In today’s fast-paced world, financial needs often arise unexpectedly. Whether it’s funding a dream vacation, renovating your home, or managing medical expenses, having access to quick and hassle-free funds can make a significant difference. Axis Bank, one of India’s leading private sector banks, offers personalized financial solutions to meet your diverse needs. In this article, we’ll explore the various aspects of Axis Bank Personal Loans and how they can help you achieve your financial goals.

Key Features of Axis Bank Personal Loan

Axis Bank Personal Loan at a Glance
Interest Rate	10.49% per annum
Lowest EMI per lakh	₹2177 for a tenure of 60 months
Tenure	12 to 36 months (Can be extended)
Processing Fee	1% + GST
Prepayment Charges	5% for 0 to 12 months4% for 13 to 24 months3% for 25 to 36 months2% for greater than 36 months

Rate of Interest

Currently, Axis Bank offers personal loans with interest rates ranging from 10.50% to 22.00%, with the lowest rates going to the bank’s current clients who have a high CIBIL Score and stable employment histories. Additionally, Axis Bank offers unique programmes for those who work in the military, government, and defence. Government and military personnel have a different personal loan interest rate than paid workers in the private sector.

Loan Status

Now keep up to date with your loan’s status. Simply enter the necessary information and keep track of it at all times. Stay informed about your loan status by simply inputting the Applicant Name, Proposal Number, or mobile number.

Loan Eligibility

To qualify for an Axis Personal Loan, an applicant must meet a number of requirements, including those related to creditworthiness, monthly income, prior borrowing history, repayment capacity, etc. Salaried and self-employed applicants make up the two groups.

CIBIL score Criteria	750 and Above
Age Criteria	21-60 years
Min Income Criteria	Rs 25000/month
Income Criteria	Salaried/Self-employed

Loan Interest Rates, Fees, and Charges

Interest Rate	10.49% per annum
Repayment Instruction	Rs. 500 + GST
Penal Interest	24% per annum
Duplicate Statement Issuance Charges	Rs. 250/set
CICs Report Issuance Charges	Rs. 50/ instance + GST

Repayment Instruction/ Instrument Return Charges	Rs.500/- per instance of dishonour of cheque /SI/ECS/NACH debit instruction + GST as applicable
Swap Charges (Cheque/ Instrument)	Rs. 500/- per instance + GST as applicable
Penal Interest	24% per annum, i.e. 2% per month on the overdue installment.
Duplicate statement issuance charges	Rs.250/- per instance per set + GST as applicable.
Duplicate Amortization schedule issuance charges	Rs.250/- per instance per set + GST as applicable.
Re-Issuance of a photocopy of loan agreement/documents	Rs.250/- per instance per set + GST as applicable.
Credit Information Companies (CICs) Report Issuance Charges	Rs. 50/- per instance per set + GST as applicable
Duplicate NOC	Rs. 500/- per instance per set + GST as applicable.
Stamp Duty Charges	As per the State Stamp Act

Documents Required 

Depending on the profiles, personal loan documentation may change. The ability of the borrower to repay the loan is confirmed by the banks prior to granting one. For candidates who are salaried and self-employed, there will be distinct Axis Personal Loan papers. Check your eligibility and supporting documents before submitting an application for a personal loan. Get rapid approval by applying right now.

Form	Duly filled application form
Proof of Identity	Copy of:
	> Passport
	> Driving License
	> Aadhar Card
	> Voter ID Card
Proof of Address	Rent Agreement (Min. 1 year of stay)
	Utility Bills
	Passport (Proof of permanent residence)
	Ration card
Proof of Income	> ITR: Last two Assessment years
	> Salary Slip: Last 6 months
	> Bank Statement: Last 3 months

Loan Comparison with Other Banks

Bank	Interest Rate	Tenure	Loan Amount & Proc Fee
Axis Bank	9.99%	12 to 60 months	Up to Rs. 15lakh / 1% to 2% of Loan Amount
HDFC Bank	11.25% to 21.50%	12 to 60 months	Up to Rs. 40 lakh / Up to 2.50% of the loan amount
Bajaj Finserv	Starting from 12.99%	12 to 60 months	Up to Rs. 25 lakh / Up to 3.99% of the loan amount
Citibank	Starting from 10.99%	12 to 60 months	Up to Rs. 30 lakh / Up to 3% of the loan amount
Private Bank	11.50% to 19.25%	12 to 60 months	Up to Rs. 20 lakh / Up to 2.25% of the loan amount

Processing Time

When processing personal loan applications, Axis Bank typically needs two weeks or 15 days. However, Axis Bank approves loans for its pre-approved, current account clients in as little as a few hours and as long as 1-3 days.

