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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.
Axis Bank Personal Loan Interest Rates February 2023
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.
|Interest Rate||10.50% - 25.00%|
|Loan Amount||INR 1 Lakh - INR 40 Lakhs|
|Tenure||12 to 60 Months|
|Processing Fees||1% of the loan amount + GST|
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
- 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 INR 5 lakh at an interest rate of 15.75% for 5 years.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 5,00,000||15.75%||1||₹ 45,306||₹ 43,676||₹ 5,43,676|
|₹ 5,00,000||15.75%||2||₹ 24,422||₹ 86,125||₹ 5,86,125|
|₹ 5,00,000||15.75%||3||₹ 17,517||₹ 1,30,607||₹ 6,30,607|
|₹ 5,00,000||15.75%||4||₹ 14,106||₹ 1,77,098||₹ 6,77,098|
|₹ 5,00,000||15.75%||5||₹ 12,093||₹ 2,25,563||₹ 7,25,563|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|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 instalments he/she will have to pay to the lender and plan his/her monthly finances accordingly.
- This device allows you to know your monthly instalments 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 instalment 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.
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.
How to apply for Axis Bank Personal Loan through Wishfin?
Applying for personal loan is just a click away, you just need to visit Wishfin website www.wishfin.com. 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 through Wishfin.com as well, you just need to fill a form with your basic personal and professional details and you are set to go. Post submission of your loan application, you need to submit your documents and your loan application will be processed.
- Apply Offline: Those who are not comfortable applying online through Wishfin as well, you just need to fill a form with your basic personal and professional details and you are set to go. Post submission of your loan application, you need to submit your documents and your loan application will be processed.
Axis Bank Personal Loan Special Festive Offers
Festive offer details – Special interest rate of 10.25% & PF of Rs.4,999/- plus applicable GST.
- To avail this offer below criteria is applicable
- Loan amount >= 15 Lacs
- Maximum Loan Tenure – 60 months
- Minimum NTH (Net Take Home) >= Rs.75K
Note* Validity – If your loan application gets logged in between 21st September, 2021 & 20th November,2021 and gets disbursed till 30th November, 2021 only.
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 INR 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.
Axis Bank Personal Loan FAQs
1. How to apply for an Axis personal loan online?
If you are willing to apply for the Axis Bank personal loan online then you can directly visit the Axis Bank Official website and give your basic details to get the loan. There is another option available for you to apply for the personal loan online in which you will have to fill out the form given above. Just provide the desired amount, occupation status, monthly income, city, name, and contact number to apply for the Axis personal loan.
2. How much time Axis Bank takes to approve a personal loan?
Axis Bank takes approximately 72 hours to approve a personal loan after verifying all the documents of the applicant.
3. How long does it take to get a personal loan from Axis Bank?
You can get a personal loan from Axis Bank within 3 days after you have given all the supporting documents that prove your eligibility to the bank.
4. What is the minimum personal loan amount in Axis Bank?
INR 50000 is the minimum personal loan amount in Axis Bank and you can borrow a loan of up to INR 15 lakhs from the same bank.
5. Can I take 2 personal loans from Axis Bank?
Yes, you can take 2 personal loans from Axis Bank but you must have a good Cibil score, income, and credit limit with the bank.
6. What are the documents required to apply for Axis personal loan?
Axis Bank will ask for the following documents if you are applying for a personal loan:-
– PAN Card as an Identity Proof
– Signed Personal Loan Application Form
– One Address Proof- Aadhar Card or Voter’s ID Card or Passport or Electricity Bill
– One Income Proof- 3 to 6 Months Bank Statement or Salary Slips or Latest ITR
– Multiple Passport Size Photographs
7. Who is eligible to take Axis bank personal loan?
The following person is eligible to take Axis Bank Personal Loan:-
– A person with a minimum age of 23 years.
– A person with a maximum age of 60 years at loan maturity.
– Minimum Salary of INR 15000 per month.
– A High Cibil Score of 750 and above.
– A person who is an Indian Citizen.
8. What documents are required for an Axis Bank personal loan?
You will need identity proof, address proof, income proof, an application form, and multiple passport-size photographs before you apply for the Axis Bank Personal Loan.
9. Does Axis Bank give instant Personal loans?
Yes, you can get an instant personal loan from Axis Bank and it is disbursed within 72 hours if you fulfill all the eligibility criteria and submit the supporting documents.
10. Who can be your co-borrower in Axis Bank personal loan application?
The co-borrower in the Axis Bank Personal Loan application can be the spouse, parents, siblings, and children of the applicant.
11. What is the minimum CIBIL score required for Axis Bank personal loan in India?
750 is the minimum Cibil score required for Axis Bank Personal Loan in India and it initiated a fast disbursal of the loan.
12. How to close Axis Bank personal loan?
In order to close the Axis Bank Personal Loan, you can follow the below steps:-
– Visit the nearest Axis Bank Branch
– Meet the representative and ask him for closing the Axis Bank Personal Loan.
– Fill out the form and pay the outstanding loan amount.
– Get the NOC from the bank after paying off the loan.
13. How to foreclose Axis bank personal loan?
You can foreclose the Axis Bank personal loan by visiting the nearest Axis Bank branch. You will have to fill out the foreclosure form and pay the outstanding loan amount with the foreclosure charges. After completing all the formalities, your Axis personal loan will be foreclosed and you will get the NOC
14. How to pay an axis bank personal loan?
You can pay the axis bank personal loan through EMIs and even foreclose it after a certain span of time. The majority of people use the auto-debit facility of the bank to pay the axis bank personal loan.
15. How to check personal loan balance in Axis Bank?
You can check the personal loan balance in Axis Bank by making a Login on the official website of the Axis Bank. It will show all the details of your personal loan including interest and the outstanding loan amount.
To Know More Details:- https://www.axisbank.com/