Axis Bank is the third largest private bank in India and one of the most chosen personal loan providers as well. With a wide network of branches all over the country, Axis Bank personal loans are reachable and easy to get. The bank offers personal loans with a hope to the customers that any financial urgency is temporary. Be it any personal or professional reason- Wedding, Home renovation, Starting a new business, Medical emergencies, Higher education or any other legitimate purpose, Axis Bank personal loans are available to all the people who have a good source of income. The bank has no terms and conditions when it comes to using the loan money.

Axis Bank Personal Loan Interest Rate

Personal loans offered by Axis Bank are available with low-interest rate, minimal documentation and fast loan approval. Other than this, the bank facilitates higher loan amount and flexible tenure on personal loans that make it more convenient for the people. Read this article to get the detailed information about Axis Personal Loan.

Axis Bank Personal Loan Interest Rates Details

Particulars Details
Interest Rate 15.50%-24% p.a.
Loan Amount Minimum- ₹ 50,000/-Maximum- ₹ 15 lakhs
Tenure 12 to 60 months
Processing Fees 1.50% to 2.00% + Service Tax as applicable
Prepayment Charges NIL
Security Not Required

Why choose Axis Bank Personal Loan?

Axis Bank is not only the leading private sector bank in India but also a competitive loan provider giving personal loans at competitive interest rates and simple facilitation process. There are wide range of advantages of availing a personal loan from Axis Bank and some of them are:

Quick Loan Approval: Axis Bank facilitates the online medium to apply for a personal loan with the help of which a person can get a hassle-free loan and quick loan approval.

Higher Loan Amount: On a personal loan, a borrower can avail up to ₹ 15 lakhs from Axis Bank once the loan is approved.

Attractive Interest Rates: The personal loan interest rates of Axis Bank are one of the lowest rates with the starting rate of 15.50% per annum.

Zero Prepayment Charges: If a loan borrower wants to pay the loan amount in advance and close the loan, he can do it without getting charged.

Minimal Documentation: Since Axis Bank personal loans are easy and customer-friendly, the documentation process is simple and quick.

Online Loan Account Facility: Axis Bank facilitated online loan account wherein a loan applicant can keep a track of the loan application status, loan repayment schedule and other information.

eDGE Loyalty Points: Axis Bank offers eDGE loyalty points on personal loans which can be used to redeem cash surplus and discounts.

Multiple Repayment Options: The bank offers multiple repayment options on personal loans for EMI payments like ECS or PDCs.

Flexible Tenure: If a borrower is taking a personal loan, he can do the repayment between 12 to 60 months as per the comfort.

Axis Bank Personal Loan Eligibility

Banks have certain eligibility criterion on the basis of which they give personal loans. However, the eligibility differs customer to customer and from lender to lender. So, the eligibility criteria to get a personal loan from Axis Bank is as follows:

Salaried Self-employed
  • Maximum age of the applicant must be 58 years
  • Minimum Net Monthly Income should be ₹ 15,000
  • Maximum loan amount is ₹ 15 lakhs
  • Minimum service period with current employer should be 1 year
  • Good CIBIL score
  • Minimum age of the applicant should be 24 years
  • Maximum age of the applicant must be 65 years
  • Minimum Net Annual Income should be ₹ 2 lakhs
  • Maximum loan amount is ₹ 15 lakhs
  • Minimum work experience in current Business or Profession should be 3 years
  • Good CIBIL score

Documents Required for Axis Bank Personal Loan

Before applying for a personal loan, you need to have all the documents listed below:

Salaried Self-employed
  • Signed loan application form with recent photographs
  • Age Proof-Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate
  • Identity Proof-Passport/PAN Card/Voter ID Card/Driving License
  • Address Proof-Ration Card/Driving License/Voter ID Card/Passport/Telephone Bill/Electricity Bill/Life Insurance Policy
  • Income Proof-Salary slip of last 3-6 months, ITR or Form 16, 6 month bank statement
  • Signature Verification Proof-Driving License/Passport copy/PAN Card
  • Duly signed loan agreement
  • Standing Instruction (SI) Request / ECS Form / Post Date Cheques (PDCs)/ Security Cheques required for SI and ECS
  • Signed loan application form with recent photographs
  • Age Proof-Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate
  • Identity Proof-Passport/PAN Card/Voter ID Card/Driving License
  • Address Proof-Ration Card/Driving License/Voter ID Card/Passport/Telephone Bill/Electricity Bill/Life Insurance Policy
  • Income Proof-IT returns for the last 2 years along with audited balance sheet, P&L account statement for 2 years
  • Signature Verification Proof-Driving License/Passport copy/PAN Card
  • Duly signed loan agreement
  • Standing Instruction (SI) Request / ECS Form / Post Dated Cheques (PDCs)/ Security Cheques required for SI and ECS