Pre-closure Charges 

After taking up the loan for at least 12 months and making 12 timely EMI payments, Axis Bank gives you the option of pre-closing your personal loan. Axis Bank, however, levies a prepayment or pre-closure fee.

Documents Required for Pre-closure

The following papers are often needed to foreclose on your personal loan from Axis Bank:

• A valid photo identity proof
• Loan Account Statement
• Cheque/demand draft/cash to make the payment

Foreclosure Benefits

The following are a few major advantages of foreclosing on your personal loan with Axis Bank:

Foreclosure / Full Prepayment

• Allows you to reduce your overall interest payments.
• Releases you from the obligation of making regular loan installments.

Partial Prepayment

• It allows you to save on interest charges.
• Additionally, you have the option of paying a lower EMI or having a shortened loan term.

Prepayment Facility

Axis Bank also offers the prepayment facility to allow customers to pay off the outstanding balance in full or in part. If you have extra cash on hand and meet the following criteria, you may pay a portion of your outstanding principal balance to reduce it. This will also contribute to interest savings on the principal amount. Learn more below about this facility.

• Prepayment will be permitted upon effective payment of the initial 12 EMIs.
• During the entirety of the loan’s term, prepayment is permitted a maximum of twice.
• Annual prepayment is permitted only once.
• At no time will the prepayment exceed 25% of the Outstanding Principal.

Fees payable upon Prepayment

• 13 to 24 Months – 4% of the loan balance
• 25-36 Months – 3% of the outstanding balance of the loan
• 2% of the outstanding loan balance after more than 36 months

Pre Calculated EMI

Rate	5 Yrs	4 Yrs	3 Yrs
9.99%	2149	2560	3250
11.00%	2174	2584	3273
11.50%	2199	2608	3297
12.00%	2224	2633	3321
12.50%	2249	2658	3345
13.00%	2275	2682	3369
13.50%	2300	2707	3393
14.00%	2326	2732	3417
14.50%	2352	2757	3442
15.00%	2378	2783	3466

Axis Bank Personal Loan for Salaried Employees

Axis Bank provides Personal Loans to Salaried Employees at competitive interest rates. The quantity of the loan depends on the company for which you work, the employee’s take-home pay, and the employee’s city of residence. Axis Bank offers these loans for terms of 12 to 60 months and provides immediate approval and funds to customers who have been pre-approved.

Axis Bank Personal Loan for Self Employed Individuals

Personal Loan for Self-Employed Individuals is a loan product offered by Axis Bank to self-employed individuals in need of funds. The bank offers them personal loans with appealing interest rates and terms ranging from 12 to 60 months. However, compared to Salaried Employees, you must provide the bank with a greater number of documents regarding your business in order to demonstrate its continuity and your consistent income.

Loan for TCS Employees

• Exclusive personal loans with an affordable annual percentage rate of 11.25 percent.
• Personal loan EMIs begin at Rs. 2,178 per lakh when terms and conditions are satisfied.
• The straightforward documentation procedure for TCS employees.
• Personal loans pre-approved for eligible TCS employees.
• Personal loan interest rates for superbike loans begin at 11.99% p.a.
• Great offers on home loans with an interest rate of 9.45% p.a. and a discount rate of Rs. 9.40% p.a. for women.

Moratorium Process

The Axis Bank procedure for stopping loan EMIs is as follows:

• Visit the Axis Bank website or download the mobile application.
• Click on the link where the moratorium period option appears.
• Please include your registered mobile number, name, and email address on the application page.
• Next, enter your date of birth and choose the loan type.
• Include your loan number and monthly payment amount.
• Then make a decision and select an appropriate service.
• I agree to pay the accrued interest on the unpaid balance.
• Select the ‘Submit’ icon
• The bank will examine the specifics and execute your request for a moratorium
• Upon successful completion of the procedure, a reference will be sent to your registered mobile number and email address.

