Axis Bank offers unsecured personal loans only for salaried applicants while self employed can only get Loans for Holiday and Marriage. Axis bank is very expensive in comparison to all it's peers offering the lowest of 15.50% to a maximum of a whopping 24% per annum, depending upon the credit history and repayment capability of the borrower. Axis Bank offers tenure on personal loan from minimum 12 months to maximum 60 months from the date of loan disbursal.
Though you can avail personal loans for any purpose; Axis Bank have also created customized personal loan schemes for specific purposes like holiday loan, marriage loan and personal loan for home improvement or renovation with benefits like 2 months moratorium if you are availing the loan for a holiday.
Axis Bank also offers 24x7 instant personal loan to pre-approved personal loan customers with zero documentation. Axis Bank currently offers personal loan at the following Indian cities – Bangalore, Chennai, Delhi, Mumbai, Hyderabad, Gurgaon, Noida, Ghaziabad, Faridabad, Pune, Ahmedabad, Kolkata, Coimbatore, Kochi, Jaipur, Lucknow, Patna, Jamshedpur, Vadodara, Trivandrum, Visakhapatnam, Bhubaneswar, Trichy, Surat, Nashik, Aurangabad, Goa, Guwahati, Nagpur, Chandigarh, Bhopal, Calicut, Jodhpur, Mysore, Pondicherry, Raipur, Rajkot, Durgapur, Dehradun, Hubli, Jalandhar, Kolhapur, Ludhiana, Madurai, Mangalore, Patiala, Siliguri , Ranchi, Tirunelveli, Udaipur, Vijaywada, Indore, Ajmer, Allahabad, Bhatinda, Belgaum, Bhavnagar, Bhilwara, Jamnagar, Kanpur, Kota, Salem, Ujjain, Warangal, Mehsana.
|Axis Bank Personal Loan|
|Annual Interest Rate||15.50% - 24%|
|Loan Term||12 Months - 60 Months|
|Loan Amount||Rs. 50,000 - Rs. 15 Lacs|
|Time of Funding||Within 48 hours of Approval|
|Personal Loan Type||Applicable Interest Rate|
|Axis Bank Personal Loan for Salaried||15.5% - 24% per month|
|Axis Bank Personal Loan for Wedding||15.5% - 24% per month|
|Axis Bank Personal Loan for Holiday||15.5% - 24% per month|
|Axis Bank Personal Loan for Home Renovation||15.5% - 24% per month|
|Age||21 Years to 60 Years|
|Income||Rs. 15,000 per month|
|Total Work Experience||2 Years
If you have an existing salary account with Axis Bank where you're disbursing your salary currently, then Axis Bank is quite a good fit for you since you can avail personal loan with zero documentation and easy approvals, depending upon your credit history.
Axis Bank offers personal loans to customers who have average to good credit score. You can easily avail personal loan from Axis Bank if you have a credit score of 750 or above. However, like all the other banks, axis bank approves the personal loan depending upon the credit history and repayment capacity of the borrower.
Axis Bank is a good fit for you if you are a salaried applicant and wants to avail the personal loan for holiday. As for the holiday loan, Axis Bank offers the facility to pay only the interest rate on your loan amount with 2 months moratorium period. However, the interest rate would be charged during this moratorium period.
Axis Bank is a good fit for borrowers who wants to avail funds for their own marriage or the marriage of their children. Axis Bank offers personal loan for marriage up to Rs. 15 Lacs regardless of applicant being salaried or self-employed.
Axis Bank is the best choice for you, if you’ve already planned to prepay your loan amount. Since, Axis Bank doesn’t charge any fee on personal loan prepayment as compared to other banks charging 2% to 4% under principal outstanding in case of foreclosure and 2% to 4% on prepaid amount in case of part-payment. If you are looking for no pre closure fee. IDFC First Smart Loans can also be a good options with similar interest rates, they allow you to make free pre closure fee.
The interest rate that Axis Bank offers on personal loan is quite high as compared to some other banks like HDFC and SBI. Currently, Axis Bank charges an interest rate of as high as 24% of the loan amount as compared to HDFC Bank charging only 11.39% to 20.99% and SBI Charging only 11.65% to 15.05% on the loan amount.
Axis Bank charges a higher processing fee in comparison to other Lenders offering similar rate of interests. State Bank of India Charges a processing fee of 1.01% for its account holders while other private sectors lenders like Yes Bank and Indusind Bank also offer a lower processing fee.
|Bank Name||Axis Bank||HDFC Bank||SBI|
|Typical APR||15.5% - 24%||11.39% - 20.99%||11.15% - 15.05%|
|Loan Term||12 Months - 60 Months||12 Months - 72 Months||12 Months - 60 Months|
|Maximum Lending Amount||Rs. 15 Lacs||Rs. 50 Lacs||Rs. 15 Lacs|
|Processing Fee||1.50% to 2.00% of the loan amount||Up to 2.50% of the loan amount||1% of the Loan Amount|
|Time to Funding||Within 48 hours||Within 4 hours||Usually within 2 to 3 working days|
|Pre-Closure||Nil||2% to 4%||Zero to Upto 3%|
As compared to some other banks offering personal loans such as HDFC Bank and SBI Bank, Axis Bank charges high interest rates on personal loan. HDFC Bank charges interest rate ranging from 11.39% to 20.99% on personal loan, whereas SBI charges an interest rate ranging from 11.15% to 15.05% in compared of Axis Bank.
