Axis Bank Personal Loan

Axis Bank Personal Loan
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Axis Bank Limited (formerly UTI Bank) is the third largest private sector bank in India. It offers financial services to customer segments covering Large and Mid-Corporates, MSME, Agriculture and Retail Business. Axis bank offer loan for salaried person who has a dream vacation, child's education, home renovation or wedding in your family, you can instantly fulfill your aspirations with Axis Bank Personal Loans.


You’re probably eligible for an Axis Bank Personal Loan if you are

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02
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Axis Bank Personal Loan Minimum Age

At least 21 years old

Axis Bank Personal Loan Maximum Age

Less than 60 years old

Axis Bank Personal Loan Eligible Employment Type

Salaried / Self – Employed
with regular income

Axis Bank Personal Loan Minimum Income

Earn more than the minimum
income required


Your Axis Bank Personal Loan amount eligibility is based on these factors

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02
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Axis Bank Personal Loan Minimum Salary

Minimum income required
Rs. 15,000 per month

Axis Bank Personal Loan Maximum Loan Funded

Maximum allowed personal loan is Rs. 15 lakhs

Axis Bank Personal Loan EMI

EMIs of other loans lower
your eligibility


Increase your eligible Axis Bank Personal Loan amount by these steps

01
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Axis Bank Personal Loan Payoff Outstanding Credit Card Bills

Pay off your credit card bills

“Axis

Choose longer tenure loan up to 60 months


Documentation needed to apply for an Axis Bank Personal Loan

  • 1. Signed application form with photograph
  • 2.Copy of passport/voter ID card/driving license
  • 3. Processing fee cheque
  • 4. Last 3 months bank statement/6 months bank passbook
  • 5. Documentation for salaried applicants:
    • Latest salary slip
    • Current dated salary certificate with the latest Form 16
  • 6. Documentation for self-employed applicants:

    • Latest Bank statement
    • Latest ITR or Form 16

Axis Bank Personal Loan Interest RatesUpdated on 21 Dec 2014

Axis Bank Personal Loan Details
Interest Rate (Floating) 15.50%-24% p.a
Processing Fees 1.50% to 2.00% + Service Tax as applicable
Loan Tenure 60 months
Guarantor Requirement guarantor required

About Axis Bank Personal Loan

Axis Bank, the third largest private bank in the country is a bank of choice by many when it comes for personal loans. Head quartered in Mumbai and with a wide network of branches in every nooks and corners of India, Axis bank offers personal loans to fulfill the immediate financial requirements of a wide range of people living in any part of India.

Personal loans offered by Axis bank are flexible with minimal documentation, fast approval and are open for all those who have a secure regular income, irrespective of the purpose of application. Personal loans availed from Axis Bank can be used for any immediate financial needs like children's education, medical emergencies, wedding expenses, home renovation, starting a business or even for closing any other miscellaneous financial liabilities.

Axis Bank offers personal loans for both salaried and self employed individuals. Personal loans from Axis Bank are available from Rs. 10,000 to Rs. 15 lakhs with a flexible tenure ranging between 12 to 60 months.

The bank offers very lucrative interest rates for personal loans while allowing applicants the option of transferring their existing personal loans with other banks to Axis Bank through the balance transfer mechanism.

Why choose Axis Bank Personal Loan?

Axis Bank personal loans not only come with most competitive interest rates, but also a simple loan facilitation process. Axis Bank is the bank of choice when it comes to personal loans for a wide range of loan applicants as it offers intrinsic advantages including:

  • Minimal documentation
  • Simple procedures
  • Quick loan approval

Axis Bank offers personal loans up to a maximum limit of Rs. 15 Lakhs making it suitable for even those seeking a higher quantum of loan. With active bank branches in almost all small towns in India, Axis Bank makes sure that there is a loan centre easily accessible for citizens; even for those who live in the semi urban and rural areas of the country.

Axis Bank has been one of the pioneering banks in embracing technology, allowing loan application and approval through online loan requests. Users can request for a personal loan online without even visiting the bank branch in person and can get the loan approved almost instantly.

Features of Axis Bank Personal Loan

Axis Bank is one of the top personal loan providers in India, as they aim to give personal attention to each loan applicant. Unlike many other banks, Axis Bank makes sure that loan facilitation and approval process for each applicant is fast tracked without any unnecessary delays.


Highest Quantum of Loan: The quantum of personal loan offered by Axis Bank is highest in its class; with an upper limit of Rs 15 Lakhs.


Competitive Interest Rates: Axis bank offers the best in class interest rates with quick loan approval. The bank offers personal loans at a competitive interest rate ranging from 15.5 to 24%.


