What are the Advantages of a Personal loan from Axis Bank?
Unique offers for AXIS Bank account holders
Axis Bank values its relationship with account holders and provides special privileges for processing their loans: Having first-hand knowledge of customer details and financial history loans are processed on priority.
Account holders can also benefit from special offers the Axis Bank declares from time to time, including discounted interest rates and processing fees.
Get Maximum Loan Amount use as required
The calculations for eligibility of loan amount at Axis Bank are done keeping the customer needs at the uppermost: Applicants are forwarded maximum loan amounts as per their eligibility.
Transparent Process with Quick approvals and disbursement.
Axis Bank aims to provide hassle-free and speedy loan processing for a personal loan. Once you fulfill the necessary documentation and eligibility criteria, the bank strives to decide on the loan quickly. A streamlined disbursal process ensures you get access to funds when you need them
Online Account Management
Axis Bank offers online facilities for all Personal Loan transactions with a user-friendly online banking platform and a mobile app. You can check your loan balance, make payments, access other services and easily manage your personal loan account.
Excellent Customer Service
Axis Bank is known for its customer-centric approach and dedicated customer service. The bank's representatives are readily available to address any queries or concerns you may have during the loan application or repayment process. A 24/7 helpline is available for this purpose or mail your query to loans@axisbank.com.
What are the personal loan features of Axis Bank?
A personal loan from Axis Bank is unsecured funds issued without any security, significant features include the following:
Competitive Interest Rates
Axis Bank offers attractive interest rates on personal loans, ensuring that you can borrow funds at a favorable cost compared to other lenders. The minimum interest rate is 10.99% for loan amounts of ₹ 10 lakhs and above, whereas the maximum interest rate offered is 22%. Lower interest rates translate into lower monthly installments and reduced overall borrowing costs.
Flexible Loan Amount
Axis Bank provides personal loans with flexible loan amounts, the minimum loan amount processed is ₹ 50 k and a maximum of ₹ 25 lakhs. Whether you need a small or larger loan, Axis Bank can accommodate your needs, subject to eligibility criteria.
Minimal Documentation
The documentation process for a personal loan with Axis Bank is straightforward and streamlined. The bank requires minimal paperwork, making the loan application process convenient and time-efficient. An applicant can submit documentation online or give hard copies.
Flexible Repayment Options
Axis Bank offers flexible repayment options for personal loans, allowing you to choose a repayment tenure that suits your financial capabilities. You can select a comfortable tenure ranging from 12 months up to 72 months, spreading your repayments over a longer duration if needed.
Key usages of a Personal loan
Funds received via a personal loan from Axis Bank can be used as required for individual usages such as wedding expenses, home renovations, holidays, and travel. As needed for emergency requirements such as hospitalization or shortfalls in paying school fees or other mandatory bills.
Preferred Customer Categories
Axis Bank offers a discounted interest rate and special terms to applicants working with the Top listed companies: Government employees and police personnel having a salary account are also included in this category.
Eligibility Criteria for an Axis Bank Personal Loan
To be eligible for a Personal loan from Axis Bank an applicant must meet the following criteria:
Age
All bona fide citizens of India are eligible to apply for a personal loan from Axis Bank: the applicant should be an adult above 21 years of age, and the maximum age up to which an EMI is payable is 60 years or the retirement age.
Educational Qualifications
To qualify for a Personal Loan an applicant must be a graduate or an equivalent diploma holder. Applicants with degrees from renowned institutes and professional certifications are forwarded special terms.
Income
A requirement of the regular monthly salary credit of ₹ 25k or above to the Bank account of the applicant, the account does not necessarily have to be with the Axis Bank but with any registered financial institution. The net transfer must be after deductions.
Work Experience
An applicant should be gainfully employed for a minimum of 12 months or more to be eligible for a Personal Loan from Axis Bank; any break in the employment record is to be justified. A regular salary credit of 3 months without an interval is needed.
CIBIL Score
To achieve a personal loan an applicant must have a credit repayment track of 6 months or more. Upon receiving an application, a request is sent to the CIBIL to retrieve the customer’s details. The score must be above 720 points with an on-time repayment track.
