Axis Bank Personal Loan

Axis Bank personal loans can be used to fund requirements such as medical emergencies, home renovation or a wedding. Customers can avail of personal loans ranging from Rs.50,000 up to Rs.15 lakhs with a tenure extending up to 5 years.  

• Interest Rate starting from 12% 
• Loan Amount up to Rs.15 lakhs 
• Loan Tenure up to 5 years 
• Processing Fee approximately 2% of total loan borrowed + GST 

 Features of Axis Bank Personal Loan

Interest Rate: Axis Bank Personal Loan interest rates start at 12%. However, the actual interest rate available to a customer will be decided by the bank based on factors such as their credit score, age and income. 

Eligibility: The minimum age required for a borrower availing an Axis Bank Personal Loan is 21. They should be a maximum of 60 years old when the loan matures. Also, their minimum monthly income must be Rs.15,000. 

Processing Fee: The processing fee for a personal loan with Axis Bank may go up to 2% of loan taken + GST. 

Loan Amount: Axis Bank offers Personal Loans ranging from Rs.50,000 up to Rs.15 lakhs to customers needing funds for requirements such as medical emergencies, vacations, education and home renovation. 

Loan Tenure: The loan tenure for an Axis Bank Personal Loan starts from just 12 months and goes up to 60 months. This flexible tenure allows borrowers to easily repay the amount without disturbing other financial commitments. 

Minimum Documentation: Getting an Axis Bank Personal Loan is easy with minimum documentation necessary. 

Personal Loan Balance Transfer: If you are paying a higher interest on your personal loan with a different bank, you can choose to transfer your outstanding balance to Axis Bank at a lower rate. This helps you save on your interest payout over the life of the loan. 

Special Offers for Existing Customers: If you are an Axis Bank customer, you have access to special offers on interest rates designed specifically for existing customers.

 Axis Personal Loan Eligibility 

To ensure eligibility for an Axis Bank Personal Loan,  

An Applicant Must Be:

• A salaried employee, a salaried doctor, employees of public or private companies, or Government sector employees (including Public Sector Undertakings, Central and Local Bodies)  
• Minimum age of 21 and a maximum of 60 years at the time of loan maturity. 
• Salaried with a net income of at least Rs.15,000 per month.
• A salaried employee, a salaried doctor, employees of public or private companies, or Government sector employees (including Public Sector Undertakings, Central and Local Bodies)  
• Minimum age of 21 and a maximum of 60 years at the time of loan maturity. 
• Salaried with a net income of at least Rs.15,000 per month. 

Wonder how much Axis Bank Personal Loan you are eligible for? Know now by using the Fincity Personal Loan Eligibility Calculator. 

Axis Bank Personal Loan Top Up

If you currently have a personal loan running with Axis Bank, it’s easy to get a top-up from the bank, given that you have maintained a regular repayment track record of EMIs. Top-up loans are extra funds available to you over and above the original personal loan amount at the same rate as that of your existing loan.

Axis Bank Personal Loan Interest Rates 

Axis Bank personal loan interest rates can range anywhere between 12% and 24%, depending on a number of factors such as the individual’s risk profile, age, credit score and income.  

Note: Rates above can change at the discretion of the bank or on the basis of RBI directives. 

Axis Bank Personal Loan Processing Fees & Charges 

Here’s a list of the processing and other fees charged by Axis Bank when you apply for a Personal Loan. 

Axis Bank Personal Loan EMI Calculation

Before you choose a personal loan scheme, it’s advisable to thoroughly research the multiple options available to you on Fincity or make life simpler by connecting with a loan advisor at hl@fincity.com  and have them help you pick the right personal loan option for you. 

No matter which route you take, make sure to check the EMI amount that applies for each scheme. Enter required details into the Fincity Personal Loan EMI Calculator and choose the one that is most comfortable for you.

How Axis Bank Personal Loan Stands Compared to Other Lenders 

Below is a comparison of key features of Axis Bank Personal Loan against those of other reputed lenders. 

Axis Bank Personal Loan Documents Required

Here are the main documents individuals will need while applying for an Axis Bank Personal Loan. 

General documents:

• Duly filled application form 
• KYC documents (identity proof and address proof) 
• Income proof (Latest 2 salary slips) 
• Last 3 months’ bank statement 
• Duly filled out and signed loan agreement with Standing Instruction (SI) Request/Electronic Clearing Service (ECS) forms.

