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Axis Bank Personal Loan @11% Upto 40 Lakh
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Axis Bank Personal Loan online Apply
Axis Bank Personal Loan offers faster personal loan sanctioning. You can avail a personal loan from Rs. 50000 to Rs. 40 lakhs with minimal documentation and quick sanctioning from Axis Bank. A Personal Loan is ideal for a range of purposes. Whether it is planning a vacation or renovating your home or purchasing household items, you can use them the way you want. Axis Bank also offers the facility to transfer the existing loan from different provider to Axis Bank.
axis bank personal loan Highlights/Details
Interest Rates | Starting from 10.49% |
Loan Amount | Up to ₹40 Lakhs |
Minimum Monthly Salary | ₹15,000 |
Minimum Loan Amount | ₹50,000 |
Processing Fee | Up to 2% of the loan amount + GST |
Compare Axis Bank Interest Rates Vs Others
Institution | Interest Rates |
---|---|
HDFC Bank | 10.85% – 24.00% |
Axis Bank | 11% – 24.00% |
Bandhan Bank | 11.90% Onwards |
ICICI Bank | 10.85% – 16.25% |
DBS Bank | 10.99% – 24.00% |
Bank of Baroda | 11.05% – 18.75% |
SBI | 11.45% – 14.85% |
IndusInd Bank | 10.49% – 24.00% |
Yes Bank | 11.25% – 21.00% |
Standard Chartered | 11.50% – 24.00% |
IDFC First | 10.99% – 23.99% |
Kotak Mahindra Bank | 10.99% – 24.00% |
PNB | 11.40% – 17.95% |
Indian Bank | 10.90% – 24.00% |
eligibility criteria for Axis Bank Personal Loans
Criteria | Details |
---|---|
Age | 21 years to 60 years |
Employment Type | Salaried and self-employed individuals |
Minimum Monthly Income | ₹15,000 |
Work Experience (Salaried) | Minimum 1 year with at least 6 months in current job |
Business Tenure (Self-Employed) | Minimum 3 years in current business |
Credit Score | 700 or above (preferred) |
Residential Status | Indian resident |
charges and fees for Axis Bank Personal Loan
Charge/Fee | Details |
---|---|
Processing Fee | Up to 2% of the loan amount + GST |
Prepayment/Foreclosure | 2% to 5% of the outstanding principal amount |
Late Payment Charges | 2% per month on overdue amount |
Loan Cancellation Charges | ₹3,000 + GST (Processing fee is non-refundable) |
Cheque Bounce Charges | ₹500 per instance + GST |
Stamp Duty & Legal Fees | As per state laws |
Duplicate Statement Fee | ₹250 per statement |
Loan Rescheduling Fee | ₹1,000 + GST |
Documents required for Axis Personal Loan
Category | Documents Required |
---|---|
Identity Proof | Aadhaar Card, PAN Card, Passport, Voter ID, or Driving License |
Address Proof | Aadhaar Card, Passport, Utility Bills (Electricity, Water, etc.), or Rent Agreement |
Income Proof (Salaried) | Latest 3 months’ salary slips and 6 months’ bank statement showing salary credits |
Income Proof (Self-Employed) | Last 2 years’ Income Tax Returns (ITR), Profit & Loss Statement, and Bank Statements |
Photograph | Recent passport-sized photograph |
Loan Application Form | Duly filled and signed application form |
Tips to improve Personal Loan eligibility at Axis Bank
- Maintain a good credit score: Typically, a credit score of 750 and above is considered as a good credit score. It indicates that you have higher capability to repay the loan. In such cases, banks view you as a good customer and sanction loans without any hesitation.
- Avoid applying for multiple loans: Applying for loans at multiple banks will give the impression that you are credit hungry and impact your credit score significantly. This may cause the bank to charge a higher interest rate for your personal loan
- Do not default on your EMIs: It is important that you pay the EMIs on time. If you use credit cards regularly, it is important that you settle the dues on time. Not paying the EMis or credit card balance, may negatively impact your credit score and hamper your loan prospects
- Keep the EMIs in control: You have to plan your monthly budget in a way that your debt obligation does not exceed more than 50% of your monthly income. In the event your dues are more than 50% of your salary, banks might reject your loan application as they would fear about your repayment ability. To avoid this, you can reduce the amount that you are asking as a loan and arrange for funds out of your pocket
How to Apply for a Loan at Axis Bank? at Fincover
Step | Details |
---|---|
Step 1: Visit Fincover | Go to the official Fincover website |
Step 2: Select Loan | Choose “Personal Loan -> Axis Personal Loan” and Apply |
Step 3: Provide Details | Enter your personal, employment, and financial details in the online form. |
Step 4: Submit Documents | Upload the required documents (identity proof, address proof, income proof, etc.). |
Step 5: Loan Approval | Wait for Axis Bank to process your application and verify your details. |
Step 6: Loan Disbursement | Upon approval, the loan amount will be credited to your bank account. |
FAQs
Banks prefer a credit score of 750 and above as the ideal credit score for sanctioning any kinds of loan
Axis bank’s application processing time normally takes around 4 working days, provided all the documents submitted are in order.
The processing charge to avail a Axis Bank Personal Loan ranges between 1.5% to 2% of the loan amount plus GST as applicable.
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