Apply Axis Bank Personal Loan
Special Current Offers From Axis Bank
To keep its customers ahead Axis Bank issues Special offers from time to time, these offers include a discounted Rate of Interest, Processing fees & other Benefits for Personal Loan Applicants.
Changing market scenarios, Festival Times or simply discounted offers Axis Bank is bound to have a special tailor made offer for you!
We at www.yourloanadvisors.com are sure to keep our customers well informed about the current Offerings; to enable you to get the best deal for your Personal Loan!
| Navoch Offer | For Axis Bank Salary Account Holders | |||
|---|---|---|---|---|
| Company Cat | Rate Of Interest(CSG Account Holder) | |||
| Income Band (NTH) | ||||
| >=25K – <35 K | >=35k – <50k | >50k-<75k | >=75k | |
| Super A/A | 15.49% | 14.99% | 12.49% | 11.49% |
| CAT B/CX | 16.75% | 16.25% | 13.25% | 11.49% |
| CAT C /Govt | 17.25% | 16.49% | 13.25% | 11.75% |
| Processing Fees | 1.75% | 1.50% | 0.99% | 0.75% |
| Sarvottam Offer | For Fresh Loans | |||
|---|---|---|---|---|
| Company Cat | Rate Of Interest(Saving/NTB) | |||
| Income Band (NTH) | ||||
| >=25K – <35 K | >=35k – <50k | >=50k-<75k | >=75k | |
| Super A/A | 15.75% | 15.25% | 12.49% | 11.49% |
| CAT B/CX | 16.99% | 16.49% | 13.25% | 11.75% |
| CAT C /Govt | 17.49% | 16.75% | 13.99% | 11.99% |
| Processing Fees | 1.99% | 1.49% | 1.25% | 1.25% |
| Shatranj Offer For Balance Transfer | ||
|---|---|---|
| Net Salary | Rate Of Interest | Processing Fees |
| <35K | 13.49% | 0.99% to a maximum of 5000/- |
| >=35k to 50k | 11.99% | n/a |
| >=50k | 10.49% | n/a |
Offer: 3% lower than the existing rate with external financer or as per grid below whichever is lower
Log in from 1 st, oct to 31 st Oct disbursal till 9 Nov.
| AXIS BANK Personal loan offer for HOME GAURD & BLUE COLLAR EMPLOYEES | ||
|---|---|---|
| Minimum Net Income | INR 35,000 p.m. | |
| Minimum Loan Amount | INR 50,000 | |
| Maximum Loan Amount | NMI | Max Loan |
| >=35K | 5 Lacs | |
| >=50K | 7 Lacs | |
| Age Criteria | Minimum Age 21 years | |
| Maximum Age 60 years at the time loan closure | ||
| Work Experience | Minimum 1 year | |
| Loan Tenure | 12 to 60 Months | |
| * subject to all other validity criteria of AXIS Bank | ||
Star Benefits of the Axis Bank Personal Loan Scheme
Avail The Part Payment Feature
All Banks have a different policy towards the Part payment clause of a Personal Loan.
Part payment feature of a Personal loan pertains to paying of funds in smaller amounts towards the repayment of the Personal loan; most Banks do not allow part payments to be made, while others allow up to 25% of the total amount that can be paid back per annum. There may be additional charges also levied on the part payment being made.
Various restrictions being imposed make it inconvenient for the applicant to pay back the loan amount if he so desires, where as with Axis Bank there are no limitations on paying back the loan in smaller installement i.e. Part Payment.
A Personal Loan holder with Axis Bank can pay any amount as many times as he wants as repayment towards the principal balance of his loan amount. At any given point of time if the customer has surplus funds which he would like to pay towards his loan amount, he can easily do so by depositing a cheque or draft against his loan account number with Axis Bank. The amount deposited will be adjusted against the Principal Balance of the loan amount & his EMI will be adjusted accordingly.
Thus the Part Payment feature of Axis Bank gives the applicant flexibility & convenience of paying back your Personal Loan.
Pre Closure Benefits
Pre Closure of a Personal Loan denotes the pay back of the complete loan amount & closure of the loan account.
A Personal loan has tenure of up to 5 years, applicants can avail the tenure most suitable from 1 year to 5 years for pay back of the loan. If the applicant wishes to pay back the loan amount he has to adhere to the Guidelines for pre closure of the particular bank. The mandatory lock in period for which the loan has to be repaid can range from 6 months to 12 months for most Banks & Financial institutions.
Axis Bank is the only entity which allows an individual to repay his Personal Loan even after the repayment of a single EMI.
