One of the leading solutions Axis Bank offers instant personal loans for their customers if they are planning a vacation, renovating a home, or arranging a dream wedding. The applicant can get a personal loan of Rs. 50,000 up to Rs. 15,00,000 with minimal documentation required. Apart from this, the user can get speedy approval from Axis Bank. Additionally, it will help to transfer your existing high-interest rate for Axis Bank personal loan as well.
Axis Bank personal loan features and benefits
For a quick approval of the loan, you need to understand the key features of Axis Bank personal loan:
- No documents required for applying for an instant loan.
- An instant loan from Axis Bank is very less as the loan amount will be disbursed.
- The loan amount will be directly transferred directly into your Axis Bank’s savings account.
- Multiple loan tenure options are available.
Eligibility of Axis Bank personal loan
Use Axis Bank personal loan EMI calculator to calculate the monthly installments to apply for a loan and have a definite estimate of the user’s monthly payments in advance. In this case, users can take a personal loan with the following eligibility criteria:
- Salaried employees such as doctors, employees of public and private limited companies, and government sector employees including Public Sector Undertakings, Central and local bodies.
- The age of the user should be a minimum of 21 years and a maximum of 60 years at the time of maturity of the loan.
- Minimum net monthly income should be Rs. 15,000.
Documents required for Axis Bank personal loan
- Submit the duly filled application form
- KYC documents are required to submit.
- ID proof
- Passport size photographs
- Age proof
- Residence proof
- Bank statement
- Loan Agreement duly signed and Standing Instruction (SI) Request or ECS form.
Axis Bank personal loan interest rate
A personal loan from Axis Bank offers low-interest-rate that helps to fulfill the user’s financial needs. If there is a need to get immediate funds, one can apply for the loan amount starting from Rs. 50,000 up to Rs. 15,00,000 with minimal documentation. Here are the interest rates for a personal loan with a tenure of up to 36 months.
|Fixed-rate loan||1-year MCLR||More than 1-year MCLR||Effective ROI|
|Personal loan amount||7.45%||4.55% to 16.55%||12% to 24%|
Axis Bank personal loan fees
|Schedule of charges||Fees|
|Penal interest||24% p.a.|
|Bounced cheque charge||Rs. 500 + GST|
|CIBIL Report Issuance Charges Stamp Duty Charges||Rs. 50 per instance per set + GST as per State Stamp Act|
|Cheque/ Instrument Swap Charges||Rs. 500 per instance + GST|
|Issuance charges for a photocopy of loan agreement or documents||Rs. 250 + GST|
How to calculate the Axis Bank personal loan EMI calculator?
One can easily apply for the Axis Bank personal loan with the help of an EMI calculator. In this form, you need to fill the required fields with your preferred loan amount, interest rate, tenure, and processing fee. Then, click ‘Calculate’ to check your EMI and also view a detailed break-up of your repayment schedule with the help of the table mentioned under:
For example, A person takes a personal loan of Rs. 1 lakh from Axis Bank. The interest rate is charged by the bank is 15.75% p.a. for a tenure of 1 year to repay the loan. With the help of these terms repayment schedule for the loan is mentioned as follows:
|1||Rs. 7,749||Rs. 1,313||Rs. 9,061||Rs. 92,251|
|2||Rs. 7,850||Rs. 1,211||Rs. 9,061||Rs. 84,401|
|3||Rs. 7,953||Rs. 1,108||Rs. 9,061||Rs. 76,447|
|4||Rs. 8,058||Rs. 1,003||Rs. 9,061||Rs. 68,389|
|5||Rs. 8,164||Rs. 898||Rs. 9,061||Rs. 60,226|
Compare the list of other banks with Axis Bank personal loan
Here is the comparison table of Axis bank personal loan than other banks offering loan amount, interest rate, processing fee, and late payment fee:
|Particulars||Axis Bank personal loan||HDFC Bank personal loan||Citibank personal loan|
|Interest rate||12% p.a. onwards||10.75% p.a. onwards||10.50% p.a. onwards|
|Process fee||2% including GST||2.5% including GST||0.25% to 3.00% including GST|
|Late payment fee||2% of the overdue amount p.m.||2% of the overdue amount p.m.||Contact the bank for details|
Hope this article helps you, with the essential documents, processing fees, attractive interest rate, eligibility criteria of Axis Bank personal loan. Apart from this, you can also check the repayment tenure with the EMI calculator for the loan amount and repay them easily. For more details, you can visit the official site of Axis Bank and check the details related to your criteria or you can contact the customer care executives for applying for a personal loan.