Axis Bank Personal Loan Interest Rates April 2023
Axis Bank Personal Loan interest rates are currently starting at 10.49% p.a. for loans of ₹25,000 to ₹40 lakh with tenures up to 60 months. The bank offers different types of unsecured financing facilities including Axis Bank Personal Loan, Axis Bank 24×7 Personal Loan and Axis Bank 24×7 XS Personal Loan with processing fees up to 2% of the loan amount, plus applicable GST.
Read on as we discuss these loan products in detail, with a special focus on Axis Bank personal loan interest rate among other important features and benefits.
Axis Bank Personal Loan Interest Rates 2023 Highlights
| Axis Bank Personal Loan Product | Loan Amount Range | Interest Rate Range (p.a.) |
| Axis Bank Personal Loan | ₹50,000 – ₹40 lakh | 10.49% to 22% |
| Axis Bank 24X7 Personal Loan | ₹50,000 – ₹25 lakh | 10.49% to 22% |
| Axis Bank 24X7 XS Personal Loan | ₹10,000 – ₹1 lakh | 10.49% to 22% |
Different Personal Loan Products Offered by Axis Bank
1. Axis Bank Personal Loan
This is the standard personal loan product offered by Axis Bank involving loans up to ₹40 lakh at competitive interest rates. These loans can be used for any lump sum financial requirement and do not require any security to be pledged. You can also transfer your existing high-interest personal loan to an Axis Bank personal loan, especially if you’re eligible for a lower interest rate.
Here are the details:
- Loan Amount: ₹50,000 to ₹40 lakh
- Loan Tenure: 12 to 60 months
- Interest Rate: 10.49% to 22% p.a.
- Processing Fee: Up to 2% of loan amount + GST
- Axis Bank Foreclosure Charges: 5% of part prepayment amount or principal outstanding + GST
- Eligibility:
- Age: 21 to 60 years
- Type of Occupation: Salaried (including employees of private or public companies and salaried doctors)
- Minimum Monthly Income: ₹15,000
2. Axis Bank 24X7 Personal Loan
This is a 100% digital and instant personal loan product by Axis Bank involving minimum documentation, making it a suitable facility to meet a financial emergency. Here are the details:
- Loan Amount: ₹50,000 to ₹25 lakh
- Loan Tenure: 12 to 60 months
- Interest Rate: 10.49% to 22% p.a.
- Processing Fee: Up to 2% of loan amount + GST
- Part prepayment and Foreclosure Charges: 5% of part prepayment amount or principal outstanding, respectively + GST
- Eligibility:
- Age: 21 to 60 years
- Minimum Monthly Income: ₹15,000
3. Axis Bank 24X7 XS Personal Loan
This is an extension of the Axis Bank 24X7 instant and 100% digital personal loans for smaller financial requirements and shorter tenures. They too come with minimal documentation and require no security to be pledged. Here are the details:
- Loan Amount: ₹10,000 to ₹1 lakh
- Loan Tenure: 3 to 12 months
- Interest Rate: 10.49% to 22% p.a.
- Processing Fee: Up to 2% of loan amount + GST
- Part prepayment and Foreclosure Charges: 5% of part prepayment amount or principal outstanding, respectively + GST
- Eligibility:
- Age: 21 to 60 years
- Minimum Monthly Income: ₹15,000
How to calculate Axis Bank Personal loan EMI
Calculating your personal loan EMIs in advance is immensely useful to assess its affordability and also helps in deciding on a loan amount that you can timely repay. Any missed EMIs are likely to attract additional interest penalties and adversely impact your CIBIL score.
You can manually calculate your personal loan EMIs by using this mathematical formula:
EMI = P × r × (1 + r)n/((1 + r)n – 1) where,
- P = loan amount
- r = interest rate
- n = tenure in number of months
However, calculating your EMIs manually could be time-consuming and prone to errors. An error-free, accurate and convenient method to do so would be to use an online personal loan EMI calculator, like the one mentioned below.
The Navi Personal Loan EMI calculator gives you accurate results in seconds! All you need to do is enter the loan amount, rate of interest and the loan tenure in months, and the calculator will show you the EMI amount instantly!
For example, a personal loan of ₹2 lakh taken for 3 years (or 36 months) at a 10% p.a. interest rate would result in an EMI of ₹6,453, a total interest of ₹32,324 and a total amount (i.e. principal + total interest) of ₹2,32,324.
