Axis Bank is one of the most trusted private-sector banks in India. The bank offers a lot of banking and financial services. Axis Bank personal loans can be taken easily if you have a good credit score and a stable income. You can get up to INR 40 lakh personal loan and use it for any type of expenses like education, marriage, travel etc. You can also apply for an Axis Bank education loan if required. Let’s check and understand all the major features, eligibility, interest rate etc for this bank’s personal loans.
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Overview of Axis Bank Personal Loan
This bank offers personal loans designed to meet a variety of financial needs, from medical emergencies and weddings to vacations and home renovations. These loans provide flexibility with loan amounts ranging from INR 50,000 to INR 40 lakhs subject to eligibility. The bank offers competitive interest rates and quick processing, Axis Bank personal loans are an attractive option for those seeking financial assistance without the need for collateral. Check some major features of the loan below:
| Particulars | Details |
| Maximum Loan Amount | Up to INR 40 lakh |
| Interest Rate | Starting from 11.25% |
| Repayment Period | 12 to 84 months |
| Eligibility | Salaried Individuals above 21 years of age |
| Processing Fee | 2% loan amount + GST |
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Axis Bank Personal Loan Interest Rate and MCLR
The interest rate on personal loans from Axis Bank starts from 11.25%. The effective rate of interest on the loan is determined by considering the MCLR and the spread set by the bank. Check the details of the interest rate of the personal loan below:
| MCLR | Spread over 1 year MCLR | Effective Rate of Interest |
| 1-year MCLR: 9.30% | 1.69% to 12.70% | 10.25% to 22% |
Axis Bank Personal Loan: Schedule of Charges
The bank also applies some fixed charges related to the loan. The charges include processing fees, repayment instruction fees, and statement issues charges. Check the details of the schedule of charges for personal loan in the table below:
| Type of Charges | Amount |
| Repayment Instruction | INR 339 per dishonour |
| Swap Charges | INR 500 |
| CIBIL reports issuance charges | INR 50 |
| Penal Charge | 8% per annum over the applicable interest rate on the overdue amount |
| Stamp Duty Charges | As per the Stamp Act |
| Foreclosure Charge | 3% if less than 36 EMIs have been paid 2% if more than 36 EMIs have been paid |
Axis Bank Personal Loan Eligibility Criteria
To be eligible for an Axis Bank personal loan, applicants must be salaried employees, doctors, government sector employees, or employees of public and private companies. Since it is an unsecured loan, having a fixed monthly income is mandatory. Check some of the necessary eligibility criteria for Axis Bank personal loan:
- The minimum age of the applicant should be 21 and a maximum of 60 years at the time of loan maturity.
- The applicant should have a minimum net monthly income of INR 15,000 (for Axis Bank customers) and INR 25000 (for other bank customers.
- Axis Bank also considers the credit score, employment stability, and overall financial profile of the applicant to determine loan eligibility and the amount that can be sanctioned.
Also Read: Check here all the major details about education loan for B.Tech from Germany
How to Apply for a Personal Loan from Axis Bank?
Applying for a personal loan from this bank is a very easy process. You can apply for a loan through internet banking or by using the mobile application. Check all the steps involved in applying for personal loan:
- Visit the official website and go to the personal loan section
- Click on the ‘Apply Now’ button
- Enter the personal details like name, email ID, contact number, PAN etc
- Enter the OTP received on your phone number
- Provide the consent for sharing the personal details
- Upload the documents and complete the eKYC and video KYC
Documents Required
Some of the major documents required for personal loans include KYC documents and address proof. You will also be required to provide the documents showing your income. Check the list of documents below:
- Aadhaar card, PAN Card and driving license
- Last 6 months’ bank statements and salary slips
- ITRs (in case of self-employed applicants)
This was all about the major details of Axis Bank personal loan. Check some FAQs based on the same below:
FAQs
To be eligible for an Axis Bank Personal Loan, applicants must be either salaried employees or self-employed individuals. Salaried employees need to be between the ages of 21 and 60, with a minimum monthly income of INR 15,000. Self-employed individuals should be between 21 and 65 years old and have a stable income source.
Axis Bank offers personal loans with flexible loan amounts ranging from INR 50,000 to INR 40 lakhs, depending on the applicant’s eligibility. The repayment period is up to 84 months, allowing borrowers to choose a repayment schedule that suits their financial situation.
The interest rate on Axis Bank Personal Loans ranges from 10.49% to 21% per annum, depending on the applicant’s credit score, loan amount, and repayment tenure.
Yes, Axis Bank allows borrowers to prepay or foreclose their loan after a minimum of 12 EMIs have been paid. There is a prepayment charge of up to 2-3% on the outstanding principal amount.
You can apply for an Axis Bank Personal Loan through multiple channels online via the Axis Bank website, through mobile banking, or by visiting a branch.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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