Axis Bank Personal Loan: Eligibility, Interest Rate & Apply Online

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  • Loan Amount: Upto 15 lakh
  • Processing Fees: Upto 2%

Apply for Personal Loan Starting From 10.50%*

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[Formerly known as Credit Information Bureau (India) Limited]
One Indiabulls building ,Unit No 1901 – 1905,
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Date :27/01/2020

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Date : 27/01/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

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Date :27/01/2020

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Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
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Date :27/01/2020

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हिंदी में पढ़े
Updated: 23-01-2020 09:25:10 AM

Axis Bank personal loan comes with zero foreclosure and part payment charges along with quick disbursal and flexible end-use. Common uses of a personal loan from Axis include managing vacation expenses, renovating your house, arranging a dream wedding and paying for medical emergencies. Axis Bank provides personal loans ranging from Rs. 50,000 to Rs. 15 lakh with flexible repayment tenure of 1 to 5 years.

 

Features of Axis Bank Personal Loan

  • Flexible Tenure: You can decide your repayment period as per your convenience as Axis Bank offers a flexible loan tenure of 12 to 60 months.
  • Special offers: Preferentially lower interest rates are offered if you are already an Axis Bank customer.
  • Loan Amount: Axis offers personal loans ranging from Rs. 50,000 to Rs. 15 lakh.
  • Personal Loan balance Transfer: You can easily move your high interest rate personal loan from a different bank to Axis Bank at a lower interest rate.
  • Documentation: Minimal documentation is required to avail Axis personal loan. Hence, loan approval is speedy and hassle free.

Axis Bank Personal Loan Interest Rate

 

 Personal Loan Interest Rate

1-year MCLR*Spread on 1-year MCLREffective Rate of Interest
8.25%3.75-15.75%12-24%

*MCLR is Marginal Cost of funds based Lending Rate.

Eligibility Criteria

The following are some key eligibility criteria for an Axis Bank personal loan:

Who?
  • Salaried Employees
  • Salaried Doctors
  • Employees of various public and private companies
  • Government sector employees, including Public Sector Undertakings, Central and Local Bodies
Age
  • Minimum: 21 years
  • Maximum: 60 years at the time of personal loan maturity
Minimum Net Monthly IncomeRs. 15,000

Documents required for Loan Application

General
  • Duly filled application form
  • KYC documents (proof of identity and proof of address)
  • Proof of income (Latest 2 salary slips)
  • Last 3 months’ bank statement
  • Duly filled out and signed loan agreement with Standing Instruction (SI) Request/Electronic Clearing Service (ECS) forms
 Based on the repayment mode 
  • For ECS/SI repayment mode: 3 security Post Dated Cheques (PDCs)
  • For PDC repayment mode: PDCs equivalent to the loan tenure
  • For ECS repayment mode: One cancelled cheque

Note: Bank may ask for additional documents based on the applicant’s profile.

How to Apply for Axis Personal Loan with Paisabazaar?

You can compare and apply for the best personal loan offer in just 4 simple steps using the Paisabazaar.com personal loan comparison platform. It saves you from the hassle of visiting individual website of every lender to compare and find the best offer. Moreover, the offers from 30+ lenders are shown listed based on the chances of approval generated using our proprietary algorithm “SmartMatch”. The following are the key steps for applying a personal loan with Paisabazaar.com

Step 1: Fill out your personal details such as occupation type, required loan amount monthly income, mobile number, company details and current city in the online loan application form and click “Proceed”.

Step 2: List of personal loan offers as per the chances of approval will be subsequently displayed. Select the offer that best suits your requirement and click on “Apply”.

Step 3: Get instant conditional e-approval from the lender and your online application will be forwarded to your chosen lender. Subsequently, our customer team will guide you through the loan processing and disbursal.

Personal Loan Verification Process

The verification process for a personal loan involves the following key steps:

Step 1: The lender receives your online loan application from Paisabazaar.com.

Step 2: Subsequently, a representative from your chosen lender will call you for verify application details and arrange for pickup of documents required for loan application.

Step 3: Document verification is initiated. A bank representative may visit the applicant’s residence to verify the address. Documents like Aadhaar, PAN, Passport and Voter’s ID are verified online.

Step 4: Successful verification of documents lead to loan approval.

Step 5: Loan is disbursed once the applicant signs the loan agreement.

Check Axis Personal Loan Application Status

You can check your Axis Bank personal loan application status online. Enter your application ID, date of birth (DDMMYYYY), captcha and click “Enquiry”.

Enter your application ID, date of birth (DDMMYYYY), captcha and click “Enquiry”.

