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  • Axis Bank Personal Loan Interest Rates 2019

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  • Axis Bank offers personal loans at interest rates ranging from 15.75% to 24% p.a. The bank levies a processing fee between 1.5% to 2% for personal loans. Axis Bank does not levy any part pre-payment or foreclosure charges. The loan tenure options available range from 12 months to 60 months. Interested individuals can avail loans for various purposes such as planning a wedding or going on a vacation.

    Interest rate 15.75% to 24% p.a
    Processing Fee 1.5% to 2% + GST
    Loan Tenure 12 to 60 months
    Loan Amount Rs.50,000 to Rs.15 lakh
    Employment Status Salaried
    Salary / Income Rs.15,000 onwards per month
    Credit Score 700 and above
    Lowest EMI Rs.2,419 per Lakh
    Prepayment Charges/Foreclosure Charges No charges
    Part Pre-payment No charges
    Overdue EMI Interest 2%

    Axis Bank offers a personal loan scheme to interested individuals above the age of 21 years. The loan has no part payment or foreclosure charges and offers an excellent rate of interest. The loan application process includes only minimal documentation and the loan approval is quick. The bank allows individuals to transfer their personal loans to Axis Bank as well. Salaried employees working in Public Sector Undertakings, central bodies, and local bodies.

    Factors Affecting Axis Bank Personal Loan Interest Rates

    • Nature of the applicant’s job: If your job is permanent and the income level is high, Axis Bank may choose to offer a large sum at a low rate of interest.
    • Loan tenure: Axis Bank may charge a lower rate of interest on personal loans taken for long tenures and a high rate of interest taken for short tenures.
    • Loan repayment capacity: If Axis Bank thinks that you are capable of repaying your loan on time, it may offer you a reduced rate of interest.
    • Credit score: If you have a credit score of 700 and above, you may expect to receive a reduced rate of interest on your Axis Bank Personal Loan, compared to a person whose credit score is lower.
    • Relationship with Axis Bank: If you have a good relationship with the bank, Axis Bank may charge a reduced rate of interest on your personal loan. By continuing a steady relationship with Axis Bank and paying your previous debts on time, you can win the trust of the bank.

    Other Fees and Charges

    The additional fees and charges exclusive of GST are given below:

    Repayment instruction/instrument return charges Rs.500
    Swap charges Rs.500
    Duplicate statement issuance charges Rs.250
    Duplicate amortisation schedule charges Rs.250
    Re-issuance of photocopies of loan agreement and other documents Rs.250
    Credit Information Companies (CICs) report charges Rs.50
    Duplicate NOC Rs.500
    Stamp duty charges As per the State Stamp Act

    Key things you should know about Axis Bank Personal Loan interest rates

    Before you apply for a personal loan with Axis Bank, you need to know certain key things which include:

    • Know how to calculate your EMIs on Axis Bank Personal Loan. This you can easily do by using a Personal Loan EMI Calculator.
    • Know the exact amount of interest you will be paying on the principal amount at the end.
    • Find out if any hidden charges are involved in the loan.
    • Understand the difference between fixed rate and floating rate of interest and choose your Axis Bank Personal Loan Interest Rate as per your repayment capacity. In fixed rate personal loans, you pay a fixed rate of interest on the principal amount for the whole tenure whereas in floating rate personal loans, your interest payment may change.
    • You should also know whether Axis Bank ask for security or collateral to grant you a personal loan or not.

    Calculating Interest On Axis Bank Personal Loan

    You can use two types of formulas to determine the interest on your loan. The easier way is to use BankBazaar’s Personal Loan EMI Calculator. You just have to input your loan details and click on the ‘Calculate’ tab to find out your monthly repayment and interest amounts. 

    Illustration

    1. Mr. Rao earns a salary of Rs.25,000 per month and has a credit score of only 710 as it has been only a couple of years since he started earning. He wished to avail a Rs.2 lakh loan from Axis Bank. The rate of interest charged for the loan was 22% p.a. given his low income level and low credit score.

    The amortisation schedule for the loan availed for a 1-year tenure is as given below:

    For Salary of Rs.25,000 Per Month

    Loan amount Rs.2 lakh
    Processing fee 2%
    Loan tenure 1 year
    Interest rate 22% p.a.
    Month Principal Paid(A) (in Rs.) Interest Paid(B) (in Rs.) EMI (A+B) (in Rs.) Outstanding Loan Balance (in Rs.)
    1 15,052 3,667 18,719 1,84,948
    2 15,328 3,391 18,719 1,69,620
    3 15,609 3,110 18,719 1,54,010
    4 15,895 2,824 18,719 1,38,115
    5 16,187 2,532 18,719 1,21,928
    6 16,484 2,235 18,719 1,05,445
    7 16,786 1,933 18,719 88,659
    8 17,093 1,625 18,718 71,566
    9 17,407 1,312 18,719 54,159
    10 17,726 993 18,719 36,433
    11 18,051 668 18,719 18,382
    12 18,382 337 18,719 0

    2. Ms. Gupta earns a salary of Rs.50,000 per month and has a good credit score of 850. She, too, wanted a Rs.2 lakh personal loan from Axis Bank for a 1-year term. The interest charged for her is low i.e. 16% p.a. given her comparatively higher income level plus excellent credit score.