Often the requirement for funds could get fulfilled from other sources, or the need for which the loan has been applied gets cancelled. Having taken the Personal Loan the applicant is bound to honour the monthly installement as per the terms & conditions of the agreement,& also pay a hefty sum towards pre closure charges of the Personal Loan; Most Banks apply pre closure charges for the pay back of a Personal Loan ranging from 2% to 5% per annum on the principal loan amount due to the Bank.
With Axis Bank pay back your Personal loan whenever you wish & with no extra charges to be paid.
Special Benefits For Axis Bank Account Holders
Axis Bank values its Account holders & provides them special privileges for their Personal Loan process. These include discounted rate of interest & processing fees. Account holders can also benefit from special offers which Axis Bank declares from time to time.
Online Payment Facility
Axis Bank offers online facilities for all Personal Loan transactions; these include checking the status of your Personal Loan schedule, principal amount of Personal Loan outstanding to the Bank, online payment facilities towards part payment & pre closure of Personal Loan.
Transparent Process With Minimal Documentation
Processing of a Personal Loan with Axis Bank is transparent & convenient .Documents required is minimal & easy to provide. With a streamlined process & efficient systems in place, your personal loan application will be processed within 4 working days.
Get Maximum Loan Amount
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.
Apply to Axis Bank for a Personal loan to fulfil your requirements for the Loan amount needed.
Personal Loan Features For Salaried Employees
Personal Loans from Axis Bank are Unsecure & forwarded without any collateral or guarantees.
Personal Loan Amount
Applicants can avail a personal loan starting from an amount of ₹ 50,000/- up to ₹15, 00,000/-.The loan amount forwarded to an applicant is calculated as per his requirement & the financial capability to pay his monthly EMI.
Tenure Of A Personal Loan
The tenure of a Personal loan is the time taken by the applicant for the repayment of the Loan .Axis Bank forwards Personal Loans for a Tenure ranging from 12 months to 60 months. Tenure is fixed taking into account the loan amount taken, the rate of interest applicable & the EMI derived.
The Tenure of the loan is fixed at the time of disbursal & cannot be altered.
Personal Loan Charges
Interest rates from Axis Bank for a personal Loan are competitive & among the best as per the industry norms. The Rate of interest for a Personal Loan from Axis Bank is charged @ monthly reducing balance. Paying back the loan is convenient through Electronic clearing systems.
The Processing fees is a onetime charge applicable as file charges, there are no upfront charges for processing of a Personal loan ,all amounts levied are deducted from the loan amount transferred.
Preferred Applicants For Axis Bank
- Axis Bank offers Personal Loan to salaried employees of all Companies featuring in the company category list. The Axis Bank company category list has encompassed more organisations than other Banks in competition.
- All the companies are categorised in order of preference; the rate of interest is applicable is as per the company category. This policy enables the applicants from Top companies to get the best rate of interest possible.
Special Personal Loan Offers For Employees Of Police & Government Departments
Axis Bank offers special facilities for all employees of Government & Police Persons having their salary accounts with Axis Bank. Personal loans are offered with discounted rates of interest for salary brackets.
Types Of Personal Loans Offered
Fresh Personal Loan
All Salaried Applicants are eligible to apply for a fresh personal loan from Axis Bank; the company they are working with should be featuring in the Axis Bank Company List & the profile of the applicant should be eligible as per the Personal Loan policy of Axis Bank.
Personal Loans from Axis Bank are forwarded without any guarantees or collaterals, on the basis of the documentation provided. The rate of Interest offered starts from 10.99% onwards.
The processing of the personal loan is quick & convenient & the terms & conditions offered are flexible & customer friendly: making the Axis Bank Personal Loan experience fulfilling & hassle free.
Balance Transfer Of A Personal Loan To Axis Bank
A Personal Loan from Axis Bank is most sought after as the product offerings are most beneficial to the customer; with a Balance transfer of his Personal Loan to Axis Bank the applicant will experience numerous benefits with the flexible terms offered.
Axis Bank offers to take over an existing Personal Loan of an applicant from an external Bank, through the Balance Transfer Process. Thereafter conduct your loan with convenient & customer friendly terms from Axis Bank.
Major conditions to be met are as follows;
- The profile of the applicant should meet the eligibility criteria as per the policy of Axis Bank.
- There should be no delayed payments in the repayment track of the Personal Loan.
- The Pre closure terms & conditions of the external Bank should be met.
The rate of Interest & processing fees are compatible with the best in the market; With the 0% pre closure & part payment offer it is a Good manoeuvre to Transfer your Personal Loan to Axis Bank.