Zero Prepayment/Foreclosure Charges: Axis Bank offers no prepayment or foreclosure charges for personal loans.


eDGE loyalty Benefits: The bank offers eDGE loyalty points on personal loans which can be redeemed for cash surplus and discounts.


Online Loan Account Facility: Axis Bank offers Statement of Account, loan repayment schedule or interest certificate for all customers through mail.


Multiple Repayment Options: Axis Bank offers a number of options to make EMI payments including Electronic Clearing Services or ECS and Post Dated Cheques.


Dedicated Helpline: For any loan related query, Axis Bank has set up a dedicated helpline for loan services available round the clock at the bank's toll free numbers.


Why apply for Axis Bank Personal Loan on BankBazaar.com?

BankBazaar.com is India's premier financial market place which has an active collaboration with Axis Bank for all its loan products. Loan applicants can use BankBazaar.com’s Online Loan Calculator Tool to apply for a personal loan with Axis Bank sitting at the comfort of their homes offices.

The Loan Calculator Tool offered by BankBazaar.com is a one-stop-online shop offering the following services:


Eligibility Check: It checks for your personal loan eligibility with Axis Bank and instantly shows the results in just the click of a button.


Instant Quotes: The eligible loan applicants are offered instant personal loan quotes customized as per their profile and with a discounted interest rate.


Real Time Loan Comparison: BankBazaar.com offers a simple online personal loan comparison tool allowing users to compare the loan offers of various banks. Applicants can also browse through the reviews and feedback of successful personal loan applicants to know the pros and cons of the each product and institution.


Instant e-Approval: The applicant gets an instant e-approval after successfully submitting his or her loan application.


Assured Privacy: All applications submitted to BankBazaar.com are sent electronically to the concerned Axis Bank department assuring complete privacy and transparency.


How to apply for an Axis Bank Personal Loan on BankBazaar.com?

Applying for an Axis Bank Personal Loan at BankBazaar.com involves three simple steps.

Step 1: The applicant should fill the personal loan eligibility form available online with required personal data.


Step 2: Once the basic details along with the loan amount and tenure are submitted, the tool instantly checks for your loan eligibility and displays various personalized loan options.


Step 3: You can now compare the various personal loan options offered and apply for the best suitable plan according to your eligibility and tenure in one click.


Step 4: You receive an instant e-approval from BankBazaar.com based on the details you have entered.


Your application is then electronically sent to your nearest Axis Bank branch by Bank Bazaar.com. The concerned bank loan department gets in touch you applicant for further process like submission of original documents and signing loan agreement. Users can also check the status of their loan application through SMS alters as well as emails sent automatically by BankBazaar.com.

Axis Bank Personal Loan Interest Rates

Like any other bank, Axis Bank Personal Loan is floating and is subject to market fluctuations. The bank changes its personal loan interest rates from time to time as per its discretion. The current interest rates charged by the bank ranges between 15.50% and 24%.

The actual interest rate as applicable for each applicant depends on his/her nature of job (whether you are a Self Employed Professional (SEP), Self Employed Non Professional (SENP) or salaried and factors like age, years in service and CIBIL score. The lower the risk involved for the bank in lending you, the lesser will be the interest rate charged.


The current interest rates and other charges of the bank are as below:

Rate of Interest 15.50% to 24% ( varies with the nature of job of the applicant and monthly income )
Loan Processing Charges 1.50% to 2.00% + Service Tax as applicable
Prepayment/ Forclosure Charges Nil
CIBIL Report Issuance Charges Rs. 50/- per instance per set+ service tax as applicable
Duplicate Statement Issuance Charge Rs 250 per instance + Service Tax as applicable
Cheque Bounce Charges Rs. 500 per cheque bounce + Service Tax as applicable

Axis Bank Personal Loan Eligibility

Axis Bank offers personal loans ranging from Rs.1 lakh to Rs. 15 lakhs, to all applicants fulfilling the basic eligibility criteria as below:

Eligibility Criteria for Salaried Individuals:

  • Minimum age of applicant: 21 years
  • Maximum age of applicant at loan maturity: 58 years
  • Minimum Net Monthly Income: Rs 15,000
  • Loan Amount Offered: Rs 1 lakh to Rs. 15 Lakhs
  • Minimum Service Period With Current Employer: One Year

Eligibility Criteria for Self Employed Individuals:

  • Minimum age of applicant: 24 years
  • Maximum age of applicant at loan maturity: 65 years
  • Minimum Net Annual Income: Rs 2, 00,000
  • Loan Amount Offered: Rs 1 lakh to Rs. 15 lakh
  • Minimum Work Experience in Current Business/Profession: Three Years

Besides this, the CIBIL score of the applicant plays a major role in the loan application approval.

