Axis bank Personal Loan

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About Axis Bank

If you are looking for an excellent customer service with a diversified range of financial products from an industry pioneer, Axis Bank is the name to reckon upon.

Being the third largest private sector bank in the country, Axis Bank offers a spectrum of financial products to cater to a vast segment of customers including Large to MidCorporates, MSMEs, Agriculture, and Retail Businesses.

With a robust network of 3779 domestic bank branches and extension counters, 12,834 ATMs, Axis Bank sprawls across 2211 cities and towns pan India. The massive reach out is not limited to domestic customers only; Axis Bank also has its branches at 10 foreign destinations including Singapore, Hong Kong, Dubai (DIFC), Shanghai and Colombo, besides having an overseas subsidiary located at London, UK.

Certainly a new generation private sector bank, AXIS Bank has won several awards and accolades ever since its conception in 1993 for its bespoke service to customers. In 2018 itself, the bank has bagged 3 titles at Customer Loyalty Awards 2018: Best Loyalty Program in Financial Sector, Best Rewards Program(for the 4th consecutive year) and Champion of Champions - Loyalty Program.

Other awards included the Best Contact Centre at Customer Experience Awards 2018, Best Use of Analytics for Business Outcome and Best Use of Digital and Channels Technology at the IBA Banking Technology Awards 2018; Best Performing Private Bank at the UTI Mutual Fund and CNBC TV18 Financial Advisor Awards 2017-18.

Axis Bank Personal Loan Interest Rate December  2018

Interest rate

11.75% - 24%

Loan tenure

5 Years

Loan turn around period

1-7 Days

Processing Charges

1.50 % of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

2,212  Per Lakh

Why Apply for Axis Bank Personal Loan?

Whether you need an urgent loan for a medical contingency or seek a planned fund up to 1500000 for one of the personal reasons such as higher education, family vacation, wedding ceremony, business expansion or more, Axis Bank promises quick disbursal with minimal documentation. You can avail hassle free bespoke loans for your cash lapses and stay afloat despite financial shortages with Axis Bank Personal Loan.

The bank has designed its entire segment of personal loans to meet the varied needs of retail customers. From a 21 years old, first-time loan applicant to a mid-aged customer with multiple loans, both can enjoy the ease of availing fast personal loans online as well as offline.

Axis Bank currently offers swift personal loans from 50000 to 1500000 for 12 to 60 months at attractive interest rates to eligible applicants without any delay.

Axis Bank Personal Loan: Features and Benefits

Before you apply for Axis Bank Personal Loan, it is important to learn about the associated features and benefits of raising a loan from Axis Bank. This will help you understand the in and out of transacting with the chosen lender. The approval of the application however entirely depends on your credit profile and repayment capacity.

A quick sneak peak on features of Axis Bank Personal Loan:

Amount: Axis Bank offers swift Personal Loans from 50000 to 1500000 to both salaried as well as self-employed customers with stable monthly income source.

Tenure: The loan is extended for 12 months to 60 months, depending on your loan requirement and credit profile.

Eligibility: To be eligible to apply for a loan, you must fulfill the following criteria:

  • Earning a minimum of 15000 per month.
  • The income source is periodic and continuous.
  • You are a minimum of 21 years of age at the commencement of loan, and the maximum of 60 years at the time of loan maturity.
  • You possess all the required documents to prove your identity, residence, and income.

Documentation: The processing of loan application is followed by verification of key documents such as Aadhar Card, Pan Card, Bank Statements, Salary Certificates, and Utility Bills for identity, address and income proof.

Repayment: Easing the customer repayment experience, Axis Bank lets you repay in Equated Monthly Installments, and that too, according to your choice. The rate of interest varies for Personal Loans up to 36 months and above. You can choose the rate as well as tenor according to your repayment capacity.

Prepayment: There is no prepayment or foreclosure charge, and thus you can conveniently prepay the loan if you have a surplus in hands.

Balance Transfer: Axis Bank allows Balance Transfer facility at a low rate for your existing loan. You can avail cheaper Personal Loan by transferring your loan balance without any hassle.

Axis Bank Personal Loan: Interest Rates, Processing Fees & Other Charges

Axis Bank is a customer-driven private lender that offers attractive interest rates. However, before you avail a loan, it is important to know about the exact loan processing charges and other fees. You must learn about the actual cost of the loan, APR% rather than just interest rate quoted by the lender.

