Axis Bank Personal Loan

Axis Bank offers a range of loan products to suit every individual’s needs and requirements. Axis Bank offers Personal loans to meet big-ticket expenses like taking a vacation or paying off for a child’s education, marriage in the family, etc. The bank’s personal loan comes in handy in all these and related situations by providing the necessary cash when you need it.

Axis Bank Personal Loan offers a lot of features to the customers. The features are as follows:

 

• Loans are issued to salaried individuals only. So, applicants who are employees and draw a salary or professionals who are employed and draw a salary can avail the loan. However, self-employed individuals or professionals who earn their income are not given Personal Loan from the bank.
• Loans are available in the range of Rs.50, 000 to Rs.15 lakhs. So individuals can avail a loan for any amounts from Rs.50, 000 up to a maximum limit of Rs.15 lakhs. Beyond the stated limit, loans are not available. The bank also decides on the maximum amount of loan sanctioned to an applicant within the maximum limit taking into consideration the applicant’s details like his requirement and eligibility, income and the applicant’s repayment capacity. The bank takes into consideration all these points to make sure that the loan issued is completely and duly repaid by the applicant without any financial hiccups.
• The repayment tenure allowed for payment of the loan is 12 months to 60 months. Thus, the individual availing the Axis Bank Personal loan can choose any tenure for repayment provided the loan is repaid within the maximum permissible tenure of 5 years. A lower tenure can also be chosen if the minimum period is 12 months.
• Interest rate for Axis Bank personal loans is competitive with best in-class rates. The interest rate that the bank charges is in tandem with that charged by other banks and is completely competitive so that customers may prefer Axis Bank rather than other banks.
• If the customer has an existing personal loan with another bank or financial institution and is looking to reduce his EMIs, he can transfer the loan to Axis bank and in the process also avail special offers and exclusive benefits. The bank offers Balance Transfer Facility to customers enabling them to transfer their existing Personal Loans from other banks to Axis Bank. Axis Bank is in league with other banks to offer personal loans transfer facility to its customers.
• The documentation process is easy and simplified. There are no extraordinary documents required for application and the list of documents required at the time of application and also post sanction of the loan is easily available with the customers.
• There are no other types of personal loans offered by Axis Bank
• The entire loan process is easy and fast. The process is simplified so that even a layman understands how to apply and avail a loan easily, the documentation is minimal without any cumbersome documents requires and the approval is quick and easy so that the applicant does not has to wait for the approval and funds are available readily to be put to any relevant usage.
• The bank offers eDGE loyalty points when availing of a Personal Loan. When an individual takes an Axis Bank Personal Loan, he or she earns 150 points if the disbursal amount is up to 3 lakhs, 300 points if the disbursal amount is greater than 3 lakhs and up to 5 lakhs and 450 points if the disbursal amount is greater than 5 lakhs.
• The repayment of the loan can be done through multiple channels. One can repay the installments through the Electronic Clearing Systems (ECS) like NEFT or RTGS online. Post-dated cheques can be issued for the repayment or standing instructions can also be given for debiting the respective account with the installments.
• The customer can also make part pre-payments against his or her loan account and there are no charges for the same.
• The customer can also foreclose the Axis Bank Personal loan account if all the repayments have been made earlier and the tenure is still remaining. For instance, an individual with a term of 48 months completes the repayment in 40 months. Then the loan account can be closed by him or her after the complete repayment of the loan. The bank will levy no charges in such a situation and the customer will be saved from future interests.
• Customers of the bank can connect with the bank through SMS, by visiting the bank’s website, calling on the toll-free number of the bank, writing an email, etc. whatever queries or complaints the customer may have can be resolved through these multiple channels. The customer is free to choose any medium of communication as deemed suitable and the bank would respond to every query.