Company Category
Axis Bank has generated a company list that includes the Top market companies and upcoming organizations with increasing profitability: companies are categorized according to performance and turnover, to apply for a personal loan from Axis Bank the employer must feature in the company list published.
Personal Loan products from Axis Bank
Besides a fresh personal loan, Axis Bank provides the following options for borrowers:
Parallel Loans
Customers enjoying the benefits of a Personal loan from Axis Bank are eligible to apply for an additional Personal loan.
- Both loans will run parallel to each other with individual terms and conditions. The criteria applied will be as per the applicant’s current profile.
- Applicants needing nominal loan amounts can apply for an additional loan that can be paid back when convenient.
- To be eligible for a parallel loan from Axis Bank the applicant must pay all existing credit installments on time.
Personal Loan Top Up
Axis Bank customers can apply for additional funds as a Top Up on the existing personal loan
- A Top-Up is provided after the payment of 6 EMI or more.to be eligible the applicant should have an on-time repayment track and CIBIL score.
- The procedure for a Top Up loan is similar to that of a fresh loan.
- The variation is, that after the disbursal of the Top Up amount the existing personal loan will be restructured to accommodate the fresh amount.
- Terms and conditions applied are as per the current customer profile.
Personal loan Balance Transfer
Axis Bank offers to take over the principal balance of a personal loan running with an external Bank.
- The profile of the applicant must meet the criteria of Axis Bank.
- Customers with a successful repayment track and a good credit history are eligible to apply.
- Benefits offered are a lower rate of interest from 10.75% onwards with an enhanced tenure and better terms.
- The applicant can also apply for funds if needed as a Top Up with the transfer of the loan.
Personal loan offers from Axis Finance Limited
Axis Finance Limited (AFL) is a fully-owned subsidiary of Axis Bank, functioning as an NBFC offering tailored financial solutions to a wide range of customers under wholesale, retail, and emerging markets verticals.
Axis Finance Limited has evolved a unique personal loan product to serve variable customer needs. Significant features are as follows:
- Personal Loan funds up to ₹ 50 lakhs are issued to eligible customers.
- Special offer of ₹ 15 lakhs as a personal loan for payment of school fees.
- A Part-payment is allowed towards the principal amount.
- Foreclosure fees are nil after the payment of 18 installments.
- Personal loan repayment tenure extension till 84 months for prime applicants.
Unique Balance Transfer Offers
Balance transfer offer for pending credit card dues
Individuals unable to clear their credit card bills on time, due to an emergency or shortfall have to pay interest charges of 36% per annum. With additional late payments and over-limit charges, this amount increases substantially leading to a debt cycle.
Axis Finance offers a suitable solution by repaying the credit card bills and converting the amount into a personal loan. A personal loan is payable in easy installments at a reasonable interest rate.
Balance transfer of an application loan
Enticing bargains from Apps that offer loans with instant credit seems to be the answer in the hour of need: it is important to note the features of loan apps.
- App loans are mostly third-party advertisers and agents.
- The borrower is unable to deal with the actual lender.
- The interest rate charged is 22% annually or more.
- Pre-closure charges are applicable.
Axis Finance allows the takeover of numerous App loans as a Balance transfer and consolidates them under a single umbrella. The borrower can pay back the loans with a convenient installment at a reasonable interest rate.
Flexible policy for Balance transfer of existing personal loans
Most lenders offer the Balance transfer of personal loans from external lenders, but Axis Finance has a policy that allows an applicant to transfer the principal balance of numerous loans such as consumer loans, app loans, and even vehicle loans.
This supportive feature allows customers to pay 60% of their income as an EMI, therefore the borrower can easily repay the loans clubbed into a single installment with an extended tenure.
This is the ideal solution for customers who are finding the present EMI'S unaffordable.
What are the charges for a Personal Loan from Axis Bank?
Before applying for a Personal loan an applicant must know the costs to be paid the charges for a Personal loan from Axis Bank are based on several factors such as the loan amount, repayment tenure, applicant's creditworthiness, and the bank's policies.