    The amortisation schedule for Ms. Gupta is as shown in the table below:

    For Salary of Rs.50,000 Per Month

    Loan amount Rs.2 lakh
    Processing fee 2%
    Loan tenure 1 year
    Interest rate 16% p.a.
    Month Principal Paid(A) (in Rs.) Interest Paid(B) (in Rs.) EMI (A+B) (in Rs.) Outstanding Loan Balance (in Rs.)
    1 15,480 2,667 18,147 1,84,520
    2 15,686 2,460 18,146 1,68,835
    3 15,895 2,251 18,146 1,52,940
    4 16,107 2,039 18,146 1,36,833
    5 16,322 1,824 18,146 1,20,511
    6 16,539 1,607 18,146 1,03,971
    7 16,760 1,386 18,146 87,212
    8 16,983 1,163 18,146 70,228
    9 17,210 936 18,146 53,018
    10 17,439 707 18,146 35,579
    11 17,672 474 18,146 17,907
    12 17,907 239 18,146 0

    Axis Bank Personal Loan Balance Transfer

    Axis Bank offers customers the option of transferring their existing personal loan balance held with another financial lender to Axis Bank to get favorable interest rates and a host of other benefits. The interest rate and fees and charges are as per the terms and conditions set by Axis Bank.

    FAQ's

    1. What are the EMI payment options available?
    2. You can repay your personal loan in EMIs by providing standing instructions, opting for the electronic clearing service, or issuing post-dated cheques.

    3. How long does it take to approve a loan?
    4. Axis Bank typically takes 30 working days from the day it receives the application to inform whether the application has been accepted or rejected.

    5. How do I track my Axis Bank personal loan?
    6. To track your personal loan, you can contact the call centre of Axis Bank, drop a mail, or visit the nearest bank branch.

    7. I have changed my mobile number. How do I update the phone number linked to my personal loan?
    8. To update your mobile number, you can contact Axis Bank’s call centre or send a mail to the bank.

    9. What is the Axis Bank personal loan interest rate for salary account holders?
    10. Axis Bank offers personal loans for salaried individuals with interest rates between 15.75% p.a. and 24% p.a.

    11. Can I close my Axis Bank personal loan after 1 year?
    12. The eligibility for the Axis Bank personal loan foreclosure is as per the terms and conditions set by Axis Bank. That said, the loan borrower has to have cleared all past EMIs to be eligible for the foreclosure. Currently, Axis Bank does not charge any foreclosure fees.

    13. How can I close my Axis Bank personal loan online?
    14. You will have to give Axis Bank a notice that you would be foreclosing the loan. You can make the foreclosure payment via your net banking account that is linked to your personal loan.

    15. Can I negotiate with Axis Bank for the personal loan interest rate?
    16. Yes, based on your income, ability to repay the personal loan and your relationship with Axis Bank, you can negotiate on offered personal loan interest rate.

    17. Which documents should I carry when visiting Axis Bank to avail a personal loan?
    18. Axis Bank personal loan applicants have to submit the below-listed documents at the bank branch:

      • Identity proof- Aadhaar card, Passport, Voter ID, etc.
      • Address proof - House registration certificate or rent/lease, Aadhaar card, Voter ID card, etc.
      • Income proof – IT returns certificate, income pay slips, bank statements, Form 16, etc.
      • Duly-filled application form.
      • Standing Instructions/ECS form or post-dated cheques.
      • Passport-size photographs.
    19. Is it possible for non-Axis Bank customers to get a personal loan from Axis Bank?
    20. Yes, non-Axis Bank customers can apply for Axis Bank personal loans as well.

    21. How can I check my Axis Bank personal loan balance?
    22. Axis Bank personal loan customers can request Axis Bank for the repayment schedule to know their personal loan balance. Customers can request for the repayment schedule by calling the customer care unit of Axis Bank, sending them an email at loans@axisbank.com or by visiting the nearest bank branch.

    23. How can I pay my Axis Bank personal loan EMI?
    24. Existing Axis Bank customers (current or salary account holders) can pay their EMIs through Standing Instructions for the auto-debit facility while non-Axis Bank customers can pay their EMIs through post-dated cheques or through the Electronic Clearing Service (ECS).

    25. How can I pay my Axis Bank personal loan EMI through net banking?
    26. Yes, you can from your Axis Bank net banking account or from any other net banking account from another bank if you have linked your personal loan to it.

    27. How to can I get my Axis Bank personal loan statement?
    28. Request Axis Bank to issue the repayment schedule. If not, you can downloading the loan statement via your Axis Bank net banking account.

    29. How to pay Axis Bank personal loan EMI online from another bank?
    30. You will have to link your net banking account to your personal loan to pay your EMIs.

    31. How to get Axis Bank personal loan status on my mobile number?
    32. You will get automatic personal loan updates or statuses on your mobile number if you have registered your mobile number when availing the personal loan. If not, you can register your mobile number to receive personal loan statuses by calling the customer care unit of the bank or by writing an email to loans@axisbank.com.

    33. How can I track my Axis Bank personal loan application status?
    34. Using your personal loan application number, you can check your personal loan application status on the website of Axis Bank or at the bank branch.

    35. What is the Axis Bank personal loan disbursement time?
    36. Axis Bank ensures that the disbursement of the personal loan following approval is carried out within 30 days from the submission of the required documents.

        

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