Our Verdict

Axis Bank personal loan is available for multiple personal usages and you don’t need a collateral to get it. The main requirements are a good credit score and a regular source of income, preferably as a working professional. It can be taken for anything from travel to wedding, among others.

Axis Bank Personal Loan

Axis Bank Personal Loan
3.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Rate of Interest

Between 12% to 21%

Repayment Tenor

12 to 60 months

Processing Fee

Between 1.5% to 2% of the loan amount + Taxes

Axis Bank Personal Loan

Rate of Interest

Between 12% to 21%

Repayment Tenor

12 to 60 months

Processing Fee

Between 1.5% to 2% of the loan amount + Taxes


Axis Bank Personal Loan Amount and Term

Loan Amount: INR 50,000 up to INR 15,00,000

Rate of Interest (APR): Between 12% to 21%

Repayment Tenor: Between 12 months and 60 months

Prepayment or Foreclosure: Foreclosure charges on the outstanding loan and prepayment charges on the part payment will be as follows:

  • 5% for 0 to 12 months
  • 4% for 13 to 24 months
  • 3% for 25 to 36 months
  • 2% for greater than 36 months

Approval Process: Once you submit your application form and the required documents, you can expect within 48 hours if valid documents are in place.


Axis Bank Personal Loan Cost

  • Instrument return charge: INR 339 per instance of dishonor of cheque/standing instruction/Electronic Clearing Service (ECS)/National Automated Clearing House (NACH) debit instruction + GST
  • Swap charges (Cheque/Instrument): INR 500 per instance + GST as applicable ( this will be charged when the payment is done in some other currency).
  • Penal interest: 2% per month on the overdue installment.
  • Duplicate statement issuance charges: INR 250 per instance per set + GST.
  • Duplicate amortization schedule issuance charges: INR 250 per instance per set + GST (amortization schedule is a table providing the periodic payment information for a loan. This may include loan amount, interest rate, term to maturity, among others).
  • Credit information companies (CICs) report issuance charges: INR 50 per instance per set + GST.
  • No dues certificate generation charges (duplicate): INR 50 per instance per set + GST.
  • Stamp duty charges: Will differ from state to state.

Axis Personal Loan Features and Benefits

Eligibility

  • Salaried employees of public and private limited companies.
  • Government sector employees of all local or central bodies.

Age

You can apply at the age of 21 and the maximum age should be 60 years at the time of the maturity of this loan( this means that the loan will only be given to a person who will be able to finish off all the instalments before reaching 60).

Income

Minimum monthly income is INR 15,000.

Repayment

You can pay back the loan amount in the following ways:

  • Through internet banking, which would means Axis Bank Internet Banking
  • BHIM Axis Pay or any UPI App
  • NEFT transaction from any other bank account
  • Through net banking portals of other banks
  • By cheque
  • By cash

Insurance

Axis Bank offers insurance for its personal loan and those who wish to secure the loan further can apply for this. The bank states insurance on its personal loan helps the family not become liable to pay back any debt arising from the loan in case of any mishap or death of the borrower.


What You Need To Apply For Axis Bank Personal Loan

Know Your Customer (KYC) Document

One of the options will work:

  1. Voter’s ID
  2. Job Card by NREGA
  3. A letter issued by the national population register (NPR) containing the following details:

Proof For the Date of Birth

One of the options will work:

  1. Passport
  2. PAN Card
  3. Aadhaar Card with date of birth on it
  4. Driving license with a photograph
  5. Birth certificate
  6. School leaving certificate

Signature Proof

Just one of the options will work:

  1. Passport
  2. Pan Card
  3. Banker’s verification

Proof of Income

  1. Latest pay slips for two months.
  2. Latest bank statements showing credited salary.
  3. Employment proof for one year (only if the date of joining is not mentioned in the pay slip or if the person is working for more than a year).

Other Important Documents and Checks

Signed and filled application form
Two passport size photographs of the applicant (documents to be self attested by the applicant).

Credit Score

A credit score of minimum 600 to 750 is expected by the bank for the application to be considered for evaluation.


How to Apply

You can apply online or by visiting any of the branches of Axis Bank, Axis Bank loan points or by calling their helpline number.


Axis Bank Personal Loan Top Up Plan

What is a Top-up Loan?

This credit is provided by the bank to borrow money over and above a pre-existing loan. It is available for the people with a good record of paying back to the bank. This can be 150% of the amount of the previous loan and at a lower rate of interest which will differ from case to case.

You will have to apply for it online wirth the required documents ready.


Methodology

We considered top factors that help consumers decide whether they want to opt for a specific loan offering. We ranked the Axis Bank personal loan on the basis of these factors that include:

  • Ease of Access: 20%
  • Rate of Interest: 15%
  • Other Cost and Charges: 20%
  • Borrowing Limit: 15%
  • Extra Benefits: 20%
  • Loan Transfer Facility: 10%