Whether you’re planning a luxurious wedding, managing an unexpected expense, or starting a long-awaited travel plan to Japan, an Axis Bank Personal Loan can provide the funds you need without requiring collateral. With clear loan terms, a structured verification process, and an established banking network, Axis Bank offers a straightforward borrowing experience. This article explores types of personal loans, applicable interest rates and charges, eligibility criteria, and the application process to help you understand what to expect before applying.
Key Features of Axis Bank Personal Loan
Axis Bank Personal Loan is designed to cater to the diverse financial needs of borrowers, offering flexible loan options, convenient repayment terms and funds for a range of personal expenses.
- Loan Amount: Axis Bank offers personal loans ranging from Rs. 50,000 to Rs. 50 lakh, which is subject to the borrower’s eligibility.
- Interest Rates: Axis Bank personal loan starting interest rate is 9.99%* p.a. and will vary depending on factors such as the applicant’s credit profile, income, and other eligibility criteria.
- Eligibility: Applicants must be salaried employees of a public/private limited company or government/PSU, aged 21–60 years at loan maturity, with a minimum net monthly income of Rs.15,000 for Axis Bank customers and Rs.25,000 for non-Axis Bank customers.
- Repayment Tenure: Axis Bank personal loan tenure is up to 84 months, may vary depending on loan terms
- Processing Fee: The processing fee will be up to 2% of the loan amount, along with applicable taxes.
- Collateral Requirement: As Axis Bank Personal Loans are generally unsecured, borrowers do not need to pledge any collateral to the bank
- Prepayment Options: Borrowers may have the option to make part-prepayments or foreclose the loan, which is subject to applicable terms and charges.
How Axis Personal Loan Interest Rates Can Change Your EMI
Axis Bank Personal Loan Interest Rate starts from 9.99% p.a., with rates going up to 22% p.a., depending on the applicable loan terms. Here is a detailed breakdown of the EMI and interest:
| Loan Amount | Interest Rate (p.a.) | Tenure | Monthly EMI | Total Repayment | Total Interest |
|---|
| ₹3,00,000 | 9.99% | 36 months | ₹9,679 | ₹3,48,435 | ₹48,435 |
| ₹3,00,000 | 12% | 36 months | ₹9,964 | ₹3,58,715 | ₹58,715 |
| ₹3,00,000 | 15% | 36 months | ₹10,400 | ₹3,74,386 | ₹74,386 |
| ₹3,00,000 | 18% | 36 months | ₹10,846 | ₹3,90,446 | ₹90,446 |
| ₹3,00,000 | 22% | 36 months | ₹11,457 | ₹4,12,457 | ₹1,12,457 |
Note: The EMI, total repayment, and total interest figures shown above are illustrative calculations based on the stated loan amount, interest rates, and tenure. The actual rates may vary depending on the applicant’s eligibility, credit profile, loan amount, tenure, and other applicable conditions. Please check the latest terms and charges with the bank before applying.
How to Calculate Axis Bank Personal Loan EMI
A personal loan EMI is calculated using the loan amount, monthly interest rate and repayment tenure.
The EMI Formula
EMI = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ − 1]
Where:
- P = Loan amount (principal)
- r = Monthly interest rate as a decimal
Annual interest rate ÷ (12 × 100)
- n = Loan tenure in months
So, for a ₹3 lakh personal loan at 12% p.a. for 3 years, the estimated monthly EMI would be ₹9,964. Over the 36-month tenure, the total repayment would be approximately ₹3,58,715, including around ₹58,715 in interest.
