Axis Bank Personal Loans

Axis Bank Personal Loan

4
15.50% - 24%

Fixed

Processing Fee
1.5

Tenure
1 - 5 Years

Axis Bank Personal Loan

Axis Bank offers unsecured personal loans only for salaried applicants while self employed can only get Loans for Holiday and Marriage. Axis bank is very expensive in comparison to all it's peers offering the lowest of 15.50% to a maximum of a whopping 24% per annum, depending upon the credit history and repayment capability of the borrower. Axis Bank offers tenure on personal loan from minimum 12 months to maximum 60 months from the date of loan disbursal.


Axis Bank is a good fit for you?

Applicants holding salary account with Axis Bank – If you have an existing salary account with Axis Bank where you're disbursing your salary currently, then Axis Bank is quite a good fit for you since you can avail personal loan with zero documentation and easy approvals, depending upon your credit history.

Average or Good Credit Score – Axis Bank offers personal loans to customers who have average to good credit score. You can easily avail personal loan from Axis Bank if you have a credit score of 750 or above. However, like all the other banks, axis bank approves the personal loan depending upon the credit history and repayment capacity of the borrower.

Wants to avail funds for holiday – Axis Bank is a good fit for you if you are a salaried applicant and wants to avail the personal loan for holiday. As for the holiday loan, Axis Bank offers the facility to pay only the interest rate on your loan amount with 2 months moratorium period. However, the interest rate would be charged during this moratorium period.

Wants to avail funds for marriage – Axis Bank is a good fit for borrowers who wants to avail funds for their own marriage or the marriage of their children. Axis Bank offers personal loan for marriage up to Rs. 15 Lacs regardless of applicant being salaried or self-employed.

Axis Bank Personal Loan at a glance

Annual Interest Rate

15.50% - 24%

Loan Term

12 Months - 60 Months

Loan Amount

Rs. 50,000 - Rs. 15 Lacs

Time of Funding

Within 48 hours

After receipt of complete documents

Pre-Payment Charges

Nil

Why Choose Axis Bank?

Nil Pre-closure Charges - Axis Bank is the best choice for you, if you've already planned to prepay your loan amount. Since, Axis Bank doesn't charge any fee on personal loan prepayment as compared to other banks charging 2% to 4% on principal outstanding in case of foreclosure and 2% to 4% on prepaid amount in case of part-payment.

What to watch out for?

High Rate of Interest Range – The interest rate that Axis Bank offers on personal loan is quite high as compared to some other banks like HDFC and SBI. Currently, Axis Bank charges an interest rate of as high as 24% of the loan amount as compared to HDFC Bank charging only 11.39% to 20.99% and SBI Charging only 11.65% to 15.05% on the loan amount.

High Processing Charges – The processing charges applicable on Axis Bank are a bit higher than the various personal loan offerings being offered by other banks like SBI, OBC and PNB. Where the highest processing charges SBI levies on personal loan customers is 1.01% of the loan amount, OBC charging the maximum processing charges equal to 0.50% of the loan amount and PNB charging up to 1.80% maximum of the loan amount.

EMI Bounce Charges – EMI Bounce charges on Axis Bank personal loan is quite high as compared to ICICI Bank charging only Rs. 400 and HSBC charging only Rs. 350 per instance.

Compare Axis Bank Personal Loans to Other Banks

Bank Name Axis Bank HDFC Bank SBI

Typical APR

15.5% - 24%

11.39% - 20.99%

11.15% - 15.05%

Loan Term

12 Months - 60 Months

12 Months - 72 Months

12 Months - 60 Months

Maximum Lending Amount

Rs. 15 Lacs

Rs. 50 Lacs

Rs. 15 Lacs

Processing Fee

1.50% to 2.00% of the loan amount

Up to 2.50% of the loan amount

1% of the Loan Amount

Time to Funding

Within 48 hours

Within 4 hours

Usually within 2 to 3 working days

Pre-Closure

Nil

2% to 4%

Zero to Upto 3%

As compared to some other banks offering personal loans such as HDFC Bank and SBI Bank, Axis Bank charges high interest rates on personal loan. HDFC Bank charges interest rate ranging from 11.39% to 20.99% on personal loan, whereas SBI charges an interest rate ranging from 11.15% to 15.05% in compared of Axis Bank.

