Don’t Wish, Make it Happen with Axis Bank Personal Loan
Axis Bank is one of the most preferred banks in India when it comes to loans, investments, deposits or foreign exchange assistance. A personal loan is among the top financial products offered by the bank. It is taken for meeting personal expenses such as a wedding, medical emergencies, vacation or home renovation. Axis Bank personal loan offers highly-competitive rates of interest and easier terms and conditions. Let us learn more about this loan.
Axis Bank Personal Loan Features and Benefits
Axis Bank lets you cover your financial emergencies and also make other dreams real with the help of their personal loan. You can also transfer balance on personal loan taken from other banks to Axis Bank to avail a lower rate of interest and better terms. Given below are a few features that make Axis Bank personal loan so popular in the market.
Loan for Personal Requirements- Fund your personal needs such as a grand wedding, a vacation, home improvement or for a medical emergency. The loan proceeds can also be used for consolidating multiple small debts.
Choose amount as per your need- You can borrow any amount from ₹ 50,000 to ₹ 15 Lakh depending on your demand and repayment capacity.
Decide your tenure- The repayment period for a personal loan can range from 1 year to 5 years. You can request mandate as per your needs and your ability to repay the EMIs.
Avail Competitive Rates- Axis Bank Personal Loan interest rates are highly competitive so that the customers can meet financial emergencies without worrying about high rates of interest. Interest rates start at 15.75%.
Hassle-free process- The application process for the loan is quite simple and hassle-free. Being an unsecured loan, lesser documentation will be needed as compared to a secured loan wherein asset valuation adds to the steps.
Earn Reward Points- Axis Bank also gives reward points on their personal loans, which can be redeemed for over 500 options including vouchers, merchandise, recharges and travel bookings.
Balance Transfer Facility- You can also transfer balances from existing personal loans into Axis Bank to get the benefit of lower rates.
Axis Bank Instant Personal Loan
Axis Bank also offers Instant Personal Loan facility to the people to help them meet their financial emergency. This instant credit can be availed in three simple clicks. Existing customers of Axis Bank as well as those who are not their customers- both can avail this loan. This loan is entirely online, and there is no need to visit the branch. Highly competitive interest rates and zero prepayment charges add to the benefits of this loan. If you are already an existing customer of Axis Bank, you can apply for it directly by logging into their internet banking facility. No extra documentation will be needed. However, people who do not have a relationship with the bank would need to upload a few documents at the time of application.
Axis Bank Personal Loan Interest Rate and Other Charges
Axis Bank personal loan interest is linked to their MCLR. The effective rate will be MCLR plus the spread that is decided as per the risk rating of the borrower. Currently, the one-year MCLR of Axis Bank is 8.90%, and with a spread range of 7.10-15.10%, the effective rate comes at 16%-24%. Note that the above rate is for loans with tenure up to 36 months. For loan tenures more than 36 months, the interest rate will range from 15.75% to 24%.
The table given below shows other fees and charges associated with this loan-
|Processing Fee||1.5-2.0% (plus GST as applicable)|
|Charges for cheque bounce||₹ 500 per bounce (plus GST as applicable)|
|Penal Interest||2% per month on the overdue amount|
|Fees for issuing CIBIL Report||₹ 50 per instance per set (plus GST)|
|Fees for issuance of loan agreement copy||₹ 250 per case (plus GST)|
|Cheque/Instrument Swap Charges||₹ 500 per case (plus GST)|
These rates are subject to change at the bank’s discretion.
Axis Bank Personal Loan Eligibility and Documentation
Given below are the Axis Bank personal loan eligibility criteria-
- An applicant can be a salaried employee of corporates, salaried doctors, employees of the public sector and private sector companies, government sector employees, etc.
- He/she should be at least 21 years old.
- At the maturity of the loan, the maximum age of the applicant should be 60 years.
- The minimum net monthly income of the borrower should be ₹ 15,000.
There is a set of documents that the applicants need to submit along with a duly filled application form and a passport-size photograph. Following are the documents required-
|Identity Proof||Address Proof||Income Proof|
A few documents also need to be duly signed and verified by the applicant post loan sanction. These include the loan agreement and the ECS Form which authorizes the bank to deduct the EMI amount from your bank account every month.