Axis Bank Personal Loan Fees and Charges
| Fee/Charge | Applicable Charges |
|---|
| Processing Fee | Up to 2% of the loan amount + applicable GST |
| Repayment Instruction Return | Rs.500 per instance + applicable GST |
| Cheque/Instrument Swap | Rs.500 per instance + applicable GST |
| Penal Charges | A penal charge of 8% p.a. may be levied on overdue amounts, subject to a minimum charge of Rs. 300 per instance and an overall cap of Rs. 1,00,000. |
| Duplicate Loan Statement | A charge of Rs. 250 per instance/set, along with applicable GST |
| Duplicate Amortisation Schedule | A charge of Rs. 250 per instance/set, along with applicable GST |
| Credit Information Companies (CICs) Report | A charge of Rs. 50 per instance/set, along with applicable GST |
| Duplicate No-Dues Certificate | A charge of Rs. 250 per instance/set, along with applicable GST |
| Stamp Duty | As per the applicable State Stamp Act |
| Part-Payment Charges | A 3% charge applicable up to 36 paid EMIs and a 2% charge applicable after 36 paid EMIs, not including pre-EMI or broken-period interest.Customers can prepay up to 25% of the outstanding principal annually without charges after 12 EMIs.Charges may apply for early part-payments, amounts exceeding 25% annually, or payments made without the required gap.No lock-in period for making a part-payment. |
| Foreclosure Charges | Generally 3% up to 36 paid EMIs and 2% thereafter for loans below Rs.10 lakh.Foreclosure using your own funds gives a 3% charge before 12 paid EMIs and no charges applicable after 12 paid EMIs.If foreclosure is done through other sources, a 3% charge applies up to 36 paid EMIs and 2% thereafter.No lock-in period for foreclosure. |
| Loan Cancellation | If the cancellation is done within 0–3 days, it will include interest until cancellation; processing fees, stamp duty, statutory charges, and GST are non-refundable.If the cancellation is done after 3 days, the cancellation will be treated as foreclosure. |
Note: The fees and charges mentioned above are indicative and may vary based on the applicable loan terms, borrower profile, and the bank’s prevailing policies. Please check the latest charges before applying.
Axis Bank Personal Loan Eligibility Criteria
There are a few eligibility criteria that you need to meet for an Axis Bank Personal Loan, including:
- Age: Should be between 21 and 60 years of age, with the maximum age considered at loan maturity.
- Employment Status: Salaried individuals, such as employees of private and public limited companies and government-sector organisations.
- Minimum Monthly Income: Existing Axis Bank customers require a minimum net monthly income of Rs. 15,000, while non-Axis Bank customers generally require a minimum net monthly income of Rs. 25,000.
Documents Required for an Axis Bank Personal Loan
Before applying for an Axis Bank Personal Loan, you should keep the required documents ready to ensure a smoother application and verification process. Axis Bank personal loan documents required are:
- Application Form: The applicants would need to submit a completed and signed Personal Loan application form.
- KYC Documents: A valid KYC document is required for identity and verification purposes. These include a passport, driving licence, Aadhaar-related proof, voter ID or other accepted documents.
- Date of Birth: You would need to provide a valid document confirming your date of birth, such as a passport, PAN card, Aadhaar card, driving licence, birth certificate or school leaving certificate.
- Signature Proof: A passport, PAN card or banker's verification can be used for valid signature proof
- Income Proof: You may need to provide recent salary slips and bank statements showing salary credits.
- Additional Documents: The bank may require a signed loan agreement, Standing Instruction or ECS forms and other documents as part of the loan application process.
Types of Personal Loans
Axis Bank offers different personal loan variants to address specific financial needs and borrower profiles. The following sections provide a detailed overview of these personal loan options available to you.
- For Wedding
- The bank helps borrowers manage expenses related to wedding arrangements, celebrations and other associated costs.
- Interest rates start from 9.99%* p.a.
- Salaried individuals aged 21 to 60 years are eligible for the loan
- Repayment tenure can be extended up to 84 months.
- For Home Renovation:
- This loan can be used for financing home renovation, repairs, or other household upgrades.
- Loan terms and interest rates will be based on the applicant’s eligibility.
- Anyone between the ages of 21 and 60 with an income of Rs. 15,000 can apply.
- For Travel:
- This loan covers expenses associated with domestic or international travel; the bank opens new doors to travellers.
- Should have at least a credit score between 720 and 750.
- Interest rates start from 11.25% p.a., with flexible repayment options.
- Processing fees may range from 2% to 4% of the loan amount.
- Higher Education:
- The bank also provides financial support for higher education expenses and other education-related requirements.
- Interest rates start from 11.25%* p.a.
- Repayment tenure can start from 12 months and can be extended up to 60 months
- Salaried Individuals:
- The loan is designed to aid salaried professionals for various personal financial requirements.
- The credit score of 700+ is preferred.
- Interest rates depend on the applicant's profile, with repayment tenures of up to 84 months.
- Women:
- This personal loan is tailored to support women's financial needs and help fund various aspirations or expenses.
- Interest rates, eligibility and repayment terms are determined according to applicable loan conditions.
- Emergency Loan:
- It is designed for borrowers to meet unexpected financial requirements and manage urgent expenses.
- The loan offers flexible repayment options, where you can adjust it accordingly as shorter or longer schedule.
- It also offers flexible withdrawal options, allowing you to withdraw only the amount you need instead of using the entire sanctioned loan amount at once, as per the applicable terms.
- Pre-approved Loan:
- This is a special personal loan available to eligible Axis Bank customers with pre-approved offers, providing a convenient way to access funds.