However, the advantage Axis Bank have over HDFC Bank and SBI, is that there are no charges applicable on prepayment of your Axis Bank personal loan regardless of the purpose of the loan, be it for wedding, home renovation or , whereas HDFC Bank charges a high prepayment charges ranging from 2% to 4% and SBI charges a prepayment charges of zero to up to 3%.

Am I Eligible?

  • Minimum Age of the applicant should not be less than 21 years at the time of loan application and maximum Age of the applicant should not exceed 60 years at the time of loan maturity.
  • Applicant should have a minimum net monthly income of Rs. 15,000 or above.
  • Salaried applicant must have a minimum 2 years of total work experience and Self-employed applicant must have a minimum of 5 years work experience in total regardless of business or professionals.

Loan Offerings

Axis Bank Personal Loan for Salaried

  • Axis Bank offers personal loan of up to Rs. 15 Lacs to Salaried Borrowers, where the minimum amount that you can borrow from the bank is Rs. 50,000. An eligible salaried borrower can be an employee working in private or public limited companies, employee of government organization including public sector undertakings and central/local government bodies or a salaried doctor.
  • Axis Bank currently charges an interest rate between 15.50% to 24% on the availed loan amount.
  • To be eligible for the salaried personal loan, the applicant should be at least 21 years of age at the time of loan application and must have repaid the loan in full by the age of 60 years where applicant must be earning a net monthly income of minimum Rs. 15,000.
  • Documentation for Axis Bank Personal Loan for Salaried:
    • Recent Salary Slip
    • Bank Account Statement for last 6 months
    • Signature Verification Proof
    • KYC Documents with Recent Photographs
  • Documentation required after loan sanction and before the disbursement:
    • Loan Agreement duly signed
    • Standing Instruction (SI) Request / ECS Form with Security Cheques.
    • Qualification or registration proof required for doctors, architects, CA, CS, ICWA, MBA consultant, engineers.

Axis Bank Holiday Loan

  • Axis Bank offers a personal loan to customers who wants to avail the funds to enjoy a vacation, named Axis Bank Holiday Loan. The holiday loan scheme is similar to the Axis Bank Personal loan for Salaried where you can avail loan amount of minimum Rs. 50,000 to maximum Rs. 15 Lacs; However, the only difference is that you get 60 months moratorium period with holiday loan unlike personal loan for salaried. During this period, you would only have to pay the amount equal to the interest rate over the loan, not the principal amount itself. The EMIs for the loan starts after moratorium period ends, calculating from the date of loan disbursement. The moratorium period offered on holiday loan doesn't count in the loan tenure.
  • Alike personal loan for salaried, Axis Bank charges an interest rate of 15.50% to 24% with a processing fee ranging between 1.50% to 2% of the sanctioned loan. Apart from the 60 months moratorium period, what makes the holiday loan different from personal loan for salaried, is a complimentary forex card being offered to the foreign travellers. The forex card comes with the benefits like locked in exchange rate on currency conversion, ATM fee waivers of upto 3 withdrawals and discount of 3.5% currency charges on each swipe.
  • Documentation for Axis Bank Holiday Loan:
    • Copy of Travel Tickets
    • Copy of Visa documents and Passport in case of overseas travel
    • Last 3 months Salary Slip
    • Bank Statement for last 3 months
    • KYC Documents along with 3 Passport size photographs and signature proof
  • Documentation required post sanctioned loan and before the disbursement:
    • Loan Agreement duly signed
    • Standing Instruction (SI) Request / ECS Form with Security Cheques.
    • Qualification or registration proof required for doctors, architects, CA, CS, ICWA, MBA consultant, engineers.
  • Documentation required to apply for the complimentary forex card:
    • Copy of Passport
    • Form A2, compulsory for amount more than US $5,000 or it's equivalent in the miscellaneous foreign currencies.
    • Copy of Visa Documents
    • Copy of Airline tickets
    • Copy of PAN Card along with Aadhar Card