Chartered Accountants, Doctors, Company Secretaries, MBA Consultants, etc. are also eligible for Axis Bank personal loan. However, qualification proof or registration proof will be required.
Factors affecting Personal Loan Eligibility and Approval
There are a lot of factors that come into play at the time of deciding whether you would be eligible for a loan or not. These include-
Credit History- The trend of how you have handled your previous debt helps the banks judge your repayment behavior. If they find out that you have had a delinquency in the recent past, they would be apprehensive about granting a loan to you.
Credit Score- Your credit history, debt utilization ratio, number of active credit accounts together make your credit score. This is the first thing that the lenders will check when you apply for the loan as it is a part of their preliminary screening. A score of 750 and above is considered good.
Personal Income- Your income is the main factor in judging your repayment capacity. If your income is too low as per the bank, this means that they think you would not be able to service the EMIs in your current salary. It is likely that they would not take the risk and reject your application. The income requirement differs from bank to bank.
Active Debts- Lenders would also like to know the amount that you owe to different banks and financial institutions. This amount is deducted from your monthly salary to determine the cash in hand you will have and whether or not it is a good idea to take up a new loan.
Employment Type- Banks also have their internal policies about the companies where their prospective clients work. Keeping certain factors in mind, banks blacklist certain companies. So, if you work in one such organization, chances of rejection are higher.
Relationship with the Bank- Your current relationship with the bank has a direct impact on your eligibility. If you are a proven financially responsible patron for the bank, you will already be on the path of approval.
Area of Residence- Just as companies are blacklisted, there are some residential areas also that are restricted by the banks when it comes to loan approvals. So, if you live in one such area, your loan application might get rejected. However, this is not the end of the road. Areas that are blacklisted by one bank may be open for loans with some other bank. In such a situation, you should change the lender.
How to Apply for Axis Bank Personal Loan?
Axis Bank personal loan application process is quite simple and hassle-free. You can apply for it online through Axis Bank website. Just enter the details required, and the bank will give you a call.
You can also compare various personal loan offers and apply directly through Afinoz. The process is shown below-
- Visit Afinoz, go to the ‘Products’ section and select ‘Personal Loan’.
- Answer the questions asked which include work experience, occupation, monthly income, company details, current EMI that you are paying and date of birth.
- Enter the loan amount that you need, your email ID and mobile number.
- Enter the OTP sent on your number to verify it.
- Select Axis Bank Personal Loan and check your eligibility for the same.
- Apply for the same online.
After this, you will get a call from the bank for document collection. Submit the required documents after which the bank will verify all the details furnished by you. If they find you eligible, they will approve the loan. The bank may decide to give you an amount lower than what you have applied for, but you will be informed beforehand.
Alternately, you can also download a personal loan application form, fill it and submit it at the nearest Axis Bank loan center along with copies of your valid ID proof, address proof, and income proof. Click here to download the form.
Why choose Afinoz for a personal loan?
Afinoz is among the best-personalized finance advisory websites in India. Applying for a personal loan through Afinoz, you not only get the benefit of seamless and application but along with that, you can also avail the following benefits-
Instant Approval- You can check your eligibility for a personal loan, and when you apply for the same, the website gives you instant e-approval, if you satisfy all the requirements of the loan. One of the bank official’s will then call you and guide you through the detailed procedure.
Calculate EMI- Afinoz also offers a personal loan EMI calculator which can be used to find out the EMI amount that you can afford to pay. You can use it multiple times for no cost at all.
No Extra Charges- There is no extra cost for providing the services of personal loan research and online application on the website. All of these services are free of cost.
Track Your Application- On the website, you can also track the status of your loan application by entering the reference number provided after you send your application.
Make Wise Decision- There is a ton of blogs and articles related to personal loans on the website. Through these, you can learn a lot about what to do and what not to do when taking a personal loan. Reading the right things makes you a smart and informed customer.
