Axis Bank Personal Loan. Interest Rates, Steps to apply,Status Check, Calculating EMI. 13 Aug 2020

Updated: Aug 30,2019 17:02 IST

Dinesh

Axis Bank Personal Loan helps the people to achieve their dreams quickly without much burden. Axis Bank Personal Loan can be availed through simple procedure and with minimum charges. Axis Bank Personal Loan related information like its interest rates, features, charges, eligibility and much more are given in this article.

Information on Axis Bank Personal Loan  

Axis Bank provides personal loans to their customers with attractive interest rates. Axis Bank Personal Loan helps to meet the customer’s needs and financial requirements like housing renovation, education, vacation, wedding, etc. One can be easily apply for a Axis Bank Personal Loan  with minimal procedures and charges. Axis Bank Personal Loan help their customers with facilities to check the status of the loan. One can easily approach the Axis Bank branches as there are many branches available across the country. Key details related to Axis Bank Personal Loan are provided in the below table.

Interest rates

15.5%-24%

Loan tenure

12-60 months

Loan amount

Rs.50000-Rs.15,00,000

Processing charges

1.5%-2%+ GST

Prepayment or foreclosure charges

Nil


What is the  Interest Rate of Axis Bank Personal Loan?

The interest rate charged on Axis Bank Personal Loan ranges between 15.5% and 24%. The interest rate varies from applicant to applicant depending upon some of the factors that influence the personal loans. The income of the applicant, repayment duration period, the age of the applicant, credit history of the applicant are some of the factors that influence the personal loans. Salaried people and self-employed people are provided with lowest interest rate as 11.49% if in case he/she has a very good credit history. One can approach the Axis Bank branch to know the interest rate for Axis Bank Personal Loan by providing basic details like the income, loan tenure, loan amount and repayment capacity. Rate of Interest is the main charge that comes attached with the Axis Bank Personal Loan. The Axis Bank Personal Loan interest rates varies for different schemes. Before applying for the Axis Bank Personal Loan, visit the branch directly to enquire regarding Axis Bank Personal Loan interest rates and try to negotiate it for easy repayment of the Axis Bank Personal Loan.Axis Bank Personal Loan mostly follow the fixed rate of interest. It cannot reset after the sanctioning of the Axis Bank Personal Loan.


What are the Other Charges related to Axis Bank Personal Loan?

Like other top banking institutions, the Axis bank also charges 2% of the loan amount as processing charges. GST taxes are applicable for all other charges related to the Axis Bank Personal Loan. The application process involves charges and is common in all the banks. Axis Bank Personal Loan do not charge for prepayment and foreclosures, unlike other banks. Axis bank provides discounts for the customers and removes their burden by allowing them with free foreclosures. No prepayment charges and foreclosure charges motivates the borrowers to repay the Axis Bank Personal Loan whenever they earn a huge profit or bonus earned. Other charges which is accompanied with the Axis Bank Personal Loan are stamp duty charges, cheque bounce charges, overdue charges or late payment charges. When a borrower needs a duplicate of loan certificate or interest certificate, he should pay a charge of Rs. 250 per instance along with the GST amount. Issuance of CIBIL report is charged Rs.50 per instance plus GST. If there is a default in payment in a particular month, 2% is charged for it. To avoid unnecessary charges, pay the monthly EMI on time.

For overdue installment

2% per month

Duplicate statement issue

Rs.250 per instance +GST

Duplicate amortization schedule charges

Rs.250 per instance +GST

Duplicate interest certificate issuance charges

Rs.250 per instance +GST

CIBIL Report Issuance charge

Rs.50 per per instance + GST

Stamp duty charge

As per stamp duty

Issuance of photocopy of loan documents

Rs.250 per instance +GST

Issuance of photocopy of loan agreement

Rs.250 per instance +GST

Cheque Bounce Charges

Rs.500 per cheque +GST


What is the MCLR Rate for New Borrowers of Axis Bank Personal Loan?

All the personal loans provided by the Axis bank follows the interest rate table based on the RBI guidelines. The MCLR rates are revised regularly. MCLR is based on the loan tenure and is usually charged all kinds of personal loans. Marginal Cost of Funds based Lending Rates are provided in the below table.
 

Tenure

MCLR Percentage

Overnight

8.95%

One month

9.05%

Two months

9.25%

Six months

9.30%

One year

9.35%

Two years

9.45%

Three years

9.50%


What are the Features of Axis Bank Personal Loan?

Axis Bank is one of the top banks which provides personal loans at competitive rate of interest and minimal charges. Axis Bank Personal Loan are provided with a carry forward option where a existing loan can be carried forward  to Axis Bank from other banks. Some of the features of the Axis Bank Personal Loan are as follows.
  • It provides highest quantum of loan amount with maximum 15 crores.
  • Get a Axis Bank Personal Loan hassle free. 
  • Axis Bank Personal Loan is provided with competitive rates ranging from 15.5% to 24%.
  • Axis Bank Personal Loan does not have any prepayment and foreclosure charges.
  • Loan amounts are provided from Rs.50000 to 15 lakhs.
  • The repayment duration ranges between 12 months and 60 months.
  • Axis Bank Personal Loan process is simple and easy.
  • Applicant for Axis Bank Personal Loan  must be minimum 21 years of age.
  • With minimal procedures , one can avail Axis Bank Personal Loan easily.
  • With proper documentation, Axis Bank Personal Loan are sanctioned instantly.

