AXIS BANK Personal Loan

• Get Axis Bank personal loan in a few simple steps.

  • Your Axis Bank personal loan offer is just a few clicks away.

• Key Loan Features:

  • Loan amount up to Rs. 40 Lakhs
  • Interest rate starting at just 10.99% p.a.
  • Repayment tenure up to 84 months
  • Lowest EMI starting at Rs. 1,712 Per Lakh

• Details:

  • Interest Rate: 10.99% - 22% p.a.
  • Tenure: 12 to 84 months
  • Processing Fee: Up to 2% of the loan amount + GST
  • Loan Amount: Rs. 50,000 to Rs. 40 Lakhs
  • Turnaround period: 1 - 7 days
  • Minimum Income: Rs. 15,000 per month for Axis Bank Customers; Rs. 25,000 per month for others
  • Eligible Age: 21 to 60 years
  • Lowest EMI possible: Rs. 1,712 Per Lakh
  • Part Prepayment Charges: 2% to 3% of the amount prepaid
  • Foreclosure Charges: 2% to 3% of the outstanding loan amount

• Axis Bank Personal Loan EMI Calculation:

  • Loan amount: Rs. 3 Lakhs
  • Tenure: 5 years
  • Rate of interest: 10.99% p.a.
  • EMI: Rs. 6,521
  • Total interest: Rs. 91,274
  • Total amount payable: Rs. 3,91,274

• Documents Required:

  • Digital Loans: Most banks offer 100% digital paperless personal loans via their platforms or apps.
  • Offline Application: If applying offline, submit the following documents along with a signed application form and recent passport-size photos:
    • Identity Proof: Passport, Aadhar Card (with Date of Birth), Voter ID, Driving License, or PAN Card
    • Age Proof: Passport, Driving License with Photograph, Aadhar Possession Proof, Voter's Card, Job Card by NREGA, or Letter by the National Population Register
    • Address Proof: Passport, Lease Agreement, Financial Records, Recent Utility Bill (within 3 months), Bank Statement (last 3 months), Driving License, or PAN Card
    • Signature Proof: Passport, PAN Card, or Banker’s Verification
    • Income Proof: Latest 2 Salary Slips with Form 16, Bank Statements (last 3 months), 1-year Employment Proof

• Advantages of a Personal Loan:

  • No Collateral: No need to mortgage any asset for the loan.
  • No End-Use Requirement: You can use the loan for any purpose, with a declaration that it won't be used for speculative purposes.
  • Quick Processing: Available without security. If eligible, approval can be quick, with online approvals offered by some banks.
  • Fixed Rate of Interest: The interest rate is fixed for the loan tenure, ensuring no fluctuations in EMI or interest rate.
  • Repayment Flexibility: Loan tenure can range from 12 to 84 months, with longer tenures reducing EMI. Some institutions allow interest-only payments with principal repayment at the end of the year.
  • Tax Benefits: If the loan is used for home renovation, you can avail of Income Tax deductions up to Rs. 2 Lakhs under Section 24B of the Income Tax Act, 1961 (provided the loan is used for home renovation purposes only).