Axis Bank Personal Loan EMI Calculator
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Months)
Monthly EMI
0
Total Interest
Total Amount
Factors that Affect Axis Bank Personal Loan Interest Rate
1. CIBIL Score
Your CIBIL score, a three-digit number between 300 and 900 representing your loan repayment track record and creditworthiness, is a critical factor in determining your loan eligibility and applicable interest rate. A CIBIL score of 750 or higher could strengthen your case to get the desired loan amount at the lowest available interest rate among other factors. Conversely, a lower CIBIL score could lead to higher rates of interest to even loan rejection, depending on how low your CIBIL score is.
2. Loan Amount
While Axis Bank offers typically personal loans in the range of ₹50,000 to ₹40 lakh, the highest approved loan amount is determined based on your eligibility, creditworthiness, income, and type of occupation among other factors. That said, a higher loan amount within the approved limit could translate to a slightly higher applicable Axis Bank personal loan interest rate, as per the bank’s policies.
3. Loan Tenure
Axis Bank offers personal loans for tenures between 12 months and 60 months. However, a loan with a longer tenure could result in a slightly higher applicable interest rate, compared to a shorter tenure.
4. Employment Status and Income
As per the Axis Bank website, pre-approved or salaried customers with a minimum net monthly income of ₹15,000 are eligible for their personal loans. The bank might charge a higher interest rate for different customer categories, especially those without a stable source of income.
5. MCLR Rate
Axis Bank prices its personal loan interest rates based on its 1-year Marginal Cost of Lending Rate (MCLR) plus a credit risk spread of the applicant/borrower. Its current 1-yr MCLR is 8.95% and the spread range is 4.65% to 13.65%, translating to effective Axis Bank personal loan roi of 10.49% to 22% p.a. As such, any changes in the MCLR, which is an internal interest rate benchmark of the bank, would result in changes in the applicable Axis Bank personal loan interest rates, among other factors.
Axis Bank Personal Loan Interest Rate for Salaried
Axis Bank offers personal loans to eligible salaried employees of private and public limited companies, including salaried doctors, between the ages of 21 and 60 years with a minimum net monthly income of ₹15,000. These unsecured loans could be used for any financial requirement and can be availed of through the Axis Bank website, mobile application or branches. Pre-approved customers among others could avail of these loans instantly and digitally with minimal documentation, based on their eligibility.
Here are the key details:
- Interest rate: 10.49% to 22% p.a.
- Axis Bank Processing Fees: Up to 2% of the loan amount, plus applicable GST
- Loan Amount: ₹50,000 to ₹40 lakh (₹50,000 to ₹25 lakh for Axis Bank 24×7 Personal Loan, ₹10,000 to ₹1 lakh for Axis Bank 24×7 XS Personal Loan)
- Loan Tenure: 12 months to 60 months (3 to 12 months for Axis Bank 24×7 XS Personal Loan)
- Prepayment and Foreclosure Charges: 5% of part prepayment amount or principal outstanding, respectively + GST
Axis Bank Personal Loan Interest Rate for Govt. Employees
Axis Bank offers personal loans of up to ₹40 lakh to government employees with a minimum net monthly income of ₹15,000. These loans could be used to fund any requirement, like a wedding, medical emergency or vacation, and can be availed of quickly with minimal documentation.
Here are the details:
- Interest rate: 10.49% to 22% p.a.
- Processing Fees: Up to 2% of the loan amount, plus applicable GST
- Loan Amount: ₹50,000 to ₹40 lakh (₹50,000 to ₹25 lakh for Axis Bank 24×7 Personal Loan, ₹10,000 to ₹1 lakh for Axis Bank 24×7 XS Personal Loan)
- Loan Tenure: 12 months to 60 months (3 to 12 months for Axis Bank 24×7 XS Personal Loan)
- Prepayment and Foreclosure Charges: 5% of part prepayment amount or principal outstanding, respectively + GST
Axis Bank Personal Loan Interest Rate Comparison with Other Banks
| Bank Name | Personal Interest Rate Range (p.a.) |
| State Bank of India | 11% to 15% |
| HDFC Bank | 10.50% onwards |
| Bank of Baroda | 10.90% to 18.25% |
| ICICI Bank | 10.75% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| YES Bank | 10.99% onwards |
| Standard Chartered Bank | 11.49% onwards |
| Punjab National Bank | 10.40% to 16.95% |
| Central Bank of India | 10.95% to 12.55% |
| IDBI Bank | 11% to 15.50% |
| Bank of Maharashtra | 10% to 12.80% |
| Union Bank of India | 11.40% to 15.50% |
| IndusInd Bank | 10.49% onwards |
| RBL Bank | 17.50% to 26% |
| HSBC Bank | 9.75% 16% |
| IDFC First Bank | 10.49% onwards |
| Indian Bank | 10% to 15% |
How to Apply for an Axis Bank Personal Loan?
