Axis Bank Personal Loan is Rated as "Excellent!" by 1783 Users

When a person is in need of money and finds his or her bank account lacks the ability to support upcoming expenses, it is not the end of the world. There are options available that will help anyone pay for things that might, initially, seem out of reach. This is where Axis Bank’s personal loans come into the picture. The loans offered by them are structured in such a way that not only are they easy to avail but also easy to pay back. They offer a variety of ways to pay back the loans like Standing Instructions, Electronic Clearing Service or even Post Dated Cheques. A personal loan could give a person the purchasing power they need to go on a dream vacation or even provide their children with the best education possible.

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.

Axis Bank provides customers with the facility of Personal Loans which can be utilized to fulfill a variety of personal needs. It could be for your child's education, for taking that vacation you always wanted, to help finance a wedding or to take care of any other social or financial need. While all new Axis Bank Personal Loans are available under the new MCLR based interest rate system, existing borrowers can continue to avail personal loans under the existing Base Rate based interest system.

Axis Bank MCLR (Marginal Cost of funds based Lending Rate) (For new borrowers)

Following the Reserve Bank of India's guidelines, interest rates for all loans including personal loans have been revised with effect from April 1, 2016. All loans hereafter will be available with reference to the MCLR (Marginal Cost of Funds based Lending Rate). Axis Bank will revise the MCLR on a monthly basis. The following table lists the MCLR rates with effect from May 18, 2016.

Tenor	MCLR (in Percentage)
Overnight	8.95%
One month	9.05%
Two month	9.25%
Six month	9.30%
One year	9.35%
Two years	9.45%
Three years	9.50%

Axis Bank Personal Loan Interest Rates (MCLR)

All new personal loans provided by Axis Bank will be charge interest on the basis of MCLR (Marginal Cost of funds based Lending Rate). The MCLR rate is revised on a regular basis and will directly related to the interest rate being offered.

Axis Bank Base Rate & Prime Lending Rates (For existing borrowers)

All existing loan borrowers will continue to avail personal loans with the Base Rate system of interest. The Benchmark Prime Lending Rate (BPLR) of the bank is currently set at 15.75% per annum. This prime lending rate is BPLR is dependent on factors like business operation costs, cost of funds, yield curve expectations and provisions.

Axis Bank Personal Loan Interest Rate (Base Rate)

Existing borrowers can avail personal loans on the Base Rate interest system. However, they also have the option of migrating to the new MCLR based interest system.

Note: The MCLR rates given above are effective as of May 18, 2016. To know the currently applicable interest rates for personal loans, please contact the bank at the time of applying for the same. Also, interest rates for personal loans are subject to change with change in MCLR / Base Rate.

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

• The applicant must be a salaried person. Which means that they should either be doctors or employees of a private/public limited companies. They can even be employed by a public sector undertaking or central or local bodies. Government sector employees are also eligible. Self-employed individuals can also apply.
• The minimum age of the applicant must be years and the maximum 60 years.
• The minimum Net Monthly Income should be no less than Rs.15,000 per month.

Eligibility Criteria for Salaried Individuals:

• Minimum age of applicant: 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.

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.

• Am I eligible for Axis Bank personal loan?

  Axis Bank offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for Axis Bank personal loan is Rs. 50,000 per month. If you fall into this group, you can definitely apply for a Axis Bank personal loan.

• How do I repay Axis Bank Personal loan?

  You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.

• What is the maximum loan one can get from Axis Bank ?

  Axis Bank offers personal loans as high as Rs. 15 Lakhs for successful applicants depending on their financial record and repayment history.

• What is the tenure for Axis Bank personal loan?

  Axis Bank offers personal loan with a tenure period ranging from 12 months to 60 months making it suitable for all loan seekers.

• What is the minimum amount of loan amount that can be borrowed from Axis bank?

  The minimum loan amount should be Rs 50,000/-, for a personal loan from Axis Bank.

• What is the maximum amount of loan amount that can be borrowed from Axis Bank?

  The maximum loan amount should be Rs 15,00,000/-, for a personal loan from Axis Bank.

• How much time can I take for loan repayment, when it comes to an Axis Bank personal loan?

  You can to take a minimum of 12 months and a maximum of 6 months, to repay your personal loan from Axis Bank.

• Can I earn any edge loyalty points when I take a personal loan from Axis Bank?

