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.
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.
|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|
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.
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:
Before applying for a personal loan, you need to have all the documents listed below:
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:
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:
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|
|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.
Here are some of the advantages of using EMI calculator for a personal loan:
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.
Here are some of the main features of Axis Bank personal loan scheme:
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.
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.