Axis Bank Personal Loan

Highlights

  • Axis Bank Personal Loan is Available at Lowest Interest Rates of 15.50%

  • Enjoy a hassle-free loan journey with pocket-friendly EMIs

In the latest monetary policy meet held on March 24-27 2020, the RBI has decided to give a 3-month moratorium period for all outstanding loans as on March 1, 2020. Remember, this is not an EMI WAIVER. The move is in line with the economic pressures induced by the Coronavirus outbreak. So, this could mean some savings for you on your loan and help you deal with the likely situation of less or no income. Your credit score will not reduce if you don't pay the EMI. But doing so can raise your interest liability as banks would like to cover their losses, which is likely to be the case on deferred EMI payments, by increasing the interest component of the EMI after the moratorium period gets over. So, if you have the money, keep paying to reduce your interest liability. The moratorium, which was ending on May 31, 2020, has been extended till August 31, 2020.

Want to enjoy the best personal loan interest rates starting at 12% per annum and pay EMIs that come easy to your budget? Looking for a loan that comes with minimal documentation and fastest approval? Well, all this and much more can be possible with Axis Bank personal loan. Let’s just know more about the same below…

Personal Loan

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    Axis Bank Personal Loan Interest Rates July 2020

    Axis Bank Personal Loan comes with a low-interest rate, minimal documentation and fastest loan approval. Other than this, the lender also offers higher loan amount and flexible tenure options, hence making it more convenient for the people to repay the loan. With competitive Axis Bank personal loan rates and easy repayment options to choose from, your EMI burden will also reduce and your loan journey will become much smoother. Read this page further and get the detailed loan information in the table below.

    ParticularsDetails
    Interest Rate15.50% - 24.00%
    Loan AmountINR 50,000 - INR 15 Lakhs
    Tenure12 to 60 Months
    Processing Fees1.50% to 2.00% of the loan amount + GST
    Prepayment ChargesNIL
    SecurityNot Required

    Axis Bank Personal Loan Calculator

    A personal loan EMI calculator online is a tool that calculates the monthly installment, Interest Outgo and Total Amount payable towards a loan. EMI or equated monthly installment is a combination of both interest and principal repayable every month. This tool works based on the following details:

    • Loan Amount
    • Tenure
    • Rate of Interest

    Once you fill these details, the device starts fetching the values that you can see in the table below. For a better understanding, you can take a look at the example below and see the EMIs that an individual is supposed to pay if he takes a loan of ₹5 lakh at an interest rate of 15.75% for 5 years.

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 5,00,00015.75%1₹ 45,306₹ 43,676₹ 5,43,676
    ₹ 5,00,00015.75%2₹ 24,422₹ 86,125₹ 5,86,125
    ₹ 5,00,00015.75%3₹ 17,517₹ 1,30,607₹ 6,30,607
    ₹ 5,00,00015.75%4₹ 14,106₹ 1,77,098₹ 6,77,098
    ₹ 5,00,00015.75%5₹ 12,093₹ 2,25,563₹ 7,25,563

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 71,368₹ 73,744₹ 4,28,631
    2₹ 83,457₹ 61,655₹ 3,45,173
    3₹ 97,593₹ 47,519₹ 2,47,579
    4₹ 1,14,124₹ 30,988₹ 1,33,455
    5₹ 1,33,611₹ 11,657₹ 0

    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. Not only the EMI, you can also get to know the interest and total outgo over the course of a loan using this device. This is the reason why borrowers use this device regularly as it helps them take a calculative decision.

    Benefits of using Axis Bank 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 have to pay to the lender and plan his/her monthly finances accordingly.
    • This device 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 a 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 Eligibility

    Axis Bank offers personal loans to salaried doctors,  individuals of public & private limited companies, and government sector employees including public sector undertakings and central and local bodies. So, before you apply for the same, it is important for you to know the Axis Bank Personal Loan eligibility. To know more, you can take a look at the table below.

    Salaried
    Minimum age of an applicant must be 21 years at the time of availing the loan
    Maximum age of the applicant can be 60 years
    Minimum Net Monthly Income should be ₹ 15,000
    Maximum loan amount is ₹ 15 lakhs
    A person should be an Indian Citizen
    Good CIBIL score

    Documents Required For Axis Bank Personal Loan

    Before applying for this credit facility, you should be ready with a complete list of documents so that you can have a hassle-free loan journey. Whether it’s salaried or self-employed, if an applicant is not having proper documents, Axis Bank could reject the loan application. Take a look at the table below to know the documents you need to submit.

    SalariedSelf-employed Professionals
    Signed loan application form with recent photographsSigned 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 CertificateAge 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 LicenseIdentity 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 PolicyAddress 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 statementIncome 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 CardSignature Verification Proof-Driving License/Passport copy/PAN Card
    Duly signed loan agreementDuly signed loan agreement
    Standing Instruction (SI) Request / ECS Form / Post Date Cheques (PDCs)/ Security Cheques required for SI and ECSStanding Instruction (SI) Request / ECS Form / Post Date Cheques (PDCs)/ Security Cheques required for SI and ECS
    Qualification or registration proof required for doctors, architects, CA, CS, ICWA, MBA consultant, engineers may vary from customer to customer

    How to apply for Axis Bank Personal Loan

    Applying for personal loan is just a click away as customers can do so on the bank’s website. Yes, you can apply online and enjoy plenty of unmatched features and benefits. But before you go for the same, it will be good if you keep the following things in mind.