  Yes, you can earn edge loyalty points on Personal Loans from Axis Bank:

  The following matrix is followed for edge loyalty point calculation:

  1. You will earn 150 points if your disbursal is less than or equal to Rs. 3 lakhs.
  2. You will earn 300 points if your disbursal is higher than Rs.3 lakhs and less than or equal to Rs. 5 lakhs.
  3. You will earn 450 points if your disbursal is higher than Rs.5 lakhs.

• Which are the cities, which make me eligible for a personal loan from Axis Bank?

  Eligibility criteria are further divided into 4 tiers. These are based on cities. As of now the following cities whose residents may apply for a personal loan in Axis Bank:

  • Tier 1: Delhi-NCR, Mumbai, Bangalore, Chennai, Hyderabad.
  • Tier 2: Ahmedabad, Pune and Kolkata.
  • Tier 3: Kochi, Coimbatore, Jaipur, Patna, Lucknow, Jamshedpur, Trivandrum, Vadodara, Vishakhapatnam, Trichy, Surat, Bhubaneswar, Nashik, Goa, Guwahati, Aurangabad, Nagpur and Chandigarh.
  • Tier 4: Bhopal, Jodhpur, Calicut, Mysore, Raipur, Pondicherry, Rajkot, Dehradun, Durgapur, Hubli, Kolhapur, Ludhiana, Jalandhar, Madurai, Patiala, Mangalore, Siliguri, Ranchi, Udaipur, Tirunelveli, Vijayawada, Indore, Allahabad, Ajmer, Bhatinda, Bhavnagar, Bhilwara, Belgaum, Jamnagar, Kota, Kanpur, Salem, Warangal, Ujjain and Mehsana.

• What are the possible modes of payments for Axis Bank Personal loan?

  The loan can be repaid in the form of Equated Monthly Instalments (EMI's) through ECS facility or with post-dated cheques.

• What are the chances of interest rate changes?

  You need not worry much about it as, when it does happen, changes in interest rate and charges are effected only after prospectively giving ample notice to the borrower.

• What is the process of an Axis Bank personal loan application approval?

  The Axis Bank loan Application, post the submission of application and submission involves the following three steps:

  1. The Bank will first provide a receipt of acknowledgement of all loan applications giving an idea of the time period within which the loan application will be actually disposed of.
  2. Axis Bank then will verify the loan application along with additional details / documents being necessary which shall be sought from the applicant.
  3. Regardless of the threshold limits, the Bank is expected to process the application without any delay. In the case that the application is rejected, the Bank will convey the same in writing to the individual along with the reasons for rejection within one month.

Personal loans are of the finest options to ensure a steady cash flow at times of financial emergencies. From paying educational expenses to financing your home and traveling to your favourite destination, a personal loan can cater to a wide variety of needs. Most banks offer personal loans only to eligible customers but they generally have strict procedures to determine eligibility. You can apply for Axis Bank personal loans by any of the following ways:

• Apply online through the bank website
• Visit an Axis bank loan center and make an application
• Call the Axis Bank Call Center at any of these toll free numbers 1800 209 5577 or 1800 233 5577 or 1800 103 5577

The turnaround time of the bank is generally 30 days from the date of loan application, provided the details submitted are correct in all respects. Axis Bank charges a non-fundable processing fee for every personal loan application. It can range from 1.5% to 2% of the loan amount.

A top up loan allows you to avail an additional amount on your existing personal loan. It’s also a safe option to avail an extra loan with a consolidated EMI payment. Axis Bank offers top up loans to personal loan customers who meet the below criteria:

• The customer must have taken a personal loan from Axis Bank
• He/she must not have any pending EMI payments
• The top up loan applicant must be employed
• Top up loan can be available after a predetermined period as specified in the loan agreement

Balance transfer happens when the outstanding balance of the loan amount is moved to another bank for lower interests and longer payment duration. Almost every bank allows transfer of loan if you haven’t defaulted on EMI payments. Axis Bank offers attractive interest rates and also, the documentation process is simple and hassle free. However, the eligibility of your balance transfer will depend on your repayment track record. To transfer your personal loan to Axis Bank, you must be at least 21 years of age and you should possess a valid set of documents such as income proof, identity proof, address proof, etc.

Axis Bank will process a foreclosure request only if all outstanding EMIs have been cleared. So, if you plan to foreclose your loan, make sure that you have cleared all your due payments. You can check for your outstanding payments by obtaining a foreclosure statement from your nearest Axis Bank branch. Once all your dues have been cleared, the foreclosure request will be processed by the bank. Axis Bank does not charge penalties for prepayment of a loan.