Know About: How to Check Axis Bank Personal Loan Status

Fees and other Charges*

The following are the key fees and charges associated with an Axis Bank personal loan:

Repayment Instruction/ Instrument Return ChargesRs.500/- per instance of dishonor of cheque /SI/ECS/NACH debit instruction + GST as applicable
Swap Charges (Cheque/ Instrument)Rs. 500/- per instance + GST as applicable
Penal Interest24% per annum, i.e. 2% per month on the overdue installment.
Duplicate statement issuance chargesRs.250/- per instance per set + GST as applicable.
Duplicate Amortization schedule issuance chargesRs.250/- per instance per set + GST as applicable.
Re-Issuance of photocopy of loan agreement/documentsRs.250/- per instance per set + GST as applicable.
Credit Information Companies (CICs) Report Issuance ChargesRs. 50/- per instance per set + GST as applicable
Duplicate NOCRs. 500/- per instance per set + GST as applicable.
Stamp Duty ChargesAs per State Stamp Act

*Subject to change as per bank’s discretion

How to Login on Axis Bank Portal

For Existing Users

Step 1: Visit Axis Bank’s online banking portal.
Step 2: Enter your Login ID (customer ID) and password.
Step 3: Click on the “Login” option.

For First Time Users

Step 1: Visit the Axis Bank online portal.

Visit the Axis Bank online portal

Step 2: Click “First time user? Register”. Following web page will be displayed to generate your online banking password.

Click “First time user? Register”.

Axis Bank Personal Loan Statement

You can request for the hard copy of your personal loan account statement in the following ways:

Now you can also avail instant electronic statements for your Axis Bank personal loan account.  Although e-statements are not compulsory, it is advisable to opt for them owing to the following advantages:

  • E-statement is an environment friendly option
  • Get monthly e-statements instead of quarterly statements in print form.
  • You can get an e-statement whenever you want. To avail an e-statement on demand on your registered e-mail address, send ESTMT<last 5 digits of account number><From Date><To Date> via an SMS to 5676782. Please note that the dates should be typed in dd-mm-yyyy format. For example, ESTMT 13421 01-11-2018 20-12-2018.

How to avail Axis Bank personal loan e-statement?

  1. Website: Click here to register for e-statement for your personal loan account.
  2. Internet Banking: Login to Axis internet banking using your credentials. Click on “My Profile” > “Contact Details Update”. Update your e-mail ID and it will automatically register you for e-statement.
  3. SMS: Send GREEN to 5676782.
  4. Phone Banking Centre: Call Axis Bank customer service number 1860-419-5555 or 1860-500-5555 to register yourself for e-statements. (standard call rates may apply)
  5. Bank Branch: Visit the nearest Axis Bank branch to submit e-statement registration request.

EMI Calculation

The following is a sample calculation of EMI payouts on your Axis personal loan across different tenure for various loan amounts and interest rates.

Loan Amount (Rs.) and Interest RateMonthly EMI Payout (Rs.)
1-year loan tenure2-year loan tenure3-year loan tenure4-year loan tenure5-year loan tenure
2 lakh @ 12% p.a.17,7699,4146,6425,2664,448
5 lakh @ 14% p.a.44,89324,00617,08813,66311,634
4 lakh @ 15% p.a.36,10319,39413,86611,1329,515

Read: How to calculate Axis Bank Personal Loan EMI 

Comparison of Axis Bank Personal Loan vs Other Lenders

The following is a comparison of key features of a personal loan from Axis Bank across multiple criteria:

Comparison Criteria

 

Axis BankHDFC BankCitibankICICI BankBajaj Finserv
Interest Rate12-24%10.75-21.30%10.50% onwards11.25-22.00%12.99% onwards
Tenure

 

12 to 60 months12 to 60 months12 to 60 months12 to 60 months12 to 60 months
Loan amountRs. 50,000 to Rs. 15 lakhUpto Rs. 40 lakhUpto Rs. 30 lakhUpto Rs. 20 lakhUpto Rs. 25 lakh
Processing FeeUpto 2% of the loan amount plus GSTUpto 2.50% of the loan amountUpto 3% of the loan amountUpto 2.25% of loan amount plus GSTUp to 4.13% of the loan amount (including taxes)

Axis Bank Customer Care

Personal Phone Banking

You can call at the following numbers between 9 am to 9 pm from Monday to Saturday (excluding national holidays).

  • 1-860-419-5555 (Charges applicable as per the service provider)
  • 1-860-500-5555 (Charges applicable as per the service provider)

If you are calling from outside India, dial +91-22-67987700 (international call rates apply).

Axis Support

You can also find answers to your queries using online Axis Support. Select “Loan” > “Personal Loan”, your query details and click on “Submit”.