How to calculate EMI for Axis Bank Personal Loans

Calculating EMI manually can be a tough task with a complicated formula. From the loan amount to the tenure of loan and interest rates, each aspect plays an important role in deciding the EMI to be paid each month by the applicant.

EMI Calculations Made Easy:

The best way to calculate EMI is by using the Personal Loan EMI Calculator provided by BankBazaar.com. Users simply need to add the amount of their personal loan, tenure and rate of interest. The EMI calculator then automatically calculates your EMI and provides the result instantly.

Axis Bank Personal Loan FAQs

  1. What is the best way to apply for Axis Bank personal Loan?

  2. The best way to apply for Axis Bank Personal Loan is by using the online loan application tool at BankBazaar.com. It offers personal loan quote in seconds so that you can assess your loan eligibility sitting at the comfort of your home or office.

  3. What is the minimum and maximum amount of personal loan that I can get from Axis Bank?

  4. Axis Bank offers personal loans ranging from a minimum amount of Rs. 10,000 to a maximum amount of Rs. 15 lakhs. Your eligible loan amount depends on your age, monthly income and the nature of your job.

  5. What is the maximum tenure for which I can avail a personal loan from Axis Bank?

  6. Axis bank offers a flexible tenure for its personal loans ranging from 12 to 60 months.

  7. Is BankBazaar.com Personal Loan Tool free?

  8. Yes, BankBazaar.com loan calculator tool is totally free and the portal does not charge any fee for its services from members. Applying for Axis Bank Personal Loan through BankBazaar.com also does not involve any additional charges.

  9. Can I track my loan application?

  10. BankBazaar.com offers loan applicants active tracking tool through both email and SMS allowing users to track daily updates of their loan application.

  11. How can I calculate my EMI amount for my personal loan?

  12. BankBazaar.com has developed a unique EMI calculator tool that offers EMI breakup for all loans. All you need to do is to enter the preferred loan amount and tenure. The tool calculates the EMI based on the applicable rate of interest.

  13. Is my Data Safe with BankBazaar.com?

  14. Yes of course. BankBazaar.com is India’s premier financial market place and takes utmost care in ensuring the all data is sent in electronic form with high level of encryption. BankBazaar.com does not share your data with any third party other than the financial institution.

  15. How many days will it take to receive the loan amount after applying with BankBazaar.com? Is there any other procedures?

  16. Usually it takes 48 hours, but may vary from case to case. BankBazaar.com will instantly submit your loan application to your nearest Axis Bank in an electronic format. A representative from the branch gets in touch with you for collecting original documents from you. The bank will also check your CIBIL score and approves the loan application. You will also have to sign a loan agreement with the bank.

  17. How it is more beneficial to apply through BankBazaar.com than to apply directly with the bank’s website?

  18. BankBazaar.com offers a unique EMI calculator tool and online submission with which you can understand your loan eligibility, applicable EMI and thereby apply online without visiting the branch. Axis Bank’s website also offers e-approval of loan, but BankBazaar.com being a premier banking partner with tie ups with all leading Indian banks and NBFCs, can get you the lowest and the best deals on personal loans.


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News about Axis Bank Personal Loan

  • Axis Bank To Strengthen
    Personal Loan Portfolio

    Axis Bank has decided to strengthen retail credit growth by enhancing its personal loan and credit card portfolios.

    The bank hopes to profit by focusing on unsecured advances given the high returns on these products vis-a-vis secured advances.

    The risk the bank is willing to bear is supported by positive economic growth indicators. They aim to cash-in on creditworthy customers with large personal funding needs thereby enhancing its asset-base while maintaining asset-quality.

    This move also comes on the back of stiff competition in the retail loan segment, which the industry turned to in the wake of stagnant/declining corporate credit growth. While secured advances like home and auto loans were prioritised to bring in business thus far, Axis Bank has zeroed in on opportunities in the personal loans space. Despite a general call to tighten credit disbursal norms, with increased business confidence, it can be assumed other financially sound players will also follow this leading private bank’s initiative to tide over times of slow-growth.

    21st November 2014


Axis Bank Personal Loan Reviews

93 % of our customers would recommend this bank. (275 out of 296) Write Review
Customer Reviews
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  • Validated User
    (0)

    The personal loan I availed from Axis bank is really good. The customer support was excellent. I received the loan quickly and within 48 hours I got the hard copy and the soft copy of the loan papers which was excellent.

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    ankit took a Personal Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    It was a very good experience from axis bank where I availed my personal loan . They are providing the good rate and 0% preclosure charges. Online banking was very nice and user friendly. I am very much happy to avail ther services in them

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    satheesh took a Personal Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    My friend referred me to avail personal loan from axis bank. Pretty cool . They are having quite high interest rates . It would be great if they reduce their interest rates. Even the documentation policy was quite good when compared with others. Overall they are good.

