Personal loans act as a saviour when you need funds for that vacation you have been dreaming of, the house you have been thinking of renovating, or for reasons as little as buying something that you have always wanted. A personal loan is an unsecured loan that individuals can take from a Non-Banking Financial Company (NBFC) or a bank to fulfil their personal financial requirements. The bank or the NBFC which sanctions the loan will not monitor where the money has been used. While providing a personal loan, banks or NBFCs will take into consideration the income level, credit history, repayment capacity, employment history, etc., of the individual applying for the loan.
A regular income source is a must for availing a personal loan. The income source could be the company the individual is employed at, a business, or a profession. The eligibility criteria, maximum loan amount, and the duration for repayment for a personal loan vary from bank to bank.
| Interest Rate (Floating) | 15.50%-24% p.a |
| Processing Fees | 1.50% to 2.00% + GST as applicable |
| Loan Tenure | 60 months |
Axis Bank is India’s third largest private lender and one of the first new generation banks to be established. The bank started its operations in 1994 and as of 31 March 2018, has 3,703 branches and 13,814 ATMs across the country. Axis Bank also has 10 offices overseas including Singapore, Dubai, Hong Kong, and Shanghai. The bank offers a complete spectrum of financial services encompassing customers in the retail and agriculture businesses, MSME, and corporate bodies.
Axis Bank offers personal loans that are flexible, involve minimum documentation, and are approved quickly. Anyone with a secure, regular income can apply for the personal loan from Axis Bank which can be used to finance personal needs like children’s education, wedding expenses, renovating a home, etc.
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. Personal loans from Axis Bank can be availed both by salaried and self-employed individuals. 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.
Personal loans offered by Axis Bank come with competitive interest rates and a simple loan facilitation process. The other benefits that accompany the Axis Bank Personal Loan are:
Axis Bank offers personal loans up to a maximum limit of Rs.15 lakh making it suitable for even those seeking a higher quantum of loan. With active bank branches in almost all towns in India, Axis Bank ensures that there is a loan centre easily accessible for everyone; 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.
As one of the top personal loan providers in the country, Axis Bank ensures that each applicant receives personalised attention. The loan facilitation and approval process is hassle-free, quick, and without any unnecessary delays.
Personal loan from Axis Bank offers many benefits that makes it an attractive bargain. The features are given below:
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 lakh.
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.
Transfer existing loans: If a customer has loans with other banks at higher interest rates, he/she can transfer the same to Axis Bank.
Axis Bank offers personal loans in 3 categories - Personal loan for holiday, personal loan for wedding, and personal loan for renovation. We have explained all of these loans below:
Personal Loan for Holiday - The Axis Bank Personal Loan for Holiday lets customers plan their vacations and travel the world without having to worry about finances. The loan process is quick, hassle-free, and requires minimal documentation. The loan also offers a flexible payment option that ranges from 1 year to 5 years. It also comes with a moratorium facility for 2 months where the customer need not make any repayment and the EMI payment will start only after the third month. The Personal Loan for Holiday also comes with value-added benefits wherein customers travelling abroad will receive a complimentary forex card which offers a waiver of ATM fee for 3 transactions, fixed exchange rates, and a waiver of the 3.5% currency charges on each swipe. The interest rates for the Personal Loan for Holiday have been given below:
| Fixed Rate Loan | 1 year MCLR | Spread over 1 year MCLR | Effective Interest Rate | Reset |
| Personal Loan | 8.60% | 6.90% - 15.40% | 15.5% - 24% | No Reset |
Personal Loan for Wedding - This loan will help customers make an important occasion like a wedding, cherishable. The Personal Loan for Wedding will let customers enjoy peace of mind while creating wonderful memories without the need to think about money as weddings can be a costly affair. Customers can avail a personal loan of up to Rs.15 lakh which can be used to pay for the wedding venue, caterers, photographers, and all things needed to make the wedding a grand celebration. This loan will attract the below given interest rates:
| Fixed Rate Loan | 1 year MCLR | Spread over 1 year MCLR | Effective Interest Rate | Reset |
| Personal Loan | 8.40% | 7.10% - 15.60% | 15.5% - 24% | No Reset |
Personal Loan for Renovation - With the Personal Loan for Renovation from Axis Bank, customers can avail finance to give their homes a makeover. Availing this loan is quick, simple, and the entire process can be done online. This loan will allow customers to redesign their homes the way they want and not think about not having enough funds. The interest rates for the Personal Loan for Renovation have been given below:
| Fixed Rate Loan | 1 year MCLR | Spread over 1 year MCLR | Effective Interest Rate | Reset |
| Personal Loan | 8.40% | 7.10% - 15.60% | 15.5% - 24% | No Reset |
Axis Bank offers personal loans ranging from Rs.1 lakh to Rs. 15 lakhs, to all applicants fulfilling the basic eligibility criteria as below:
Besides this, the CIBIL score of the applicant plays a major role in the loan application approval.