- Interest rates can vary from 9.99%* to 22%* depending on various factors.
- The repayment tenure can range from 12 months to 84 months.
- As this is a pre-approved loan, there will be minimal paperwork required, collateral will not be required, may involve lower interest rates, and faster processing time.
Note: The interest rates mentioned above are indicative and for reference only. The actual rate offered may vary based on the bank’s prevailing terms, your credit profile, eligibility, and other applicable factors.
How to Apply for an Axis Bank Personal Loan
Axis Bank offers convenient ways to apply for a personal loan, allowing eligible borrowers to complete the process either online or through a branch.
Online Application Process
Applying online can be a convenient option for borrowers who prefer to complete the process digitally.
Step 1: Visit the Axis Bank Website
You need to visit the official Axis Bank website and navigate to the Personal Loan section.
Step 2: Provide Your Basic Details
After navigating to the personal section and clicking on “Apply Now”, you would need to enter your mobile number along with either your Date of Birth or PAN, as requested.
Step 3: Verify Your Mobile Number
You will receive an OTP on the number you provided; enter it to complete the verification process
Step 4: Provide Consent for Verification
You will need to provide your consent to Axis Bank to use and verify the information and documents required for processing your application.
Step 5: Submit the Required Documents
You can upload or provide the documents requested by the bank, which may include identity and address proof, income documents, salary slips and bank statements.
Step 6: Complete eKYC and Video KYC
You will receive a call or be taken to an external website to complete the required eKYC and Video KYC procedures to finalise your Personal Loan application.
Step 7: Receive the Loan Decision
If the application is approved, the applicable loan terms will be communicated to you and the approved amount will be disbursed according to the bank's process.
Offline Application Process
Borrowers who prefer face-to-face assistance can apply through an Axis Bank branch.
Step 1: Visit an Axis Bank Branch
You would need to visit a nearby Axis Bank branch and enquire about the Personal Loan facility.
Step 2: Complete the Application Form
You will need to obtain and fill out the personal loan application form with accurate personal, employment and financial information.
Step 3: Submit the Required Documents
Provide all the necessary identity, address, income and employment-related documents along with the completed application.
Step 4: Complete Verification
The bank verifies the information and documents provided and assesses factors such as credit history, income and repayment capacity.
Step 5: Loan Approval and Disbursement
If the application meets the bank's eligibility and credit criteria, the loan is sanctioned, and the approved loan amount is disbursed.
Factors That Can Affect Personal Loan Approval
The sanction of a personal loan doesn’t depend on a single factor, but varies from person to person. Here are the factors that can influence the approval decision and loan amount disbursed.
1. Credit Score and Credit History
- Your credit score is an indication of how responsibly you have managed credit in the past.
- If you have a strong credit history, timely repayment of existing loans and credit cards, and a healthy credit profile, this can positively help your loan application.
- But if you have delayed payments, frequent loan applications or excessive outstanding debt, this may negatively affect your profile and slow down the loan application process.
- Also, if you are consistently using a large proportion of available credit, this may indicate higher dependence on borrowed funds and can affect how banks assess your application.
2. Monthly Income
- Your monthly income is an important indicator of your ability to repay the loan.
- If you have a stable, higher, and verified source of income, it can support your eligibility for a higher loan amount, while lower income or an unverified source of income may limit the amount you can borrow.
3. Employment or Business Profile
- For salaried applicants, the bank will consider the nature of employment and employer profile.
- For self-employed applicants, factors such as business stability, income consistency and financial records may be considered when assessing repayment capacity.
4. Existing Loans and EMIs
- If you already have multiple EMIs related to personal loans, home loans, vehicle loans or other credit commitments, this can reduce your available repayment capacity and affect the loan amount you are eligible for.
5. Debt-to-Income Ratio
- The debt-to-income ratio compares your existing monthly debt or EMIs with your income.
- A high ratio would indicate that a significant portion of your income is already committed towards debt repayments.
- A lower ratio generally indicates greater capacity to take on other loans or credit requirements.
6. Loan Amount Requested
- If you are requesting a loan amount that is significantly higher than your repayment capacity, it can affect the application negatively.
7. Repayment Capacity
- The bank will evaluate whether you are likely to manage the proposed EMI comfortably alongside your existing financial commitments such as current EMIs, household expenses and other obligations.
8. Accuracy of Documentation
- You need to provide complete, accurate and up-to-date documents to help the bank verify the information provided on your application.
- If there are any discrepancies between the application and supporting documents, this may lead to additional verification or delays in processing.