Interest Rate
Axis Bank offers competitive interest rates as per the market scenario, this is the primary cost of funds and the features of the interest rate charged by Axis Bank are the following:
- The interest rate for the loan is decided at the time of disbursal of the loan and remains fixed for the entire tenure.
- The interest charged by Axis Bank ranges from 10.75% to 18% per annum applied as per the customer's profile.
- The rate is charged at a monthly reducing balance, though the EMI remains constant for the entire tenure.
The interest at which the loan is issued to the applicant is governed by the following:
- The income: applicants with a net salary of ₹ 50k and above are offered a minimal interest rate for their loan requirements, whereas candidates drawing a lower salary are given higher interest rates.
- The company category: The grade of the employer is a governing factor for the rate of interest allocated: an applicant working with a Category A company is awarded a lower interest rate as compared to a Category C company employee.
- The Loan amount: Applicants with a high income eligible for a loan amount of ₹ 10 lakhs and more are offered the best terms. The company the individual is employed with must be included in the Axis Bank company category list.
Processing Fees
The file charges applied by Axis Bank for processing a Personal loan request are at the rate of 1% of the loan amount approved. Discounts are offered to preferred customers applying for loan amounts of ₹ 10 lakhs and above but a minimum of ₹ 5000/- is to be paid. No fee is charged upfront, the amount is deducted from the loan amount sanctioned.
Part-payment
If an applicant wants to make a repayment partly towards the principal loan amount, it is possible to do so after the 1st EMI with a finance charge of 4% on the amount repaid. The amount repaid is adjusted towards the tenure or the EMI.
Foreclosure
Axis Bank allows an applicant to repay the loan after the payment of 12 EMI: A finance charge of 4% is payable on the principal amount. Special terms of nil fore closure fees are offered to amounts above ₹ 10 lakhs, sanctioned as a Personal loan.
| Charges Applicable |
Details |
| Rate of Interest |
10.75% to 20% |
| Loan Processing Charges |
1.00% + Service Tax as applicable |
| Cheque Bounce Charges |
Rs. 500 per cheque bounce + Service Tax as applicable |
| Cheque/Instrument Swap charges |
Rs.500 per instance + Service Tax as applicable |
| Prepayment/Foreclosure Charges |
5% + GST (As applicable) *Pre-payment charges shall be charged on the principal outstanding. *Part payment charges shall be charged on the amount of part payment. |
| Default Interest Rate |
@24.00% per annum i.e 2% per month on the overdue installment |
| Duplicate Statement Issuance Charges |
Rs 250 per instance + Service Tax as applicable |
| Duplicate Amortization Schedule Charges |
Rs 250 per instance + Service Tax as applicable |
| Duplicate Interest Certificate Issuance Charges |
Rs 250 per instance + Service Tax as applicable |
| CIBIL Report Issuance Charges |
Rs. 50/- per instance per set+ service tax as applicable |
| Stamp Duty Charges |
As per State Stamp Act |
| Issuance Charges for Photocopy of Loan Agreement/ Documents |
Rs 250 per instance + Service Tax as applicable |
**(Subject to change as per Bank's discretion from time to time)
** Goods and Services Tax (GST) will be charged extra as per the applicable rates, on all the charges (wherever GST is applicable)
Documents Required for a Personal Loan
Filled and duly signed application form along with applicants latest passport size color.
Income Documents
Bank Statement for 3 Months
Salary Slip for 3 Months
Form 16 for the Current Year
Proof of employment for 1 year
KYC Documents
Passport size photograph
Current Residence Proof – (Driving License/Passport /Voter ID/Utility Bill/Aadhaar Card)
ID Proof – (Driving License/Passport /Voter ID/Aadhaar Card)
Pan Card Copy (Date of Birth Proof)
Aadhaar Card (Mandatory)
Owner Ship Proof (if Residence is self-owned)
Signature Proof Any one of the following: (Passport PAN Card Banker's verification)
Post Sanction / Pre-disbursement Documentation
Loan Agreement duly signed
Standing Instruction (SI) Request / ECS Form / Post Date Cheques (PDCs). Security Cheques required for SI and ECS
Qualification or registration proof is required for doctors, architects, CA, CS, ICWA and MBA consultants, and engineers Documentary proofs required may vary from customer to customer
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