Here is an overview on latest rates of interest and other loan charges by Axis Bank on Personal Loan:

1 year MCLR

8.7 %

Spread over MCLR

7.05%-15.30%

Effective Rate of Interest

15.75% - 24%

Loan Processing Charges

1.50% - 2.00% + GST applicable

Cheque Bounce Charges

500 per bounce + GST applicable

Cheque/Instrument Swap Charges

500 per Swap + GST applicable

Prepayment/ Foreclosure Charges

Nil

Interest Rate on Default

@24.00% per annum
(2% per month on the overdue installment)

Charges for Duplicate Statement Issuance

250 + GST applicable

Charges for Duplicate Amortization Schedule

250 + GST applicable

Duplicate Interest Certificate (Provisional/ Actual) Issuance Charges

250 + GST applicable


*The rates of interest shared are tentative and may change without prior notification by the bank. You can rely on MyMoneyMantra Loan representative for the latest update.

Types of Personal Loans Offered by Axis Bank

Axis Bank Personal Loan for Holiday 

Traveling has therapeutic benefits for your health. Whether you are planning to travel alone or with your family, you can conveniently fund your holiday with the help of Axis Bank Personal Loan.

Axis Bank offers an exclusive Personal Loan for Holiday with 2 months moratorium facility.

With the Holiday Loan moratorium facility, you can enjoy lower EMIs in the first two months and plan the repayments peacefully after the break.

Both salaried individuals and self-employed businessmen or professionals can make use of Axis Bank Holiday Loan and avail unsecured loan up to 15 lakhs. The rate of interest is attractive and offered according to the borrower's credit profile.

Another value-added offer by Axis Bank Travel Loan includes a complimentary Forex Card for foreign travelers. The Forex Card comes along multiple benefits, such as:

  • Locked in Exchange rate: The beneficiary need not worry about currency rate fluctuations as the exchange rate will be locked in during their visit.
  • 3 ATM fee Waivers: No charge ATM withdrawals make the stay in a foreign land much convenient.
  • 5% saving on currency charges on each swipe: Additional saving on currency swipe eases spending while traveling.

With a host of benefits to the travelers, Holiday Loans are popular loans. Lenders promote a plethora of offers along such as discount and/or cash back on booking Air tickets, Hotel and Travel Packages. It is always advisable to check out the latest offerings by several lenders and choose the best deal. By contacting MyMoneyMantra, you can conveniently know about various offers in the market and choose the best Holiday Loan for your dream vacation.

Axis Bank Personal Loan for Wedding

Axis Bank Personal Loan for Wedding comes as a one-point funding source for big fat Indian Wedding. The loan is available for a minimum of 50,000 to a maximum of 15 Lakhs. Parents, as well as the couple, can apply for a Personal Loan for Wedding. The eligibility criteria are similar to other personal loans.

If you already have a personal loan, you can also transfer the loan balance and avail a new Axis Bank Personal Loan with additional benefits and enjoy a lower rate of interest.

There are several benefits of applying for Wedding Loan:

  1. Axis Bank Wedding Loan is available at an attractive interest rate starting at 15.5% effective RoI.
  2. As a parent, you do not need to touch your other investments to avail a Personal Loan for Wedding. The loan is 100% unsecured and does not require any collateral or guarantor to apply.
  3. You can avail the loan with low turnaround time.
  4. You get a chance to choose the loan installment and tenor, which makes the entire borrowing process convenient and hassle-free.
  5. MyMoneyMantra Loan representatives assist you at each step. You need not to worry about the documentation or paperwork ever.

Personal Loan for Renovation

Axis Bank Personal Loan for Renovation helps borrower avail Unsecured Loan up to 15 Lakhs without any hassles. Both salaried and self-employed individuals can make use of Axis Bank Loan for Home Improvement and enjoy swift funding for home repairs and home extensions.

Depending on your credit profile you can apply for a Personal Loan or use Balance Transfer facility to avail affordable credit deal for sprucing up your home. You are eligible to apply for Personal Loan for home improvement despite your current home loan or personal loan.

It is advisable to contact MyMoneyMantra for professional advice on loan eligibility. Our representatives can help you avail the most affordable loan for your cash lapses. The service is 100% free of cost.

Axis Bank Personal Loan Eligibility

Axis Bank Personal Loan is a gateway to your short-term financial goals. You get fast access to bespoke Unsecured Loans at affordable interest rates for up to 5 years for travel, wedding, home improvement and more. There are no hassles, whatsoever, and you can apply instantly for personal loans via MyMoneyMantra.

