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Axis Bank Personal Loan
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Rate of interest
10.99% onwards
Loan Amount
1 lakh - 60 lakh
Processing Fee
1.00% + Service Tax
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Tenure
12 / 72 months
Rate of interest %
10.99% onwards
Loan Amount
1 lakh - 60 lakh
Processing Fee
1.00% + Service Tax
Tenure
12 / 72 months
Features
Axis Bank offers a variety of features with their personal loans that cater to diverse financial needs. Here are some of the key features of Axis Bank personal loans:
Loan Amounts and Tenure: You can borrow from Rs. 50,000 up to Rs. 40 lakhs, with flexible repayment options ranging from 12 months to 84 months. This range allows borrowers to plan their finances according to their repayment capacity.
Interest Rates: The interest rates for these loans start at 10.75% per annum, providing a competitive option compared to other personal loans in the market.
No Collateral Required: Axis Bank personal loans are unsecured loans, meaning they do not require any collateral or security. This makes it easier for a wider range of applicants, including those who may not have substantial assets, to avail of a loan.
Online Application Process: The application process for a personal loan at Axis Bank is simple and can be completed online. This includes steps like filling out personal details, undergoing verification, and completing eKYC and Video KYC, making it convenient and quick.
Types of Personal Loans: Axis Bank offers specialized personal loans for various purposes such as weddings, home renovations, travel, and higher education, allowing customers to choose a loan that best fits their specific needs.
Instant Loan Approvals: For eligible customers, Axis Bank provides instant loan approvals and quick disbursal, ensuring that the funds are available when needed most.
These features are designed to provide flexibility, convenience, and accessibility, making Axis Bank's personal loans a viable option for individuals looking to manage their immediate financial needs effectively.
Products
Axis Bank offers a versatile range of personal loan products designed to cater to various financial needs and situations. Here are some of the specific personal loan products provided by Axis Bank:
Personal Loan for Wedding: Axis Bank provides loans to cover the expenses of a lavish wedding. This loan ensures that you can fund your dream wedding without financial strain.
Personal Loan for Home Renovation: If you're looking to refurbish or renovate your home, Axis Bank offers a specific loan for home improvement projects. This can help you enhance your living space without the immediate financial burden.
Personal Loan for Travel: For those planning a vacation or travel adventure, Axis Bank offers travel loans that allow you to cover all travel-related expenses with ease and repay the loan at your convenience.
Personal Loan for Higher Education: This loan is designed to support students and professionals seeking to fund their education. It provides the necessary funds to cover tuition and other educational expenses, enabling borrowers to invest in their future without immediate financial constraints.
Personal Loan for Medical Expenses: To help cover medical bills and healthcare costs, Axis Bank provides a personal loan specifically for medical emergencies. This can be a great relief during times of health crises, providing quick financial assistance without the need for collateral.
Each of these products comes with features like competitive interest rates starting from 10.75% p.a., flexible repayment tenures ranging from 12 to 84 months, and substantial loan amounts up to Rs. 40 lakhs. These loans are unsecured, meaning they require no collateral, and the application process is streamlined for quick and easy processing.
Eligibility Criteria
Axis Bank sets specific eligibility criteria for those seeking a personal loan, designed to ensure that borrowers can comfortably repay their loans. Here’s a detailed look at the eligibility requirements:
Age Requirement: The applicant must be at least 21 years old at the time of loan application and should not exceed 60 years at the time of loan maturity.
Employment Type:Salaried Employees: This includes salaried doctors, employees of public and private limited companies, and government sector employees including Public Sector Undertakings and central and local bodies.
Self-Employed Individuals: Self-employed individuals need to have a stable source of income and should be able to show proof of continuity in their business.Minimum Income:The minimum net monthly income required is Rs. 15,000 for existing Axis Bank customers and Rs. 25,000 for non-Axis Bank customers. This ensures that the applicant has the financial stability to manage monthly repayments.
Nationality:The applicant must be a resident of India.
Credit Score:A good credit score is preferred, as it indicates the applicant’s creditworthiness and repayment capacity. A higher credit score can also potentially qualify the borrower for lower interest rates.