Personal Loan Top Up
A Top Up is an added loan amount to a pre-existing Personal Loan. Personal Loan holders from Axis Bank can apply for an additional loan amount after a period of 9 months.
The existing Personal Loan will be closed & a new Loan will be generated with the Principal Loan amount Balance of the existing Loan & the additional amount required.
The top up amount will be transferred to the customer’s account; a new EMI will be payable henceforth month on month.
Salient Features of a Personal Loan Top Up from Axis Bank
- The procedure for a Personal Loan Top Up is similar to a fresh loan: but with a previous relationship with Axis Bank the process is faster.
- Any change in profile of the customer is taken into account while processing the Loan. The existing Personal loan must a have an on time payment record.
- The CIBIL score of the applicant must be above the required basis points.
- The applicant should be eligible to pay the additional amount added to the EMI.
- If an extra loan amount is required taking a Top Up from Axis Bank is the best option as it can be paid back at any time.
Eligibility Criteria For An Applicant For A Personal Loan From Axis Bank
Applicant should be a citizen of India meeting the following criteria;
Age Of The Applicant
The minimum age of the applicant at the time of application should be above 21 years of age; the maximum age permitted or the pay back of the loan amount is 60 years. An extension may be granted till the retirement age of 62 years if tabulated in an authorised document.
Income
The net Salary of the applicant must be above 15000/- per month. This amount should be transferred to the Salary account of the applicant month on month. An applicant needs to be in employment for a year before she/he is eligible to apply for a Personal Loan.
Bank Account
To apply for a personal loan the salaried applicant should be holding a Salary account in any Bank. The salary must be transferred to the salary account month on month. It is mandatory to submit 3 months Bank statement when applying for a personal Loan. The Bank account of the applicant should be well maintained, a healthy banking without any bounces or cheque returns is important for the approval of a Personal Loan.
Employment
An applicant should be gainfully employed for minimum of 12 months to be eligible for a Personal Loan from Axis Bank; the current employer should feature in the Axis Bank company category list.
If the applicant is working with Category A listed company the terms & conditions offered will be beneficial to the applicant as compared to company listed as Category D.
CIBIL Record
A previous loan account or credit history is mandatory to achieve a Personal Loan from Axis Bank.
The applicant should be successfully using a credit line for a vintage period of over 6 months.
The CIBIL record of the applicant is checked by the Bank prior to processing of the application; the total obligations are taken into account & the customer’s behaviour with credit is considered while deciding the loan amount to be sanctioned.
The CIBIL score which is generated by the credit bureau on the basis of the credit history of the applicant should be above 700 points for the approval of a Personal loan.
Educational Qualifications
To qualify for a Personal Loan an applicant must be a graduate or an equivalent diploma holder.
Axis Bank Provides A Personal Loan For The Following Usage
Home Renovation
Make your comfortable & inviting .Funds is easily available via a personal loan from Axis Bank to refurbish your home as per the current styles & trends. Apply for a Personal loan to achieve your dream Home.
Wedding In The Family
A family wedding is the time for no bar to spending. Plan your expenses & apply for a Personal Loan in advance. Get the funds you need for yourself & family to enjoy this memorable occasion.
Medical Expenses & Emergencies
Unforeseen medical expenses or emergencies put a strain on the budget .Personal Loans are conveniently available from Axis Bank when required, so that there is no financial constraint for you to nurse your loved ones back to good health.
Family Vacation / Travel Expences
Give your family the much needed holiday they deserve .Popular Holiday destinations in India & abroad have much to offer. A vacation ensures bonding time with the family, relaxation & rejuvenation. Take a break from the mundane existence & plan an exotic vacation with your family & friends. A Personal Loan from Axis bank can help you meet your expenses.
Personal Loan Charges From Axis Bank
| Charges Applicable | Details |
|---|---|
| Rate of Interest | 15.50% to 24% |
| Loan Processing Charges | 1.50% to 2.00% + 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 | Nil |
| 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 |
*Yourloanadvisors.com provides services to its esteemed customers free of charge.
Interest Rates & Charges
The Rate of Interest applicable for your Personal Loan from Axis Bank is purely governed by the company, with which the Applicant is employed.
The Bank has issued an exhaustive Company list based on Company’s Finances, turnover, previous performance & future projections.
