Axis Bank Personal Loan Interest rates Key Features
| Axis Bank Personal Loan Interest Rates | 10.49% – 16.75% |
| Axis Bank Personal Loan Processing Fee | Upto 1.75% |
| Loan Tenure | 12 months to 60 months |
| Loan Amount | ₹ 50,000 to ₹ 25 Lakh |
| Minimum Salary/Income | 15,000 onwards |
| Minimum Credit Score | Above 650 |
| Lowest EMI per lakh | ₹ 2,149 |
| Pre-Payment/Foreclosure Charges | Allowed after 1 EMI’s, 5% for 0 to 12 months, 4% for 12 to 24 months, 3% for 24 to 36 months, 2% for greater than 36 months |
| Overdue EMI Interest | 2% per month on EMI |
Advantages of Axis Bank Personal Loan Scheme
- It provides you with the exact EMI figure based on the loan amount, interest rate and repayment tenure you have input.
- The Axis EMI calculator helps you in making decisions regarding EMI determinants, i.e. loan amount and repayment tenure. You can provide different combinations of those factors to gauge the EMI which you find in line with your affordability and convenience.
- The Axis Bank EMI calculator is far more efficient compared to manual calculation. It helps you save time on EMI calculation and helps you reach a decision faster.
- You can access it through multiple devices such as cell phones, personal computers, tablets, thus allowing you to calculate your EMI at anytime, anywhere.
- The applicant can also choose for Floating Personal loan Interest Rate where the interest rate will according to the bank’s norms and interest payments will have variability.
Factors affecting Axis Bank Personal Loan Interest Rate
Profile
The applicant’s profile is a very important criterion that can affect the interest rate of the loan both ways. If the applicant has properly managed and presented their financial documents, credit history, and previous loan behavior, the interest rate may reduce while a poorly managed profile can either infuse more interest rates or can reject the loan application itself.
Here, the applicant’s age also plays a very important role.
Loan Tenure
Axis Bank’s personal loan tenure ranges between 1 year to 5 years. Though an applicant applying for a short term loan may need to pay higher interest rates when compared to long term loans.
Repayment Capability
Before giving a loan to the borrower, Axis Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has the repayment track record of previous loans taken. CIBIL also captures information on credit card bills payment.
Relationship With The Bank
Axis Bank offers special rates, offers, and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in the past will get the benefit of a low Axis Bank loan interest rate.
Axis Bank Personal Loan Fees and Charges
Common Charges:
- Cheque swapping charges: Rs.500/- per instance + GST as applicable
- Amortization schedule charges: Rs.250/- per instance per set + GST as applicable.
- Cheque bounce charges: Rs. 500/- per instance +Taxes applicable
Applicants with Income of Rs.25,000 Per Month:
| Loan amount | Rs.3 lakh | |||
| Processing fee | 1% | |||
| Loan tenure | 1 year | |||
| Interest rate | 15% p.a. | |||
| EMI | Rs.27,077 | |||
| Month | Principal Paid(A) (in Rs.) | Interest Paid(B) (in Rs.) | EMI (A+B) (in Rs.) | Outstanding Loan Balance (in Rs.) |
| Month 1 | Rs.23,327 | Rs.3,750 | Rs.27,077 | Rs.2,76,673 |
| Month 2 | Rs.23,619 | Rs.3,458 | Rs.27,077 | Rs.2,53,053 |
| Month 3 | Rs.23,914 | Rs.3,163 | Rs.27,077 | Rs.2,29,139 |
| Month 4 | Rs.24,213 | Rs.2,864 | Rs.27,077 | Rs.2,04,926 |
| Month 5 | Rs.24,516 | Rs.2,562 | Rs.27,078 | Rs.1,80,410 |
| Month 6 | Rs.24,822 | Rs.2,255 | Rs.27,077 | Rs.1,55,588 |
| Month 7 | Rs.25,133 | Rs.1,945 | Rs.27,078 | Rs.1,30,455 |