Axis Bank Personal Loan for Wedding

  • Axis Bank offers a personal loan for wedding which anyone can apply regardless of salaried, self-employed businessman or professionals as long as the applicant meet the eligibility criteria with being at least 21 years at the time of loan application and earning a net monthly income of Rs. 15,000 minimum.
  • Alike personal loan for salaried and holiday loan, Axis Bank charges an interest rate ranging from 15.50% to 24% on the monthly reducing balance on the personal loan for wedding along with one time processing fee between 1.50% to 2% of the sanctioned amount.
  • Documentation for Axis Bank Personal Loan for Wedding:
    • Proof of marriage like Wedding Card
    • Bank Account Statement for last 6 months
    • Signature Verification Proof
    • KYC Documents with Recent Photographs
  • Documentation required post loan sanction and pre disbursement:
    • Loan Agreement duly signed
    • Standing Instruction (SI) Request / ECS Form with Security Cheques.
    • Qualification or registration proof required for doctors, architects, CA, CS, ICWA, MBA consultant, engineers.

Axis Bank Personal Loan for Home Renovation

  • Axis Bank offers also offers a personal loan scheme for customers who wants to avail funds to renovate or to make improvements into their existing house. Axis Bank offers interest rate of 15.50% to 24% on these kind of personal loans and charges processing fee of 1.50% to 2% of the sanctioned loan amount.
  • Documentation for Axis Bank Personal Loan for Home Renovation:
    • Proof of owning the house
    • Bank Account Statement for last 6 months
    • Signature Verification Proof
    • KYC Documents with Recent Photographs
  • Documentation required after loan sanction and before the disbursement:
    • Loan Agreement duly signed
    • Standing Instruction (SI) Request / ECS Form with Security Cheques.
    • Qualification or registration proof required for doctors, architects, CA, CS, ICWA, MBA consultant, engineers.

Axis Bank Personal Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

Axis Bank Personal Loan

15.5% - 24% per month

Axis Bank Personal Loan for Wedding

15.5% - 24% per month

Axis Bank Holiday Loan

15.5% - 24% per month

Axis Bank Personal Loan for Home Renovation

15.5% - 24% per month

How do I apply for Axis Bank Personal Loan?

At Paisa

  • Documentation for Axis Bank Personal Loan for Salaried:
    • Recent Salary Slip
    • Bank Account Statement for last 6 months
    • Signature Verification Proof
    • KYC Documents with Recent Photographs

Offline at Axis Bank branches

  • Documentation for Axis Bank Personal Loan for Salaried:
    • Recent Salary Slip
    • Bank Account Statement for last 6 months
    • Signature Verification Proof
    • KYC Documents with Recent Photographs

Via Axis Bank Customer Care

  • Documentation for Axis Bank Personal Loan for Salaried:
    • Recent Salary Slip
    • Bank Account Statement for last 6 months
    • Signature Verification Proof
    • KYC Documents with Recent Photographs

After I Apply?

Check loan status

    • Click here to go Axis Bank Personal Loan tracking page.
    • Enter your personal loan application number and date of birth along with Captcha code.
    • Click on "Enquiry"

    Note: The application status of your personal loan will appear on your screen.

Once I'm Approved?

Receiving Personal Loan Welcome Kit

    • A digital copy of your personal loan welcome kit will be sent to your registered email address within 2 to 3 days from the date of loan disbursement.
    • In case your email address is not registered with Axis Bank, you'll receive a physical copy of your personal loan welcome kit at your registered address within 15 days from the date of loan disbursement.