However, the advantage Axis Bank have over HDFC Bank and SBI, is that there are no charges applicable on prepayment of your Axis Bank personal loan regardless of the purpose of the loan, be it for wedding, home renovation or , whereas HDFC Bank charges a high prepayment charges ranging from 2% to 4% and SBI charges a prepayment charges of zero to up to 3%.
Axis Bank offers personal loan of up to Rs. 15 Lacs to Salaried Borrowers, where the minimum amount that you can borrow from the bank is Rs. 50,000. An eligible salaried borrower can be an employee working in private or public limited companies, employee of government organization including public sector undertakings and central/local government bodies or a salaried doctor.
Axis Bank currently charges an interest rate between 15.50% to 24% on the availed loan amount.
To be eligible for the salaried personal loan, the applicant should be at least 21 years of age at the time of loan application and must have repaid the loan in full by the age of 60 years where applicant must be earning a net monthly income of minimum Rs. 15,000.
Axis Bank offers a personal loan to customers who wants to avail the funds to enjoy a vacation, named Axis Bank Holiday Loan. The holiday loan scheme is similar to the Axis Bank Personal loan for Salaried where you can avail loan amount of minimum Rs. 50,000 to maximum Rs. 15 Lacs; However, the only difference is that you get 60 months moratorium period with holiday loan unlike personal loan for salaried. During this period, you would only have to pay the amount equal to the interest rate over the loan, not the principal amount itself. The EMIs for the loan starts after moratorium period ends, calculating from the date of loan disbursement. The moratorium period offered on holiday loan doesn't count in the loan tenure.
Alike personal loan for salaried, Axis Bank charges an interest rate of 15.50% to 24% with a processing fee ranging between 1.50% to 2% of the sanctioned loan. Apart from the 60 months moratorium period, what makes the holiday loan different from personal loan for salaried, is a complimentary forex card being offered to the foreign travellers. The forex card comes with the benefits like locked in exchange rate on currency conversion, ATM fee waivers of upto 3 withdrawals and discount of 3.5% currency charges on each swipe.
Axis Bank offers a personal loan for wedding which anyone can apply regardless of salaried, self-employed businessman or professionals as long as the applicant meet the eligibility criteria with being at least 21 years at the time of loan application and earning a net monthly income of Rs. 15,000 minimum.
Alike personal loan for salaried and holiday loan, Axis Bank charges an interest rate ranging from 15.50% to 24% on the monthly reducing balance on the personal loan for wedding along with one time processing fee between 1.50% to 2% of the sanctioned amount.
Axis Bank offers also offers a personal loan scheme for customers who wants to avail funds to renovate or to make improvements into their existing house. Axis Bank offers interest rate of 15.50% to 24% on these kind of personal loans and charges processing fee of 1.50% to 2% of the sanctioned loan amount.
Documents to apply for the complimentary forex card
Note: The application status of your personal loan will appear on your screen.
You'll also receive a copy of your personal loan agreement with the Welcome Kit.
|Type of Charge||Applicable Charges|
|Processing Charges||1.5% - 2% of the loan amount|
|Penal Charges||2% per month on the overdue EMI|
|EMI Bounce Charges||Rs. 500 per instance|
|Repayment Instrument Swapping Charges||Rs. 500 per instance|
As for the processing charges, Axis Bank charges processing fee ranging from 1.50% to 2% of the sanctioned loan amount in comparison to SBI charging the processing charges of 1% of the loan amount, whereas HDFC Bank's processing charges are as high as upto 2.50% of the loan amount.
Prepayment charges are nil on Axis Bank personal loan, so you can prepay your loan anytime you have the funds available with you; However, the prepayment can only be made after the repayment of first 12 EMIs.
It takes 2 days usually to Axis Bank to process Personal Loan after submitting the complete documents. However, in some case it can take up to 30 days for the processing of Personal Loan.
You can update your mobile number and email address in any of the following ways –
Yes, you have to pay a fee of Rs. 500 on receipt of No Due Certificate (NOC) for Axis Bank Personal Loan.
Currently, Axis Bank levies a charge of Rs. 50 for a CIBIL Report copy.
There are many additional charges levied on the customer when he/she apply for Personal Loan, such as following –
There are some additional charges levied on specific circumstances such as Prepayment Charges, Part-payment Charges, Late Payment Fee and Cheque Bounce Charges etc.
Yes, you can choose any instrument to pay your monthly Personal Loan EMIs. You can choose either of ECS (Electronic Clearing System), SI (Standing Instructions) or PDCs (Post-Dated Cheques).
Your Personal Loan Welcome Kit would include the following contents –