Customer Service- Afinoz has a 24x7 customer service facility for its customers. The staff is very polite; they listen to your problem patiently and offer the right recourse for the same.
How to Check Axis Bank Personal Loan Status?
After you have successfully applied for the loan, you would like to know Axis Bank personal loan status. For this, you need to have the loan application number or the reference number sent to you at the time of application. Follow the steps given below to check your loan application status-
- Go to the ‘Loans’ section on Axis Bank’s official website.
- Scroll down to the ‘Important Links and Downloads’ section.
- Open the ‘Existing Customer’ tab and click on ‘Check your loan status’ option. The application will make you redirect to the application status page.
- Enter the ‘Application ID’, Date of Birth and the captcha code.
- Once you submit this, you can view your loan application status.
You can also raise an inquiry about the same if you are not satisfied with the timeline of loan processing. For this, you can click on the ‘Enquiry’ button or directly give a call to the bank about this.
Possible Results of Axis Bank Personal Loan Status Check
You will see one of the following results when you enter the details as asked-
- In Process- This means your application is still under scrutiny. The bank may have validated a few details about you, but a few are still pending.
- Not Found- It is possible that you have entered a wrong application ID or date of birth which is the reason why the bank cannot find your application status.
- On Hold- The bank may not be sure about a few things related to your application and they have put your application on hold. This may also happen when you have not submitted enough supporting documents.
- Approved- This status means that your application has been approved and you can get the disbursal anytime.
- Rejected- An application may be rejected for any reason including low income, poor credit history, lack of documents, etc.
If you have applied for the personal loan through Afinoz, you can check the status on our website. Just go to the application track page and enter your reference ID.
Axis Bank Personal Loan Repayment
Axis Bank offers multiple ways to repay your personal loan using your Axis Bank savings/current account or the account you have in a different bank. These include-
Standing Instructions- This is the most common method of loan repayment. At the time of application, you would be asked whether you would like to set-up an auto debit option on your Axis Bank savings or current account. If you agree, you will have to sign a form. Starting from the next month, your EMI will be due, and it will be directly deducted from your account on the due date.
ECS- While standing instruction is for those who have an account in Axis Bank, the Electronic Clearing System (ECS) is for those who have savings or current account with a different bank. The procedure of authorizing the payment will be similar to that of the auto-debit process. You will have to sign a few papers that authorize Axis Bank to deduct the EMI amount from your bank.
Internet Banking- Axis Bank has also partnered with a few banks through which you can make the payment using internet banking. You can go to Axis Bank Easy Pay to initiate the payment. You will be asked to enter your loan account number, date of birth and mobile number. Once these three things are validated, you will be asked to select the bank through which you would like to make the payment. Login to the internet banking facility of your bank and make the payment. You will also receive a reference number for any future query/complaint related to this particular payment.
These are the three most common ways of Axis Bank Personal Loan Repayment. However, some branches of the bank (especially those in the remote areas) may ask the borrower to submit post-dated cheques for the future EMI payments. You will have to submit a new set of cheques after a certain period, say one year.
Please note that the payments are to be made only when due. This means that any amount that you pay in advance may or may not be adjusted against the future overdue. Axis Bank takes up to three days to process the payment. NRI customers can pay the personal loan EMI only through their NRE or NRO account.
Axis Bank Personal Loan Pre-Payment
Axis Bank offers the facility of personal loan pre-payment at no additional cost. Most of the banks have a lock-in period, usually one year long, during which you cannot repay the loan. However, with Axis Bank, you can make pre-payment whenever you want without paying any extra charges for the same.
Benefits of Personal Loan Pre-payment
- By making pre-payment towards your personal loan, you can significantly save on the overall interest outgo.
- You will be relieved from the obligation of paying EMIs every month. This amount can be utilized for some other productive activity. There is no chance of missing out payments in the future.
- If you cannot afford to foreclose the loan entirely, you may also choose to make part pre-payment. This will reduce your loan obligation and encourage you to be more disciplined in your repayment.