Checking Personal Loan Agreement

    • Check Loan Agreement Online
      • Login to your Axis Bank net banking services and click on "Loans" option.
      • Now select the loan account number for which you want to check the loan agreement.
      • Click on "Loan Agreement" option
    • Check Offline
      • You'll receive a copy of your personal loan agreement with the Welcome Kit.

Checking Personal Loan Statement

    • Check Online
      • Click here to make an online request to check your axis bank personal loan account statement.
      • Enter the required details like your Personal Loan Account Number along with any three from the following information – EMI Amount, Loan Amount, Date of Birth, Account Number.
      • Enter the correct captcha code and click on "Submit" button to view your personal loan statement.
    • By calling Axis Bank Customer Support at 1860-419-5555 / 1860-500-5555
    • Write an Email to Axis Bank Customer Support at [email protected]

Check Repayment Due Date

    • Through Internet Banking
      • Login to your Axis Bank netbanking services and click on "Accounts" option.
      • Under "Accounts" option, click on "Loans" sub-option and select "View Repayment Schedule" from the drop-down menu.
      • Enter the correct captcha code and click on "Submit" button to view your personal loan statement.
    • By Calling Customer Support
      • You can contact Axis Bank Customer Care at 1860-419-5555 / 1860-500-5555 and ask for your personal loan repayment due date after confirming your loan details.
    • Write an Email to Axis Bank Customer Support at [email protected]
    • Visit any nearest Axis Bank Loan Center or Branch

Make Personal Loan Payment:

    • Through Internet Banking
      • Login to your Axis Bank Net banking services and click on "Loans" option under "Accounts".
      • Select the loan account number for which you want to make the payment.
      • Click on "Pay Bill" option
      • Choose the account from which you want to make the payment and enter the amount equal to your monthly EMI.
      • You'll receive a NetSecure code on your registered mobile number through SMS. Enter the code and submit to make the payment.
    • By Cheque
      • Write a cheque in the name of "Axis Bank Limited; Loan Account XXXXXXXXXX" and fill the correct amount equal to your monthly EMI.
      • Drop the cheque in Drop Boxes available at nearest Axis Bank branch and loan center.

      Note: Make sure that submitted cheque is not post-dated.

    • By Cash
      • Visit any nearest Axis Bank Loan Center or Branch.
      • Fill out the deposit slip and write your Axis Bank Personal Loan Account number in place of payee.
      • Write the correct amount as per your personal loan statement.
      • Deposit the slip at the cash counter.

Make Personal Loan Prepayment

    • Walkin to the nearest Axis Bank Personal Loan Centre with your Cheque Book and a valid proof for identity.
    • Pay the exact same amount as mentioned in the foreclosure letter. Excess amount than the mentioned prepayment amount in the foreclosure letter, will not be accepted.
    • Write a cheque or make a draft in favour of "Axis Bank Limited; Loan Account XXXXXXXXXX" (Outstation cheque will not be accepted for prepayment) and submit at the counter.

    Note: Prepayment will be made as soon as the submitted cheque / draft is settled and all the charges accrued on the prepayment date has been made.

Receiving Personal Loan NOC

    • Digital Copy of NOC
      • A digital copy of your Personal Loan NOC will be sent to your registered email address on the next day from the date of loan closure.
    • Physical Copy of NOC
      • In case your email address is not registered with Axis Bank, a physical copy of your personal loan NOC will be delivered to your registered address within 4 to 5 working days from the date of loan closure.

Fees & Penalties

Type of Charge Applicable Charges

Processing Charges

1.5% - 2% of the loan amount

Prepayment Charges

Nil

Penal Charges

2% per month on the overdue EMI

EMI Bounce Charges

Rs. 500 per instance

Instrument Swapping Charges

Rs. 500 per instance

As for the processing charges, Axis Bank charges processing fee ranging from 1.50% to 2% of the sanctioned loan amount in comparison to SBI charging the processing charges of 1% of the loan amount, whereas HDFC Bank's processing charges are as high as upto 2.50% of the loan amount.

Prepayment charges are nil on Axis Bank personal loan, so you can prepay your loan anytime you have the funds available with you; However, the prepayment can only be made after the repayment of first 12 EMIs.

