Description

Whether you are looking to renovate your house or buy a relatively expensive gift for a loved one or are only planning a dream vacation or dream wedding, Axis Bank personal loan can be your companion as you fulfill your otherwise expensive dreams. 

But how much will this dream cost you every month? How much are you even eligible for? And what is the other nitty-gritty that comes attached with Axis Bank Personal Loan Interest Rate?

 Let us find out together. 

You get acquainted with everything there is to know about Axis Bank Personal Loan Interest Rates, which would help you take a right financial decision.

Axis Bank Personal Loan Interest Rate

Axis Bank gives you the ease to apply for loan for any amount between Rs. 50,000 to Rs. 15,00,000 for a period of 12 to 60 months. 

Here are the interest rates for the 36 months tenure –

Fixed Rate Loan

1 year MCLR

Spread over MCLR

Effective ROI

Reset

Personal Loan

8.90%

7.10 – 15.10%

16 – 24%

No Reset

 

Personal Loan Charges

Rate of Interest (for 36 months + tenure)

15.75% to 24%

Instrument Return Charge

Rs. 500 per SI/Cheque/ECS/ NACH dishonour + GST

Swap Charges

Rs. 500 + GST

Duplicate Statement Charges

Rs. 250 + GST

Penal Interest

24% per year on overdue instalment

Duplicate Amortization Schedule Charges

Rs. 250 + GST

Credit Information Companies Report Issuance

Rs. 50 + GST

Stamp Duty Charges

According to the state’s stamp act

Duplicate NOC

Rs 500 + GST

Re-issuance of Loan Agreement Photocopy

Rs. 250 + GST

* These rates are subject to change as per bank’s discretion

Factors Affecting the Axis Bank Personal Loan Interest Rate

There are multiple instances, where Axis bank’s personal loan interest rate varies even between two people who have opted for the loan at the same time in the same bank. This means that the rate of interest will be different for individuals on the basis of several factors – with the variations caused by market fluctuations topping the list. 

Here are the different factors that cause change in the Axis Bank Personal Loan interest rate.

1. Credit Score

The interest rate of Axis bank personal loan will vary depending on the CIBIL score of a customer. This score is a measure of the worthiness of the customer in terms of repayment of the loan – a direct sign of the financial record. So, if you need a low interest rate, you will have to focus on keeping your Credit Score strong. Make sure that you do not default any payment for this would directly affect your credit score, bringing your worthiness down. 

2. Employment Type

The employment type has a direct impact on the personal loan interest rates. The interest rate does vary on the basis of the company you are associated with. 

If you are employed in an established company, the rate of interest that you might be charged will be a lot less than if you are working in start-up or less known brand. 

3. Your Income

If your income is well, you might be offered loan at low rate of interest. Being unsecured loan type, it is sanctioned on the repayment capability of borrower. So, going by the logic, if a person earns more, they are more likely to repay their loan – thus the interest rate is much lower. 

According to the ban’s trends, in case your income is upto Rs. 50,000 bank might charge something  between 16 and 20%, while if the income is between Rs. 50,000 and Rs. 1 Lakh, the interest will come down to 14-16%

4. Amount of Loan

The interest rate on your personal loan might change with loan amount that you borrow. 

5. Relation between the Customer and the Bank

When you are an existing Axis bank customer and have a fixed deposit and savings account, you become a valued customer. And when you become the valued customer, the bank would allow lesser rate of interest approval. 

Key Features of the Axis Bank Personal Loan Interest Rates

  • Loan Amount: Axis Bank gives personal loan that starts from Rs. 50,000 to Rs. 15, 00,000 on the basis of applicant’s financial stability, credit history, and their capability to repay. 
  • Repayment tenure: The usual tenure of repayment in case of Axis bank personal loan is somewhere between 12 and 60 months, which the applicant can choose from on basis of their feasibility and their repaying capacity. 
  • Salaried Individual Loans: The bank offers personal loan facility to the salaried people including the salaried doctors, government sector employees, and private, public company employees. 
  • Special offers: If someone already has a personal loan in some bank and are looking to lower their EMIs, they can easily transfer their loan to Axis bank. 
  • Repayment through Multiple Channels: You can repay your Axis Bank Personal Loan through multiple mediums like – NEFT, RTGS, or ECS. You can also issue post dated cheques in the Axis bank loan centre. 
  • Easy Online Process: Axis Bank offers a very simplified process to avail personal loan – with minimal documentation requirement and funds sent straight to the account in a very hassle free manner. 
  • Accessibility: There are multiple ways through which the customers can stay connected with the Axis bank – through SMS, Website, Phone, or eMail. 

Eligibility Criteria of Axis Bank Personal Loan

Like every bank loan, Axis bank’s personal loan also comes with some eligibility criteria that a customer should have to fulfill to qualify for loan in the nation’s leading personal loan bank. 

