Axis Bank is the third largest private bank in India and is one of the most chosen personal loan providers as well. With a wide network of branches all over the country, Axis Bank personal loan is reachable and easy to get. Yes, this credit facility can easily be availed by both salaried as well as self-employed individuals in order to fulfill their varied needs in life. Moreover, this renowned lender offers a personal loan 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, this credit facility is available for all the people. 

The bank has no terms and conditions when it comes to using the loan money. Yes, isn't it great! The lender will not ask for which purpose you are going to use the funds. The moment your loan is sanctioned, you can use the loan amount to meet your multiple needs, without disclosing the bank.

Axis Bank Personal Loan Interest Rates Details

This credit facility offered by Axis Bank is available with a low-interest rate, minimal documentation and fastest loan approval. Other than this, the lender also facilitates the higher loan amount and flexible tenure on loans, hence making it more convenient for the people to repay the loan without any hassle. With the competitive rates and easy repayment options to choose from, it would not be wrong to say that your EMI burden will also reduce, hence your loan journey will become much more smoother. In order to know more about this credit facility, read this page further and get the detailed information in the table below. 

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?

This lender is a reputed name in the Indian banking sector, worldwide known for delivering the best financial services and products to one and all. Be it loans, investments, insurances, cards, forex, deposits, etc, this private sector lender leaves no stone unturned to cater the diverse needs of all its esteemed customers. With its exclusive range of financial products such as personal loan, the lender always ensures that people will get this credit facility at attractive rates and flexible tenures. The credit facility offered by this lender comes to you with an enormous range of unmatched features and benefits to avail. Well, to know the list of advantages coming your way, you just need to read this page below. 

Fastest Approval: You can either go online or offline so as to avail this credit facility, and the best thing is that in return you can expect the fastest loan approval. Yes, the lender with its seamless and transparent process ensures to give the best services and that too without keep you waiting too longer. 

Higher Loan Amount: Isn't it great that this renowned lender offers you the loan amount of up to ₹ 15 Lakhs?  Yes, with this huge amount, you can easily fulfill all your multiple needs without thinking twice.

Competitive Interest Rates: Now, what could be more interesting and appealing than availing this credit facility at an interest rate of 15.50% per annum. The lender offers you the lowest rates so as to lessen your loan burden. 

Zero Prepayment Charges: If a borrower wants to pay his loan before the actual set period, he/she has this facility, wherein an applicant can easily do the same without getting charged for it. Yes, the lender has zero prepayment or foreclosure charges, for those who want to close their loan early.

Minimal Documentation: In order to avail this credit facility, an applicant needs to submit few important documents, and the best part is that the process is quite simple and quick. It doesn't required a long list of documents, hence you can easily avail the same without any hassle.

Online Loan Account Facility: The bank facilitates online loan account, wherein an applicant can keep a track of his application status, repayment schedule and other information. With the help of this facility you can have the complete access to your account and you can check it 24x7 depending upon your convenience.

eDGE Loyalty Points: The lender offers eDGE loyalty points on personal loans, which can be used to redeem cash surplus and discounts. Yes, these loyalty rewards can easily be redeemed for many purposes.

Multiple Repayment Options: The bank offers multiple repayment options for this credit facility so that you can make the payments through various modes such as ECS or PDCs. With the help of these repayment options, you can easily repay your loan without any hassle. 

Flexible Tenure: If a borrower is taking a loan, he/she can do the repayment within 12 to 60 months as per his/her comfort. With the flexible tenures, you can easily repay your loan as your burden will be reduced. 

Axis Bank Personal Loan Eligibility

Banks have certain eligibility criterion on the basis of which they offer this credit facility to the individuals with regular source of income. However, be it a salaried or self-employed, the bank's eligibility differs from customer to customer and from lender to lender. So, before you apply for the same, it is important for you to know the eligiblity and when it comes to the eligibility of the personal loan offered by this lender, you can know the in the table below. 

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 this credit facility, you need to have a complete list of documents ready so that you can have a hassle-free loan journey. Whether its salaried or self-employed, if an applicant is not having the proper documents, it would not be possible for him/her to avail this unsecured credit. Hence, to know all the important required, you just need to take a look at the table 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 this credit facility is just a click away as the customers can apply for it on the bank's website. Yes, you have the convenience to avail this facility online and can enjoy plenty of unmatched features and benefits. But before you go for the same, below are the few things that you should always keep in mind.

  • Check Your Eligibility: Since this type of loan is an unsecured loan, the amount and rates are offered after closely observing the overall profile of the applicant. So, before applying for this credit, it would be advisable to calculate your eligibility with the help of the personal loan eligibility calculator.With the help of this tool, you can know the  maximum amount you get on the basis of your income and repayment capacity.

  • Apply Online: A person can apply for this unsecured loan online as well after comparing the different lenders. If you want to grab the best deal online, you just need to do the comparison and get the instant approval without any hassle.

  • Apply Offline: Those who are not comfortable in applying online can follow the offline procedure as well to avail this credit facility being offered by this lender.

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 loan of ₹ 15 lakhs for a tenure of 5 years and has been offered the interest rate of 15.50% p.a. by Axis Bank.

Below is the table showing EMI, Total Interest Outgo and Total Amount Payable

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

However, the best thing about this smart and time-saving device is the fact that it allows you to know your EMIs in a hassle-free manner. You have the calculations in front of you, hence it becomes easier for you to know the exact amount of your monthly installments within few seconds.
 

Benefits of using Personal Loan EMI calculator

Here are some of the advantages of using the EMI calculator:

  • By using this tool, an applicant can know the monthly installments he/she will has to pay to the lender and plan their monthly finances accordingly.
  • This devices allows you to know your monthly installments in the most hassle-free manner i.e. it saves a lot of time and energy. It gives you the results instantly within few seconds. 
  • It 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 approval process for a personal loan is dependent on the cibil score of the applicant. If a person is having a good cibil score that is around 750 or above out of 900 than he/she is likely to get the better interest rates as in that case the profile of the applicant appeals the lender.  

Features of Axis Bank Personal Loan

The lender offers you this credit facility with many features so that you enjoy every bit of your loan journey. To know more about the features offered by the lender, read the points below. 

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

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. The customers can call on this number anytime and get their queries resolved. The customer care executives are available 24x7 on this toll-free number so as to always be in touch with the customers around the world.