Axis Bank Personal Loan Highlights | |
| Interest rate | 10.49% p.a. onwards |
| Loan Amount | Rs 50,000- Rs 40 lakh |
| Tenure | 1-5 years |
| Minimum Monthly Salary | Rs 15,000 |
| Processing Fees | 1.5%-2% |
Note: Rates as of 2nd December 2022
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Table of Contents
Axis Bank Personal Loan Interest Rate
Axis Bank personal loan interest rate starts @ 10.49% p.a. While the bank has not disclosed the factors determining its personal loan interest rates, lenders usually factor in the credit score, monthly income, age, etc. of its applicants while setting their personal loan interest rates.
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Comparison of Axis Bank Personal Loan Interest rates with Other Lenders
| Banks/NBFCs | Interest Rates(p.a.) | |
| HDFC Bank | 11.00% onwards | Apply Now |
| SBI | 10.65%-15.15% | |
| ICICI Bank | 10.75% onwards | Apply Now |
| Axis Bank | 10.49% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.49% onwards | Apply Now |
| Bajaj Finserv | 11.00% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
Check which bank/NBFC is best for personal loan
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Axis Bank Processing Fees & Charges
| Processing Fees | 1.5%-2% |
| Repayment instruction/Instrument return charges | Rs 339 per instance + GST |
| Swap Charges (Cheque/Instrument) | Rs 500 per instance + GST |
| Penal Interest | @ 24% p.a. i.e., 2% per month on overdue installment |
| Duplicate statement issuance charges | Rs 250 per instance per set + GST |
| Duplicate Amortization Schedule issuance charges | Rs 250 per instance per set + GST |
| Credit Information Companies Report issuance charges | Rs 50 per instance per set + GST |
| No dues certificate generation charges (duplicate) | Rs 50 per instance per set + GST |
| Stamp duty charges | As per state stamp |
| Foreclosure charges | On outstanding loan: For 0-12 months: 5% For 13-24 months: 4% For 25-36 months: 3% More than 36 months: 2% |
Also know about personal loan processing fee charged by top lenders
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Types of Axis Bank Personal Loan
Personal Loan for Holiday
- Purpose: Personal Loan scheme for meeting the financial needs for a holiday/vacation.
- Loan Amount: Rs 50,000-Rs 15 lakh
- Tenure: 1-5 years
Personal Loan for Wedding
- Purpose: Wedding loan is offered to raise finances for wedding related expenses
- Loan Amount: Rs 50,000-Rs 15 lakh
- Tenure: 1-5 years
Personal Loan for Home Renovation
- Purpose: To meet the financial requirements for carrying out home renovation
- Tenure: 1-5 years
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Axis Bank Personal Loan Eligibility Criteria
Axis Bank Personal Loan eligibility criteria is set on the basis of the job profile, age, minimum monthly income, etc. of its personal loan applicants. Here are the Personal Loan eligibility criteria set by Axis Bank.
- Government employees (including those working with local and central bodies) and employees of private limited companies, public limited companies, Public Sector Undertakings are eligible to apply for personal loan. Additionally, Axis Bank also offers personal loan for doctors
- Age
- Minimum: 21 years
- Maximum: 60 years at the time of loan maturity
- Minimum Net Monthly Income: Rs 15,000
Also know the Personal Loan Eligibility Criteria set by top banks and NBFCs
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Documents Required for Axis Bank Personal Loan
- Completely filled application form with recent passport size photographs
- KYC documents (driving license, passport, Aadhaar card, job card by NREGA duly signed by a State Government officer, voter ID, Letter issued by National Population Register with name and address details)
- Proof of Birth date (birth certificate, PAN card, passport, school leaving certificate, Aadhaar card, driving license)
- Signature proof (passport, bank verification, PAN card)
- Income proof (last 2 months pay slips. Employment proof of 1 year, bank statement for last 2 months showing salary credits)
- All the documents should be self-attested
Know more about Axis Bank Personal Loan Documents
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Axis Bank Customer Care
- 1-860-419-5555
- 1-860-500-5555
- Non Toll Free Number: +91 40 67174100
Know more about Axis Bank Personal Loan Customer Care.
FAQs
Q. Does Axis Bank provide pre-approved loans?
Ans. Yes, Axis Bank provides pre-qualified instant personal loans to its select customers with end-to-end digital processing.
Q. What is the turnaround time for Axis Bank personal loan disbursal?
Ans. Axis Bank claims to offer quick processing of personal loan while not disclosing the exact turnaround time for personal loan disbursal. However, the pre-qualified personal loan offered by Axis Bank have quicker disbursals, usually within the same day of making loan application. Click here to find whether you qualify for Axis Bank pre-qualified personal loan
Q. Can I choose between a fixed or floating rate for the personal loan?
Ans. Axis Bank Personal Loans are offered only on fixed interest rates. Axis does not offer personal loans on floating interest rates.
Q. Can I use Axis Bank personal loan for any purposes, including for commercial or business purpose?
Ans. Axis Bank personal loan can be used for all personal purposes, except for speculation. It can also be used by the entrepreneurs for expanding their business. The loan is sanctioned based on the credit history of the entrepreneur.
Q. Does Axis Bank allow Personal Loan Balance Transfer option?
Ans. Yes, Axis Bank allows Personal Loan Balance Transfer option where the existing personal loan borrowers of other banks/NBFCs can transfer their personal loan to Axis Bank at lower interest rates.
Q. At what minimum CIBIL score can I avail personal loan in Axis Bank?
Ans. Axis Bank has not specified a cut off credit score for availing personal loan. However, personal loan applicants having credit score of 750 and above usually have higher chances of availing personal loan at lower interest rates.
