Axis Bank Personal Loan Interest Rate 2022

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 the right financial decision.

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)	12% p.a. onwards
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

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 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 an unsecured loan type, it is sanctioned on the repayment capability of the 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 bank’s trend, 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 12-16%

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. 

• 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. 

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 a 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

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. 

 

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 Duty Charge	According to the state stamp act
Duplicate NOC	Rs. 500

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 Personal Loan 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.