Axis Bank Personal Loan

Overview

Axis Bank offers unsecured personal loans only for salaried applicants while self-employed can only get Loans for holidays and marriage. Axis bank is very expensive in comparison to all its peers offering the lowest of 12% to a maximum of a whopping 21% per annum, depending upon the credit history and repayment capability of the borrower. Axis Bank offers tenure on a personal loan from a minimum of 12 months to a maximum of 60 months from the date of loan disbursal. You can get a loan amount of a minimum of Rs. 50,000 to as high as Rs. 15 Lacs based on your eligibility.

Though you can personal loans for any purpose; however, they have also created customized personal loan schemes for specific purposes like holiday loans, marriage loans, and personal loans for home improvement or renovation with benefits like 2 months moratorium if you are availing the loan for a holiday.

Axis Bank also offers 24×7 instant personal loans to pre-approved personal loan customers with zero documentation. Axis Bank currently offers personal loans 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 Interest Rates

Personal Loan Type	Applicable Interest Rates
Axis Bank Personal Loans	12% – 21% per annum
Axis Bank Personal Loans for Wedding	12% – 21% per annum
Axis Bank Holiday Loans	12% – 21% per annum
Axis Bank Personal Loans for Home Renovations	12% – 21% per annum

Axis Bank is a Good Fit for you if?

Applicants holding salary account with Axis Bank

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 get personal loans with zero documentation and easy approvals, depending upon your credit history.

Average or Good Credit Score

Axis Bank offers personal loans to customers who have average to good credit scores. 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.

Wants to avail funds for holiday

Axis Bank is a good fit for you if you are a salaried applicant and wants to avail personal loans 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.

Wants to avail funds for marriage

Axis Bank is a good fit for borrowers who wants to avail funds for their marriage or the marriage of their children. Axis Bank offers personal loans for marriage up to Rs. 15 Lacs regardless of the applicant being salaried or self-employed.

Axis Bank Personal Loan at a glance

Annual Interest Rate	12% – 21%
Loan Term	12 Months – 60 Months
Loan Amount	Rs. 50,000 – Rs. 15 Lacs
Time of Funding	Within 48 hours
Pre-Payment Charges	Nil

Why Axis Bank is a Good Fit for You?

Nil Pre-closure Charges

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 the 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 option with similar interest rates, they allow you to make a free pre-closure fee.

What to watch out for?

High Rate of Interest Range

The interest rate that Axis Bank offers on personal loans 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.

High Processing Charges

Axis Bank charges a higher processing fee in comparison to other Lenders offering similar rates of interest. 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.

EMI Bounce Charges

EMI Bounce charges on Axis Bank personal loans are quite high as compared to ICICI Bank charging only Rs. 400 and HSBC charging only Rs. 350 per instance.

Compare SBI Personal Loans to Other Banks

Bank Name	Axis Bank	HDFC Bank	SBI
APR	12% – 21%	10.50% – 21%	9.60% – 13.85%
Maximum Lending Amount	Rs. 15 Lacs	Rs. 40 Lacs	Rs. 20 Lacs
Processing Fee	1.50% to 2% of the loan amount	Up to 2.50% of the loan amount	1% of the loan amount
Guarantor	Not Necessary	Not Necessary	Only in the case of Personal Loan for Family Pensioners
Pre-Closure Fee	Nil	2% to 4% of principal outstanding	Zero to Up to 3% of the Loan Amount

As compared to some other banks offering personal loans such as HDFC Bank and SBI Bank, Axis Bank charges high-interest rates on personal loans. HDFC Bank charges interest rates ranging from 11.39% to 20.99% on personal loans, whereas SBI charges an interest rate ranging from 9.60% to 13.85% in comparison to Axis Bank.

However, the advantage Axis Bank has 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 charge ranging from 2% to 4% and SBI charges a prepayment charge of zero to up to 3%.

Axis Bank Personal Loan Eligibility Criteria

• The minimum age of the applicant should not be less than 21 years at the time of loan application.
• The maximum age of the applicant should not exceed 60 years at the time of loan maturity.
• Applicant should have a minimum net monthly income of Rs. 15,000 or above.
• Salaried applicants must have a minimum of 2 years of total work experience.
• Self-employed applicants must have a minimum of 5 years of work experience in total regardless of business or professionals.

Axis Bank Personal Loans Schemes

Axis Bank Personal Loans for Salaried

Axis Bank offers personal loans 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, an employee of a government organization including public sector undertakings and central/local government bodies, or a salaried doctor.

Axis Bank currently charges an interest rate between 12% to 21% 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 the applicant must be earning a net monthly income of minimum Rs. 15,000.