Fees and Charges
Before Applying for a Personal Loan an applicant must know the costs to be paid the charges for a Personal Loan from Axis Bank are based on several factors such as the loan amount, repayment tenure, applicant's creditworthiness, and the bank's policies.
Interest Rate
Axis Bank offers competitive interest rates as per the market scenario, this is the primary cost of funds and the features of the interest rate charged by Axis Bank are the following:
The interest rate for the loan is decided at the time of disbursal of the loan and remains fixed for the entire tenure.
The interest charged by Axis Bank ranges from 10.75% to 18% per annum applied as per the customer's profile.
The rate is charged at a monthly reducing balance, though the EMI remains constant for the entire tenure.
The interest at which the loan is issued to the applicant is governed by the following:
The income: applicants with a net salary of ₹ 50k and above are offered a minimal interest rate for their loan requirements, whereas candidates drawing a lower salary are given higher interest rates.
The company category: The grade of the employer is a governing factor for the rate of interest allocated: an applicant working with a Category A company is awarded a lower interest rate as compared to a Category C company employee.
The Loan amount: Applicants with a high income eligible for a loan amount of ₹ 10 lakhs and more are offered the best terms. The company the individual is employed with must be included in the Axis Bank company category list.
Processing Fees
The file charges applied by Axis Bank for processing a Personal Loan request are at the rate of 1% of the loan amount approved. Discounts are offered to preferred customers applying for loan amounts of ₹ 10 lakhs and above but a minimum of ₹ 5000/- is to be paid. No fee is charged upfront, the amount is deducted from the loan amount sanctioned.
Part-Payment
If an applicant wants to make a repayment partly towards the principal loan amount, it is possible to do so after the 1st EMI with a finance charge of 4% on the amount repaid. The amount repaid is adjusted towards the tenure or the EMI.
Foreclosure
Axis Bank allows an applicant to repay the loan after the payment of 12 EMI A finance charge of 4% is payable on the principal amount. Special terms of nil fore closure fees are offered to amounts above ₹ 10 lakhs, sanctioned as a Personal Loan.
Documents Required
documents to facilitate the verification process. Here are the common documents you'll need to gather:
Proof of Identity: Any one of the following - Aadhaar Card, PAN Card, Passport, Driving License, or Voter ID.
Proof of Residence: Any one of the following - Recent utility bills (like electricity, water, or gas), Passport, Lease agreement, Ration card, or any other government-approved address proof.
Income Proof:For salaried individuals: Last 3 months' salary slips, 3 months' bank statements reflecting salary credits, and the latest Form 16.
For self-employed individuals: Recent Income Tax Returns (ITR), profit and loss statements, balance sheets for the last 2-3 years, and last 6 months' bank statements of the business account.Employment Proof: Employee ID card or company offer letter as proof of employment (for salaried employees).
Photographs: Recent passport-sized photographs.
Additional Documents: Depending on the applicant's profile and the bank's internal requirements, additional documents might be requested during the loan processing stage.
These documents help Axis Bank assess the applicant's creditworthiness, repayment capacity, and authenticity. Ensure all documents are valid and up-to-date to smooth the application process.
Policies
Bank / NBFC :
Axis Bank
Applicable to :
salaried
NTH Salary:
Minimun 25,000 NTH
Age (Min/Max):
Loan Amt (Min /Max):
CIBIL (0 / -1):
Tenor (Min /Max):
Hostel Accommodation:
Listed/Non-Listed MCA:
Present Employment:
Total Employment:
Minimum Locking period :
Balance Transfer (BT):
Top up Policy:
Foreclosure/partial Policy:
21 yrs. / 60 yrs. (Except Gov: 54 yrs.)
1 lakh / 60 lakh
12 / 60 months
No
Yes
Only Listed companies.
1 month
1 Year
1 EMI
Up to 3 BTs
Allowed after 6 months.
After 1 EMI / Partial payment allowed.
Qredit
FINSAMUDRA PRIVATE LIMITED,
1ST FLOOR, NO.3013/7, SIMHA ARCADE, MKK road , Bangalore
560021 ( opposite metro pillar 207 )
