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.
At least 21 years old
Less than 60 years old
Salaried / Self â€“ Employed
with regular income
Earn more than the minimum
Minimum income required
Rs. 15,000 per month
Maximum allowed personal loan is Rs. 15 lakhs
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 60 months
|Interest Rate (Floating)||15.50%-24% p.a|
|Processing Fees||1.50% to 2.00% + Service Tax as applicable|
|Loan Tenure||60 months|
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.
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:
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.
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.
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)|
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.
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.
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.c
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.
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.
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 should be Rs 15,00,000/-, for a personal loan from Axis Bank.
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:
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.
*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.
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.
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.
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.
|Before you apply for the loan, Check your CIBIL Score for AXIS Bank Personal Loan|
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.
11th 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.
5th 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%.
15th 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.
23rd 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.
1st November 2014