Axis Bank Personal Loan Interest Rates
Axis Bank offers personal loan amounts between Rs. 50,000 and Rs. 40 lakhs at interest rates starting from as low as 13.75% p.a. And processing fee of Up to 2% of loan amount + GST. You can repay the loan amount in a flexible tenure of 12 to 60 months in EMIs.
Axis Bank Personal Loan Details
Some of the most important Axis Bank personal loan details are as mentioned below:
| Loan Amount | Rs. 50,000 - Rs. 40 Lakhs |
| Rate of Interest | 13.75% |
| Tenure of Repayment | 12 - 60 months |
| Processing Fee | Up to 2% of loan amount + GST |
| TAT | The entire Axis Bank Personal Loan process can take up to 30 working days from the application submission date, if your application is complete in all respects. |
Axis Bank Personal Loan Fees & Charges
In addition to the personal loan interest rates, the borrower will also have to bear the following charges for the loan:
- Processing fee: 2% of loan amount + GST.
- Foreclosure charges:
- Up to 12 months: 5%
- 13 to 24 months: 4%
- 25 to 36 months: 3%
- After 36 months: 2%
- Penal interest: 24% p.a. on the overdue installment.
- Issuing Credit Information Companies report: Rs. 50 per set per instance + GST.
- Repayment instruction or instrument return: Rs.339/- per instance of dishonor of cheque /SI/ECS/NACH debit instruction + GST as applicable
- Cheque/Instrument swap: Rs. 500 per instance + GST.
- Duplicate NOC: Rs. 500 per instance per set + GST.
- Issuing a duplicate statement/ issuing duplicate amortization schedule/ Re-issuing photocopy of loan agreement or documents: Rs. 250 per set per instance + GST
- Stamp duty: As per the State Stamp Act.
Factors Affecting Axis Bank Personal Loan Interest Rate
- Income of the applicant.
- Credit score of the applicant.
- Reputation of the employer.
- Past loan repayment history.
- Banking relationship with Axis Bank.
- 1-year MCLR of the bank to which the personal loan interest rates of the bank are linked.
- Tenure of repayment chosen by the applicant.
- Loan amount to be availed.
Features of Axis Bank Personal Loan Rates
- Axis Bank personal loan rates are linked to its 1 Year MCLR
- The current 1 Year MCLR is 9.10%
- Current interest rates for Axis Bank personal loans start from 13.75%p.a.
- The interest rate is fixed for the complete tenure and there is no reset period.
Axis Bank Personal Loan Interest Rate Comparison with Other Lenders
| Lender | Maximum Loan Amount | Maximum Tenure | Interest Rate |
|---|---|---|---|
| Axis Bank Personal Loan | Rs. 40 lakhs | 60 months | 13.75% |
| HDFC Personal Loan | Rs. 40 Lakhs | 60 months | 10.75% |
| ICICI Bank Personal Loan | Rs. 20 Lakhs | 60 months | 10.80% |
| SBI Personal Loan | Rs. 20 Lakhs | 72 months | 11.35% |
| PNB Personal Loan | Rs. 10 Lakhs | 60 months | 11.40% |
Calculating Interest on Axis Bank Personal Loan
You can calculate the total interest paid as well as the total EMI payment using our Personal Loan EMI Calculator. Just insert the required values, such as the loan amount, interest rate, and the loan amount, to know the result instantly.
Axis Bank Personal Loan Customer Care Numbers
You can avail customer care services of Axis Bank by calling the following numbers:
For Retail Banking:
- 1-860-419-5555
- 1-860-500-5555
For Agricultural and Rural Services:
- 1-800-419-5577
How to Apply for an Axis Bank Personal Loan through MyMoneyMantra?
To apply for Axis Bank Personal Loans with the lowest interest rates through MyMoneyMantra, you will have to follow the steps indicated below:
- Access the website of MyMoneyMantra
- Select "Personal Loan" under the Loans section on the homepage of the website.
- Log in by entering your name, mobile number, and email address.
- Verify the OTP received on your mobile.
- Select the employment type and enter the job/profession-related details.
- Enter your monthly income. And upload the relevant documents.