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    bala took a Personal Loan from AXIS BANK Reviewed on
  • Validated User
    (1)

    Overall experience with Axis bank is good. I know the executive of Axis bank so with the help of that executive I availed personal loan and the given rate of interest is competitive. The executive has contacted me frequently to give status. In addition to that the executive came my office to collect documents. Pre closing option is there after one year but I would go for the tenor of three years.

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    bhavneet took a Personal Loan from AXIS BANK Reviewed on
  • Validated User
    (0)

    I started this personal loan from axis bank where initially it was good. Due to some issues with marketing executive and bank the loan got processed the loan. Being an exiting customer I had some benefits. The service industry was revolving. They offered me 14% which was quite reasonable with other banks

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    velmurugan took a Personal Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Quite satisfied by the services from axis bank when I got my personal loan. Somehow their interest rates are quite high when compared with others. Documentation part was done on proper time. It would be nice if they work on their interest rates .Quite good.

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    chayadevi took a Personal Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (1)

    I would say that the processing time was more when I applied a loan with Axis bank. They must improve in providing proper details to the customers about the outstanding loan amount. I would also state that there is no proper response from the customer support for any queries. The rate of interest was 14% which is high and the processing fees was reasonable.

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    manoj took a Personal Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (1)

    I got my personal loan from axis bank with reasonable interest rate before 3 years . So far no hassle because of them . My EMI amount was deducted every month on time . When it comes to service their customer care was very prompt in providing the solutions .

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    sathya took a Personal Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    The main attraction towards Axis Bank personal loan is zero. Wonderful customer service offered by Axis Bank and its a on-going loan and the amount would be debited from my savings account and I am getting my annexure on time and overall its been great.

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    jagannatha took a Personal Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (2)

    AXIS bank services in terms of personal loan is quite smooth. Initial processing was too faster where they had disbursed the loan within 2-3 days. For this processing, customer service team did provide a full support and guidance. Even the rate of interest is quite impressive.

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    subbharayan took a Personal Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I got one personal loan from axis bank where they dont have any kind of preclosure charges . Rate of interest was high when compared with other banks. It would be nice if they improve on their customer services like other banks

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    r took a Personal Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    The experience with Axis bank was really good when I applied for a personal loan. They take care of their customers really good. The details provided was very clear. They also helped in reducing he rate of interest. They did all the documentation process very quickly. But I would say that only the processing fees is high and it is to be reduced.

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    raj took a Personal Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Actually I estimated around 18, 000 for EMI but I am paying only 14,000 so satisfied with the rate and processing charges. Post six months, we can pre close the loan with 0% of outstanding amount. Interest rate is like monthly reducing balance basis. As well Part payment option is there which is possible after 6 months. Pretty glad about entire service of Axis bank. Overall personal loan process was smooth and simple.

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    gayatri took a Personal Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I am very much happy to avail the services from axis bank when I availed my personal loan long back.The best part was they havent collected any processing fees at the time of loan disbursal. Customer service and response was quite good . Online banking was user friendly

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    venkateswarlu took a Personal Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Customer service was great in axis bank. They are more faster than other banks. Rate of interest was slight higher for my personal loan when compared with other banks. When it comes to service charges doesnt matter for me . My main concern was the customer service .

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    moses took a Personal Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Obviously, I am very much happy with Axis bank personal loan application. As this was the first bank which came forward to offer a loan. I am quite happy with their response and approach. I have submitted my documents on time and verification process was completed successfully and they took hardly 4 to 5 days of time to sanction the loan.

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    sumit took a Personal Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I am happy to leave my comments about Axis bank personal loan, as they took less time to process my application. Axis provides excellent customer service and tries to satisfy the customer in all the ways and means. The moment I got this offer I switched over from ICICI Bank to this Bank. More than all, the time factor is very important they were the first one to offer me the loan.

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    sudheer took a Personal Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    The response when I applied personal loan from axis bank was quite impressive . Due to some personal commitments I have applied . Since I am an existing customer they havent asked any kind of documents. . I am very much happy to avail the services from axis bank that they satisfied my need at my emergency

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    ravikumar took a Personal Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Availing personal loan from AXIS bank was so great. Services overall is pretty good where the customer service executive did respond on a timely manner and had disbursed the loan at the proper time. However, in terms of interest rate and charges, I felt it could have been bit lesser.

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    naresh took a Personal Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    The personal loan services was so clear and simple by AXIS bank. Customer service team was so coordinative and responsive. Interest rate is 15.75% with no processing fees. As my salary account is been linked to AXIS bank, it was easier processing.

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    manoj took a Personal Loan from AXIS BANK on BankBazaar.com Reviewed on
Customer Reviews
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