Personal loan, a multi-purpose loan, in Axis bank comes with different features and also lower interest rates. For the convenience of the customers, Axis bank, one of the fastest growing private banks in India, now does not levy an extra charge for pre-closure or part payment of the personal loan.
A personal loan ensures that you need not go back on your targets that you have set for yourself. Be it the perfect wedding for your daughter, the complete renovation for your new apartment or a fun-filled holiday for your family. Get the best personal loan interest rate with Axis Bank.
Personal Loan Interest rates Axis bank
Here is the list of charges and personal loan interest rates Axis bank details.
| Interest Rates & Charges* | |
|---|---|
| Rate of Interest | 15.50% to 24% |
| Loan Processing Charges | 1.50% to 2.00% + GST as applicable |
| Cheque Bounce Charges | Rs. 500 per cheque bounce + GST as applicable |
| Cheque/ Instrument Swap charges | Rs.500 per instance + GST as applicable |
| Prepayment/ Foreclosure Charges | Nil |
| Default Interest Rate | @24.00% per anum i.e 2% per month on the overdue installment |
| Duplicate Statement Issuance Charges
Duplicate Amortization Schedule Charges Duplicate Interest Certificate |
Rs 250 per instance + GST as applicable
Rs 250 per instance + GST as applicable Rs 250 per instance + GST as applicable |
| Cibil Report Issuance Charges
Stamp Duty Charges |
Rs. 50/- per instance per set+ GST as applicable
As per State Stamp Act |
| Issuance Charges for Photocopy of Loan Agreement/ Documents | Rs 250 per instance + GST as applicable |
| *(Subject to change as per Bank’s discretion from time to time) * Goods and Services tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable) |
|
Personal Loan Axis bank Features
- Simplified Access – Minimal documentation and quick approval
- Loan Amount – Minimum Amount – Rs. 50,000 ; Maximum Amount – Rs. 15,00,000
- Loan Tenure – 12 to 60 months.
- Balance Transfer – Carry over existing loans from other banks to Axis Bank
- Axis eDGE Rewards – Earn reward points on taking a Personal Loan
Personal Loan Axis bank Eligibility
You have to fulfill certain requirements to be eligible for a personal loan from Axis bank. The documents and eligibility criteria are mentioned below. So go ahead, get the personal loan and watch your dreams come true with affordable personal loan interest rates from Axis bank.
Individuals who can take a Personal Loan from Axis bank
- Salaried Employees
- Salaried doctors
- Employees of Public and private limited companies
- Public and private limited companies
- Government sector employees including Public Sector Undertakings and central and local bodies
- Minimum age of 21 years
- Maximum age of 60 years at loan maturity
- Minimum net monthly income – Rs. 15,000
Documents required for Personal Loan Axis bank
- Application form
- Photograph
- Age proof
- ID proof
- Income proof
- Bank statement
- Residence proof
- Signature verification proof
Post-sanction / pre-disbursement documentation
- Loan Agreement duly signed
- Standing Instruction (SI) Request / ECS Form. Security Cheques required for SI and ECS
Qualification or registration proof required for doctors, architects, CA, CS, ICWA, MBA consultant, engineers may vary from customer to customer.
Frequently Asked Questions About Personal Loan Axis bank
1. What is the usual time taken for deciding on the Personal loan application?
Axis Bank will convey its decision within 30 working days from the date of receipt of the application provided the application is complete in all respects. The computation of 30 days shall starts from the day on which all documents required for a proper appraisal of the application are provided by the Customer to bank.
2.What are the different options for making the payment to personal loan
You may repay your Personal Loan in any of the following three ways:
- Standing Instruction (SI): This mode can be used if you have an existing savings, salary, or current account with Axis Bank. You may wish to open a savings account with Axis Bank to use this option. Your EMI amount will be debited automatically at the end of the monthly cycle from the Axis Bank account you specify.
- Electronic Clearing Service (ECS): This mode can be used if you have a non-Axis Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
- Post-Dated Cheques (PDCs) : You can submit post-dated EMI cheques from a non-Axis Bank account at your nearest Axis Bank Loan Center. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.
Axis bank recommends you to opt for either the SI or ECS mode of payment as they both are faster and less prone to error than the use of PDCs.
3. Can you make part-payment towards personal loan or can you pre-close the personal loan? If so, what is the extra charge levied?
Yes, you can make a part-prepayment towards your Personal Loan at your nearest Axis Bank Loan Center. Also, yes, you can pre-close the personal loan. Currently, Axis Bank levies no charge for part prepayment.
4. How do you keep a track of your personal loan? Or how do you get a statement of your repayment track?
You may place request for Statement of Account or Repayment Schedule or Interest Certificate in either of the following ways:
- By calling the Call Center at any of these toll free numbers (1-860-419-5555 ) (1-860-500-5555)
- By using your registered email id to write to Axis bank at: loans@axisbank.com
- In person at any Axis Bank Loan Center.
How Loanyantra.com helps in dealing with your Personal loan interest rates Axis bank
The process for your personal loan Axis bank is as follows.
You can give a missed call to our number 040-71011991. Our customer relationship manager will get into contact with you. As and when you get the call, you can share your requirements.
Our service towards your personal loan axis bank application will be taken forward after a detailed discussion about the documentation process.
We ensure you keep all the documents ready as our executive will reach you to your doorstep for a free home service.
You can relax as we take forward and give you the best lower interest rate possible and also the refund according to the cash back offer available.
Loanyantra still works for you till you close the loan as we keep a track about your personal loan interest rate till the end. You get a call as and when you can save on your EMI and reduce the interest rate.
Personal loans with us are even affordable and more accessible. All you need to do is just a missed call to 040-71011991.