Documentation for Axis Bank Personal Loan for Salaried

• Recent Salary Slip
• Bank Account Statement for last 6 months
• Signature Verification Proof
• KYC Documents with Recent Photographs

Documentation required after loan sanction and before the disbursement

• Loan Agreement duly signed
• Standing Instruction (SI) Request / ECS Form with Security Cheques.
• Qualification or registration proof is required for doctors, architects, CA, CS, ICWA, MBA consultants, engineers.

Axis Bank Holiday Loans

Axis Bank offers a personal loan to customers who want to avail 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 loans unlike personal loans 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 the moratorium period ends, calculating from the date of loan disbursement. The moratorium period offered on holiday loans doesn’t count in the loan tenure.

Alike personal loans for salaried, Axis Bank charges an interest rate of 12% to 21% with a processing fee ranging between 1.50% to 2% of the sanctioned loan. Apart from the 60 month-long moratorium period, what makes the holiday loan different from personal loans for salaried, is a complimentary forex card being offered to foreign travelers. The forex card comes with the benefits like a locked-in exchange rate on a currency conversion, ATM fee waivers of up to 3 withdrawals, and a discount of 3.5% currency charges on each swipe.

Documentation for Axis Bank Holiday Loan

• Copy of Travel Tickets
• Copy of Visa documents and Passport in case of overseas travel
• Last 3 months Salary Slip
• Bank Statement for last 3 months
• KYC Documents along with 3 Passport size photographs and signature proof

Documentation required post sanctioned loan and before the disbursement.

• Loan Agreement duly signed
• Standing Instruction (SI) Request / ECS Form with Security Cheques.
• Qualification or registration proof is required for doctors, architects, CA, CS, ICWA, MBA consultants, engineers.

Documentation required to apply for the complimentary forex card

• Copy of Passport
• Form A2, compulsory for an amount more than the US $5,000 or its equivalent in the miscellaneous foreign currencies.
• Copy of Visa Documents
• Copy of Airline tickets
• Copies of PAN Card along with Aadhar Card

Axis Bank Personal Loans for Wedding

Axis Bank offers personal loans for a wedding which anyone can apply regardless of salaried, self-employed businessman or professionals as long as the applicant meets 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 loans for salaried and holiday loans, Axis Bank charges an interest rate ranging from 12% to 21% on the loan amount along with a one-time processing fee between 1.50% to 2% of the sanctioned amount.

Documentation for Axis Bank Personal Loan for Wedding:

• Proof of marriage like Wedding Card
• Bank Account Statement for last 6 months
• Signature Verification Proof
• KYC Documents with Recent Photographs

Documentation required post sanctioned loan and before the disbursement.

• Loan Agreement duly signed
• Standing Instruction (SI) Request / ECS Form with Security Cheques.
• Qualification or registration proof is required for doctors, architects, CA, CS, ICWA, MBA consultants, engineers.

Axis Bank Personal Loans for Home Renovation

Axis Bank offers also offers a personal loan scheme for customers who want to avail funds to renovate or to make improvements to their existing house. Axis Bank offers interest rates of 12% to 21% on these kinds of personal loans and charges a processing fee of 1.50% to 2% of the sanctioned loan amount.

Documentation for Axis Bank Personal Loan for Home Renovation

• Proof of owning the house
• Bank Account Statement for last 6 months
• Signature Verification Proof
• KYC Documents with Recent Photographs

Documentation required after loan sanction and before the disbursement

• Loan Agreement duly signed
• Standing Instruction (SI) Request / ECS Form with Security Cheques.
• Qualification or registration proof is required for doctors, architects, CA, CS, ICWA, MBA consultants, engineers.

SBI Personal Loans Fees & Charges

Type of Charges	Applicable Charge
Processing Charges	1.5% – 2% of the loan amount
Prepayment Charges	Nil
Penal Interest	2% per month on the overdue EMI
EMI Bounce Charges	Rs. 500 per instance
Instrument Swapping Charges	Rs. 500 per instance

As for the processing charges, Axis Bank charges processing fees 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 up to 2.50% of the loan amount.

Prepayment charges are nil on Axis Bank’s 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 the first 12 EMIs.

After I Apply

• Check loan status
  • Click here to go Axis Bank Personal Loan tracking page.
  • Enter your personal loan application number and date of birth along with Captcha code.
  • Click on “Enquiry”