FAQs

How long will it take for my Axis Bank Personal loan to be processed?

It takes 2 days usually to Axis Bank to process Personal Loan after submitting the complete documents. However, in some case it can take up to 30 days for the processing of Personal Loan.

How do I update my mobile number and E-mail address registered with my Axis Bank Personal Loan?

You can update your mobile number and email address in any of the following ways –

  • Calling any of the toll free numbers provided by Axis Bank: 1800-233-5577 / 1800-209-5577 / 1800-103-5577.
  • Write to Axis Bank from your registered Email id at [email protected]

Is there any charge applicable for NDC (No Due Certificate) on Axis Bank Personal Loan?

Yes, you have to pay a fee of Rs. 500 on receipt of No Due Certificate (NOC) for Axis Bank Personal Loan.

What charges Axis Bank charge to the borrower for the CIBIL report copy for Personal Loan?

Currently, Axis Bank levies a charge of Rs. 50 for a CIBIL Report copy.

What are the costs associated with availing of Axis Personal Loan?

There are many additional charges levied on the customer when he/she apply for Personal Loan, such as following –

  • Processing Charges
  • CIBIL Report Issuance Charges
  • Stamp Duty Charges Issuance
  • Charges for Photocopy of Loan Agreement / Documents

There are some additional charges levied on specific circumstances such as Prepayment Charges, Part-payment Charges, Late Payment Fee and Cheque Bounce Charges etc.

Can I change my loan repayment instrument?

Yes, you can choose any instrument to pay your monthly Personal Loan EMIs. You can choose either of ECS (Electronic Clearing System), SI (Standing Instructions) or PDCs (Post-Dated Cheques).

What would be included in my Axis Bank Personal Loan Welcome Kit?

Your Personal Loan Welcome Kit would include the following contents –

  • Welcome letter
  • Agreement copy
  • Repayment Schedule
  • Key Fact Sheet
  • Code of Bank's Commitment to the Customer

reviews
Bad
Anoop Biswas
Sat Aug 19 2017 10:51:08 GMT+0000 (UTC) a year ago

Poor Services I applied for Personal Loan with Axis Bank in the month of September. I am surprised that it took the bank 3 months just to complete the formalities. And even after the long wait of three months, a couple of days back I receive a message that the cheque is already disbursed but the concerned person is on the leave and he will be coming after one week. This is really poor services from Axis Bank.

Great
Anay Borah
Sat Aug 19 2017 10:58:19 GMT+0000 (UTC) a year ago

Satisfied Experience! I am really impressed by the services Axis Bank offers to their customers. Their executives are smart and well-versed, no matter what is your query, they have the resolution to all your queries. The executive who was handling my personal loan case was cooperative and intelligent. He told that the interest rates and processing fee are nominal. He even told that I can close my loan after two months and I don’t have to spend a single penny.

Great
Asvin Bhatia
Sat Aug 19 2017 11:02:26 GMT+0000 (UTC) a year ago

Impressive!! The processing of Axis Bank’s personal was smooth and quick. In addition to personal loan, bank’s other services such as credit card service is also above par. Whenever you have a query, the customer support department will also make their best efforts to help you out. They have all the details regarding the personal loan. Its been great experience.

Great
Atul Bhavsar
Sat Aug 19 2017 11:04:51 GMT+0000 (UTC) a year ago

Happy Customer. I have taken personal loan from Axis Bank and the bank offered me an interest rate of 11.49% onwards. Well, the interest rate was quite competitive as compared to other banks and the maximum loan amount is of Rs. 15 Lakhs which is also quite impressive as compared to other banks. In addition, the customer support services of the bank is just great.

Great
pranav chitambram
Fri Oct 20 2017 09:21:34 GMT+0000 (UTC) a year ago

Very good bank for loan

Great
Pawan Jain
Fri Nov 02 2018 08:07:12 GMT+0000 (UTC) 15 days ago

Great