If you do not wish to defer EMI payments, however, you must select the second option after the deferment option. This will ensure that EMI payments are made on time and that no additional interest is charged. If you answered yes, select the defer option; otherwise, your EMI will be deducted as it was in the past.

Regarding the moratorium procedure, Axis Bank representatives may also contact you via WhatsApp or phone.

Axis Bank Personal Loan Special Pricing

If a customer is seeking a loan quantity of INR 15 lakh or more, the following rates will apply.

Loan Amount	IRR	Processing Fee (+GST)
Loan amount >=15 lakh*	10.50%	INR 3999

*Terms & conditions apply

This offer is not valid for existing loan amount closure, loan top-up, or loan enhancement.

If a consumer is interested in a balance transfer and a new loan of more than INR 10 lakh, the offer below is available.

NTH	Loan Amount	IRR	Processing Fee (+GST)
>=50000	Loan amount >=10 lakh*	10.50%	INR 3999

*Terms & conditions apply

• Not applicable on the closing of an existing loan
• Not applicable to the BT Credit Card

How to Handle Personal Loan

Here are four strategies to assist you in managing your loans:

1. Pay On-Time – The first step is to avoid late fees and penalties by paying on time. The best method to accomplish this is by making timely monthly payments. This impacts the credit score as well. These are unnecessary and all-too-common outcomes that will negatively impact your financial situation.

If you have recently taken out or are about to take out a personal loan, the best way to manage it is to make a monthly payment as soon as you receive the loan. By being ahead of your installment plan by one payment, you will have a cushion against a delayed payment.

2. Pay More Than the Minimum – Paying in advance is a smart way to manage your finances, but paying a little extra each month keeps you ahead of your loan term and provides other financial benefits.

In addition, paying extra on your loan reduces the duration of the repayment schedule. This will assist you in paying off your debt and enable you to regain financial independence sooner. Additionally, it will reduce the interest rate you owe, sparing you money in the long run.

Additionally, your credit score improves as you pay off your debts more quickly. A lower credit score will benefit you in multiple ways, including lower down payments and interest rates.

3. Consolidate Your Loans – For borrowers juggling multiple personal loans, consolidation may be the most effective method to simplify debt repayment. Debt consolidation is when you take out one substantial loan to pay off all your other loans. Therefore, one can make a single monthly payment to a single provider as opposed to multiple lenders with varying interest rates and requirements.

Debt consolidation is advantageous if the interest rate on the new loan is lower than the average of the interest rates on the previous loans.

The only disadvantage is that the debt will likely have to be repaid sooner than originally anticipated. Make certain you can afford the payments on a new loan before consolidating your debt. This may also help you repay significant portions of your loans on credit rather than with a single loan, by breaking them down into more manageable chunks.

4. Credit Score – Lastly, when repaying a personal loan, always maintain a close eye on your credit score. The credit score plays a significant role in finances and has a significant correlation with the loans obtained. Your credit score reflects how well you manage your loans. In contrast, falling behind on your payments will lower your credit score. Therefore, a high credit score is essential.

Different Loan offers

Doctor Loan

Axis Bank offers Doctors in need of funds a Personal Loan. The bank provides them with loans spanning from Rs. 50000 to Rs. 50 lakhs for terms between 12 and 60 months at interest rates beginning at 11.25 percent. There are certain eligibility requirements for this loan:

• The minimum credit score should be 650.
• The age range should be between 25 and 65 years.
• More than four years of medical experience (as a doctor).

Marriage Loan

Axis Bank offers a Personal Loan for Marriage to individuals who are short on funds for their or a close relative’s wedding. This loan quantity is unrestricted and may be used for anything, including wedding banquets, makeup, stylists, etc. If you are a pre-approved consumer with the bank, you receive the funds in as little as a few seconds, and in some cases, within four hours. The bank charges a competitive interest rate and allows you to choose the loan term.

Loan for Government Employees

Axis Bank is available to meet the distinct needs of all government employees. Individual credit is available to representatives of public sector organisations, including Central, State, and Local Bodies. A worker’s minimum net monthly salary must be INR 15,000/20,000 in order to qualify for the maximum advance of INR 40 Lakh. Individual loans from Axis Bank come with a 5-year maturity period and a processing fee of 1.50 percent of the loan amount.