Note: Meeting the stated eligibility requirements does not necessarily guarantee approval. The final decision, sanctioned amount, interest rate and other terms are subject to Axis Bank's assessment and existing lending policies.
Who Should Consider an Axis Bank Personal Loan?
| Suitable For | May Not Be Suitable For |
|---|
| Individuals planning for major personal expenses | Individuals with limited repayment capacity |
| Individuals with short-to-medium-term funding requirements | Individuals already carrying significant debt |
| Individuals with a stable income and repayment capacity | Individuals with expenses that can be comfortably funded using existing savings |
| Individuals who prefer unsecured borrowing without collateral | Individuals who may struggle to manage additional monthly EMIs |
Axis Bank Personal Loan Customer Care Number & Contact Details
For personal loan queries, you can contact Axis Bank through these customer-care channels.
| Contact Method | Details |
|---|
| Toll-Free Customer Care | 1800 209 5577 / 1800 103 5577 |
| Phone Banking | 1860 419 5555 / 1860 500 5555 (charges may apply) |
| WhatsApp Banking | Send “Hi” to 7036165000 |
How Can NoBroker InstaCash Help With a Personal Loan?
The personal loan approval process can take time as lenders assess factors such as your credit profile, repayment history, income, and other eligibility criteria. With NoBroker InstaCash, you can complete the application digitally, from registration and eligibility checks to reviewing the loan offer. Once the application is approved and verification is completed, the loan amount can be disbursed.
Features
- Loan Amount: From Rs. 5,000 to Rs.10,00,000, subject to eligibility and approval.
- Flexible Tenure: Repayment period ranging from 3 months to 5 years.
- Digital Process: Apply online without visiting a bank branch.
- Quick Disbursal: Funds are disbursed shortly after approval, subject to approval and verification.
Eligibility
- Employment: Available to both salaried and self-employed applicants.
- Credit Score: CIBIL score above 700 or Experian score above 750.
- Age: Applicants must be between 21 and 65 years of age.
Rates & Fees
- Interest Rate (APR): 12.99% to 29.99% per annum.
- Processing Fee: 2% to 4% of the loan amount, plus applicable GST.
Note: InstaCash’s rates typically run higher than Axis Bank's rates, as discussed in this article; this is to suit borrowers who prioritise speed and accessibility over lower borrowing costs.
How to Apply
- Download the InstaCash App or visit the NoBroker InstaCash page.
- Provide basic KYC and employment information.
- Review your eligibility and available loan offer.
- Complete E-Signing on the required loan documents.
- Once approved and verified, the loan amount is disbursed to your account.
NoBroker facilitates NB InstaCash - the loan itself is provided by our lending partners, not NoBroker directly. Read our privacy policy →
Frequently Asked Questions
Q. What is the minimum personal loan amount offered by Axis Bank? Ans: Axis Bank offers personal loans starting from Rs. 50,000, with the maximum loan amount depending on the applicant’s eligibility and applicable lending terms.
Q. What is the starting interest rate for an Axis Bank Personal Loan? Ans: The interest rate for an Axis Bank Personal Loan starts from 9.99% p.a. The final rate may vary based on factors such as credit profile, income, repayment history, loan amount, and tenure.
Q. How long can I take to repay an Axis Bank Personal Loan? Ans: Eligible borrowers can choose a repayment tenure of up to 84 months, depending on the loan amount, eligibility, and applicable terms.
Q. Is collateral required for an Axis Bank Personal Loan? Ans: No, an Axis Bank Personal Loan is generally unsecured, so borrowers do not need to pledge property or other assets as collateral.
Q. What documents are required to apply for an Axis Bank Personal Loan? Ans: You would need to provide the completed application form, KYC and identity documents, proof of date of birth, income documents, salary slips, bank statements, and other documents requested by the bank.
Q. Can I apply for an Axis Bank Personal Loan online? Ans: Yes. You can apply online through the Axis Bank website by providing the basic details and completing eKYC or Video KYC.
Q. Can I prepay or foreclose an Axis Bank Personal Loan? Ans: Yes. Part-prepayment charges are 3% up to 36 paid EMIs and 2% thereafter. For loans below Rs. 10 lakh, foreclosure charges are generally 3% up to 36 paid EMIs and 2% thereafter. For loans above Rs. 10 lakh, if you are using your own funds, 3% applies before 12 paid EMIs and no charges thereafter.
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With over 23 years of experience in Real Estate, and an architecture degree, Vivek is here to help others buy/sell or rent the right way. Through his writing you will find out what people look for, and what you can do to get the best out of your home, and also how to get the best for your home.
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