Axis Bank Personal Loan Statement
When you get approved for the loan and the amount is disbursed, you will the Axis Bank personal loan statement on your registered email ID. It contains complete details about the amount borrowed, tenure of the loan and the repayment schedule. A complete amortization table will be given in the statement showing the components of principal and interest in the EMI.
In case you have misplaced the statement or the repayment schedule, you can request the same from the bank by calling on their customer care number or by speaking with your relationship manager. A soft copy of the same will be sent to your registered email ID.
If you have registered for the internet banking facility of Axis Bank, you can directly download the repayment schedule through internet banking portal. Follow the step given below-
Login to the internet banking portal using your customer ID and password.
- Go to ‘Accounts’ and click on the ‘Loans’ option.
- From the drop-down menu, select the ‘View Repayment Schedule’ option.
- The schedule will be downloaded in a PDF format. Other ways to get access to your repayment schedule include mobile banking, calling the customer care, sending an email or by visiting the nearest branch of the bank.
Axis Bank Personal Loan EMI Calculator
Axis Bank offers the facility of EMI Calculator on its website for free. Before signing on the dotted line, you must check the EMIs that you would have to pay at the given rate of interest. An EMI Calculator comes in handy for this. Axis Bank Personal Loan EMI Calculator can be used as many times as you want to calculate the EMIs at different interest rates and for different tenures.
To use the EMI calculator, all you have to do is enter the loan amount, interest rate and tenure and the monthly EMI will be shown instantly. It also shows the breakup of total payment into principal and interest along with a detailed amortization schedule.
Afinoz also offers personal loan EMI calculator for free. Here you can calculate the EMIs in a similar manner and also if you show your interest in applying for one, we will give you the best possible rates.
Axis Bank Personal Loan Banking Centers
If you wish to apply for Personal Loan by visiting a branch, you must know about the banking centers that give personal loans. These are the cities where you can find the banking centers-
Axis Bank Personal Loan Customer Care Bangalore
For any query/complaint about personal loans, you can contact Axis Bank personal loan customer care. Given below are a few ways through which you can reach them-
- Call them on these toll-free numbers: 1860-419- 5555 or 1860-500-5555
- Send an email to the bank. Click here.
- Click here to initiate a web chat. You will be required to enter your registered email ID, mobile number and the captcha code.
You can also call your relationship manager or visit the nearest bank branch to resolve any type of query related to your personal loan.
Axis Bank Personal Loan FAQs
1. How much time does it take for Axis Bank to process the personal loan application?
Axis Bank takes up to 30 days after you have submitted the complete application form along with the required documents. A loan can be approved faster depending on the validity of the documents furnished provided that the form is duly filled and nothing is pending on the part of the customer.
2. Which is the best way to apply for Axis Bank personal loan?
Afinoz provides the perfect platform to get a personal loan after comparing various offers. You can apply online without any hassle of visiting the branch. Here, you can also calculate the EMIs and do full-fledged research before applying for a loan.
3. What happens if I skip an EMI payment?
Axis Bank charges a fee for late payment of personal loan EMI. In addition to this, non-payment or late payment of any loan EMIs have a direct impact on your credit profile. It can lead to a drop in your credit score. Currently, the rate is 2% of the overdue amount. For example, if your EMI was ₹ 10,000, you will have to pay ₹ 200 extra as the penal charges.
4. I wish to change my communication address. Can it be done?
Yes, it is possible to change the communication address with your Axis Bank Personal Loan. You can do this by calling on their toll-free customer care number or by writing an email to the bank. If you have registered for the net banking facility of the bank, address change can also be done online. You may be required to upload certain supporting documents for the same.
5. I am a self-employed doctor. Can I get a personal loan from Axis Bank?
Axis Bank provides personal loans only to salaried individuals. Salaried doctors working with a hospital are eligible for the loan. However, since you are a self-employed doctor, you may not be eligible for the loan.
I wish to consolidate a few of my loans.
6. What is the procedure for foreclosing my Axis Bank personal loan?
Before foreclosing your personal loan, all your outstanding dues with the bank must be clear. You can send a request for foreclosure at the nearest loan center. The request will be processed in a few days. One of the bank executives will come in contact with you regarding the same. Currently, Axis Bank is among the very few banks in India that charge no fee for pre-payment of personal loan.
