Description

Axis Bank Personal Loan Details

Axis Bank personal loan can be used for various reasons, if in case you are going through any financial calamity at any point in your life, whether it’s a financial requirement for consumer durables or the immediate need for a quick payment, then applying for a personal loan is the best available option to meet your needs for immediate funds. Axis bank personal loan is very exclusive and generally favored personal loan facility. You can easily finance funds for home renovation, wedding, or any other emergencies at the lowest interest rates with the help of a personal loan from Axis bank. 

Here are some of the unique features of the Axis Bank Personal Loan –

1#. Minimal Documentation: Axis Bank ensures that its customers get their loan approved with minimal documentation which includes Identity proof, Income statements and residential proof as basic documents. One can always apply for a personal loan through requirements and maximum benefits.

2#. Quick Approval and disbursal: Axis Bank enable its customers to get access to funds as soon as the documentation process is complete. The processing team at the bank is steadfast and ensures timely disbursement of funds as soon as the application is duly filled and all other relevant documents are uploaded or handed over to the bank.

3#. Lowest Interest Rates: Axis Bank offers the lowest interest rate slabs to its customers across all segments. The rate of interest offered by the bank to its customers starts from as low as 12%, which makes the bank one of the lowest lenders in the market for the same amount of loan

4#. No prepayment charge: Axis Bank personal loan comes with a cutting-edge advantage of loan prepayment at zero cost. The bank enables its customers to prepay their loan amount at no cost and can also partially pay the loan amount without bearing any additional cost over and above the interest rate that is already a part of the loan account.

5#. eDGE Loyalty Points: Axis Bank has a unique way of rewarding its customers with benefits other than the usual rate cut and free of charge facilities available with the loan. By rewarding eDGE loyalty points on each and every loan account, a customer can earn and utilize these reward points on various transactions done with the bank. Whether it’s a credit card fee waiver or a lower interest rate for another loan account, these eDGE loyalty points cover almost each and every need.

6#. Flexible repayment tenure: Axis Bank ensures that the customers can choose the loan tenure that suits them the best. The EMI calculator enables them to calculate the EMI they are required to pay across variable tenures of loan, to get an account of a repayment schedule that would be most suitable to them

Interest Rate & Charges of Axis Bank

Axis Bank Personal loan Interest Rates, 2020
Axis Bank Personal Loan General -Interest Rates For salaried and self employed 16%-24%
Axis Bank Personal Loan Tenure 12 TO 60 MONTHS
Axis Bank Personal Loan Processing Fee Up to 2.00% of the total loan amount + applicable service tax
Axis Bank Personal Loan Repayment Period Minimum- 1 year
Maximum- 5 Years
Minimum Income ₹ - 15,000 P.M.
Axis Bank Personal Loan Amount Minimum- ₹50,000
Maximum- ₹15 Lakh
Prepayment charges Nil
Foreclosure charges Nil

Special Note: Rates are subject to periodic change. Personal loan interest rates in Axis Bank and other fees and charges are subject to regular review and can vary with each customer. Axis Bank Personal loan interest rates can differ depending on your credit worthiness and other factors. The final interest rate will be based on different criteria including the bank’s internal policies and applicable rates at the time of approval.

Eligibility Criteria For Axis Bank Personal Loan

The borrower needs to fulfill following Axis Bank eligibility criteria while applying for a personal loan;

  • Salaried employees/Salaried Doctors/Employees of Public and Private limited companies
  • Government sector employees including PSU (Public sector Undertakings) and State Governments
  • Minimum age requirement for Axis Bank Personal Loan application is 21 years and the maximum age is 60 years at the time of loan maturity
  • Net Monthly Income: Minimum net monthly income required is ₹ 15,000
  • Loan Amount: The maximum amount of personal loan which can be availed is ₹ 15 Lakh
  • Salaried individuals must have completed at-least 2 years of service in the same organization

Eligibility Criteria

Key Features

Profession

Salaried person

Employer Type

  • Salaried Employees of Private and Public Companies
  • Central / State Government Organisation
  • Central / State PSUs
  • Salaried Doctors

Applicant Age

21 - 59 years

Minimum Eligible Income

₹ 15,000 per month

Maximum Eligible Term Loan

₹ 25,000 to ₹ 15 Lakh 

Minimum Work Experience

24 months

Documents Required for Axis Bank Personal Loan

For Salaried Employees –

Particulars

Details

Application

Application Form duly filled and signed

Photographs

4 Passport size photographs (coloured)

Proof of Identity

(Any of these)