Select “Loan” > “Personal Loan”, your query details and click on “Submit”.

Axis Aha! (Live Chat)

Alternatively, you can use Axis Aha!, the live chat feature provided by Axis Bank to get answer to your queries.

you can use Axis Aha!, the live chat feature provided by Axis Bank to get answer to your queries.

Know More: Axis Bank Personal Loan Customer Care Number

Benefits of Applying for Personal Loan at Paisabazaar

Benefits of Applying for Personal Loan at Paisabazaar

  • Get multiple offers on one platform: You can check multiple offers from 30+ lenders at one place. This not only prevents you from the hassle of visiting websites of individual lenders, but also helps you to compare the various offers.
  • Know eligible loan amount: Know the maximum loan amount you are eligible for through our platform.
  • Know chances of approval: com uses a proprietary algorithm called SmartMatch which lists offers from all prospective lenders as per chances of approval of your loan application.
  • Check loan EMI amount: As part of the application process, you are provided the loan EMI amount automatically by Paisabazaar’s platform so that you can make an educated decision regarding the same.
  • Get immediate e-approval: Get instant e-approval from the lender via our platform.
  • Privacy & transparency:com is ISO 27001-2013 certified, i.e. all your loan application details will remain private and safe.

Important Aspects

Following are some of the important aspects that should be considered before applying for Axis personal loan:

  • Make sure you meet the eligibility criteria.
  • Check the list of documents required to apply for a personal loan.
  • Avoid multiple loan applications at the same time as this can lead to several hard inquiries of your credit report. Such hard inquiries can lower you credit score, and hence lower the chances of loan approval.
  • Maintain a low credit utilization ratio, preferably lower than 30% in order to maximize your chances of approval for an Axis personal loan.

Frequently Asked Questions (FAQs)

Q1. What is the turnaround time for Axis Bank personal loan disbursal?

While the exact time for personal loan disbursal is not specified by Axis Bank, the turnaround time for personal loan disbursal is typically 5 working days from the date of loan approval. However actual timelines for loan approval/disbursal may vary from one applicant to another.

Q2. Does Axis Bank provide pre-approved loans?

In case you have an existing relationship with Axis Bank, you may receive a pre-approved personal loan offer. However, such offers are provided only to select customers for a limited period of time. The interest rate and loan quantum in such cases tend to vary from one applicant to applicant. 

Q3. Does Axis Bank offer personal loan balance transfer?

Yes, Axis Bank offers personal loan balance transfer. You can transfer your pre-existing loan at a higher rate of interest with any bank to Axis at a lower rate of interest. You can contact Axis Bank customer care to know more about the balance transfer option and procedure.

Q4. What are the upper and lower limits for Axis Bank personal loan amount?

You can avail a personal loan from Axis Bank for as low an amount as Rs. 50,000 to as high as Rs. 15 lakh.

Q5. Are there different types of Axis personal loan?

A personal loan from comes with a range of inclusive features wherein all eligible salaried employees can avail the loan subject to applicable terms and conditions. At present different types of personal loans do not exist with respect to Axis Bank. 

Q6. How can I check Axis Bank personal loan status?

You can check your Axis Bank personal loan status online. Enter your loan application ID, date of birth and captcha code to see the status of your application.

Q7. What will be the personal loan interest rate after GST?

The interest component of a personal loan is not subject to GST. Hence, the interest payout and by extension loan EMI will remain unaffected after GST.

Q8. On what charges is GST applicable with respect to Axis personal loan?

Charges like processing fees, late payment penalties, cheque swap charges, part prepayment charges and foreclosure charges are subject to GST at the rate of 18%. However now that Axis has revised part prepayment and foreclosure charges to nil, no GST will be applicable to those.

Q9. Are there any extra charges if I don’t pay EMI on time?

Yes, a penal interest of 24% per annum, i.e. 2% per month on the overdue installment have to be paid if you do not pay your Axis PL EMI on time.

Q10. What does zero foreclosure charge for Axis Bank personal loan mean?

Zero foreclosure charges mean that you can completely pay off your loan before the designated due date without incurring any extra charges in the form of pre-payment penalties. Additionally, Axis Bank does not levy any charges even if you partly prepay your loan amount.

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4/5
No paperwork

No paperwork, no hassles, no secrets, and quick disbursal.

Jul 9 , 2019
4/5
Axis bank personal loan

Got my Axis bank personal loan with just about requisite documentation.

Jul 9 , 2019
4/5
No comparisons

No comparisons with the bank, but Paisabazaar for me will always be the number one.

Jul 9 , 2019
4/5
Truly the best

Paisabazaar has always been my friend in deed. They are truly the best ones out there.

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