Read More: How Personal Loans Can Help You Achieve Your Dream

 

	For Salaried	For Self-Employed
Interest Rate	11.49% onwards	11.49% onwards
Loan Tenure	Up to 5 years	Up to 5 years
Loan Amount	Min. Rs. 50,000/Max. Rs. 15 lakhs	Min. Rs. 50,000/Max. Rs. 15 lakhs
Processing Fee	Up to 2% of loan sanctioned	Up to 2% of loan sanctioned
Pre-payment Charges	NIL	NIL
Foreclosure Charges	NIL	NIL

*The above information is indicative and liable to periodic change

Axis Bank offers Personal Loans only to individuals who meet the required eligibility criteria as laid down by the bank. Not all and sundry can avail a loan at their whim. There are necessary criteria requirements for personal loans which are to be fulfilled before the bank grants you a loan and every applicant is required to match the stipulated criteria. Below is the eligibility criteria that the applicant needs to fulfill in order to apply for an Axis Bank personal loan:

 

• The loan is issued to salaried doctors, employees of select Multi - National Corporations (MNCs), public and private limited companies, Government sector employees including Public Sector Undertakings (PSUs) and Local bodies.  So anyone who is an employee be it a general employee or a professional employee, both can apply for this personal loan. However, self-employed individuals and professionals who are working independently rendering their services individually are not eligible for availing a personal loan from the bank. Government employees include any individual working for any government organization whether it is a local organization; state based organization or a central organization as long as they draw a salary.
• The individual should be between 21-60 years of age. So anyone who is aged 21 years and above can easily avail the loan if he or she matches the other mandated criterion. However, the upper limit on age is 60 years and for people aged 60 or above loan is not allowed as per the bank’s loan policy. So the age group is limited to 21-60 years and individuals falling in this age group are allowed to avail a Personal Loan
• The monthly net income required for Axis Bank Personal Loan should be a minimum of Rs.15, 000 which means that an employee in his current job must at least earn a net income of Rs.15, 000 per month and not lower than that. The income criterion is listed as an Axis Bank Personal Loan eligibility pointer simply because of the fact that the bank wants to determine the loan repayment credibility of the individual. Simply put, it means that the bank wants to reasonably assess whether the applicant will be able to meet the EMI payments required after availing the loan by looking at his net monthly income.
• The maximum amount of loan available is Rs.15 lakhs. So, any individual who requires any amount up to Rs.15 lakhs can avail the loan form the bank. The loan cannot be availed for an amount higher than 15 lakhs as it is the maximum capped limit by the bank.

 Availing a loan is not a simple task. After fulfilling the Axis Bank Personal Loan eligibility criteria, it is mandatory to submit all the necessary documents to avail the loan so that the paperwork is complete and up-to-date. The bank mandates the submission of the following documents while availing  the loan:

 

Documents required at the time of applying for the loan:

• Application Form which needs to be filled completely stating the necessary details like the personal details, occupational details, income details, etc.
• Recent photographs, PAN and Aadhar Card.
• Age proof specifying the exact age of the individual. The document is required to make sure that the applicant falls in the age group of 21-60 years as specified in the eligibility list.
• ID proof proving the identity of the individual
• Income proof showing the net income of the individual. The income of the individual should be a minimum of Rs.15, 000 to be eligible for availing a loan.
• Bank statement which shows the banking activities of the applicant and helps in building the creditworthiness of the individual.
• Residence proof which shows the address of the individual
• Signature Verification proof verifying the signature of the applicant.

 

Post Sanction or Pre-Disbursement Documents:

The bank requires other documents after sanctioning the loan and before disbursing the amount. The documents are as follows:

• Loan Agreement duly signed by the customer
• Standing Instructions (SI) Request or ECS Form or Post-Dated Cheques (PDCs) or Security Cheques required for SI and ECS
• Qualification or Registration Proof required for doctors, architects, CAs, ICWAs, CS, MBA Consultant, Engineers. Documentary proof required from customers may vary from case to case.

 

Personal Loan Turn Around Time (TAT)

The bank conveys its decisions within 30 working days from the date of receipt of application given that the application is complete in all respects and there is no missing detail or anomaly in the application form and the required documents. The computation of 30 days starts from the date when the complete set of required documents is submitted by the customer so that the bank may carry out the desired consideration of the application before sanctioning the loan and issuing the amount

 

Repayment Method

The loan can be repaid in many ways as facilitated by the bank. The ways of repaying Axis Bank Personal Loan are as follows:

• Standing Instructions (SI) – this mode of repayment is available to existing accountholders of the bank. Individuals having a salary account, current account or a savings account with Axis Bank can give instructions to the bank to automatically debit the EMI payments every month from their respective accounts. New customers can open an account in the bank to avail of this mode.
• Electronic Clearing System (ECS) – this mode of payment is for those customers who do not have an Axis Bank account and order their respective banks to deduct the EMIs from their accounts and transfer the same to Axis Bank for loan repayment.
• Post-Dated Cheques – this mode is also for individuals not having an Axis Bank account. They need to submit a set of Post-dated Cheques from their respective accounts which will be realized as and when they fall due. A new set of cheques will be required to be submitted timely after the earlier set nears completion.