Know more about Axis Bank Personal Loan Eligibility for taking Personal loan
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.
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.
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:
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:
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.
Have a high-value property? You can this utilise this property and get a loan against it. This way you can enhance the value of your property too! You may also choose to refinance this loan by taking over a prevailing loan. Moreover, it offers lease rental discounting. The bank also provides loyalty points according to the amount that is disbursed to you. It comes with a prepayment charge of 2%. The minimum age criterion for this loan is 24 years and the maximum age criterion is 65 years.
Did you apply for a personal loan from Axis Bank some days back? In case you are wondering what happened to the application, you can track your status online by going to the official website of the bank. You can check the status of your loan by entering accurate details and these include your application ID or name on application form. You may also check by using the bank's iConnect Net Banking. While keying in your application ID, you also need to key in your registered mobile number.
Check out:Axis Personal Loan Status
Have any query regarding your personal loan from Axis Bank? You don't have to force yourself to visit a bank branch for getting your query clarified. You can instead call any customer care helpline number of the bank for all kinds of resolutions. Whether you have a question about the personal loan product or a complaint about the product, you can call any of the numbers and explain the trouble that you are facing. The bank has a web connect portal and a grievance redressal cell that is committed to addressing personal loan issues. You can find out the status of your loan, EMI details, payment information, etc.
Check OutAxis Bank Personal Loan Customer Care details
*This article is provided only for consumer information on an as is where is basis and BankBazaar does not claim or represent to be connected with Axis Bank Limited. For further information about any of the products mentioned above please contact Axis Bank.
Is your bank balance shrinking faster than the Atom? Are debt collectors pounding at your gate like a furious Thor? Don’t worry. Time for a Personal Loan to save the day. Applying for one is easier than you think.
Zero Collateral
Don’t feel bad that Batman has a Batmobile and you don’t. Look at it this way. You don’t need to own assets like a home, or even a car, to apply for a Personal Loan.
Speedy Approval
Today, you can get a Personal Loan faster than Superman can change into his costume in a phone booth. Choose ‘e-approval’ to get your loan application processed in double quick time.
Freedom to Decide
Envious of how Spiderman’s tights give him the freedom to perform all kinds of aerial gymnastics? Well, a Personal Loan gives you the freedom to do whatever you please with the money you acquire.
Minimal Documentation
Just like the Hulk only needs to wear a pair of tiny, ratty, purple trousers to achieve superhero status, you barely need any documentation to apply for a Personal Loan. Some ID and address proof and you’re sorted.
Remember, with great loans come great responsibility, so make sure you make your payments on time. Now get yourself a Personal Loan and banish those outstanding dues to the Phantom Zone.
Best Tips for a Successful Personal Loan
If you have been planning to apply for a personal loan from a bank or an NBFC, you need to be aware of a few guidelines. First, you will need to ensure that you meet your lender's basic eligibility criteria including age, job, income, and credit history. Next, you need to select your lender accurately by comparing multiple loan options and their features. This will quicken your application process. You should also make sure you have a good credit score while applying for a new loan. You will also have to choose your loan amount correctly according to your repayment capacity. Also, keep all your relevant documents ready for providing proof to your lender. You can learn more about how to apply for a personal loan effectively here!
Pre-Qualified Personal Loan
Pre-qualified personal loans are pre-approved loans that are provided by banks to individuals who have a clean credit history, subject to a few conditions. You will be able to enjoy minimum documentation for such loans. Before you are given such a loan, your lender will review and evaluate your unsettled payments, existing loans, credit card bills and details, and cash outflow. Accordingly, the bank will determine your eligibility for a loan. Then you will need to furnish proper documents for verification of your eligibility. These loans are offered only for a small period. Learn everything about pre-approved personal loans here!
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.
You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.
Axis Bank offers personal loans as high as Rs. 15 Lakhs for successful applicants depending on their financial record and repayment history.
Axis Bank offers personal loan with a tenure period ranging from 12 months to 60 months making it suitable for all loan seekers.
