Axis Bank Personal Loan Highlights | |
| Interest rate | 12.00% p.a. onwards |
| Loan Amount | Up to Rs. 15 Lakh |
| Eligibility Age |
|
| Loan Tenure | Up to 60 months |
| Eligible Income | Min. Rs. 15,000 p.m. (Net) |
| Processing Fees | Up to 2% of loan amount sanctioned |
| Eligible Applicants |
|
Axis Bank personal loan can be availed 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. The bank currently provides personal loans ranging from Rs. 50,000 to Rs. 15 lakh with flexible repayment tenure of 1 to 5 years.
Table of Contents
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 MCLR | Effective 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? |
|
| Age |
|
| Minimum Net Monthly Income | Rs. 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”.
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 Charges | Rs.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 Interest | 24% per annum, i.e. 2% per month on the overdue installment. |
| Duplicate statement issuance charges | Rs.250/- per instance per set + GST as applicable. |
| Duplicate Amortization schedule issuance charges | Rs.250/- per instance per set + GST as applicable. |
| Re-Issuance of photocopy of loan agreement/documents | Rs.250/- per instance per set + GST as applicable. |
| Credit Information Companies (CICs) Report Issuance Charges | Rs. 50/- per instance per set + GST as applicable |
| Duplicate NOC | Rs. 500/- per instance per set + GST as applicable. |
| Stamp Duty Charges | As 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.
Step 2: Click “First time user? Register”. Following web page will be displayed to generate your online banking password.
Axis Bank Personal Loan Statement
You can request for the hard copy of your personal loan account statement in the following ways:
- Contact Axis Bank Call Centre.
- Fill out and submit the contact form on axisbank.com/support.
- Visit the nearest Axis Bank Loan Center.
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?
- Website: Click here to register for e-statement for your personal loan account.
- 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.
- SMS: Send GREEN to 5676782.
- 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)
- Bank Branch: Visit the nearest Axis Bank branch to submit e-statement registration request.
Axis Bank Personal Loan Restructuring (COVID-19)
At the start of the COVID-19 lockdown in March, Axis Bank offered a 6 month moratorium on various term loans in order to mitigate the financial hardship faced by many borrowers. However, once the moratorium ended, all borrowers were expected to start making regular EMI payments as per the original loan schedule. Unfortunately, many borrowers are still unable to meet these repayment obligations as a result of income reduction due to job loss, business closure, etc. Such individuals can opt for the personal loan restructuring plan offered by Axis Bank.
This loan restructuring option is a one-time benefit available to various eligible borrowers including those with outstanding Axis Bank personal loans. While all eligible borrowers are free to apply for this relief with Axis Bank, the financial decision regarding approval or rejection of the application will rest with the bank. It is however advisable to opt for this relief mechanism only as a last resort as higher interest charges will be applicable to the outstanding loan due to the longer repayment tenure/longer moratorium period that will be offered as part of the relief mechanism.
Read More About: Axis Bank Personal Loan Restructuring (COVID-19)
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 Rate | Monthly EMI Payout (Rs.) | ||||
| 1-year loan tenure | 2-year loan tenure | 3-year loan tenure | 4-year loan tenure | 5-year loan tenure | |
| 2 lakh @ 12% p.a. | 17,769 | 9,414 | 6,642 | 5,266 | 4,448 |
| 5 lakh @ 14% p.a. | 44,893 | 24,006 | 17,088 | 13,663 | 11,634 |
| 4 lakh @ 15% p.a. | 36,103 | 19,394 | 13,866 | 11,132 | 9,515 |
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 Bank | HDFC Bank | Citibank | ICICI Bank | Bajaj Finserv |
| Interest Rate | 12-24% | 10.75-21.30% | 10.50% onwards | 11.25-22.00% | 12.99% onwards |
| Tenure
| 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months |
| Loan amount | Rs. 50,000 to Rs. 15 lakh | Upto Rs. 40 lakh | Upto Rs. 30 lakh | Upto Rs. 20 lakh | Upto Rs. 25 lakh |
| Processing Fee | Upto 2% of the loan amount plus GST | Upto 2.50% of the loan amount | Upto 3% of the loan amount | Upto 2.25% of loan amount plus GST | Up 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”.
Axis Aha! (Live Chat)
Alternatively, 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
- 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.