- Enter your date of birth
- Enter your PAN card number and upload a copy.
- Enter the complete address and upload address proof.
- Click on Submit and View Offers.
- With the basic information provided, the best deals that suit your requirements will be shared. You can compare the rate of interest and various charges and offers and choose the lender that you feel is the most beneficial. You can choose Axis Bank and place a request.
Our team will be assisting you all along and will help you choose the best deal. All the guidance will be provided without any charges.
Axis Bank Personal Loan Interest Rates FAQs
The approval for the Personal Loan is conveyed within 30 working days from the date of receiving the application. The date considered will be the date when the application that is complete in all respects is submitted along with the entire set of documents required to process the loan application.
The quantum of the loan ranges from Rs. 50,000 to Rs. 40 Lakhs. The quantum is based on the requirement of the applicant, the repayment capacity, the income, and the credit score of the applicant.
A processing fee at 2% of the loan along with applicable GST will be collected for Axis Bank Personal Loan.
Axis Bank provides various options to apply for the personal loan:
- You can apply for the loan online through the bank's official website
- You can approach the nearest branch and apply for the loan along with the required documents.
- You can place a request by contacting the customer care helpline at the bank. The representatives of the bank will contact you for further processing.
Flexible repayment period ranging from 12 months to 60 months will be provided
When you apply for Axis Bank Personal Loan, you will get an application ID. To check the status of the loan application online, you will have to access the website of the bank and select the 'checking of loan application status' option. Enter the application ID and Date of birth. On entering the Captcha displayed on the screen you will get the application status.
You can also contact customer care which will provide you with the application status on providing the application ID along with the date of birth or the registered mobile number.
You can get the repayment schedule and the loan statements by:
- By approaching the nearest branch of the bank
- By placing a request through email to www.axisbank.com/support
- Now there is a provision for e-statement. It is recommended to get e-statements since it is eco-friendly. Also, you can get monthly statements instead of quarterly statements. You can get an e-statement on your registered email address. You place a request for an e-statement through SMS to 5676782. Send ESTMT From Date<>To Date to 5676782.
You can make the repayment of the Personal Loan through various modes as detailed below:
- If you have an active Savings Bank or Current Account with the bank, you can opt for auto-debit. You can also open an account to utilise the auto-debit option to pay the EMI. The EMI will be automatically debited to the specified account on the due date.
- If the auto-debit has to be through an account at other banks, then you will have to opt for the ECS debit. The EMI will be debited to this account automatically on the specified date and will be remitted to the loan account.
- You can also issue Post Dated Cheques for the repayment. PDCs should be replenished on time. This option is available only in non-ECS centres.
Yes, prepayment is permitted for the Personal Loan. Currently, the bank does not collect any charges for the prepayment.
Axis Bank Personal Loans rates starts from 13.75%
Before going for foreclosure of the Personal Loan Account, the entire outstanding loan amount has to be cleared by obtaining a foreclosure statement from the nearest Axis Bank branch. Thereafter, a loan closure request has to be submitted at the Loan Centre of the bank. Once the request is received, the bank will process the loan closure. At present, the foreclosure of Personal Loan is permitted without any charges.
The first thing that the bank would check on accepting the loan application is the credit score. The credit score stipulated by Axis Bank for a Personal Loan is 750 and above. Before applying for the loan, verify the credit score and check if it is within the required level. If the score is less than the mandatory level, examine the reason for the low score. If there are too many loans, you contemplate on closing the loans that are nearing the maturity date. If there are credit card dues, regularise the same to improve the score.
If the reason for the low score is discrepancies in the credit history, then get the discrepancies rectified before applying for the loan.
Apply for the loan only after the credit score is within the required level.
It is necessary to calculate the EMI for the desired amount before applying for the loan to check if the EMI is affordable. You can calculate the EMI manually by applying the formula, but it will be an elaborate process that will consume a lot of time. With the EMI calculator, the calculation has been made very simple and fast. All you have to do is access the EMI calculator on the website of the bank and provide the three components, i.e., the loan amount, loan tenure and the rate of interest. The EMI will be calculated instantly. You can do the calculation multiple times with different combinations until you arrive at an affordable EMI.