The bank provides the facility of EMI Calculator to calculate the EMI of Axis Bank Personal Loan which are payable. Following are some of the instances of calculated EMIs using the bank’s available calculator.

• Ram, aged 35, is employed in a Multi-National Company (MNC) and draws a salary of about Rs.45, 000 per month. His parents meet with an accident and are hospitalized. The medical treatment expense is of  Rs.2.5 lakhs which Ram finds difficult to meet form his meagre savings. He approaches the bank to avail an Axis Bank Personal Loan of the said amount and is willing to repay the loan in 2 years. The bank sanctions him the loan at an Equated Monthly Instalment (EMI) of Rs.12, 122 at the starting interest rate of 15% per annum.
• Shyam will be celebrating his 25^th marriage anniversary and to mark the occasion, he wants to present a foreign trip to his wife who loves travelling. He decides to visit Far-East and calculates the total cost of the trip to be about 3.5 lakhs. Not wanting to break his Fixed Deposits or to prematurely withdraw his Mutual Funds, he approaches the bank for a Personal Loan. The repayment term chosen by him is 3.5 years and the resultant EMI is Rs.11, 654 for a term of 42 months and an assumed rate of interest of 20% per annum.
• Mr. Acharya is well in his 40s and his son is all set to marry. He wishes to buy a flat for his son and his newly wedded wife and for that he is in shortfall of Rs.10 lakhs after putting together his savings. Wanting to avail an Axis Bank Personal Loan of the amount of shortfall, Mr. Acharya approaches Axis Bank and applies for a loan. The tenure chosen by him is 5 years and the bank charges an EMI of Rs.28, 768 at an interest rate of 24% per annum.

The following table records the EMI of each of the above-mentioned cases for easy understanding:

Applicant	Loan Amount	Interest Rate	Term	EMI
Ram	2.5 lakhs	15%	2 years	12,122
Shyam	3.5 lakhs	20%	3.5 years	11,654
Mr. Acharya	10 lakhs	24%	5 years	28,768

‘Check your Loan Status Online’ is a facility provided by the bank through its website which allows the customer to check his application status of the Axis Bank Personal loan. The loan sanction process usually takes some time which the bank uses to analyze, scrutinize and process the individual’s application form whether submitted online or through the bank’s branch. All the customer details are checked thoroughly and when the bank is completely satisfied with the application and its accuracy, the loan would be sanctioned. Meanwhile the customer can check the stage in which his application is through the above-mentioned option.
 

One can also obtain a loan account statement from the option mentioned on the same page which displays the relevant payments, the outstanding balance and the outstanding tenure.
 

• Customer Care

The bank provides assistance for application of loan through its customer care centers .The toll free numbers also help in loan servicing like for instance the customer can request for Statement of Accounts or Repayment Schedule through these numbers. Moreover, the customer can also send a mail to the bank or visit the nearest branch or loan center for assistance.
 

• Axis Bank Branch Connect

The branches of the bank are divided into Tiers and the eligibility criteria also depend on the tier from which the loan is applied. The Personal loan requests are handled at tier specific branches only.
 

Tier 1 –  Bangalore, Chennai, Delhi, Mumbai, Hyderabad, Gurgaon, Noida, Ghaziabad, Faridabad.

Tier 2 –  Pune, Ahmedabad, Kolkata.

Tier 3 – Coimbatore, Kochi, Jaipur, Lucknow, Patna, Jamshedpur, Vadodara, Trivandrum, Vishakhapatnam, Bhubaneshwar, Trichy, Surat, Nashik, Aurangabad, Goa, Guwahati, Nagpur, Chandigarh.