Note: The application status of your personal loan will appear on your screen

Once I’m Approved

• Receiving Personal Loan Welcome Kit
  • A digital copy of your personal loan welcome kit will be sent to your registered email address within 2 to 3 days from the date of loan disbursement
  • In case your email address is not registered with Axis Bank, you’ll receive a physical copy of your personal loan welcome kit at your registered address within 15 days from the date of loan disbursement. 
• Checking Personal Loan Agreement
  • Check Loan Agreement Online
    • Login to your Axis Bank net banking services and click on the “Loans” option.
    • Now select the loan account number for which you want to check the loan agreement.
    • Click on the “Loan Agreement” option
  • Check Offline
    • You’ll receive a copy of your personal loan agreement with the Welcome Kit.
• Checking Personal Loan Statement
  • Check Online
    • Click here to make an online request to check your axis bank personal loan account statement
    • Enter the required details like your Personal Loan Account Number along with any three from the following information – EMI Amount, Loan Amount, Date of Birth, Account Number
    • Enter the correct captcha code and click on the “Submit” button to view your personal loan statement.
  • By calling Axis Bank Customer Support at 1860-419-5555 / 1860-500-5555
  • Write an Email to Axis Bank Customer Support at loans@axisbank.com
• Check Repayment Due Date
  • Through Internet Banking
    • Login to your Axis Bank net banking services and click on the “Accounts” option.
    • Under the “Accounts” option, click on the “Loans” sub-option and select “View Repayment Schedule” from the drop-down menu.
  • By Calling Customer Support
    • You can contact Axis Bank Customer Care at 1860-419-5555 / 1860-500-5555 and ask for your personal loan repayment due date after confirming your loan details.
  • Write an email to Axis Bank customer care at loans@axisbank.com
  • Visit any nearest Axis Bank Loan Center or Branch
• Making Personal Loan Payment:
  • Through Internet Banking
    • Login to your Axis Bank Net banking services and click on “Loans” option under “Accounts”.
    • Select the loan account number for which you want to make the payment.
    • Click on the “Pay Bill” option
    • Choose the account from which you want to make the payment and enter the amount equal to your monthly EMI
    • You’ll receive a NetSecure code on your registered mobile number through SMS. Enter the code and submit it to make the payment.
  • By Cheque
    • Write a cheque in the name of “Axis Bank Limited; Loan Account XXXXXXXXXX” and fill the correct amount equal to your monthly EMI.
    • Drop the cheque in Drop Boxes available at the nearest Axis Bank branch and loan center.

Note: Make sure that the submitted cheque is not post-dated.

• By Cash
  • Visit any nearest Axis Bank Loan Center or Branch
  • Fill out the deposit slip and write your Axis Bank Personal Loan Account number in place of the payee.
  • Write the correct amount as per your personal loan statement.
  • Deposit the slip at the cash counter.

• Check Top-up Loan Offers
• Make Personal Loan Prepayment
  • Walkin to the nearest Axis Bank Personal Loan Centre with your Cheque Book and valid proof for identity.
  • Pay the exact same amount as mentioned in the foreclosure letter. Excess amount than the mentioned prepayment amount in the foreclosure letter, will not be accepted.
  • Write a cheque or make a draft in favor of “Axis Bank Limited; Loan Account XXXXXXXXXX” (Outstation cheque will not be accepted for prepayment) and submit at the counter.

Note: Prepayment will be made as soon as the submitted cheque/draft is settled and all the charges accrued on the prepayment date have been made.

• Receiving Personal Loan NOC
  • Digital Copy of NOC
    • A digital copy of your Personal Loan NOC will be sent to your registered email address on the next day from the date of loan closure.
  • Physical Copy of NOC
    • In case your email address is not registered with Axis Bank, a physical copy of your personal loan NOC will be delivered to your registered address within 4 to 5 working days from the date of loan closure.

FAQs

How long will it take for my Axis Bank Personal loan to be processed?

It takes 2 days usually to Axis Bank to process personal loans after submitting the complete documents. However, in some cases, it can take up to 30 days for the processing of personal loans.

How do I update my mobile number and E-mail address registered with my Axis Bank Personal Loan?

You can update your mobile number and email address in any of the following ways –

• Calling any of the toll-free numbers provided by Axis Bank: 1800-233-5577 / 1800-209-5577 / 1800-103-5577.
• Write to Axis Bank from your registered email id at loans@axisbank.com.

Is there any charge applicable for NDC (No Due Certificate) on Axis Bank Personal Loan?

Yes, you have to pay a fee of Rs. 500 on receipt of No Due Certificate (NOC) for Axis Bank Personal Loan.

What charges Axis Bank charges to the borrower for the CIBIL report copy for 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 applies for Personal Loan, such as the following –

• Processing Charges
• CIBIL Report Issuance Charges
• Stamp Duty Charges
• Issuance Charges for Photocopy of Loan Agreement / Documents

There are some additional charges levied on specific circumstances such as Prepayment Charges, Part-payment Charges, Late Payment fees, and Cheque Bounce Charges, etc.

Can I change my loan repayment instrument?

Yes, you can choose any instrument to pay your monthly Personal Loan EMIs. You can choose either ECS (Electronic Clearing System), SI (Standing Instructions), or PDCs (Post-Dated Cheques).

What would be included in my Axis Bank Personal Loan Welcome Kit?

Your Personal Loan Welcome Kit would include the following contents –

• Welcome letter 
• Agreement copy 
• Repayment Schedule 
• Key Fact Sheet 
• Code of Bank’s Commitment to the Customer