While the Axis Bank personal loan comes with standard fees and a low income requirement, the loan is designed for salaried borrowers, only. In addition, Axis Bank does not have the lowest interest rates in India in India, starting from 12.00%. ValueChampion recommends the Axis personal loan to existing customers with a salary account, as they receive faster sanction and loan disbursal.
|Summary of Axis Bank Personal Loans|
|Interest Rates: 12.00% - 21.00%|
|Loan Amount: Rs. 50,000 to Rs. 15 lakh|
|Loan tenure: 1 to 5 years|
|For salaried borrowers only|
Table of Contents
What Makes Axis Bank's Personal Loans Stand Out to Borrowers
Axis Bank personal loans are best for salaried employees that hold a salary account with the bank. It's important to note the lender does not offer personal loans to self-employed borrowers. However, eligible customers benefit from a standard processing fee up to 2.00%, as well as a low income requirement of Rs. 15,000 per month.
Axis Bank Personal Loan Interest Rates
Axis Bank personal loan interest rates are charged between 12.00% and 21.00%. While Axis Bank's minimum rate lands in our top 10 lowest personal loan rates, it is still higher than our calculated average of 11.86%.
Your final interest rate will be determined by your CIBIL score, income, desired loan amount and tenure, amongst other factors. If you are seeking the opportunity to avail the lowest interest rate in India, we recommend State Bank of India or Citibank for your personal financing needs. However, current Axis Bank customers will find an easier application process with the lender, therefore you should consider Axis Bank if you have an existing relationship with the bank.
Axis Bank Personal Loan: Apply Online
Axis Bank personal loan eligibility is between Rs. 50,000 and Rs. 15 lakhs, which is good for borrowers who are seeking a small personal loan. Additionally, you can pay off your loan up to 5 years, with a minimum tenure of one year.
The bank's eligibility criteria is generous to salaried employees, while self-employed borrowers are not eligible for an Axis Bank personal loan. Salaried borrowers include salaried doctors, employees of a public or private limited company, or government sector employees.
Axis Bank has a standard age requirement of 21 to 60 years old. If you are outside of this age range, we recommend that you consider Union Bank of India for a small personal loan. Lastly, the lender's income requirement is low at Rs. 15,000 per month. While it is possible to find lower income requirements at other lenders, Axis Bank is a good option for low-income earners to consider.
Processing Fees and Other Charges
|Processing Fee||1.50% to 2.00% + GST as applicable|
|Late EMI Fee||2.00% per month on late EMI, 24.00% per year|
|Prepayment and Foreclosure Fees||2.00% to 5.00%, depending on stage of loan tenure|
Axis Bank has a standard processing fee that ranges between 1.50% and 2.00% of your total loan amount. Considering some other lenders can charge up to 4.00% or more, you can save significant costs with a lower one-time fee at Axis Bank. The bank's late payment fee is set at a standard 2.00% of the late EMI, while the prepayment fee is comparably higher than other lenders. While a 2.00% to 3.00% prepayment charge is considered low, you will face higher penalties up to 5.00% if you pay down your loan within the first 2 years of your tenure.
Axis Bank Personal Loan Calculator
Use a personal loan calculator to estimate your EMIs before applying. By inputting your personal loan interest rate, loan tenure, and loan amount, you can plan your repayments ahead of time. Click here to use the Axis personal loan EMI calculator.
Axis Bank Personal Loan Payment Schedule
Our team of financial analysts calculated an example EMI repayment schedule for borrowers, as seen below.
|Stage of Tenure||EMI||Interest Paid||Principal Paid||Outstanding Balance|
Axis Bank Personal Loan: Apply Online
Axis Bank offers a step-by-step walkthrough for their personal loan application process on their website, which is very helpful for first time borrowers. Existing customers can apply through the bank's mobile app or internet banking account, while new customers must download the personal loan application from the bank's website or get a hard copy from an Axis Bank branch.
Documents Required for Personal Loan in Axis Bank
In addition to proof of address and income, you must have the follow documents in hand before applying.
- Duly filled application form
- KYC documents
- Loan agreement duly signed
- Standing Instruction (SI) Request/ ECS forms
Axis Bank Personal Loan Customer Care
If you have any queries about the Axis Bank personal loan application process or would like to check on your application status, contact Axis Bank customer care through any of the methods below.