The eligibility requirements for Axis Bank Personal Loan are easy to fulfill. MyMoneyMantra representatives extend customized support for all borrowers, irrespective of the ticket size. We believe in elucidating loan terms to our customers. Here is a quick list of documents and other eligibility criteria required for availing Axis Bank Personal Loan:

Income:

Both salaried and self-employed individuals with a stable monthly income source can apply for Axis Bank Personal Loan. A salaried borrower should earn a minimum monthly income of 15,000.

Employability:

Besides the net income, it also matters where you work. You are eligible for Personal Loan if you are:

  • A salaried employee or a salaried professional such as a doctor, engineer, architect, CA, CS, ICWA or MBA consultant.
  • Working for public or private limited companies.
  • Government sector employee or working for Public Sector Undertakings and central and local bodies.

Your job stability can help you avail a better rate of interest in many cases.

Age:
To apply for Personal Loan, you must be a minimum of 21 years of age while applying for the loan, and the maximum of 60 years at the time of loan maturity.

Be documents ready:

Availing Axis Bank Personal Loan is hassle-free as documents required for the same are minimal. You need to submit documents to verify identity, KYC, income, address, employment, and income source. Our representatives would help you at each step to collect the required documents.

Timely submission of documents ensures low approval time, and thus we take every effort to make your documents ready for the required loan.

Documents Required for Axis Bank Personal Loan

Documents Required for Axis Bank Personal Loan

Salaried Individuals

Self-Employed Professionals/Businesspersons

1. Application Form

Duly filled and signed loan application form with 2 recent pictures.

2. Age Proof

Copy of Passport/PAN Card/ Voter ID/ Driving License/Date of birth certificate/ Ration card /Employer certificate/ID/School/College Leaving Certificate

3. Identity Proof

Passport/ PAN Card/ Voter ID/ Driving License

Identity Proof-Passport/PAN Card/Voter ID Card/Driving License

4. Address Proof

Ration Card/ Driving License/ Voter ID Card/Passport/ Life Insurance Policy/ Old Utility Bills like Telephone Bill/ Electricity Bill

5. Income Proof

Salary Slip for last 3 months, Income Tax Return or Form 16, Salary Account Statement for last 6 months

Income Tax Return for the last 2 years, Statement of Accounts like audited Balance Sheetand P&L Account Statement for last 2 years.

6. Signature Verification

Duly signed loan agreement;

Driving License/ Passport copy/ PAN Card

7. Others

Standing Instruction (SI) Request or ECS Form + Post Dated Cheques (Security Cheques) for SI and ECS

8. Qualification Proof

Registration proof is required for professionals like doctors, architects, CA, CS, ICWA, MBA consultant & engineers. The requirements can vary from customer to customer

 

Other Products by Axis Bank

Axis Bank Home Loan

Axis Bank Home Loans are designed to delight every home buyer's heart. Indeed a whole bouquet of home loans is planned by Axis Bank to cater to each segment of home loan borrowers. Irrespective of the ticket size, you can find an affordable loan to buy your dream home from Axis Bank.

Depending on your loan requirement and credit profile, you can apply for affordable home loans for up to 30 years. Some of the popular Axis Bank Home Loans are Fast Forward Home Loan, ShubhAarambh Home Loan, Asha Home Loan, Empower Home Loan and Super Saver Home Loan.

The rate of interest is competitive and you get complete flexibility to choose the tenor and loan EMI. Speaking to MyMoneyMantra representative you can conveniently know about the best Home Loan deal for you.

Axis Bank Business Loan

Axis Bank Business Loans are swift unsecured loans for professionals who want to expand their business. Whether you are a doctor or an engineer, you can apply for a Business Loan up to 50 lakhs for a minimum of three years without any collateral or guarantor.

The rate of interest is competitive and the loan is available with minimal documentation. You can contact MyMoneyMantra to know about your eligibility for Axis Bank Business Loan.

Axis Bank Gold Loan

Axis Bank Gold Loan is ideal for anyone who seeks urgent loan without hurting their current cash flow, investments. You can apply online for Gold Loan starting from 25000 to 2000000. Being a secured loan, the amount is processed the same day without any delays. However you would need to quickly submit the required documents. Our representatives will help you submit the required documents.

Your Gold is absolutely safe with the lender and you can foreclose without any additional charges.

How to Calculate Axis Bank Personal Loan EMI?