Axis Bank Personal Loan Offers for Government Employees:

Offers By Government	Number of Companies	Processing Fee(% of the Loan Amount	IRR
Miniratna, Navratna, and Maharasthra	55	1.50%	13.49% 11.49% 10.99%
Pensioner	All	1.50%	14.75%
Employees from the Railway Department	All	1.50%	16.50% 15.00% 14.25%
CISF, CRPF, ITBP, SSB and BSF	All	1.50%	14.75%

State and Central Government Officers:

Section	Salary	Processing charge	IRR
Government Officer Division A (GA) and Division B (GB)	NTH>24k	2%	16.75%
	NTH>35k	2%	15%
	NTH>50k	1.75%	14.75%

Loan for Pensioners

Axis Bank offers Pensioners seeking a Personal Loan special loan options. They provide pensioners with adequate funding at attractive interest rates. The following are some of the features of the Axis Bank Personal Loan for Seniors:

• Minimum Pension Amount – $25,000 and Above
• Maximum age at loan maturity – 65 years
• Actual Income Axis Bank Personal Loan can include 50% of additional income (FD interest, rental income, etc.). Rate of Interest – 9.99%
• Minimum tenure of 12 months

Loan Balance Transfer

Personal Loan Balance Transfer refers to the procedure of transferring your personal loan balance from one lender to another. In this scenario, your new lender pays off your old loan and gives you a new one. There are many advantages to doing so, but you may also be required to pay the foreclosure fees associated with your old loan in addition to the Processing fee on your new loan. Listed below are some of the benefits:

• Lower Rate of Interest
• Extending the Repayment Period
• Depending on your CIBIL score, you may be eligible for additional loan features, such as no administrative fees.

Loan Top Up

A loan’s top-up facility is the additional quantity borrowed from the bank on an existing loan. If you have made at least nine regular EMI payments without any issues, Axis Bank allows you to utilise this service. You can receive a top-up of between Rs. 50,000 and the quantity of your already-approved loan.

Loan Overdraft Scheme

The Axis Bank Personal Loan Overdraft Programme is available. This provides you with a loan quantity as an overdraft facility. It functions like a credit card, allowing you to spend your Personal Loan Amount whenever and wherever you want. A Credit/Loan Limit will be placed on the total loan amount. In the Axis Personal Loan Overdraft facility, the bank only charges interest on the quantity that is withdrawn or utilised.

Home Renovation Loan

The majority of borrowers now place home improvement at the summit of their to-do list, but lack of funds becomes an obstacle in the process. The Axis Bank Home Renovation Loan is designed to finance the renovation of your home, whether it involves repainting or tiling. The most important features of the Axis Bank home improvement loan are as follows:

• The policies and programmes for home improvement loans include simple documentation and lack of complexity.
• The Axis Bank Home loan is accessible to both current and prospective consumers.
• This individual unsecured loan is offered at an annual interest rate of at least 8.00%.
• In addition to tax, the loan administration fee is charged at a favourable rate of 0.50%.

Holiday Loan

A holiday loan is simply a line of credit taken out against the travel and accommodation expenses necessary to complete your trip. Checking the loan’s characteristic features to sanction funds for your exotic dream vacation is simple:

• Axis Bank guarantees the instantaneous disbursement of the holiday loan advance.
• The processing fee is minimally assessed.
• The applicable interest rate for the Holiday Loan is 11.25 percent, and so on.

Axis Bank Fresher Funding

Axis Bank has increased its presence in the world of credit by introducing a new category called Axis Bank Freshers Funding. This unique form of loan is available to applicants who are recent graduates and newly hired professionals seeking to establish a stable future. The Freshers Funding exhibits the following important characteristics:

• The petitioners are granted a favourable credit sum.
• The candidate must be at least 21 years old.
• The interest rate charged depends on the profile of the applicant.

