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Axis Bank offers personal loans at interest rates ranging from 12% 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 | 12% 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.
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 |
Before you apply for a personal loan with Axis Bank, you need to know certain key things which include:
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.
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 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.
You can repay your personal loan in EMIs by providing standing instructions, opting for the electronic clearing service, or issuing post-dated cheques.
Axis Bank typically takes 30 working days from the day it receives the application to inform whether the application has been accepted or rejected.
To track your personal loan, you can contact the call centre of Axis Bank, drop a mail, or visit the nearest bank branch.
To update your mobile number, you can contact Axis Bank’s call centre or send a mail to the bank.
Axis Bank offers personal loans for salaried individuals with interest rates between 12% to 24% p.a.
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.
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.
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.
Axis Bank personal loan applicants have to submit the below-listed documents at the bank branch:
Yes, non-Axis Bank customers can apply for Axis Bank personal loans as well.
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.
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).
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.
Request Axis Bank to issue the repayment schedule. If not, you can downloading the loan statement via your Axis Bank net banking account.
You will have to link your net banking account to your personal loan to pay your EMIs.
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.
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.
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.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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