Axis Bank Personal Loan Interest Rates
In case you are facing a shortage of funds for any reason such as a wedding celebration, vacation or an unanticipated emergency then one of the convenient options that you have is to raise a personal loan.
Almost all the government and private banks offer personal loans which are unsecured loans given for a variety of purposes. The rate of interest charged on a personal loan is typically higher than that on other loans such as a housing loan or a car loan.
Here we are discussing the details around Axis Bank, interest rates it charges, eligibility, characteristics and other factors.
Axis Bank personal loan characteristics
I. The loan does not require collateral.
II. The loan application process is simple and easy online.
III. The loan tenure is usually flexible.
IV. The bank offers personal loans of up to ₹40 lakhs to salaried individuals.
Documents required for Axis Bank personal loan:
1. Last 3-months’ bank statement.
2. Three latest salary slips with the latest form 16
3. KYC documents including passport, driving license, pan card, aadhaar card, voter ID.
Axis Bank personal loan eligibility
I. Salaried employees could be doctors, employees of public and private limited companies and government sector employees.
II. The applicants could be aged between 21 to 60 at the time of maturity of the personal loan.
III. Minimum net monthly income could be ₹15,000 for Axis Bank customers and ₹25,00 for non-Axis Bank customers.
Interest rates and charges for Axis Bank personal loan:
Bank charges anywhere between 10.25 to 22 percent per annum (as on August 29, 2024).
Charges levied on Axis Bank personal loan:
I. Processing fee charges Up to 2 percent of the loan amount + GST
II. Repayment instruction Rs.339/- per instance of dishonour
III. Swap charges (Cheque/Instrument) Rs.500/- per instance + GST
IV. Penal Charges Financial Default: 8% p.a. above applicable interest rate on the overdue amount (subject to the aggregate not exceeding 24% per instance)
V. Duplicate statement issuance charges Rs.250/- per instance per set + GST
VI. Duplicate Amortization schedule issuance charges Rs.250/- per instance + GST
VII. Credit Information Companies (CICs) Report Rs. 50/- per instance + GST
VIII. No Dues Certificate generation charges (Duplicate) Rs.50 per instance + GST
IX. Part Payment / Pre-Payment Charges 3% (up to 3 years)
2% (more than 3 years)
(As on Aug 29, 2024)
Axis Bank Personal Loan EMI calculator
With Axis Bank personal loan EMI calculator, you can you calculate the EMIs by entering the necessary details. These details are interest rate charged by the bank, amount of personal loan and loan tenure (months).
Once all these details are entered, you can calculate the equated monthly instalments (EMIs) that you need to pay in order to service the loan.
You can access the loan calculator here:
https://www.axisbank.com/retail/calculators/personal-loan-emi-calculator
Other banks’ Personal Loan Interest Rates
| Bank | Interest Rate (p.a.) | Processing Fee |
|---|---|---|
| ICICI Bank | 10.80% p.a. - 16.15% p.a. | Up to 2% |
| Yes Bank | 10.99% p.a. onwards - 20% p.a. | Up to 2.5% |
| Kotak Mahindra Bank | 10.99% and above | Up to 3% |
| Axis Bank | 10.99% p.a.- 22% p.a. | Up to 2% of the loan amount |
| IndusInd Bank | 10.25% p.a. - 34.05% p.a. | Up to 3.5% onwards |
| HSBC Bank | 9.99% p.a. - 15.00% p.a. | Up to 2% |
| IDFC First Bank | 10.90% p.a. - 36% p.a. | Up to 3.5% |
| State Bank of India | 11.15% p.a. - 14.30% p.a. | Up to 1.50% |
| Bank of Baroda | 11.10% p.a. - 18.15% p.a. | Up to 2% |
| Federal Bank | 11.49% p.a. - 14.49% p.a. | Up to 2% |
| Bank of India | 10.85% onwards | Up to 2% |
| IDBI Bank | 11.00% p.a. - 15.50% p.a. | Contact the bank |
| Punjab National Bank | 11.40% p.a. to 17.95% p.a. | Up to 1.00% |
(Interest rates as on August 27, 2024)
Axis Bank Personal loan application process:
1. You can visit the Personal Loan section and click on the 'Apply Now' button
2. Now you need to give your personal details such as mobile number and either Date of Birth (DOB) or PAN
3. Now you need to enter the OTP that you receive on your mobile number
4. Now, give the consent for sharing your details for verification of documents
5. You should keep your last six months bank statements and salary slips to upload
6. Now complete the eKYC and Video KYC process for your loan application to be complete
Axis Bank Personal Loan Interest Rates FAQs
A Personal Loan is an unsecured loan offered by banks requiring minimal documentation and no collateral. The loan is offered based on eligibility criteria such as employment status, credit history, income level, repayment history and capacity.
Personal loans are lump-sum amounts lent by banks or lenders for personal use. You repay with interest over a fixed period through EMIs.
You can consider taking a personal loan for immediate financial needs such as an emergency, vacation, debt repayment or home renovation.
The private lender offers a personal loan for a maximum amount of ₹40 lakh when you have an existing relationship with the bank and ₹25 lakh when you don’t have the relationship with the bank.
No, the bank does not require any collateral for raising personal loans.