Loan for NRI

People tend to relocate for many genuine reasons, including education, medical care, employment, etc. For such candidates, financial expenses become an impediment; Axis Bank NRI Personal Loan is a loan category that caters to such unexpected personal expenses. The following are the key features of the individual loan:

• The applicant will receive highly competitive rates and flexible repayment terms.
• No security or collateral is required for the advance payment.
• Both the Indian resident (primary borrower) and the NRI candidate (co-applicant) must submit confirmation of identity.

Loan Pre-Closure Online

Axis Bank permits debtors, for additional foreclosure fees, to prepay their personal loans after a specified time period. To close the account, you must satisfy a number of Axis personal loan pre-closure requirements.

• The borrower may prepay their Axis Bank personal loan at any time during the loan term, as long as they have paid at least one installment.
• For prepayment or prepayment of your Axis Bank personal loan, you must repay the total outstanding balance in addition to all other applicable fees.
• Before terminating your personal loan, you are required to pay pre-closure fees equal to 5% of the remaining loan balance after the payment of EMIs and applicable taxes.

Loan Process Steps

Step 1: Determine your requirement.

Determine why you need a Personal Loan and the amount you require. For instance, you may need a loan to finance your wedding or home renovations. And you may need as little as Rs. 1 lac or as much as Rs. 10 lac

Step 2: Check loan eligibility

Once you have determined the amount you require, you should determine your eligibility. Visit the Axis Bank Personal Loan Eligibility Criteria online to determine how much you are eligible to obtain as a Personal Loan. Axis Bank offers loans of up to 40 million rupees.

Step 3: Calculate monthly installments –

Utilise an online EMI calculator to estimate your monthly loan instalments. Using the Axis Bank Personal Loan EMI Calculator, you can adjust the interest rate and term to correspond with your monthly income. Axis Bank provides Personal Loans with affordable EMIs beginning at Rs. 2149 per lac * (Terms and Conditions).

Step 4: Approach the bank –

You can apply for a Personal Loan with Axis Bank in a number of methods, including via Net Banking, on the Axis Bank website, at an ATM, or by visiting a branch.

Step 5: Submit documents -.

Next, determine which documents are necessary for a Personal Loan. You will typically require evidence of income (bank statements, pay stubs, or tax returns), proof of address, and identification. Provide the bank with copies of your Personal Loan documentation.

Await the transfer of funds to your account. Axis Bank disburses funds for pre-approved loans to customers in ten seconds, while non-customers must wait four hours.

This is how to obtain a Personal Loan in five simple stages!

Prepayment Charges

If you are a salaried applicant, you cannot prepay your Axis Bank Personal Loan until 12 equal monthly payments have been made in full.

The following are the prepayment fees for salaried applicants:

• 4% of the outstanding principal balance for terms between 13 and 24 months.
• 5% of the outstanding principal balance for terms between 25 and 36 months.
• 2% of the outstanding principal balance for terms in excess of 36 months.

Check the Status of Your Axis Bank PL Application Online

The cycle to verify the status of your application includes the following developments:

• Visit the website of the Axis bank, Individual Loans can be found by selecting ‘Items’ and then ‘Individual Loans’.
• On the subsequent page that opens, select ‘Additional’ and then ‘Check Loan Application Status’ under ‘Additional’.
• Next, you can verify the status of your application by entering your mobile number, date of birth, and either the OTP that you receive on your mobile number or your application number.

How to access the Axis Bank Online Banking Portal

• Visit the official Axis Bank website.
• Click ‘Login’ in the upper right corner of the page.
• Login with your Username and Password or your registered mobile number.

How to Check Your Loan Statement

Customers can download the bank’s own credit explanation by using the instructions below:

• Visit the bank’s official website.
• Select ‘Administration Requests’ from the drop-down menu after clicking ‘Connect’.
• Select ‘Individual Loan Related’ from the ‘Advances’ menu on the next page to appear.
• Following that, select “Solicitation for Statement of Loan Account.”
• To profit from the bank’s own advance statement, log in with your User ID, secret phrase, or your assigned mobile number and OTP.

Personal Loan Restructuring in Axis Bank(COVID-19)

Numerous borrowers have been negatively impacted by the cross-country shutdown caused by the COVID-19 pandemic, although it has been reported that there has been a multi-month prohibition on other term credits. Axis Bank announced the RBI-ordered one-time benefit of Axis Bank individual credit rebuilding after the half-year ban’s expiration.

