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.
Axis Bank Personal Loan
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.
Why choose Axis Bank Personal Loan?
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:
- Minimal documentation
- Simple procedures
- Quick loan approval
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.
Features of Axis Bank Personal Loan
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 Personal Loan Interest Rate
Like any other bank, Axis Bank Personal Loan is floating and is subject to market fluctuations. The bank changes its personal loan interest rates from time to time as per its discretion. The current interest rates charged by the bank ranges between 15.50% and 24%.
The actual interest rate as applicable for each applicant depends on his/her nature of job (whether you are a Self Employed Professional (SEP), Self Employed Non Professional (SENP) or salaried and factors like age, years in service and CIBIL score. The lower the risk involved for the bank in lending you, the lesser will be the interest rate charged.
Axis Bank interest rates claim to be the highly competitive and best in the market. The interest rates levied on Axis Bank personal loans can be between 15.5% and 24%. These rates are subject to change depending on market conditions and at the bank’s discretion. Interest rates charged for defaulters is 24% per annum which basically translates into 2% per month for each overdue instalment. Axis Bank also provides interest certificates which can be issued for a charge of Rs. 250 plus service taxes. In case the original certificate is misplaced, the bank can also issue a provisional certificate for which customers have to pay a fee which is the same as that for the actual certificate.
The current interest rates and other charges of the bank are as below:
| Rate of Interest | 15.50% to 24% ( varies with the nature of job of the applicant and monthly income ) |
| Loan Processing Charges | 1.50% to 2.00% + Service Tax as applicable |
| Prepayment/ Forclosure Charges | Nil |
| CIBIL Report Issuance Charges | Rs. 50/- per instance per set+ service tax as applicable |
| Duplicate Statement Issuance Charge | Rs 250 per instance + Service Tax as applicable |
| Cheque Bounce Charges | Rs. 500 per cheque bounce + Service Tax as applicable |
Axis Bank Personal Loan Eligibility
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.
How to calculate EMI for Axis Bank Personal Loans
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.
Axis Bank Personal Loan FAQs
- Am I eligible for Axis Bank personal loan?
- How do I repay Axis Bank Personal loan?
- What is the maximum loan one can get from Axis Bank ?
- What is the tenure 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.
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.
Thank you for sharing this information. It has helped me to know more about personal loan requirements
ReplyDeleteMohd. Arshad
ReplyDeleteHey thanks for this amazing post. Would love to read more of such blogs. You can also have a look at personal loan transfer for more information.
ReplyDeleteIn this blog they have explained that salaried person and self employee person both can apply for a Lakh Rupees Personal Loan
ReplyDeleteIn all, this blog serves as an excellent guide for making informed decisions when it comes to personal loan. It's an excellent resource to ensure that the process is smooth and, most importantly, financially sound. Thanks for sharing these valuable insights!
ReplyDelete