- Step 1: Check Axis Bank’s personal loan eligibility requirements and ensure your income and employment details are in alignment with them.
- Step 2: Existing customers of Axis Bank can apply for a personal loan through netbanking or mobile application.
- Step 3: New customers need to download the Axis Bank personal loan application form from the bank’s website, or visit a bank branch.
- Step 4: Submit the duly-filled application form along with documents for KYC, address proof and income proof, along with a cheque for the processing fee.
- Step 5: Axis Bank will verify the application and documents, and approve a loan amount based on your eligibility.
- Step 6: If you agree with the loan offer, you’ll be required to sign the loan agreement and set up standing instruction/ECS forms by submitting the required forms.
- Step 7: On completion of the previous steps, Axis Bank will credit the sanctioned loan amount to your linked bank account.
Documents Required for Axis Bank Personal Loan*
| KYC Documents | Any One: – Passport – Driving license with photograph – Aadhaar Card – Voter’s IDNREGA Job Card signed by a state government officer – NPR letter containing name and address |
| Date of Birth Proof | Any One: – Passport – PAN – Aadhaar Card – Driving license with photograph – Birth Certificate – School Leaving Certificate |
| Signature Proof | Any One: – Passport – PAN – Banker’s Verification |
| Income Proof | – Last 2 months’ pay slips – Last 2 months’ bank statement with salary credit – 1-year employment proof (not required if the date of joining mentioned in pay slips and working for more than 1 year) |
| Other documents | – Duly filled and signed application form with a latest coloured passport-sized photograph – Self-attestation on all documents |
Axis Bank Personal Loan Charges 2023
| Interest charges | 10.49% to 22% p.a. |
| Processing fee | Up to 2% of the loan amount + GST (non-refundable) |
| Part prepayment and foreclosure charges | 5% of part prepayment amount or principal outstanding, respectively + GST |
| Cheque/instrument swap charges | ₹500 per instance |
| Penal interest | 2% per month on overdue instalment |
| Duplicate statement | ₹250 per instance + GST |
| Duplicate No Dues Certificate generation | ₹50 per instance + GST |
| Stamp Duty charges | As per State Stamp Act |
Tips to Get an Axis Bank Personal Loan at Lower Interest Rates
1. Improve and Maintain a High Credit Score
It’s important to have a high credit score (typically above 750) to ensure you get your desired loan amount at the lowest available interest rates. You can do so by ensuring all your existing loans and credit card dues are always cleared in full on time, limiting your loan applications and credit utilization ratio.
2. Have an Adequate and Regular Source of Income
Axis Bank, as per their website, offers personal loans typically to eligible salaried employees and pre-approved customers with a minimum net monthly income of ₹15,000. Having a regular source of adequate income could work in your favour in lowering your applicable Axis Bank loan interest rate.
3. Lower your Existing Monthly Debt Repayments
Keeping your existing debt repayments to less than 40% of your net monthly income could improve your credit score in the long term. This, in turn, could help you in lowering your applicable Axis Bank personal loan interest rate.
Final Word
Axis Bank offers personal loans of up to ₹40 lakh without any collateral to meet any lump sum financial requirements. Some of these loans could be availed of instantly involving minimal documentation, especially for pre-approved customers. However, always ensure you have a proper repayment plan before applying for any loan, as any carelessness in this regard could lead to additional interest charges, snowballing of debt and serious damage to your credit score. Lastly, a high credit score and adequate income could help you get the lowest available Axis Bank loan interest rates.
FAQs
Unlike home loans or education loans, personal loan repayments offer no tax deduction benefits.
Axis Bank Personal Loans come with flexible repayment tenures of up to 60 months or 5 years. You’re unlikely to get a longer tenure than 60 months.
Pre-approved customers can apply for an Axis Bank Personal Loan with minimal documentation through net banking or mobile application. However, new customers need to submit their duly-filled and signed application form along with documents like passport, PAN, Aadhaar, last 2 months’ salary slips, last 2 months’ bank statements with salary credit, 1-year employment proof if current employment is less than 1 year, etc.
Yes, you can either foreclose your personal loan in one shot or make part-prepayments to reduce your loan outstanding and remaining tenure, subject to Axis Bank’s policies. These include paying a 5% charge of the principal outstanding or part prepayment amount, respectively, plus applicable GST.
Yes, you can, based on your eligibility and especially if you’ve already closed your last Axis Bank Personal Loan in full on time. However, ensure you apply for a personal loan only if you need it and ensure you have a proper repayment plan in place. Multiple loan applications in quick succession (with any lender) and missed repayments could result in the accumulation of debt and a drop in your credit score.
Disclaimer
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