This element is designed to provide further relief to those borrowers who are still unable to start paying back their regular EMI because to ongoing financial difficulties brought on by the epidemic.

In order to reduce the monthly EMI installments, the credit objective tool offered by Axis Bank allows an additional suspension of up to two years or extension on the current reimbursement time frame. It is crucial to accept that rebuilding your Axis Bank personal advance will result in additional premium costs that go far beyond those relevant to the first credit.

So that you don’t end up defaulting on your excellent credit, you should only use this support tool if everything else fails.

Axis Bank Customer Care Contact

Customers can use any of the following methods to get in touch with Axis Bank customer service:

By Phone: To reach Axis Bank, dial (toll-free) 9878981166.

Request a Callback: You can also do this by going to the bank’s website.

Online chatbot: The online iPal chatbot can also answer your questions.

Branch Visit: To receive answers to your questions, go to the local Axis Bank branch.

How to get the best offer on Axis Bank Personal Loan?

According to an evaluation of your loan amount, salary, other obligations company you work for, and loan tenure, Axis Bank offers the best personal interest rates. The interest rate on a personal loan from Axis Bank is determined by the criteria listed below:

• Loan Amount – The loan amount is the sum that the borrower borrowed from the bank. Banks typically charge lower interest rates on larger sums. Axis Bank provides loans ranging from 50,000 to 75 lakhs.
• Salary – Your ability to repay the loan is determined by your income. Loans with lower interest rates are made available to people with higher salaries. The bank’s interest rate varies according to your net monthly income.
• Employer Category –  Based on the size, standing, and history of the company with the bank, Axis Bank has created an internal list of companies that fall into several categories and are ranked from high to low company categories. Employees who work for businesses in higher company categories are eligible for generous discounts and low-interest loans.
• Relationship with the Bank – Axis Bank provides exclusive rates, deals, and fees to current bank account holders. A low Axis Bank loan interest rate will be available to borrowers who have managed their accounts and paid all of their payments on time in the past.
• Loan Tenure – Since personal loans are taken out to cover urgent needs, their terms are usually shorter, ranging from 12 to 60 months.
• Repayment Capacity – Axis Bank evaluates a borrower’s ability to repay a loan before granting one. Through CIBIL, which includes the repayment history of prior loans obtained, the bank confirms the customer’s ability to repay the loan. Credit card bill payment information is also recorded by CIBIL.

How does the Axis Bank personal loan procedure work?

Here is how it works:

Maximum Annual Percentage Rate (APR)

11% to 22.5%

A representative example of the total cost of the loan, including all applicable fees

Here is an illustration of the total cost of the loan: Total amount borrowed: ₹ 1,00,000 Time period: 12 Months to 60 Months. Axis Bank Personal Loan Interest Rate: 10.50% to 22.00% Processing Fee payable to Upto ₹ 2,500 Fee payable to MyLoanCare: NIL Total Monthly Cost – From ₹ 2,149 for 60 Months ₹ 1,00,000 loan at 10.50% (lowest rate, longest time period) to ₹ 9,359 for 12 Months ₹ 1,00,000 loan at 22.00% (highest rate, shortest time period). This is inclusive of principal repayment. Annual Percentage Rate (APR) of charge including all applicable fees: 11% to 22.5% Total cost payable over loan tenure: ₹ 8,278 for 12 Months loan to ₹ 31,463 for 60 Months loan

Important Aspects

When applying for a personal loan with Axis Bank, it is important to keep in mind the following points:

• When applying for a personal loan, you should always verify your credit score. A high credit score increases the likelihood that your personal loan will be approved and can make it simpler to obtain a personal loan with more favourable terms.
• Before deciding on a specific lender, it is advisable to compare the cost of a personal loan (interest rate and all associated fees) offered by various lenders.
• Borrow based on your desires and ability to repay. Avoid borrowing merely because you are eligible for a larger loan amount. It will only increase your interest rate and provide no long-term benefits.
• Avoid applying for separate loans with multiple lenders simultaneously. This demonstrates that you are credit-hungry and also increases the number of direct inquiries into your credit report, which can have a negative impact on your credit score.

FAQs About Axis Bank Personal Loan