The minimum loan amount should be Rs 50,000/-, for a personal loan from Axis Bank.
The maximum loan amount that can be borrowed as a personal loan from Axis Bank is Rs.15,00,000.
You can to take a minimum of 12 months and a maximum of 6 months, to repay your 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:
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:
The loan can be repaid in the form of Equated Monthly Instalments (EMI's) through ECS facility or with post-dated cheques.
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.
The Axis Bank loan Application, post the submission of application and submission involves the following three steps:
To update the email address and mobile number on your personal loan account, you can call any of the customer care numbers available on the bank’s official site. You can also update it online at www.axisbank.com/support or use the Axis Bank mobile app to update your mobile number and email address.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar’s partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
India’s third largest private sector banking institution, Axis Bank, has recently informed the stock exchanges about a rise in Marginal Cost of fund-based Lending Rate (MCLR). It is claimed that the benchmark rate has been increased for the first time since its introduction in April 2016. The new MCLR will be 5 basis points higher than the previous one across all maturity, and will be put into effect from January 2018. Due to the increment in the MCLR, the interest rates of all the important products that the bank offers will also demonstrate an inflation. This move will impact new borrowers while the old debtors will continue to enjoy the old rates until the lock-in period of the scheme.
24 January 2018
According to a source, Axis Bank rose 0.19% to Rs 511.90 in its share price resulting from its decision not to change its MCLR rates from July 18, 2017. According to the bank, 35,286 shares were traded on the counter so far as against the average daily volumes of Rs.4.62 lakh shares in the past one quarter. The stock had hit a high of Rs.513 and a low of Rs.506.70 so far during the day. The stock had hit a 52-week high of Rs.638 on 7 September 2016 and a 52-week low of Rs.424.60 on 10 January 2017. They added by saying that the marginal cost of funds based lending rate (MCLR) for overnight loans will be 7.8%, the rate for one month will be 7.8% and for three months it will be 8%. The MCLR on 6-month loans will be 8.15% and for one-year loans the rate will be 8.25%.
24 July 2017
Axis Bank has cut down its base rate by 10 basis points to 9.15%, followed by other banks such as SBI and HDFC Bank, who have also cut down on the bps. Despite the recent cuts in base rates, HDFC Bank has trimmed to the lowest base rate of 9%, which is equivalent to the highest one-year MCLR (Marginal cost of funds-based lending rate). The cut in base rates are being considered as efforts to restrict borrowers from moving to the MCLR system. Although the fresh loans being sanctioned post 1st April, 2016 are supposed to be MCLR-based, majority of them still remain linked to the base rates.
11 April 2017
Axis Bank inaugurated the GHS Road branch, which will be the ninth branch of the bank in Nagaland. The branch was officially inaugurated by Rovilatuo Mor, Deputy Commissioner of Kohima, IAS. The DC extended his congratulations to the bank, and requested that the bank's services reach the people living in the interiors of the state. He also urged bank officials to offer support to the public, while the public was also asked to co-operate with the bank officials in order to maintain smooth functioning of the bank. The GHS Road Axis Bank branch will offer various baking schemes such as personal loans, along with locker services for the public.
5 October 2016
Axis bank has launched a new mobile app called '24X7 Instant Personal Loan's for selected customers. The customers can avail personal loans that will be credited to their account through this app. The customer needs to log on to the app to view their pre-approved loan amount. The customer can use the slider scale on the app to decide on their loan amount and loan tenure. The app gives out information about EMI for the loan, interest rate and processing fee.
Cash is instantly credited to the customer's account once they agree to the terms and conditions. They will get a verification message for the same. The maximum loan amount that one can avail depends on the applicant's credit history. Though the maximum loan amount is hinted to be around Rs.5 lakh while the minimum is somewhere close to Rs.1 lakh. The rate of interest to be charged will be about 12-17%.
15 May 2015
Axis Bank announced that it is partnering with Suvidhaa Infoserve and launching Axis Bank- Suvidhaa Prepaid Card. It leverages e-Know Your Customer platform for on-boarding, making cash deposits and withdrawing money at ATMs. The card complements Prime Minister's Jan Dhan Yojana programme. The launch ensures that it can attract new customers from sectors such as construction and migrant workers, who do not like availing banking services.
Axis Bank is the 3rd largest private sector bank in India. It began its operations in 1994. They aim to become the preferred financial solution provider for the customers.
23 April 2015
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.
1 November 2014
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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