 Documents based on repayment mode:

• For ECS/SI repayment mode: 3 security Post Dated Cheques (PDCs) 
• For Post Dated Cheque repayment mode: PDCs equivalent to the tenure of the loan. 
• For ECS repayment mode: One canceled cheque.

Note: Required documents must be self-attested and may slightly differ.

Axis Bank Personal Loan Scheme Benefits 

Axis Bank offers personal loans of up to Rs.15 lakhs with a flexible tenure of up to 5 years. The loan can be availed with minimum documentation and charge zero penalty for foreclosure. Loan approvals are speedy and they come with the balance transfer facility.  

How to Apply for Axis Bank Personal Loan on Fincity 

You can apply for an Axis Bank Personal Loan on Fincity in seconds! Simply follow the steps below: 

1) Click https://app.fincity.com and sign up. 

2) Click ‘Personal Loan’ under Loan Type. 

3) Enter the required personal, professional and income details, and upload necessary documents.  

4) Click Submit. 

How to Apply for Personal Loan on Axis Bank Portal  

Here are the steps to follow to apply for an Axis Personal loan on the bank website: 

1) Visit Axis Bank’s official website. 

2) Click on the ‘Apply Online’ button on the top of the page and select ‘Personal Loan’ from the options. 

3) Enter all the required personal and professional details. 

4) Click Submit. 

How to Check Your Axis Bank Personal Loan Application Status on Fincity 

Checking you loan application status on Fincity is easy.

• First, click https://app.fincity.com and sign in. 
• You can see your active applications on the Fincity dashboard. 
• Click ‘View Application’ below the one whose status you wish to check. 
• You can see the application status on the top-right section of the page. 

How to Check Your Axis Personal Loan Application Status on Axis Bank Portal 

Here’s how you can check the status of your personal loan application on the Axis website. 

• Visit the Axis Bank Loan Tracker Page. 
• Enter the mobile number added to your loan application and click Submit. 

• You can check the status of your Axis personal loan application here. 

Things to Remember Before Applying for an Axis Bank Personal Loan 

Here are some things to keep in mind before you apply for an Axis Bank Personal Loan. 

• Make Sure You Meet the Eligibility Criteria: Go through all the features and eligibility requirements pointed out earlier in this article and ensure that you meet them before you apply for a personal loan with Axis Bank. If you Credit Score is low, try and take steps such as paying your credit card bills and EMIs on time, avoiding too many unsecured loans,  etc., to improve your score before you apply. 

• Choose Your Loan Amount Wisely: Taking a high loan amount can make it difficult to handle your EMIs, and leave no room for investment into other areas. A high loan amount means a high EMI payout every month and a higher chance of default if your income is not too high. Loan defaults cause your credit score to drop and will affect your chances of getting a personal loan in the future. Therefore, it is best to be careful and take a loan amount that you can pay off smoothly. 
• Avoid Applying with Multiple Lenders: Every time you apply for a loan with a bank, a Credit Report enquiry is raised by the lender. This causes a drop in your credit score. It also gives your next lender the impression that you are credit hungry. This makes you a high-risk borrower and therefore affects your chances of getting a loan. Even if a lender agrees to give you a personal loan, you are likely to get it at a higher interest rate. 
• Maintain a Low Credit Utilization Ratio: The ratio of the credit you use to the credit available to you should not exceed 30%. A higher credit utilization indicates financial stress and reflects that you are not disciplined with your finances. This may impact your chances of getting a loan. 
• Check Document List: Make sure to check the list of documents you need to submit before you apply for a personal loan with Axis Bank. 
• Maintain a Low Debt-to-Income Ratio: This is something every lender evaluates before approving your loan request. Make sure to keep your debts to a maximum of 50% of your income. To a lender, high number of debts show that the borrower is not responsible with their finances. It is advisable to pay off and close some of your debts before you apply for a loan. Having lower debts increases your repayment capacity and motivates a bank to offer you the funds you require as personal loan. 

• Pay Dues on Time: Paying your credit card bills and loan EMIs on time will help you maintain a good credit score. This increases your creditworthiness, indicating to lenders that you will continue to manage your finances well and repay your EMIs for the new personal loan on time as well. Hence, to increase your chances of approval, try and maintain a clean repayment track before you opt for a personal loan with Axis Bank. 

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