The Rate of Interest ranges from 15.5% to 24% @ monthly reducing balance for the Company Categorization is as follows;
- Super A
- Cat A
- Cat B
- Cat C
- Cat D
Documents Required For Personal Loan
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 Licence/Passport /Voter ID/Utility Bill/Aadhaar Card)
ID Proof – (Driving Licence/Passport /Voter ID/Aadhaar Card)
Pan Card Copy (Date of Birth Proof)
Aadhaar Card (Mandatory)
Owner Ship Proof (if Residence is self owned)
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 required for doctors, architects, CA, CS, ICWA, and MBA consultant, engineers Documentary proofs required may vary from customer to customer
Why Axis Bank For Personal Loans
To make a foray into the Personal Loan arena, this was the complete stronghold of stalwarts like HDFC Bank & ICICI Bank. So the Management from Axis Bank hired Strong & Experienced team which has devised an Unrivalled Product.
Never before features have been introduced like 0% Pre closure Part Payment clause, which allows the Applicant to close the loan at any time during the tenure without paying any extra charge.
This special feature gives the customer the freedom to pay back the funds appended as per his own choice & thus close his loan whenever he has the funds, even after a single EMI has been deducted.
Most importance has been given to make the Personal loan from Axis Bank, being individually tailored & streamlined as per customer needs.
About Axis Bank
The Axis Bank is the third largest private Bank in India: with its headquarters based in Mumbai.
Founded in 1993 as the UTI Bank its first branch was inaugurated by Dr Manmohan Singh then Finance Minister of India. UTI (Unit Trust of India) was promoted jointly by the Administrator of the Unit Trust of India (UTI) , Life Insurance Corporation of India (LIC), General Insurance Corporation, National Insurance Company, The New India Assurance Company, The Oriental Insurance Corporation and United India Insurance Company.
The Axis Bank took shape after its merger & amalgamation with the Global Trust Bank. In 2004 the RBI put Global Trust into moratorium and supervised its merger into Oriental Bank of Commerce.
Today with 2,959 branches, 12,743 ATMs and nine international offices: The Axis Bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporate, MSME, Agriculture and Retail Businesses. Axis Bank has achieved a reputation for being the most customer friendly Bank.
‘Deepika Padukone’, a Bollywood actress is the brand ambassador of Axis Bank.
FAQ’S for Axis Bank Foreclosure & Part Payment Clause
After taking a Personal Loan from Axis Bank, I have now received my Personal funds: hence I would like to return the loan amount & close my Personal Loan soonest, when can I close my Loan?
Axis Bank allows an applicant an applicant to pay back the Personal Loan after the payment of a single EMI.
Q - What is the amount to be paid back to close the Personal Loan account?
The Applicant will have to pay back the Loan amount that has been sanctioned after deducting the principal amount paid via the EMI.
Q - Are there any extra charges levied by Axis Bank to foreclose the Loan?
Axis Bank does not levy any charges to foreclose a Personal Loan.
Q - In effect what will be the cost of the Personal Loan post the closure?
The costs to the applicant will be the processing fees or file charges that have been deducted from the loan amount sanctioned + the interest paid for a month.
Q - What is the process to close a Personal Loan with Axis Bank?
The process to close an existing Personal Loan with Axis Bank is simple & convenient: the following steps need to be followed for the same.
- The applicant needs to contact the customer care of Axis Bank to get the exact figures of the Personal Loan balance amount.
- The applicant should deposit the amount due via a Bankers instrument or can even transfer the amount online giving the Personal Loan account number.
- A closure letter or no dues certificate needs to be obtained for future references. The security cheques given with the agreement should be retrieved or instructions given to stop payment of the same.
Q - What is the Part Payment feature of Axis Bank?
The Part Payment feature of Axis Bank allows the Loan possessor to pay back a component of the total loan amount if there is an availability of funds & she/he wishes to lesser the burden by paying back some amount.
Q - What is the process for part payment of a Personal Loan with Axis Bank?
If an applicant wants to pay back a Partial amount to Axis Bank, over & above the monthly EMI the process for doing so is easy. A banker’s cheque or draft can be made for the amount against the Axis Bank Personal Loan account number. This can be deposited in any branch of Axis Bank.
The online option is also available to transfer funds to the Personal Loan account.
Q - How is the Part payment made by an applicant processed /adjusted by Axis Bank?
A partial amount paid by an applicant will be adjusted against the Principal Loan amount from the Bank. The Principal balance owed to the Bank will be decreased by the amount paid to the Bank as a Part Payment.
Q - How does a Part payment affect the existing Personal Loan?
As the part payment amount is paid towards the Principal of the loan amount taken from the Bank: post a part payment the following will happen-
- The Loan amount will be reduced as per the part payment made.
- The tenure for the personal loan will be re adjusted as per the now pending principal of the loan amount.