People who can apply for a personal loan:

  • Salaried Employees – Salaried Doctors, Public and Private Limited Companies’ Employees, Private and Public Limited Companies, Government Sector Employees.
  • The age range should be between 21 and 60 years for the loan applicant to qualify.  
  • The minimum monthly income should be Rs. 15,000

Documents Required to Avail Axis Bank Personal Loan

In order to avail the Axis bank personal loan, you will have to keep some points in mind in terms of documentations, just so you don’t face any complications later on in the loan approval process. 

Here are the documents that you will have to collect and submit - 

  • There should be a loan application which should state all the needed professional and personal information like occupational details and income, etc. 
  • You will have to submit recent photos along with the Aadhar and Pan card details
  • Age proof will have to be submitted to prove your eligibility to apply for a loan
  • The bank also takes into consideration an individual’s income. The proof is needed by financial institutions and banks for considering if the applicant will be able to repay in time. 
  • Bank statement is another important document that will have to be submitted when applying for a personal loan. The document is used to verify the history of the applicant. 
  • You will also have to submit in your residence proof in addition to the loan applicant signature. 

Other than these documents, you will also have to prepare a set of post sanction documents before and after the loan amount is sanctioned. 

  • Duly signed loan agreement
  • Request of Standing Instruction for the ECS Form and Post-Dated Cheque
  • Registration proof or qualification document needed for Architects, Doctors, CS, CA, MBA Consultants, ICWA, Engineers, etc. 

Fees and Charges Associated with the Axis Bank Personal Loan

 

Instrument Return Charge

Rs. 500

Duplicate Statement Issue Charge

Rs. 250

Swap Charges

Rs. 500

Duplicate Amortisation Schedule Charge

Rs. 250

Credit Information Companies Report Charge

Rs. 50

Re-Issue of loan agreement photocopy

Rs. 250

Stamp Dutu Charge

According to the state stamp act

Duplicate NOC

Rs. 500

EMI Calculator

There are two ways to calculate the amount of interest that you will have to pay as Axis bank personal loan interest rate - One easy and another a little complicated. 

The easy way is to use our EMI calculator to get the answer of what amount you will have to pay everything month on the basis of your chosen principal amount and the other is to do the calculation yourself. 

Here’s the mathematical formula -

EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly installments. 

Loan Repayment Options

When it comes to repaying the Axis Bank Personal Loan, there are two options that you can select from -

  1. Standing Instructions - Applicants who have a bank account in Axis can provide instructions to bank for timely deduction of EMI payment from their account. In fact, the same can be done from their other bank account that is not with Axis bank. 
  2. Through Post-Dated Cheque - You can give post-dated cheque to any non-ECI Axis bank loan centre every month. While considered to be a cumbersome process, it is followed by a good percent of people even now. 

FAQs

A. What is the most optimal way to apply in Axis Bank Personal Loan?

Well, there are multiple options that you can choose from to apply for Axis Bank personal loan:

  • You can apply for one on our website, by clicking here
  • You can apply it on Axis Bank Personal Loan page
  • You can get in touch with Axis Bank’s call centre number

B. How much time does the Axis Bank take to decide on loan approval?

Axis bank usually conveys their decision within 30 days from the date in which the application is received, considering the application details are duly filled. 

  1. What is the minimum and maximum Personal Loan amount that I can get from Axis Bank?

The loan amount that you can apply for under Axis bank personal loan can be anything between Rs. 50,000 and 15, 00,000. It basically varies on a number of factors –

  • Your need and eligibility
  • Income
  • Repayment Capacity

D. What is the time period for which I can get the Personal Loan?

Axis Bank offers loan for a period of 12 to 60 month to its customers.

  1. Are there any fees that I will have to pay to apply for Axis Personal Loan?

Yes, Axis bank, like others, charges non-refundable processing fees for all personal loan application. The charges lie between 1.5 to 2% of the total loan amount and the GST. 

F. What are my different options to make the EMI payments? Is there a best mode?

There are three ways you can choose from to repay your loan EMI:

  • Standing Instruction – Under this mode, if you have an existing Axis bank account, EMI will automatically get debited from it on a fixed date.
  • Electronic Clearing Services – This can be chosen if you have a non-axis account, and you would like the EMI to get debited automatically by the end of the month from that account. 
  • Post-Dated Cheques – You can also submit post-dated cheques of your EMI amount at the nearest Axis Loan Centre. For that, a fresh PDC set will have to be given in a timely manner at any non-ECS centre.

What we recommend is for you to choose either of the first or second options for they are the both not just fast but also a lot less prone to the errors than PDCs. 

G. What charges will be levied for part-prepayment of my Axis bank personal loan?

The prepayment offer that Axis bank gives to their customers comes free of any charges. 

H. How should I update the email address or mobile number that is linked to my Axis Bank Personal Loan account?

You can update your personal information by either calling Axis Bank’s customer care or by using sending an email to loans@axisbank.com from your registered email id. 

I. What is Axis Bank’s foreclosure process?

Before the Axis starts with the foreclosure process, all the outstanding dues should be cleared, whose information you will have to submit by giving a foreclosure statement in any Axis bank loan centre to start the processing.    

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