Axis Bank Personal Loan Review

Axis Bank claims to offer fast processing of your loan to fulfill all your dreams without trouble.

According to them, you can acquire a Personal Loan from Rs.50,000 to Rs.40 Lakhs with minimal documentation and speedy sanction. 

Features of Axis Bank Personal Loan

1. loan amount- Axis Bank offers 24*7 personal loans ranging from Rs.50,000 to Rs.40Lakhs, the amount is so high that it can help you fulfill your various financial requirements.
2. interest rates- You should avail personal loan from Axis Bank with an affordable interest rate ranging from 10.25% to 21% per annum.
3. Documentation- The loan can be availed without the need for so many documents, the documentation process is simple only a few documents are required.
4. Collateral security is not required- The personal loan can be availed within less time without pledging any collateral security with the lenders.
5. Flexible repayment tenure- The repayment tenure of a personal loan from Axis Bank provides loan can range from 12 months to 60 months.
6. Fast disbursement- Once your application is verified you will get a loan within less time from Axis Bank.
7. Balance transfer- You can transfer your loan amount from another bank to Axis Bank at lower interest rates. And you can easily save an important loan amount.

Axis Bank Personal Loan: Eligibility, Loan Amount and Loan Tenure

Axis Bank offers personal loans to salaried individuals who fall in the age group of 21 to 60 years. The minimum monthly income required for eligibility is Rs.15,000. They offer a range of loan amounts from Rs.50,000 to 40 lakhs.

Loan Amount	Rs.50,000 to Rs.40,00,000
Loan Tenure	12 months - 60 months
Occupation	Salaried employees, Salaried doctors Public and private limited companies employees Government sector employees (Public Sector Undertakings, Central and Local bodies)
Age Limit	Age between 21 years to 60 years
Minimum Income	Rs15000 per month

 

Essential Documents for Axis Bank Personal Loan

You need to submit the following documents to avail loan from Axis Bank. The list of documents is as follows:-

• Duly filled application form.
• KYC documents are required.
• Loan agreement duly signed and Standing Instruction (SI) Request or ECS Forms.

Documents List	Details
KYC Documents	Passport/Driving license (with the photograph)/ Aadhar card/Voter id card/Job card by NAREGA/Letter issued by the national population register (included details of name and address)
Date of Birth Proof	Passport/PAN card/Aadhar card/Driving license with photograph/Birth certificate/School leaving certificate
Signature Proof	Passport/PAN card/Banker’s verification
Income Proof	Latest 2 months pay slip, Latest 2 months bank statement, 1 year employment proof
Other important documents	Completely filled and duly signed application form with latest passport size colour photo and all documents must be self-attested.

Note: - Additional documents may be asked for by the bank, it depends on the type of case. The list mentioned above is suggestive only.

Axis Bank- Complete Steps to Apply for Personal Loan

Step 1. Properly evaluate your needs to know the exact loan amount you required.

Step 2. While calculating include any existing loan or credit card dues into your account that you may currently be repaying, will determine the EMI you can comfortably afford to repay. You can use the personal loan eligibility calculator to understand how much you can repay in a month, this calculator is available free of cost on most of the lender’s official websites.

Step 3. Check the bank’s eligibility terms and conditions to know if your income, employment, and company are sufficient to qualify for further process.

Step 4. Check the list of personal loan interest rates offered by Axis Bank. Use the personal loan EMI calculator to find out how much your monthly outflow will be.

Step 5. If you are an existing customer of the bank you can apply for the loan on the Axis Bank mobile app or through your internet banking account. If you are a new customer you can download the application from the bank’s official website or get it at the branch.

Step 6. Provide essential documents for KYC, address proof, date of birth proof, signature proof, and income proof with the application form, along with the cheque for the processing charge.

Step 7. The bank will verify the submitted documents, get your loan sanctioned and approve the amount based on your eligibility. This step will be followed by the signing of the agreement and the Standing Instruction (SI) Request/ECS Forms. Once this process is done the funds will be disbursed to your account.

Step 8. The approved amount is credited to your account. The whole process may take up to 30 days.

Also Read- Personal Loans for People with No CIBIL Score

Axis Bank Personal Loan- Interest rates, Processing fees, and other charges

The exact personal loan is determined by several factors. Interest rates, processing fees, and other charges are one of them.

Before taking a decision on any loan, do read all charges to avoid any future confusion. All charges are mentioned in the below table.

Interest Rates	10.25% to 21% per annum
Processing fees	1.5% to 2% of the loan amount + GST
Repayment instruction or Instrument return charges	Rs.339/- per instance + GST as applicable
Swap charges (Cheque or Instrument)	Rs.500/- per instance + Applicable GST
Penal Interest	@24%p.a. (2% per month on the overdue installment).
Duplicate statement issuance charges	Rs.250/- per instance per set + GST
Duplicate Amortization Schedule issuance charges	Rs.250/- per instance per set + GST
Credit Information Companies Report issuance charges	Rs. 50/- per instance per set + GST
No dues certificate generation charges (duplicate)	Rs.50 per instance per set + GST
Stamp duty charges	As per the state stamp act
Foreclosure or part payment charges	Foreclosure charges on the outstanding loan amount. 5% for 0 to 12 months 4% for 13 to 24 months 3% for 25 to 36 months 2% for greater than 36 months

 

• Subject to change as per Bank’s choice from time to time.
• Goods and Services tax will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable).

 

Axis Bank: Types of Personal Loans Offered

Types of Personal Loan	Explanation
Personal Loan for Wedding	Wedding is one of the most important milestones and you want to make this occasion memorable. You can avail of a personal loan for weddings starting from Rs.50,000 up to Rs.15 Lakh. You can also transfer your current personal loan to Axis Bank for additional benefits and lower interest rate options.
Personal Loan for Home Renovation	Have you postponed your plans for home renovations due to the need for huge funds? A Personal loan for Renovation gives you the freedom to renovate your home in your own way. The process for applying Personal Loan is quite simple and you can apply for an Axis Bank Personal Loan for Renovation digitally.

 

Axis Bank App Ratings & Review

• For better analysis you can read the ratings and review detail here.

Google Playstore Rating	4.8*
Downloads By the customers	1Crore+
No of the users give reviews	16,84,955
Content rating	3+
App size	75MB

 

Brief Summary: - Axis bank is a good choice for personal loans to salaried individuals for personal purposes. They do claim to offer instant loans but these often do take time depending the customer’s circumstances.