Tier 4 – Bhopal, Calicut, Jodhpur, Mysore, Pondicherry, Raipur, Rajkot, Durgapur, Dehradun, Hubli, Jalandhar, Kolhapur, Ludhiana, Madurai, Mangalore, Patiala, Siliguri, Ranchi, Tirunelveli, Udaipur, Vijaywada, Indore, Ajmer, Allahabad, Bhatinda, Belgaum, Bhavnagar, Bhilwara, Jamnagar, Kanpur, Kota, Salem, Ujjain, Warangal, Mehsana

The bank lays down specific eligibility criteria and individuals fulfilling the mentioned criteria are offered the Axis Bank Personal Loan.

Online Connect

Online medium of loan application is available through our online application platform. An applicant can easily apply for Axis Bank Personal loan online through our portal by following these simple steps:
 

Visit our website Paisabazaar.com and choose the ‘Personal Loan’ option whereby a new page would open up and you would be asked to fill in your details to check your eligibility and apply for an Axis Bank Personal Loan.
 

This process is simple and the steps are easy to follow. The useless hassles are cut down and there is no need to visit the bank as everything can be done online.
 

There are certain requirements which need to be fulfilled for the application form available online. It requires certain important personal details like the applicant’s name, address, occupation, etc. which would be required for the bank’s information. These details are required for meeting the eligibility standards of the bank which are required for taking the loan.There are many types of other schemes that you can avail like home loan by axis bank and if you want to invest you can go for mutual fund and get the tax benefit upto 1.5 Lacs.

Given here are some of the basic and the major concerns which applicants have when they apply for An Axis Bank Personal loan.

 

Ques: What are the uses to which I can put the Personal Loan offered by the bank?

Ans: A Personal Loan is a multi-purpose loan which one can use for both business as well as for personal use. One can use the loan funds for meeting expenses like marriage, taking a vacation, refurbishing the home, maintaining the working capital requirement of one’s business, meeting any financial emergency, etc.

 

Ques: What is the amount of loan available under this scheme of Personal Loan?

Ans: The loan is available from a minimum value of Rs.1 lakh to a maximum value of Rs.15 lakhs

 

Ques: Can I choose any amount of loan I require?

Ans: Though the minimum and maximum limit of the loan value defines the range of the loan available, at the time of sanctioning the loan amount the bank considers the applicant’s requirement, his eligibility, income and the repayment capacity. If the bank considers the applicant’s creditworthiness to be satisfactory, any amount can be requested as loan provided it is within the minimum and the maximum range of loan available.

 

Ques: What is the period of repayment granted by the bank for Axis Bank Personal Loans?

Ans: The bank grants a tenure ranging from 1 year to 5 years. The applicant can choose any repayment tenure as long as it is within this available range of tenure for Axis Bank Personal Loan.

 

Ques: How can the Axis Bank Personal loan be repaid?

Ans: The bank allows various repayment techniques through which one can repay his or her Personal Loan. One can place a Standing Instruction on one’s savings or current account for debiting the loan instalments every month or choose the ECS (Electronic Clearing System) mode of repayment too. Post-dated cheques can also be submitted for paying the EMIs every month

 

Ques: Is partial prepayment facility available in the context of repayment of the loan?

Ans: The bank allows partial prepayment of the outstanding loan. The applicant can make such prepayment anytime he has any surplus cash and bring down his interest incidence. What’s more, this prepayment is also free of cost as there are no charges for making any part prepayment.

 

Ques: Is the option of foreclosing the Axis Bank Personal loan allowed under the Personal Loan scheme?

Ans: The applicant can foreclose his loan provided that he fulfills some prerequisite personal loan requirements. Any existing dues in respect of the loan would have to be cleared first. The applicant can check the outstanding balance of his loan by requesting a foreclosure statement. The statement would depict any dues remaining and they should be cleared. Once the dues are completely cleared off, the loan can be foreclosed. There would be no inherent charges when the applicant opts for foreclosing the loan taken.

 

Ques: Are there any charges or fee payable for availing Axis Bank Personal Loans?

Ans: An upfront fee called the processing fee or processing charge is payable by the applicant when he applies for the loan. This is a non-refundable fee payable on application. The rate of the processing fee ranges from 1.5% to 2% of the amount of loan sanctioned exclusive of applicable service tax.