You can instantly calculate Personal Loan monthly installment using MyMoneyMantra EMI Calculator. The process is completely hassle-free. The access is open to all, and there are no charges involved. All you need to do is provide 1) Loan Amount, 2) Rate of Interest and 3) Tenor before clicking the "Calculate" button for EMI Calculation.

You will instantly get the estimated Loan EMI along with the total cost of the loan and the total interest Payable. You can compare different combinations and choose the tenor and amount according to your budget. Our loan representative can further help you know about the best offer for your financial needs.

Why Apply for Axis Bank Personal Loan on MyMoneyMantra?

MyMoneyMantra is a one-stop financial services marketplace to search for the best loans for your credit profile. Whether you are a self-employed professional or a salaried individual, you can conveniently locate the most affordable loans on our website.

With three decades of serving Indian retail lending customers, MyMoneyMantrais indisputably the market leader in locating the bespoke loans at the most affordable price in India. Till date, we have happily served 2 million+ customers. With a pool of 70+ associated banks and 2500+ relationship managers, a customer can be rest assured to find the best-matched loan for their financial goals.

By applying for Axis Bank Personal Loan through MyMoneyMantra, you can count following advantages on your fingertips:

  1. Free access to the best loans available in the market.
  2. Easy comparison of the available loan rates and charges.
  3. Reaching out to the choicest deal.
  4. Customized rate and tenor.
  5. Ease of documentation.
  6. Hassle free approval.
  7. Swift loan disbursal.

The entire interface for loan processing is set up online. You can thus avail the required loan assistance with just a few clicks.

How to Apply for Axis Bank Personal Loan on MyMoneyMantra?

Applying for Axis Bank Personal Loan on MyMoneyMantra is a step-by-step process. The website is designed to extend the best user experience by employing interactive manual forms.

3 Steps to apply for Axis Bank Personal Loan on MyMoneyMantra:

Share Details & Requirements
Visit MyMoneyMantra homepage. Choose Loan type as 'Personal Loan' and fill the loan amount on the website. Click the yellow tab 'Let's get the best offers' to begin the search for customized loans.

Now fill each column step-by-step with required details like name, loan amount, tenure, employment type, Employment/business details, income, bank, mobile number, etc.

Verify the Request
As you successfully fills the personal data on the website, a unique one-time password (OTP) will be generated and sent to you. Save the OTP and use it to log in to the website.

Choose the lender and Apply
Based on the inputs the best deals will be shared with you. Here you can compare various features such as rate of interest, loan tenure, and monthly installments and make a choice according to your repayment capacity. You can choose Axis Bank Personal Loan and make a request.

Throughout the process, our representatives will advise you and guide you at each step. We act as the matchmakers for your financial lapses. All you need to do is follow our financial advice, and you will be connected to the required lender. You need not to pay a single rupee to use loan advice by any of the MyMoneyMantra representatives. Beware of the fraudulent loan advisors who charge the consumers.

Axis Bank Personal Loan: Customer Care Details

Axis Bank is one of the largest private sector banks of India and thus extends world-class customer service to the consumers. All you need to do is follow 3 simple steps to get your grievances addressed:

Step 1:

You can directly raise a query or make a request or complaint by visiting the bank?s official website. For unanswered requests, send an email through www.axisbank.com/support. It will generate a Service Request Number. Please save it for records.

Make sure you use registered email id to make a request. Check the status of your complaint on Toll-Free Number: 18004190068

Step 2:

If you are not satisfied with the response of Axis Bank, Customer Support Team, write a mail to the Nodal Officer. Fill online form and mention your Service Request Number.

You can also write to Circle Nodal Officer if you are dissatisfied with the response of your branch.

Step 3:

As per RBI guidelines and Banking Ombudsman Scheme, y can write your grievance to Principal Nodal Officer if you are not satisfied with the response.

24 X 7 customer care contact numbers for Axis Bank are 1860-419-5555, 1860-500-5555

You can also contact on +91-22-24252525/43252525

Fax: +91-22-24251800

Frequently Asked Questions

What is the most convenient way to apply for an Axis Bank Personal Loan?

You can apply for Axis Bank Personal Loan in the following ways:

  1. Apply Online
  2. In person
  3. Through MyMoneyMantra. Our Loan Representatives guide you to avail hassle-free loan online or offline according to your choice.

What is the turnaround time for Personal Loan application?