Copy of Passport/Driving License/Copy of Aadhar Card/Copy of Voter ID Card

Proof of Residence

Registered Rent Agreement (Min. 1 year of stay)/Utility Bills (For the last 3 months)/ Life Insurance Policy

Proof of Incomes

  1. ITRs for the last two Assessment years
  2. Salary slip for the last 6 months
  3. Bank Statement for the last 6 months
  4. Passbook statement for the last 6 months

Loan Agreement

Duly signed Loan agreement document

Repayment

Post Dated Cheques (PDCs)/ Standing Instruction Request Form/ ECS Form/ Security Cheques duly signed

- For Self-employed Professionals 

Particulars

Details

Application

Application Form duly filled and signed

Photographs

4 Passport size photographs (coloured)

Proof of Identity

(Any of these)

Copy of Passport/Driving License/Copy of Aadhar Card/Copy of Voter ID Card

Proof of Residence

Registered Rent Agreement (Min. 1 year of stay)/Utility Bills (For the last 3 months)/ Life Insurance Policy

Proof of Incomes

  1. ITRs for the last two Assessment years
  2. Audited Balance Sheet for the last 2 years
  3. Profit and Loss account Statement for the last 2 years

Loan Agreement

Duly signed Loan agreement document

Repayment

Post Dated Cheques (PDCs)/ Standing Instruction Request Form/ ECS Form/ Security Cheques duly signed

Qualification Proof

Qualification or Registration Proof required for Practicing Doctors/Architects/Chartered Accountants/Company Secretary/ICWA and others

Axis Bank Personal Loan EMI Calculator

Axis Bank ensures that its customers get the most suitable amount of loan at the best interest rates possible. To make it more simplified and interactive with its customers, the bank offers a simple formula to calculate and process the amount of monthly instalments one would require to pay for their desired loan amount for a specific tenure.

 

Now you can easily evaluate and calculate your Axis Bank Personal Loan eligibility and EMI by using the Personal loan EMI calculator at Afinoz.com. The calculator uses a simple and method-based approach to quickly calculate and determine the EMI outflow every month including the interest rate and other charges you will need to pay as part of the loan repayment.

Amount of min. ₹ 2,00,000 @ 15% p.a. for a tenure of 12 months –

Loan Amount

ROI @ 15%

Tenure (Months)

Repayment

EMI

Interest

₹ 2,00,000

0.013

12

₹ 2,16,619

₹ 18,051

₹ 16,619

₹ 3,00,000

₹ 3,24,929

₹ 27,077

₹ 24,929

₹ 4,00,000

₹ 4,33,239

₹ 36,103

₹ 33,239

₹ 5,00,000

₹ 5,41,549

₹ 45,129

₹ 41,549

₹ 10,00,000

₹ 10,83,099

₹ 90,258

₹ 83,099

How to apply for Axis Bank Personal Loan through Afinoz

While you do your Axis Bank personal loan application through Afinoz, you should check the following: -

  • Check your Axis Bank personal loan eligibility with the personal loan eligibility calculator at Afinoz.com. You can simply log on to Afinoz.com, fill in a form which requires easy details and get a precise and accurate assessment of your personal loan eligibility in less than a minute
  • Check your Axis Bank personal loan EMI with the simplified personal loan EMI calculator at Afinoz.com. This will allow you to get details regarding the amount you would need to pay every month as the repayment of your loan
  • You can also check the details about the basic requirement of documents for your Axis Bank personal loan application. Whether you are salaried or self-employed, applying with the proper set of documents will enhance your chances of getting your loan approved in the least possible time.
 

Axis Bank Personal Loan Login

At Axis Bank, a customer or an applicant can anytime log in-to their respective Axis Bank personal account by using the credentials such as the customer id and password followed by an OTP (One-time Password). Once logged in, one can find all the basic information for their account and with proper navigation for various types of transactions. These options include all the respective heads for your savings account, loan account status, credit card transactions and others.

Axis Bank Personal Loan Status

With Axis Bank, one can easily track the status of their personal loan application by taking a few steps. First, by visiting the online site or the mobile phone application, and login using your credentials, one needs to enter the application number. Going forward, the page shows the account summary, where one can easily track the loan application status, thus can know whether the loan has been approved, in process or is rejected.