How to apply for Axis Bank Personal Loan

Now applying for a personal loan is just a click away as the customer can apply for it on the bank's website. But, before applying for Axis personal loan, here are the things that must be done in advance:

  • Check personal loan eligibility: Since personal loans are unsecured loans, the loan amount and rates are offered depending upon the overall profile of the customer. So, before applying for a personal loan, calculate your eligibility with the help of the personal loan eligibility calculator and see the maximum loan amount you get on the basis of your income and repayment capacity.
  • Apply Online: A person can get apply for Axis personal loan and get instant loan approval without any hassle.
  • Apply Offline: Those who are not comfortable in applying online can follow the offline procedure as well to get a personal loan from Axis Bank.

Axis Bank Personal Loan EMI Calculator

An EMI calculator is the tool that calculates the monthly installment of the loan. EMI or equated monthly installment is used to pay off both the interest and principal each month for a particular period of time that is the loan tenure. This tool works on the basis of the following details:

  • Loan Amount
  • Tenure
  • Rate of Interest

Once these details are filled in the calculator, a table just like the example given below appears. In the below table, there is an example of the EMIs that a person will be supposed to pay to the bank if he takes a personal loan of ₹ 15 lakhs for the tenure of 5 years and has been offered the interest rate of 15.50% p.a. by Axis Bank.

Table for EMI per month, Total Interest Outgo and Total Amount

Loan Amount (in ₹) Interest Rate (p.a) Tenure (in Years) EMI (in ₹) Total Interest Outgo (in ₹) Total Amount (Principal + Interest) (in ₹)
15,00,000 15.50% 1 1,35,742 - 1,41,839 1,28,899 - 2,02,073 16,28,899 - 17,02,073
15,00,000 15.50% 2 73087 - 79307 2,54,084 - 4,03,360 17,54,084 - 19,03,360
15,00,000 15.50% 3 52366 - 58849 3,85,177 - 6,18,574 18,85,177 - 21,18,574
15,00,000 15.50% 4 42127 - 48903 5,22,110 - 8,47,332 20,22,110 - 23,47,332
15,00,000 15.50% 5 36080 - 43152 6,64,787 - 10,89,117 21,64,787 - 25,89,117

Amortization Table

Year Principal (in ₹) Interest Outgo (in ₹) Balance Amount (in ₹)
1 215332 - 176395 217628 - 341429 1284668 - 1323605
2 251184 - 223712 181776 - 294112 1033484 - 1099893
3 293006 - 283720 139954 - 234104 740478 - 816173
4 341792 - 359828 91168 - 157996 398686 - 456345
5 399146 - 457191 34260 - 61476 0 - 0

Also, a borrower can know the maximum loan amount they can get with the help of a personal loan EMI calculator.

Benefits of using Personal Loan EMI calculator

Here are some of the advantages of using EMI calculator for a personal loan:

  • By using an EMI calculator, a loan borrower can know the monthly installments he/she will have to pay to the lender and plan their monthly finances accordingly.
  • With the help of the calculator, a loan seeker can see if he/she can know the affordability in deciding the loan amount.
  • EMI calculator tells a lot more than just the monthly installment like the total interest outgo, total amount. Also, in the last year of the tenure, there appears an amortization table that tells the details of each periodic payment on an amortizing loan. Amortization refers to the process of paying off a loan over time through regular payments.

Axis Bank Personal Loan Approval Process

The loan approval process for a personal loan is dependent on the cibil score of the applicant. If a person has maintained a good cibil score that is around 300-900, he is likely to get better interest rates on a personal loan smoothly.

Features of Axis Bank Personal Loan

Here are some of the main features of Axis Bank personal loan scheme:

  • Low-interest rates with the starting rate of 15.50% p.a.
  • Higher loan amount up to ₹ 15 lakhs
  • Balance transfer facility
  • Quick loan approval
  • Multi-purpose loan
  • eDGE loyalty points
  • Simple documentation
  • Flexible tenure

The personal loan interest rates offered by Axis Bank are one of the lowest personal loan interest rates in the Indian market. On a personal loan, a person can get a personal loan with the interest rate starting from 15.50% p.a. to 24% p.a.

Axis Bank Personal Loan Contact Number

Keeping in mind the comfort and convenience of the customers, Axis Bank has a toll-free number: 1800 103 5577 where a customer is free to ask product related questions.