Paperless Personal Loans by Axis Bank

Last Updated 28th Jun 2021

Axis Bank Personal Loan is a popular personal loan provider in India, given its low interest rates, quick approval, and online method. The best features of Axis Bank Personal Loan are:

• Axis Bank Personal Loan interest rate begins from 10.49%.
• The processing fee imposed on Axis Bank’s personal loan starts from Rs.4,999.
• Axis Bank also provides pre-approved personal loans at low rates for clients with stable credit history and existing accounts with the bank.
• The bank has a paperless application process where the KYC and documents submission can be completed digitally.
• You can simply check the status of your Axis Bank personal loan application on a real-time basis on the bank’s website or by visiting their customer care centre.
• Axis Bank has special schemes for additional income and professional groups.

Interest Rates

Axis Bank provides personal loans at interest rates ranging from 12% to 21% p.a. The bank charges a processing fee which can differ depending on the loan sum and tenure. Axis Bank imposes foreclosure charges ranging between 2% and 5%. Interested individuals can avail of loans for various requirements such as planning a wedding or going on a vacation.

Interest rate	12% to 21% p.a
Processing Fee	At the discretion of the bank
Loan Tenure	12 to 60 months
Loan Amount	Rs.50,000 to Rs.15 lakh
Employment Status	Salaried
Salary / Income	Rs.15,000 onwards per month
Credit Score	700 and above
Lowest EMI	Rs.2,419 per Lakh
Foreclosure Charges	2% and 5%
Part Pre-payment	2% and 5%
Overdue EMI Interest	2%

Axis Bank provides a personal loan scheme to interested people above the age of 21 years. The loan has no partial payment or foreclosure fees and offers an attractive rate of interest. The loan application process includes only minimum documentation, and the loan approval is fast. The bank enables individuals to transfer their loans to Axis Bank as well. Salaried applicants are working in Public Sector Undertakings, central bodies, and local bodies.

Factors Influencing Interest Rates

Applicant’s job: If your job is permanent and the salary level is high, Axis Bank may prefer to offer a large sum at a low interest rate.

Loan tenure: Axis Bank may impose a lower interest rate on personal loans used for long tenures and a high-interest rate taken for short tenures.

Repayment capacity: If Axis Bank estimates that you are competent in repaying your loan on time, it may grant you a discounted interest rate.

Credit score: If your credit score is 700 and above, you may get a lower interest rate on your Axis Bank Personal Loan than an individual whose credit score is lower.

Relationship with Axis Bank: If you have a good connection with the bank, Axis Bank may impose a reduced interest rate on your personal loan. By maintaining a steady relationship with Axis Bank and paying your previous debts on time, you can win the bank’s trust.

Other Charges

Repayment instruction/instrument return charges	Rs 500
Swap charges	Rs 500
Duplicate statement issuance charges	Rs 250
Duplicate amortization schedule charges	Rs 250
Re-issuance of photocopies of loan agreement and other documents	Rs 250
Credit Information Companies (CICs) report charges	Rs 50
Duplicate NOC	Rs 500
Stamp duty charges	As per the State Stamp Act

Important points you should know regarding Axis Bank Personal Loan interest rates

Before you appeal for a personal loan with Axis Bank, you should know some key points which involve:

• Know how to estimate your EMIs on Axis Bank Personal Loan. This you can do by utilizing a Personal Loan EMI Calculator.
• Know the specific amount of interest you will be spending on the principal amount at the end.
• Find out if any unknown charges are included in the loan.
• Learn the distinction between a fixed rate and floating rate of interest and choose your Axis Bank Personal Loan Interest Rate as per your repayment capability. In fixed-rate personal loans, you spend a fixed interest rate on the principal amount for the entire tenure, whereas, in floating-rate personal loans, your interest payment may vary.
• It would help if you also understood whether Axis Bank asks for security or collateral to give you a personal loan or not.

Example

1. Mr Mehta gets a salary of Rs 25,000 monthly and holds a credit score of only 710 as it has been only a few years since he started making money. He wanted to avail Rs.2 lakh loan from Axis Bank. The interest rate imposed for the loan was 22% p.a. given his low-income level and average credit score.

The amortization plan for the loan availed for a 1-year tenure is as given below:

For Salary of Rs 25,000 Per Month

Loan amount	Rs 2 lakh
Loan tenure	1 year
Interest rate	21% p.a.
EMI	Rs 18,623
Month	Principal Paid(A) (in Rs.)	Interest Paid(B) (in Rs.)	EMI (A+B) (in Rs.)	Outstanding Loan Balance (in Rs.)
1	15,052	3,667	18,719	1,84,948
2	15,123	3,500	18,623	1,84,877
3	15,387	3,235	18,6212	1,69,490
4	15,657	2,966	18,623	1,53,833
5	15,932	2,692	18,623	1,37,902
6	16,209	2,413	18,622	1,21,693
7	16,493	2,130	18,623	1,05,220
8	16,782	1,841	18,623	88,418
9	17,075	1,547	18,622	71,343
10	17,374	1,248	18,622	53,968
11	17,678	944	18,622	36,290
12	17,988	635	18,623	18,302
13	18,302	320	18,622	0

2. Ms. Sharma gets a salary of Rs 50,000 every month and has a solid credit score of 850. She, too, required Rs.2 lakh personal loan from Axis Bank for a 1-year term. The interest imposed for her is less i.e. 16% p.a. given her relatively higher income level plus best credit score.

The amortization plan for Ms. Gupta is as shown in the table below:

For Income of Rs 50,000 Every Month

Loan amount	Rs.2 lakh
Loan tenure	1 year
Interest rate	16% p.a.
EMI	Rs.18,146
Month	Principal Paid(A) (in Rs.)	Interest Paid(B) (in Rs.)	EMI (A+B) (in Rs.)	Outstanding Loan Balance (in Rs.)
1	15,480	2,667	18147	1,84,520
2	15,686	2,460	18,146	1,68,835
3	15,895	2,251	18,146	1,52,940
4	16,107	2,039	18,146	1,36,833
5	16,322	1,824	18,146	1,20,511
6	16,539	1,607	18,146	1,03,971
7	16,760	1,386	18,146	87,212
8	16,983	1,163	18,146	70,228
9	17,210	936	18,146	53,018
10	17,439	707	18,146	35,579
11	17,672	474	18,146	17,907
12	17,907	239	18,146	0

Balance Transfer

Axis Bank allows clients the choice of transferring their existing personal loan balance endured with another financial lender to Axis Bank to get convenient interest rates and a lot of other advantages. The interest rate and fees, and charges are as per the terms and conditions set by Axis Bank.