Read More: How to Check Axis Bank Personal Loan Status Online?

Why Afinoz

What is Afinoz?

Afinoz.com is India's topmost one-stop financial marketplace for availing loans and investments. Our main objective is to make the process of getting a loan or making an investment safer, convenient and hassle-free for individuals. We work with public and private banks, NBFC's and mutual fund houses across the entire country and offer an unbiased quotation on financial requirements. You can contact our team to get information or apply for a loan or investment by calling on 0120-411-0376  or by emailing at info@afinoz.com. Afinoz.com provides solutions which are quick, reliable, transparent and confidential without charging any fees to avail any of their services.

Why to apply for Axis Bank Personal Loan with Afinoz.com

Afinoz.com, one of the India's leading personalized financial marketplace has framed a personal loan platform which lets you choose the best personal loan from the options that match your specific needs and most convenient for your personal requirements.

  • Instant Approval – Once you fill in and submit the application form along with the mentioned documents, you will get your e-approval within 2 to 3 days.
  • Real-time application tracking – Keep track of the application status in real-time with a unique transaction id which is generated at the time of loan application submission. We ensure that all the applicants are kept informed about their application process at each step via SMS and emails.
  • Online eligibility check - Do all your dealings with the bank online. Provide your basic information and our online personal loan eligibility calculator will let you know the amount of loan you are eligible to borrow from Axis bank for your personal financing.
  • Secure Environment - Afinoz.com has built-in security for your personal information which is stored in a secure environment in our system with your consent. This information then sent to the bank in an encrypted format digitally and is very secured and scripted.
  • 24/7 Customer Service - At any stage of the process if you have any query or seek any financial advice, our experienced and well-trained customer service team will offer the best financing/investment solutions to your problems. So there's no need for you to waste time and make multiple trips to the bank to discuss the loan specifications with the bankers.
  • No third-party agent Afinoz.com online loan application process is free from any unneeded expenses and delays. One can approach bank online directly without having to involve any agent.
  • Free quotations – Get online deals on Axis bank personal loans and free unbiased quote on the best personal loan rates. All you have to do is to select the loan amount you want to borrow and the tenure. You will get a targeted online quote within minutes of application.

About Axis Bank

Axis Bank is earlier known as UTI Bank 2007, is the fifth-largest bank and the fourth largest private bank in India with a network of over 4000 branches and over 12,900 ATMs across the country. The bank began its operations in 1994 and was promoted by top insurance companies in the country under the name of Unit Trust of India Bank. Over the years, the bank has established itself as one of the leading retail banks with widespread urban and rural networks. Axis Bank offers numerous products ranging from loans, insurances, investments, deposits, cards and many others. 