    • Check Your Eligibility: As it’s an unsecured loan, Axis Bank will check the profile of the applicant closely. So, before applying, it would be advisable to calculate your eligibility with the help of a personal loan eligibility calculator online. With this tool, you can know the maximum amount you can get based on your income and repayment capacity.
    • Apply Online: A person can apply for this unsecured loan online as well after comparing the offers of different lenders. If you want to grab the best deal online, you just need to do the comparison and apply for the best one.
    • Apply Offline: Those who are not comfortable applying online can follow the offline procedure to avail the said credit facility. You can simply visit the bank branch and ask for an application form. Fill the form correctly and submit it along with relevant documents to the concerned bank official.

    Different Options for Making EMI Payments for Axis Bank Personal Loan

    After knowing so much about the Axis Bank personal loan, you may want to know the various payment methods by which you can easily repay the loan amount. There are mainly three methods among which you can opt for the one – Standing Instruction (SI), Electronic Clearing Service (ECS) and Post-dated Cheques (PDCs). You can look at all of them below.

    Standing Instruction (SI) Repayment Method

    The first thing which is a must-have to use this method is to have savings, salary, or current Axis Bank Account. Through this method, your EMI amount will be automatically debited on a fixed date every month from the Axis Bank account you want to. If you don’t have an Axis Bank account, you will need to open an account to use this repayment method.

    Electronic Clearing Service (ECS) Repayment Method

    This repayment method comes handy if you have a bank account in a bank other than Axis Bank. With this method, the EMI will be automatically debited from your non-Axis savings, current, or salary account at the end of every monthly cycle.

    Post-dated Cheques (PDC) Repayment Method

    This is a kind of offline repayment method wherein you will need to submit the post-dated EMI cheques from a non-Axis bank account at the nearest loan center of the Axis Bank. But you need to remember that this has to be done every month on time otherwise you miss your repayment and then, you have to pay different kinds of charges. Every month, you will need to submit a new set of post-dated cheques.

    Also, you should submit these post-dated cheques only at those locations where there is no ECS facility. Axis Bank recommends opting for either SI or ECS Repayment methods as they are totally online, fast and have fewer chances of errors.

    Axis Bank Personal Loan Balance Transfer

    If your existing lender is charging higher interest rates on a personal loan, the balance transfer is one of the smartest options you can opt for.  Simply transfer your existing personal loan to Axis Bank and enjoy lower interest rates along with pocket-friendly EMIs. The process of transferring your existing outstanding balance to Axis is simple and quick. You can either visit the bank branch and give a request or do the same online. Hence, this allows you to enjoy the benefits of lower rates along with affordable EMIs.

    Axis Bank Personal Loan Approval Process

    The approval process for a personal loan is dependent on the CIBIL score of an applicant. If a person is having a good CIBIL score of around 750 and above, he/she is likely to get a better interest rate deal. In fact, with the help of some reliable websites like Wishfin, you can also check CIBIL score for free and get your report online in just a few minutes. Isn’t it great?

    Axis Bank Personal Loan Status

    The applicant can check the status of his/her loan application online by entering the application ID. He/she has to log in on the bank’s website to track the application status. The application status of the loan will display on the screen. You can clearly see whether your loan is approved, pending or rejected.

    Axis Bank Personal Loan Customer Care

    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. Customers can call on this number anytime and get their queries resolved. The customer care executives are available 24×7 on this toll-free number to solve all your queries, concerns and complaints so that you can have a hassle-free loan journey.

    Axis Bank Personal Loan Login

    The process of logging in to the Axis Bank account is quick and easy. All you need is your account credentials. With the help of a login ID and password, you can simply log in to your account and keep a track on your personal loan. No need to visit the bank as everything is there on your fingertips.

    Axis Bank Personal Loan Statement

    Now keeping a track of your personal loan is not a hassle anymore as you can access  Axis bank personal loan statement online. Yes, you just need to sit back and relax as the details of your loan will automatically come in your inbox monthly. The bank sends your loan statement monthly, mentioning all the credentials such as outstanding balance, EMIs paid, paid, etc. With the help of the same, it becomes easier for the borrowers to track their loan details.

    Why Choose Axis Bank Personal Loan?

    This lender is a reputed name in the Indian banking space by providing a gamut of financial products that inspire people to dream. Be it loans, investments, insurances, cards, forex, deposits, etc, this private sector lender leaves no stone unturned to meet 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  plenty of unmatched features and benefits to make the most of. You can check the benefits below.

    Fastest Approval: You can either go online or offline to avail this credit facility, and the best thing is that in return you can expect the fastest loan approval. This reduces your precious time and effort.

    Higher Loan Amount: Isn’t it great that this renowned lender offers you the loan amount of up to ₹ 50 Lakh?  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 15.75% per annum. The lender offers you the lowest rates  to lessen your loan burden.

    Zero Prepayment Charges: If a borrower wants to pay his/her loan before the actual set period, he/she can easily do the same without any charges. 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 a few important documents. The best part is that the process is quite simple and quick. It doesn’t require a long list of documents, hence you can easily avail the same.

    Online Loan Account Facility: The bank offers online loan account facility, wherein an applicant can keep a track of his/her application status, repayment schedule and other information. With the help of this facility, you can access your account and check it 24×7 depending on 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, such as ECS or PDCs. With the help of these repayment options, you can easily repay your loan.

    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.

    About Axis Bank Personal Loan

    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, both salaried and self-employed individuals can access this credit facility to meet their personal needs. Moreover, this renowned lender offers a personal loan under the impression that the 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.

    All you Axis Bank personal loan borrowers, be prepared to pay little more while availing for a personal loan. Now after GST into effect, the 15% service tax on payments, including the processing fee and prepayment charges are now replaced with 18% GST. With the impact of GST, personal loan borrowers have to pay slightly more charges and fees.

    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.

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