Axis Bank replies to loan queries within a maximum of 30 working days from the date of receipt of the completed applications. At MyMoneyMantra, we help customers submit duly filled form with all the required documents. We ensure that there is no difficulty in filling the loan application. We work towards the lowest turnaround time for the borrowers.

What are the minimum and maximum limit on Axis Bank Personal Loan?

Axis Bank offers Personal Loan from 50000 to 1500000 to the eligible borrowers. However, the approval amount depends on certain factors:

  • Credit profile and credit score of the applicant
  • Monthly income / Employment status
  • Loan requirement and Eligibility factors
  • Repayment capacity, Current debt-to-income ratio

What is the tenure for which I can avail a Personal loan?

The bank offers a personal loan for 12 to 60 months.

Is there any fee to apply for an Axis Bank Personal Loan?

MyMoneyMantra does not charge any fees to help you apply for Personal Loan. Our services are 100% free. Only Axis bank would charge a standard, non-refundable processing fee which will range between 1.5% to 2% of the loan amount plus GST as applicable. All the dues are clearly mentioned in the loan document, and there is no hidden cost involved.

How do I keep track of my Axis Bank Personal Loan?

The best way to keep track of your Personal Loan status is by requesting Statement of Account/ Repayment Schedule/ Interest Certificate by directly calling to Axis Bank Call Centre toll-free number: 1860 419 5555

Or, send an email to loans@axisbank.com from your registered email id. You can also visit any of the Axis Bank Loan Centers to make the request.

What are the different options for making EMI repayments? Is there a preferred choice?

You can repay your monthly installment in three ways:

Standing Instruction (SI): To use Standing Instruction (SI) you would need an Axis Bank account (savings, salary, or current account) and the EMI will be deducted automatically from your account every month. All you need to ensure is the minimum balance in your bank account for successful SI transaction.

Electronic Clearing Service (ECS): If you want to automate loan repayments from non-Axis Bank Accounts, use ECS. By setting up ECS to your bank account, repayments are automated every month before the due date.

Post-Dated Cheques (PDCs): Another method to repay EMIs is to submit post-dated cheques from a non-Axis Bank account. The PDCs need to be submitted to your nearest Axis Bank Loan Centre. However, it is recommended to use SI or ECS mode of payment as these methods are instant as well as error-free.

Can I make part-prepayment for my Axis Bank Personal Loan? Is it chargeable?

Yes, you are allowed to make a part-prepayment according to your financial capacity. There are currently no additional charges on art-prepayment of Axis Bank Personal Loan.

How do I update my registered details like mobile number, email id?

For updating the personal details, you can call customer care or mail at loans@axisbank.com

How do I foreclose my Personal Loan? Is there any charge on foreclosure?

It is mandatory to clear all outstanding dues before foreclosing the account. So, request a Foreclosure Statement from the bank. After paying out all of the outstanding dues, submit a foreclosure request. Currently, there is no charge for foreclosure of Axis Bank Personal Loan.

Latest News

Axis Bank continues to focus on credit cards, digitization

After posting highest growth in Credit Cards and Personal Loans in the first quarter of FY 2018-19, Axis Bank will continue to focus on plastic and digital payment methods, according to Rajiv Anand, Executive Director - Retail Banking. The bank aims to boost up its share in the credit card segment which currently stands at number four with 4.3 million cards.

Robust growth in mobile banking for Axis Bank

India's third largest private bank, Axis Bank has recorded impressive growth in its mobile banking segment. The overall mobile banking spends totaled at 71,444 crore in the first quarter of the financial year.

The number is 90% above what it was in the previous financial year. According to the bank officials, while it got its first batch of 1 million customers in 18 months, currently a million mobile bankers are added every three months.

Axis Bank introduces iris authentication for Aadhaar-based transactions

Setting an industry trend, Axis Bank has now introduced Iris Scan Authentication feature through its micro ATM tablets. This is the first of its kind service in India for Aadhaar-based transactions, and it will eliminate the use of debit cards, passwords, PINs, and user IDs.

It will require the customer to scan their Iris on a tablet. The service will boost financial inclusion of customers in the rural areas and make Aadhaar verification process smoother and hassle-free.

Axis Bank likely to add 350-400 branches to its network in current fiscal

Axis Bank is likely to add 350 to 400 branches to its robust network of 3,800 branches, according to a bank official. The bank has already added 76 branches in the first quarter of FY2018-19. The new branches will mainly target semi-urban and rural areas.