Eligibility Criteria of Axis Bank Personal Loan 

One should have certain eligibility to obtain the Axis Bank Personal Loan. Anyone with minimum 21 years of age can apply for the Axis Bank Personal Loan. For instant disbursal of Axis Bank Personal Loan amount, proper documentation is expected. When the following eligibility criteria is satisfied, the loan amount is easily sanctioned. 
  • The applicant must have regular income so that he/she can repay the amount on time without any difficulty.
  • The loan amount applied for must be minimum Rs.50000 and not exceed Rs.15 lakhs.
  • The applicant must be at least 21 years of age and not more than 60 years.
  • The applicant must have a good credit score.
  • Person with minimum net income of Rs.15000 can apply for a Axis Bank Personal Loan.

What are the Documents Required to apply for Axis Bank Personal Loan?

Axis Bank Personal Loan is sanctioned with minimum procedures. With basic information and documentation provided, one can instantly obtain the Axis Bank Personal Loan. Keep the documents and its photocopies ready before applying for the Axis Bank Personal Loan. To apply for Axis Bank Personal Loan, one should keep the following documents ready for easy and quick sanctioning of the loan amount.
  • Identity Proof
  • Address Proof
  • Income Proof
  • Age Proof
  • Bank statements in case of self-employed people
  • Recent photographs
  • PAN Card
  • Aadhar Card
  • Occupation details
  • Passport size photographs of the borrower

How to Apply for Axis Bank Personal Loan? 

The Axis Bank Personal Loan application procedure can be completed without much effort. The applicant must do some researches before deciding the amount which is to be applied as loan. This research eliminates much burden of repaying and planning ahead saves the applicant to allocate his monthly income properly and pay the EMI without any difficulty.
  • One can easily procure a loan application form directly from the Axis bank branch or can download from the bank’s website.
  • Fill the application form clearly with accurate details.
  • Affix the passport size photographs in the form and sign at the required places.
  • Attach the necessary document copies along with the application form and submit it at the bank branch.

How to Check the Status of the Axis Bank Personal Loan?

The Axis Bank provides a unique feature of checking the status of the personal through the online mode with the help of the internet. One should have the application ID which is provided at the time of submitting the application form to check the status. The official website of the Axis Bank has the status check facility. Alternatively, the customer can check the status of the loan by enquiring at the Axis Bank Branch. Or the applicant can directly visit the Axis bank branch for checking the status of the application of Axis Bank Personal Loan. Normally the Axis bank takes 30 working days to decide whether to sanction the Axis Bank Personal Loan from the date of receipt of the Axis Bank Personal Loan application. Applicants and borrowers can update their mobile numbers and email address with the bank for receiving any notifications related to Axis Bank Personal Loan. Also, one can always visit www.axisbank.com/support for any kind of loan queries. One can also use the Axis bank applications in smartphones for checking the status of the Axis Bank Personal Loan.

What are the  Repayment Methods of  the Axis Bank Personal Loan? 

Axis Bank provides three modes of repayment of the loan for the customer’s convenience. The customer can choose any of the method to repay the loan amount on time. The three modes are explained below.

1.Standing Instructions

This facility is for the customers who have savings or current account maintained with the Axis bank. There is an option to give standing instructions to the bank to deduct the EMI amount every month by itself.

2.Electronic Clearing System

Electronic Clearing System is the facility for the customers who do not have a savings account maintained by the Axis bank. In such case, the customer can repay the loan amount through their own savings account of other banks. The other banks would deduct the EMI amount and transfer it to the Axis bank for repayment of loan amount.

3.Post Dated Cheques

This facility is for the customers who do not have Axis bank account. Here the customers can provide a set of cheques with dates accordingly which will be sent for collection every month with the EMI amount written on it.

How to Calculate Axis Bank Personal Loan EMI using EMI Calculator?

Customers can search for the Axis Bank personal loan EMI Calculator through google. This EMI Calculator helps the applicants to calculate the monthly expense towards EMI. This facilitates pre-planning of the monthly budgets, so that customers need not worry every month. One should know the loan amount, interest rate and the tenure to calculate the EMI.Follow the below steps to ascertain the Axis Bank Personal Loan EMI amount using the EMI Calculator.
  • Visit the Axis Bank Personal Loan EMI Calculator 
  • Enter the details of Axis Bank Personal loan amount, loan tenure and rate of interest in the blanks provided.
  • Press “Submit” to calculate EMI within seconds. 
  • Axis Bank Personal Loan EMI amount is displayed in the result page.

What are the Different Types of Axis Bank Personal Loans?

Axis bank provides personal loans in three different categories. Customers can choose one of them according to their necessity. Interest rates and other charges slightly varies according to the type of personal loan. Procedure for applying for Axis bank personal loan and repayment procedures remain the same for all types. Three different categories are listed below.

  • Personal loan for wedding
  • Personal loan for holiday
  • Personal loan for renovation

Interest rates and few details of each type of personal loan are given in the below table for easy reference.
 

Type of personal loan

1 year MCLR

Spread over 1 year MCLR

Effective interest rates

Reset

Personal loan for wedding

8.40%

7.10% - 15.6%

15.5% - 24%

No Reset

Personal loan for holiday

8.60%

6.90% - 15.40%

15.5% - 24%

No Reset

Personal loan for renovation

8.40%

7.10% - 15.6%

15.5% - 24%

No Reset

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