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Axis Bank Personal Loan Review: Interest Rates @ 12.00%

Axis Bank personal loans are best for salaried borrowers with an existing relationship to the bank.

Axis Bank Personal Loan Review: Interest Rates @ 12.00%

Axis Bank personal loans are best for salaried borrowers with an existing relationship to the bank.

Editor's Rating

3.3/5.0

Good for

  • Existing bank customers
  • Borrowers with a salary of Rs. 15,000

Bad for

  • Self-employed borrowers
  • Lowest interest rates

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 starts from 12.00%a
Based on minimum interest rates for standard personal loans. Rates are subject to change.
Axis Bank personal loan interest rates starts from 12.00%
Based on minimum interest rates for standard personal loans. Rates are subject to change.

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

Consider this if are an Axis Bank customer in need of a small personal loan

Required Monthly Income Rs. 15,000
Min. Loan Amount Rs. 50,000
Max. Loan Amount Rs. 15 lakh
Processing Fee 1.50% to 2.00%
Interest Rate Type Fixed
Loan Tenure 12 to 60 months

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.

Read More: Best Personal Loans for Self-Employed Borrowers

Processing Fees and Other Charges

FeeAmount
Processing Fee1.50% to 2.00% + GST as applicable
Late EMI Fee2.00% per month on late EMI, 24.00% per year
Prepayment and Foreclosure Fees2.00% 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 TenureEMIInterest PaidPrincipal PaidOutstanding Balance
Year 1₹33,367₹167,465₹232,935₹1,267,065
Year 2₹33,367₹137,923₹262,477₹1,004,587
Year 3₹33,367₹104,634₹295,766₹708,821
Year 4₹33,367₹67,123₹333,277₹375,544
Year 5₹33,367₹24,856₹375,544₹0
Based on an Rs. 15 lakh personal loan over a 5 year tenure. Interest rate is set at 12.00% per annum, with no processing fee calculated in the 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.

Natalia Sanchez-Kumar

Natalia Sanchez-Kumar is a Junior Research Analyst at ValueChampion, specialising in loans in India. She is a History graduate of New York University and has worked in the area of social impact, Future of Work and socio-technological research in the US and India. She has co-authored policy proposals alongside the International Labour Organisation in Sri Lanka and the Maldives, as well as hosted a data privacy conference with Facebook in New Delhi.