Wednesday, February 8, 2023

Axis Bank Personal Loan: Interest Rate @10.99%, EMI Calculator

Axis Bank Personal Loan is available at attractive interest rates with flexible tenures. If you need a personal loan, you can get it at the lowest interest rate of 10.99% per annum up to ₹40 lakh, with flexible tenure of 5 years. It also offers pre-approved instant personal loans with digital processing and without paperwork. Here we will give you detailed information about Yes Bank Personal Loan features, benefits, and charges so that you do not face any problems while availing of the loan.

Axis Bank Personal Loan Details

Axis Bank Personal Loan Interest Rate10.99% to 21% p.a.
Digital Personal Loan Amount50,000 to 40 lakhs
Tenure TimeUp to 5 years
Minimum Salary RequiredRs. 15,000
Processing fee1.50% to 2% + GST
Age Limit21 to 60 years
Pre-closure ChargesOn outstanding loan: For 0-12 months: 5% for 13-24 months: 4%
For 25-36 months: 3%
More than 36 months: 2%
Axis Bank Personal Loan Customer Care Number1860-419-5555
1860-500-5555
+91 40 67174100
ExampleLoan Amount: Rs 50,000
Tenure: 12 Months
Interest Rate: 10.99% (on Reducing Principal Balance Interest Calculation)
EMI Amount: Rs 4,418
Total Interest Payable: Rs 3,026
Processing Fees (incl. GST): Rs 1,770
Disbursed Amount: Rs 50,000 – 1,770 = 48,230
Total Amount Payable: 53,026

Axis Bank Personal Loan Interest Rate

Axis Bank is a private sector Bank in India, which provides personal loans to people under various schemes. Axis Bank offers personal loans up to Rs 40 lakh to customers at the lowest interest rate of 10.99% per annum. Customers can apply online as well as offline mode. Applicants having an Axis bank savings account can apply for a personal loan through personal net banking. Axis Bank decides the interest rate based on customer profile, income structure, credit score, etc., which may differ from customer to customer.

Factor affecting Axis Bank personal loan interest rates

Age of the applicant: The interest charged on the personal loan can be more or less according to our Age. Younger applicants have to pay less interest as the risk involved is less, and older applicants may have to pay higher interest as the risk involved is more.

CIBIL Score: The credit score of the applicant is taken into consideration before determining the personal loan interest rate. If the applicant has a low CIBIL score and has failed to repay his previous loans or credit card bills on time, the interest will be determined higher.

Loan Tenure: In most cases, the loan repayment tenure is chosen by the applicant. The option is in the hands of the applicant as to when he will repay the loan. The longer the tenure of the personal loan, the higher the interest.

Residential Location: The interest rate decided by the Axis Bank can also be based on whether the applicant lives in an urban or semi-urban area. People living in city areas can get a personal loan at a low-interest rate.

Features of Axis Bank Personal Loan

Axis Bank provides a personal loan to meet our financial needs. We can use this personal loan for home renovation, medical emergencies, family marriage, urgent household expenses, etc. We can also apply for Small Instant Personal Loan from Axis Bank.

Loan amount: Axis offers loans ranging from Rs 50,000 to Rs 40 lakhs as personal loans to customers, which proves to be very beneficial to meet our financial needs. Axis Bank provides loan amounts under different schemes on a single platform. The minimum loan amount available for an overdraft loan is 50 thousand, and the maximum loan limit is 40 lakhs.

Repayment Tenure: You get a flexible tenure of 5 years to repay the amount taken as a personal loan, which proves very beneficial for all the customers.

Interest Rate: Axis Bank provides personal loans to its customers at an interest rate of at least 10.99% per annum. Axis Bank fixes the interest rate based on customer profile, income structure, credit score, etc., which may vary from customer to customer.

Low Processing Fee: You are charged a low processing fee on the loan amount get by you. A processing fee of 1.5% to 2% + GST of the sanctioned loan amount will be applicable.

Customer Care Support: Immediately after you submit the Axis Personal Loan form, the Axis Bank Personal Loan team gets in touch with you and gives you complete details about the loan.

Without Security Loan: You do not need to deposit security while taking a loan from Axis Bank Personal Loan. Here you get loans up to 40 Lakhs without a collector.

Digitally Process: You don’t need to submit any documents manually if you apply for a loan here. Here the entire loan process is 100% online.

Axis Bank Personal Loan fees

Rate of Interest10.99% to 21% per annum
Repayment instruction/Instrument return chargesRs. 339 + GST
Swap ChargesRs. 500 +GST
Penal Interest@24% per annum i.e., 2% per month on the overdue installment.
Duplicate StatementRs. 250 + GST
No Dues Certificate (Duplicate Copy)Rs. 50 + GST
Stamp Duty ChargesAs per State Stamp Act
Part Payment Charges5% + GST Pre-payment charges shall be charged on the principal outstanding. Part-payment charges shall be charged on the amount of part payment.

