Be it planning a vacation with your family or opting for higher education, a Personal Loan comes handy. The digitization of financial services has further eased the process of availing home loan for a layman who earlier was a little wary of getting into extensive paperwork. Axis Bank’s process of availing a Personal Loan promises simplified documentation and a complete online process where one can apply for the loan easily to fulfil their financial requirements.
Axis Bank Personal Loan Interest Rate
One Year MCLR Rate is 8.60%
|Interest Rate||15.75% – 24%|
|Loan Tenure||12-60 months|
|Loan Amount||Min. Rs. 50,000/Max. Rs. 15 lakh|
|Loan Processing Charges||1.50% to 2.00% + GST as applicable|
|Cheque Bounce Charges||Rs 500 per cheque + GST as applicable|
Features and Benefits
|Loan Amount||Axis Bank offers Personal Loan starting from Rs 50,000 till up to Rs 15,00,000. This is done mostly on the basis of the applicant’s credit history, financial stability and the repayment capability.|
|Repayment Tenure||The repayment tenure for Axis Bank Personal Loan ranges from 12 to 60 months. The applicant can choose the repayment tenure according to their feasibility and the repaying capacity.|
|Loan for Salaried Individuals||Axis Bank provides Personal Loan to Salaried Individuals including Salaried Doctors, Public and Private company employees and Government sector employees.|
|Special Offers||If a customer has an existing Personal Loan with some other bank or financial Institution and is looking to reduce their EMIs, they can transfer the loan to Axis Bank and In the process can avail special offers and benefits.|
|Repayment through multiple channels||One can repay the monthly instalments through Electronic Clearing System (ECS) like NEFT or RTGS online. Post dated cheques can be issued for the repayment or standing instructions can be given for the instalments.|
|Smooth Online Process||With Axis Bank, one can be rest assured of a much-simplified process – with minimum documentation in simple steps which means one can expect to apply, receive a decision and get funded straight in to their bank account.|
|Accessibility||Customers who have any bank related query can connect with bank through SMS, Bank’s website or can contact on their toll-free numbers 1-860-419-5555 and 1-860-500-5555.|
Axis Bank Personal Loan Eligibility
- The monthly net income of an applicant who wish to apply for a Personal Loan with Axis Bank should be a minimum of Rs 15,000. This is the basic minimum eligibility set by the Bank. The criteria behind this is that the Bank determines the loan repayment credibility of an individual. The financial repayment capability is determined by the banks and the financial institutions on the basis of monthly income that an individual gets every month.
- The minimum age requirement for Personal Loan with Axis Bank is 21 years and the maximum age for which an individual can take up a loan is 60 years.
- The Personal Loan is for Salaried Employees – which includes Salaried Doctors, Employees of Public and Private Companies, Public and Private Limited Companies, Government sector employees including Public Sector Undertakings, Central and Local Bodies.
- Personal Loan amount at Axis Bank starts from Rs 50,000 and goes up to Rs 15,00,000. You can select your loan amount once you fulfil the other eligibility criteria.
To avail a Personal Loan, it is important to keep some points in mind for documentation so that one doesn’t face any issues while completing the Loan Application.
- The Loan Application form, stating the necessary personal as well as professional information like income, occupational details etc.
- Recent Photographs along with your PAN and Aadhaar card will be required.
- Age Proof is required to specify whether one falls in the age bracket for Personal Loan as mentioned by the Bank.
- The Bank takes into account the Income of the individual. Income Proof is required for the banks and financial institutions to consider if the loan applicant can repay the loan amount on time.
- Bank Statement is an important document that is asked while applying for a Personal Loan. With this document, the bank history is verified of the Loan Applicant.
- Residence Proof along with the Signature of the Loan Applicant.
Post Sanction/Pre-disbursement Documentation:
There are a few documents that are required before and after sanctioning the loan amount. They are:
- The Loan Agreement duly signed by the customer
- Standing Instructions (SI) request for ECS Form or Post Dated Cheque (PDCs) or Security Cheques required for SI and ECS.
- Qualification or registration Proof required for Doctors, Architects, CA, CS, ICWA, MBA Consultant, Engineers may vary from customer to customer
- Standing Instructions: Individuals who have a salary or a saving account with Axis Bank can give instructions to the bank to automatically deduct the EMI payment from their respective accounts.
- National Automated Clearing House (NACH): Individuals who do not have an account with Axis Bank and would like the EMIs to be automatically debited at the end of their monthly cycle.
Frequently Asked Questions (FAQs)
Q. What is the turnaround time for decision on a personal loan application?
A. Axis Bank will convey its decision within 30 working days from the date of receipt of the application provided the application is complete in all respects.
Q. What is the minimum and maximum loan amount offered?
A. The Loan Amount starts from Rs 50,000 to Rs 15,00,000. Some other factors considered while deciding the Loan Amount are:
- Requirement and Eligibility
- Repayment Capacity
Q. What is the period of repayment for Axis Bank personal loans?
A. The Loan tenure ranges from 12 months to 60 months. One can choose any repayment tenure as long as it is within its available range of tenure.
Q. What are the different modes of loan repayment?
A. One may repay the personal loan by:
- Standing Instructions: This mode can be used if one has an existing account with Axis Bank. The EMI will be deducted automatically at the end of the monthly cycle from the account that you mention.
- National Automated Clearing House (NACH): this mode can be used if you do not have an account with Axis Bank and would like the EMIs to be deducted automatically from this account.
Q. Is Pre-payment allowed with Axis Bank personal loan?
A. Yes, Pre-payment towards Axis Bank Personal Loan is allowed at the nearest Axis Bank Loan center. Currently, Axis Bank levies no charge on pre-payment.
Q. Is the option of foreclosing allowed under the Axis Bank personal loan scheme?
A. For the option of Foreclosing, the existing dues need to be cleared. Once all the dues are cleared, only then the loan can be foreclosed.