| Month 8 | Rs.25,447 | Rs.1,631 | Rs.27,078 | Rs.1,05,008 |
| Month 9 | Rs.25,765 | Rs.1,313 | Rs.27,078 | Rs.79,243 |
| Month 10 | Rs.26,087 | Rs.991 | Rs.27,078 | Rs.53,156 |
| Month 11 | Rs.26,413 | Rs.664 | Rs.27,077 | Rs.26,743 |
| Month 12 | Rs.26,743 | Rs.334 | Rs.27,077 | Rs. 0 |
Applicants with Income of Rs.50,000 Per Month:
| Loan amount | Rs.3 lakh | |||
| Processing fee | 0.5% | |||
| Loan tenure | 1 year | |||
| Interest rate | 12% p.a. | |||
| Month | Principal Paid(A) (in Rs.) | Interest Paid(B) (in Rs.) | EMI (A+B) (in Rs.) | Outstanding Loan Balance (in Rs.) |
| Month 1 | Rs.23,655 | Rs.3,000 | Rs.26,655 | Rs.2,76,345 |
| Month 2 | Rs.23,891 | Rs.2,763 | Rs.26,654 | Rs.2,52,454 |
| Month 3 | Rs.24,130 | Rs.2,525 | Rs.26,655 | Rs.2,28,32 |
| Month 4 | Rs.24,371 | Rs.2,283 | Rs.26,654 | Rs.2,03,953 |
| Month 5 | Rs.24,615 | Rs.2,040 | Rs.26,655 | Rs.1,79,338 |
| Month 6 | Rs.24,861 | Rs.1,793 | Rs.26,654 | Rs.1,54,476 |
| Month 7 | Rs.25,110 | Rs.1,545 | Rs.26,655 | Rs.1,29,366 |
| Month 8 | Rs.25,361 | Rs.1,294 | Rs.26,655 | Rs.1,04,005 |
| Month 9 | Rs.25,615 | Rs.1,040 | Rs.26,655 | Rs.78,391 |
| Month 10 | Rs.25,871 | Rs.784 | Rs.26,655 | Rs.52,520 |
| Month 11 | Rs.26,129 | Rs.525 | Rs.26,654 | Rs.26,391 |
| Month 12 | Rs.26,391 | Rs.264 | Rs.26,655 | Rs.0 |
Axis Bank Personal Loan Eligibility Criteria
Everyone who can clear the following criteria can apply for Personal Loan
- Age Range: Applicants aged between 18 years – 65 years.
- Nationality: The applicant should be a resident of India.
- The applicant should be a salaried or self-employed individual.
Axis Bank Personal Loan TopUp Loan
Existing Personal Loan Borrowers of Axis Bank can get top up on personal loan from Axis Bank if they have a regular repayment track record on their running personal loan from the bank. Top-up loans are available at similar interest rates as that on your existing personal loan. The current interest rate on Axis Bank personal loan top up starts at 10.49%.
Axis Bank Personal Loan Balance Transfer
If you want to reduce the burden of your existing loan, you can easily do that by transferring the remaining principal amount of your personal loan to Axis Bank. Since Axis Bank offers personal loans at low-interest rates, you can significantly cut down your EMIs by making an easy balance transfer with this bank. By opting for an Axis Bank personal loan balance transfer, you can not only enjoy low-interest rates and save a lot of money on your monthly payments, but you can also extend the loan repayment tenure as per your requirement.
Axis Bank Personal Loan FAQ
✅How much time will the Axis Bank take to make a decision on my personal loan?
Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days. The turnaround time for an Axis Bank instant loan can be 7 to 9 days.
✅Why take a personal loan from Axis Bank?
Axis Bank offers loans at a 10.49% rate with the lowest EMI of ₹ 2,149 per lakh. If you are paying EMI more than this, then you can opt for a balance transfer and relocate your loan to Axis Bank.
✅How much interest is charged by Axis Bank on a personal loan?
Personal loan interest rates in Axis Bank are 10.49% to 16.75%. Axis Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.
✅What is the minimum and maximum tenure of personal loans in Axis Bank?
You can repay your personal loan in a flexible period of a minimum of 12 months to maximum of 60 months.
✅How much personal loan amount I can borrow from Axis Bank?
Axis Bank offers you a loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 25 Lakh
✅How much processing fee is charged by Axis Bank on a personal loan?
Axis Bank charges a processing fee of Upto 1.75% with applicable service tax.