FAQs

Q1 What is the best way to apply for an Axis Bank Personal Loan?
You can apply for an Axis Bank Personal Loan, online by visiting our website Afinoz.com. You can also apply for a loan by giving us a call at +918795021552 or emailing us at info@afinoz.com.
Q2 What is the turnaround time (TAT) for deciding an Axis bank Personal Loan application?
Axis Bank usually conveys its decision within 5 working days from the date of receipt of the application, provided the application is complete in all respects.
Q3 What is the minimum and maximum amount of Personal Loan that I can get?
You can get a minimum loan amount of Rs 50,000 to the maximum amount of Rs 15 lakhs from Axis bank. Loan amount is mainly decided by Axis bank by considering the following factors: • Your requirement and eligibility • Your income • Your repayment capacity
Q4 What is the tenure for which I can avail an axis bank Personal loan?
Axis Bank offers a flexible tenure ranging from 12 to 60 months.
Q5 Do I need to pay a processing charge to apply for an Axis Bank Personal Loan?
Yes, Axis bank charges a non-refundable processing fee for every Personal Loan application. To avail an Axis Bank Personal Loan you have to pay 1.5% to 2% of the total loan amount plus service tax as applicable.
Q6 Can I make part-prepayment towards my Axis Bank Personal Loan? Will any charge be applicable?
Yes, you can make a part-prepayment towards your Personal Loan amount. At present, Axis Bank levies no charge for part prepayment.
Q7 Is there any charge for the foreclosure of axis bank personal loan?
Presently, Axis Bank levies no charge for pre-closure of a Personal Loan amount.
Q8 Do I need to provide collateral or security to get Axis Personal loan?
There is no requirement to provide any security or collateral as personal loans are generally considered unsecured loans.
Q9 What are the different options for making my EMI payments?
Individual can repay his/her Axis bank Personal Loan by Standing Instruction (SI), Electronic Clearing Service (ECS) or Post-Dated Cheques (PDCs).
Q10 What are the uses to which I can put the Personal Loan offered by the axis bank?
A Personal Loan from axis bank is type of multi-purpose loan which you can use for both businesses as well as for personal use. You can use the funds for meeting personal expenses like marriage, taking a vacation, renovating the home, maintaining the working capital necessity of your business, meeting any financial emergency, etc.
Q11 How can the Axis Bank Personal Loan be repaid?
The bank allows different repayment facilities through which you can repay your Axis Bank Personal Loan. You can place a Standing Instruction on your savings or current account for debiting the loan EMIs every month or opt for ECS (Electronic Clearing System) mode of repayment. Post-dated cheques can also be submitted for paying the instalments every month.
Q12 Is part prepayment facility available in the perspective of repayment of the loan?
Axis bank allows partial prepayment of the remaining loan. You can make such prepayments whenever you have surplus amount and bring down your interest considerably. Moreover, Axis Bank does not charge any pre-payment to any individuals.
Q13 Is the option of foreclosing the Axis Bank Personal loan allowed under the Personal Loan scheme?
An individual can foreclose his/her personal loan provided that he fulfills the conditions as stated by bank. First of all, you have to clear all the existing dues in respect of the loan. You can also check the outstanding balance of your loan by requesting a foreclosure statement. This statement would illustrate any of your remaining dues which need to be cleared. Once the dues are totally cleared off, the loan can then be foreclosed. There would be no inherent charges when you opt for foreclosing the loan taken.
Q14 How important is my credit score for getting a personal loan from axis bank?
Your credit score is an important criterion for approval of the axis bank online personal loan. The bank determines your creditworthiness by evaluating your CIBIL /EXPERIAN score. It is recommended that you should make constant efforts to improve your credit score and keep on updating the same. If you have a poor credit score, your axis bank personal loan application may get rejected. Even if it gets approved somehow, you may be offered unfavourable terms in comparison to borrowers with excellent credit scores. For more details, you can do a axis bank login or call at the axis bank customer care number.
Q15 For what purpose can I use the axis bank personal loan?
Axis bank personal loan offers the most flexible personal loans as per the requirements and needs of the borrowing individuals. The axis bank online personal loan can be availed pretty much for any genuine credit need of yours including but not limited to wedding expenses, educational expenses, emergency medical needs, travel expenses and so on. You can get a personal loan from axis bank very easily with attractive axis bank personal loan interest rates. For any query about Axis Bank personal loan application, you can log on to afinoz.com or give us a call at 0120-411-0376 or mail us at info@afinoz.com.
Reviews
Raghuvendra Gupta
Invalid date
I have taken a personal loan from the Axis bank through Afinoz for 7 lacs. I got the loan amount within 4 days. The interest rate was comparatively high. The whole application process was easy and hassle-free. I got the loan amount in time.
Pulak Raj
12 Sep 2019
I am holding a personal loan with AXIS BANK, their customer service is up to the mark, they follow up throughout the process to ensure a customer face no problem in the meantime. I had applied for a loan amount of Rs. 3 lac and was offered the same amount. Processing fee is affordable and the processing fee is nominal.
Ketan Choudhary
12 Sep 2019
I have got pre-approved personal loan from Axis Bank. The loan amount was 4lakhs for the tenure of 4 years. Axis bank gives a personal loan at competitive interest rate; rate of interest I was charged was 15.75%. The online loan application process is very smooth and got the loan on time and it was sufficient as well.
Ajit Samal
12 Sep 2019
I have taken a personal loan from AXIS bank. Their rate of interest is a bit higher, however documentation and disbursal process are very smooth. I got the same amount I applied for. Although I took the loan for 4 years, I was told that I can close the loan whenever I wish.
Shivani Sharma
12 Sep 2019
Hi guys, thanks! I have received my personal loan this morning into my account. It was nice experience in applying for a problem-free personal loan from Axis Bank.
Prashant Verma
12 Sep 2019
I applied for a personal loan from Axis bank because I have a salary account with the bank. But I am happy that it was really easy and fast loan; my loan was disbursed in just 2 days without any complications. Although the rate is a bit high, a processing fee is nominal and the loan is offered for a flexible tenure.