal ranges from 12% to 24% p.a.
How to foreclose the Axis Bank Personal Loan Account?
Before going for foreclosure of the Personal Loan Account the entire outstanding the loan account has to be cleared by obtaining a foreclosure statement from the nearest Axis Bank branch. Thereafter, a loan closure request has to be submitted at the Loan Centre of the bank. Once the request is received the bank will process the loan closure. At present, the foreclosure of Personal Loan is permitted without any charges.
What are the aspects that have to be looked into before applying for Axis Bank Personal Loan?
The first thing that the bank would check on accepting the loan application is the credit score. The credit score stipulated by Axis Bank for a Personal Loan is 750 and above. Before applying for the loan verify the credit score and check if it is within the required level. If the score is less than the mandatory level, examine the reason for the low score. If there are too many loans, you contemplate on closing the loans that are nearing the maturity date. If there are credit card dues, regularise the same to improve the score.
If the reason for the low score is discrepancies in the credit history, then get the discrepancies rectified before applying for the loan.
Apply for the loan only after the credit score is within the required level.
How to calculate the EMI for Axis Bank Personal Loan?
It is necessary to calculate the EMI for the desired amount before applying for the loan to check if the EMI is affordable. You can calculate the EMI manually by applying the formula but it will be an elaborate process that would consume a lot of time. With the EMI calculator, the calculation has been made very simple and fast. All you have to do is access the EMI calculator on the website of the bank and provide the three components i.e., the loan amount, loan tenure and the rate of interest. The EMI will be calculated instantly. You can do the calculation multiple times with different combinations until you arrive at the affordable EMI.