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Axis Bank 5 Lakh Personal Loan

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HDFC Bank
10 Second Disbursal*100% Digital Process*Quick Disbursal
Max Loan Amt.Upto ₹25L
Rate of Interest9.99% - 12.5%
Tenure upto1-5 Years
Processing Fee₹ 6,500
Axis Bank
Low Processing fee
Max Loan Amt.Upto ₹25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%
Kotak Mahindra Bank
Lowest Income requirement100% Digital Process*
Max Loan Amt.Upto ₹25L
Rate of Interest9.98% - 17.2%
Tenure upto1-5 Years
Processing Fee1.1% - 1.5%

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How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Axis Bank Personal Loan of Rs. 5 Lakh- Highlights

Interest Rate 9.99%-17.15% p.a.
Tenure Up to 5 years
Processing Fee Up to 2% of loan amount
Minimum Monthly Income
  • For existing customers- Rs. 15,000
  • For new customers- Rs. 25,000
Credit Score 700 and above

Interest Rates of 5 Lakh Personal Loan from Axis Bank

Axis Bank Personal Loan interest rates start from 9.99% p.a. depending on the credit profile of the applicant. The interest rate range of personal loan interest rates set by Axis Bank is given below:

Minimum Interest Rate 9.99% p.a.
Maximum Interest Rate 17.15% p.a.

Fees and Charges of 5 Lakh Personal Loan from Axis Bank

  • Processing Charges- Up to 2% of loan amount
  • Prepayment/Foreclosure Charges- 3% (Up to 36 EMIs) and 2% (Above 36 EMIs)
  • Penal Charges- 8% p.a. above the applicable interest rate on the overdue amount
  • Swap Charges- Rs. 500

Eligibility Criteria for Applicants Availing Axis Bank Personal Loan of Rs. 5 Lakh

Lenders usually set their personal loan eligibility depending on the age, credit score, monthly income, EMI/NMI ratio, and job profile of the applicants. Below-mentioned is the eligibility criteria set by Axis Bank for its personal loan applicants availing a loan amount of Rs. 5 lakh.

  • Age- 21 to 60 years
  • Minimum Monthly Income- Rs. 15,000 (existing customers); Rs. 25,000 (new customers)
  • Employment Profile- Salaried and self-employed
  • Credit Score- Usually 700 and above

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Axis Bank 5 Lakh Personal Loan- Documents Required

Below-mentioned are the documents required to be submitted by Axis Bank Personal Loan applicants availing a personal loan of Rs. 5 lakh.

Document Type Details
Application Form Duly filled application form with latest passport sized photograph
KYC Documents
  • Aadhar card, passport
  • Voter ID
  • Driving license
  • NREGA job card attested by a state government officer
  • Letter issued by National Population Register
Proof of Date of Birth
  • Birth certificate
  • Aadhar card
  • Passport
  • School Leaving Certificate
  • PAN card
  • Driving License
Income Proof
  • Salary slip for last 2 months
  • Bank statement for last 2 month reflecting the salary credited
  • Employment proof for 1 year
Signature Proof
  • PAN card
  • Passport
  • Banker’s Verification

Interest Cost Calculation of Axis Bank Personal Loan of Rs. 5 Lakh for Different Tenures

Below-mentioned is the interest cost calculation of Rs 5 lakh personal loan from Axis Bank @ 9.99% p.a. for tenure up to 5 years. Applicants can use the personal loan EMI calculator available online to evaluate the same.

Loan Amount (Rs.) Interest Rate (p.a.) Tenure EMI (Rs) Interest Cost (Rs.)
5,00,000 9.99% 1 year 43,956 27,467
5,00,000 9.99% 2 years 23,070 53,684
5,00,000 9.99% 3 years 16,131 80,725
5,00,000 9.99% 4 years 12,679 1,08,587
5,00,000 9.99% 5 years 10,621 1,37,264

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Comparison of Axis Bank Personal Loan of Rs. 5 Lakh with Other lenders

Lenders

 Interest Rate (p.a.) Loan Tenure Processing Fee
Axis Bank 9.99%-17.15% Up to 5 years 1%-1.5%
HDFC Bank 9.99%-12.50% Up to 5 years Rs 3,499-Rs 6,500
ICICI Bank 11%-13% Up to 5 years 2%
Kotak Mahindra Bank 10.50%-17.20% Up to 5 years 1.1%-1.5%
IndusInd Bank 10.35%-16.50% Up to 5 years 1.3%-2%
Federal Bank 12.00%-19.50% Up to 5 years 2%
IDFC FIRST Bank 10.50%-20.00% Up to 5 years 2%

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How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Explore Our Personal Loan Lenders

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FAQs

Applicants having a credit score of 700 and above have higher chances of availing personal loan of Rs. 5 lakh from Axis Bank at lower interest rates.

The EMI of 5 lakh personal loan availed from Axis Bank for tenure of 5 years would be Rs. 10,621.

You can calculate your personal loan EMI using a Personal Loan EMI calculator available online. All you need to do is enter your loan amount, interest rate and loan tenure in the EMI calculator and get instant results.

The interest cost of 5 lakh personal loan availed from Axis Bank for a tenure of 5 years would be Rs. 1,37,264.

No you cannot get a 5 lakh personal loan from Axis Bank without income proof because the lender assesses your repayment capacity and eligibility through the income proof.

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