Eligibility for Axis Bank Personal Loan

  • Minimum age – 21 years
  • Maximum age – 60 years
  • Non–salaried person maximum age – 60 years
  • Employees of government bodies/private companies with a service of at least 1 year
  • Employees of private limited companies, proprietorship firms, trust, and partnership firms with a service of at least 1 year continuously
  • NRI/PIO and the members of the staff are ineligible.
  • Insurance agents in the business for at least 2 years
  • Self-employed businessmen with at least 1 year of stable business
  • Self-employed professionals like doctors, engineers, company secretaries, architects, interior designers, etc with at least 1 year of a stable business.
  • Axis Bank may also check the credit score and monthly income of its applicants, just like other lenders do while evaluating their loan eligibility.

Axis Bank Personal Loan Documents Required

Proof of residence includes any of the following:

  • Valid passport
  • Voter id card
  • Driving license
  • Postpaid utility bill (gas bill and electricity bill)
  • Updated passbook or bank statement
  • Registered rent agreement

Proof of identity:

  • PAN card
  • Aadhar Card
  • Valid Indian passport
  • Voters ID card
  • Driving license
  • Employee ID cards issued by relevant authorities like the Govt or Defence or reputed corporate
  • Identity document or certificate of practice with photograph issued by professional bodies like ICAI, ICWA, ICFAI

For Salaried individuals

  • Last 3 months’ salary slips
  • Statement of account for last Six months of Bank

For Self-employed individual

  • Balance sheet and profit and loss account, computation of income for last 1 year
  • Income Tax Return – last 1 year for applicants, 26 AS, Traces
  • Business proof: Gomasta License, Registration Certificate, Service Tax Registration, etc.
  • IT Assessment Certificate, Income Tax Certificate (Form 16A)

Tips to Improve Personal Loan Eligibility:

A high salary and credit score also improve your loan eligibility. Furthermore, there are certain steps you can take to ensure that your loan application is approved faster.

Maintain a healthy credit score: The higher your credit score, the higher your loan eligibility. Generally, a credit score of 750 and above is considered healthy by any of the credit bureaus. The bank sees you as a good customer and may also offer you a competitive interest rate.

Keep your EMIs within a limit: The total EMI of your existing loan should not exceed 40% of your take-home salary.

Avoid applying for multiple loans or credit cards: This will bring down your credit score as you will be seen as credit hungry. Therefore, you should apply for a loan or credit card only when necessary.

Don’t default on EMIs or delay your credit card payments: If you have existing loans, make sure to pay EMIs on time.

How to apply for an Axis Bank Personal Loan?

  • Visit the official website of Axis Bank or contact your nearest Axis Bank branch.
  • Now, fill in the personal, professional, and financial details as required by the lender and submit the form.
  • Once you submit the application form, Axis Bank will check your eligibility and provide you with information about the eligible amount that you can avail of.
  • If you agree to process the application form, you will submit the required documents, which can also be uploaded online.
  • Finally, your documents will be processed by Axis Bank, and on successful approval of the loan, the funds will be disbursed instantly into your Axis Bank account.

You can also apply for an Axis Bank personal loan by visiting their branch or calling their customer care center. Offline mode is mentioned below:

  • Visit the nearest branch and fill out the application form with the required loan amount, personal details, business information, and your contact number.
  • The representative of Axis Bank will explain loan eligibility, loan rates, terms, processing fees, prepayment, and foreclosure terms.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your loan application.
  • On successful verification, the loan can be disbursed immediately after loan approval and agreement signing.

Axis Bank Personal Loan Customer Care Number

By Phone: You can call on the company’s customer care number 1860-419-5555

Equipment Finance: You can call on the company’s customer care number 1860-500-5555.

Email: You can also contact customer care via email. The email address for specific queries is below:

Axis Bank Personal Loan FAQ:

What is Personal Loan?

Personal loans help you to borrow money for a price of a personal nature – be it for some other requirement such as an emergency, education, family marriage, or home renovation. With Axis Bank Personal Loan, with various loans ranging from 50k to 40 Lakh, you can enjoy an interest rate of 10.99% to 21% p.a. with flexible functions ranging from 24 to 60 Months.

What is an EMI?

EMI Stands for Equated Monthly Installment. Which is the fixed amount paid for the repayment of your loan. It includes both the principal component and the interest amount. It gives you the convenience and benefit of repaying the personal loan amount in small and easy installments.

What is the minimum CIBIL score required to avail Axis Bank personal loan?

If you have a high credit score, you may also get a higher loan amount or lower loan rates. However, a score below 750 may reduce your chance of getting a personal loan or grant you a lower amount or a higher interest rate.

What is the minimum salary for a personal loan in Axis Bank?

To avail Axis Bank personal loan, you need to have a minimum net income of ₹ 15,000 per month.

Is the Axis Bank giving loans?

You can get a personal loan from Axis Bank depending on various factors such as income, age, account relationship, and occupation. A personal loan for a salaried individual varies by location. In metro and urban areas, the loan amounts can range from Rs 50k to Rs 40 lakhs.

Can you tell me the typical loan tenure for Axis Bank personal loans?

Most Axis Bank personal loans offer a tenure of up to 48 months. However, depending on the scheme, the repayment tenure can go up to 60 months.

What is the interest for 2 lakhs in Axis Bank personal loan?

If the applicant’s savings account is managed by Axis Bank, the interest rates for a personal loan of Rs 2 lakh usually start at 10.99% per annum.

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