7. Can I pay the EMIs of my Axis Bank Personal Loan using my debit card?
Currently, Axis Bank does not allow the payment of personal loan EMIs using a debit card. EMIs can be paid using standing instructions, electronic clearing service (ECS) and post-dated cheques (PDCs). Axis Bank has also partnered with a few banks to allow EMI payment through internet banking.
8. How do I know about my personal loan repayment schedule?
Axis Bank will send personal loan statement at your registered email ID, once your application gets approved. If you did not receive the same, you can request the bank to send a soft copy again. If you already use the internet banking facility of Axis Bank, you can log in to their portal to access the statement and repayment schedule.
9. What is the processing fee on Axis Bank personal loan?
There is a processing fee of 1.5% - 2% on Axis Bank personal loans. This fee is compulsory and non-refundable.
10. Can I take a personal loan for this from Axis Bank?
Yes. Axis Bank personal loan can be taken for consolidating multiple loans or multiple credit card debts. This will help you save on the total interest that you have to pay and at the same time it will streamline your budget to quite an extent. Not just debt consolidation, you can also take personal loans for planning a wedding, taking a vacation, meeting a medical emergency- almost all personal expenses except illegal activities and speculation.
Personal Loan news –March 2019
2019-03-27: Fintech startups in India are contributing immensely towards bringing the underserved population into financial inclusion.
The Indian Fintech startups are doing a commendable job in fulfilling the unmet personal loan demands from people living in smaller cities and rural India. They are using the increasing informational access and deep mobile phone penetration into these areas to good effect and spreading awareness regarding effective use of credit. Because of the limited or restricted reach of conventional lenders, people in these areas largely remained outside the ambit of the much-needed financial inclusion. But, of late, with their end-to-end digitization, the Fintech startups have been able to fulfill the longstanding crunch of credit supply in these areas.
2019-03-26: Personal loans have become one of the most favorite products for both lenders and the banks
As reported in recent Economic Times news, the demands for personal loans have risen to unprecedented heights of late. It quoted data from top credit bureaus which showed that these unsecured loans have recorded a figure of Rs. 3.5 lakh crore this fiscal. Banks and NBFCs also prefer to provide such small, short-term loans to a prospective borrower, as compared to corporates. Personal loans help the lenders more when it comes to growing their retail books faster as they just need to check the credit history of a borrower before granting short-term personal loans to him.
2019-03-24: Disbursing personal loans have never been faster and easier for new-age lenders: Thanks to technology
Thanks to technology, banks/NBFCs are now able to use different modern and automated decision-making tools in order to make quick decisions related to the creditworthiness of borrowers, while disbursing personal loans. Increasing the use of such tools has minimized the turnaround time (TAT) to a great extent. While such a decision-making process used to take weeks before, new-age lenders, operating in an online space, are now able to accurately assess the creditworthiness of applicants and disburse personal loans in just 4 to 8 hours.
2019-03-20: Lakshmi Vilas Bank has raised Rs 459 crore through QIP
Lakshmi Vilas Bank, the Chennai based private sector lender has announced recently that it has been able to raise a whopping Rs 459.59 crore via qualified institutions placement (QIP). This fundraising is sure to help the bank to raise their tier II capital and to strengthen its capital base at the same time. The lender has also revealed that it has numerous expansion plans in the radar which aims to achieve unprecedented growth in the personal loan segment.
2019-03-16: The market capitalization figure of HDFC Bank rises past Rs 6 lakh crore.
The HDFC bank has been one of the leading and most popular lenders in India. In a recent statement, the bank has announced that it has crossed the elusive market capitalization mark of Rs 6 lakh crore and thus, has become only the third company to do so after TCS and Reliance Industries. It is believed that the steady quarterly profit growth of 20 % by the bank, coupled with its proven ability to handle bad loans have contributed immensely to their reaching this mark. The bank has also announced that it has more plans in the pipeline to attain even more significant growth in diverse segments including personal loans, gold loans and loan against property.