Benefits of Taking an Axis Bank Personal Loan

Taking a personal loan from Axis Bank can be highly beneficial for meeting immediate financial needs. Here are some of the key advantages of availing an Axis Bank personal loan:

Get Funds Quickly for Any Need

The main benefit of a personal loan is that it can be used for any purpose without having to provide details to the bank. An Axis Bank personal loan can help you get funds within 2-3 days for purposes like medical emergency, home renovation, wedding, travel, higher education etc.

Simple Documentation and Eligibility Criteria

Axis Bank offers personal loans with minimal documentation. You only need to provide basic KYC documents like identity proof, address proof and bank statements. The eligibility criteria is also simple – you only need to be employed with a monthly income above the minimum cut-off.

Flexible Repayment Tenures

Axis Bank offers flexible repayment tenure options of 12 months to 60 months for its personal loans. You can choose a tenure as per your repayment capacity. Longer tenures are helpful in keeping the EMI affordable.

Attractive Interest Rates

Interest rates start at just 10.99% per annum for Axis Bank personal loans. Rates are competitive compared to other bank’s personal loan interest rates. Existing Axis Bank customers may get lower interest rates.

Pre-Approved Offers for Existing Customers

You can get instant approval and better terms if you have a salary account with Axis Bank. Pre-approved offers allow faster loan processing and disbursal.

Minimal Processing Fees

Axis Bank charges a low processing fee of 1% to 2% of the loan amount plus GST. Processing fees are lower compared to other lenders.

Part-Payment Facility Available

You can prepay a part of your Axis Bank personal loan anytime without charges to reduce interest cost. The part-payment facility makes the loan even more flexible.

Foreclosure Allowed without Penalty

Axis Bank allows you to foreclose the personal loan any time without penalty charges. This helps in saving on interest cost if you have funds to prepay the entire loan.

Loan Amount up to Rs. 40 Lakhs

You can avail an Axis Bank personal loan from Rs. 50,000 up to Rs. 40 lakhs. The high loan amount meets larger funding requirements comfortably.

Online Application Process

You can apply online on the Axis Bank website/app quickly for a personal loan. Online application makes the documentation process simpler.

Axis Bank Personal Loan Features

Here are some of the key features of Axis Bank’s personal loan product:

Loan Amount

You can avail loan of Rs. 50,000 to Rs. 40 lakhs based on eligibility. Minimum loan is Rs. 50,000.

Interest Rates

Interest rates start at 10.99% per annum for salaried individuals. Rates depend on credit profile and Axis Bank relationship.

Processing Fee

1% to 2% of loan amount plus applicable GST. Waived for select existing customers.

Foreclosure Charges

Nil. You can prepay the entire loan without extra charges.

Repayment Tenure

Flexible tenure of 12 months to 60 months available. Longer tenure reduces EMI burden.

Documents Required

KYC documents, identity proof, address proof, bank statements, salary slips and employment proof needed.

Eligibility Criteria for Axis Bank Personal Loan

Axis Bank has flexible eligibility norms for a personal loan. Here are the key criteria:

Age Limit

Minimum age is 21 years while maximum age can be up to 60 years at loan maturity.

Income Eligibility

Minimum net monthly income should be Rs. 15,000 for salaried and Rs. 25,000 for self-employed.

Employment Type

Salaried individuals, self-employed professionals and businessmen can apply.

Credit Score Requirement

A minimum credit score of 750-800 is preferred for approval. Higher scores get better terms.

How to Apply for an Axis Bank Personal Loan?

Here are the steps to apply for an Axis Bank personal loan:

Online Application

Visit Axis Bank website/app and click on personal loan. Select loan amount, tenure, purpose and submit application form online.

Offline Application

Visit nearest Axis bank branch and meet representative to get application form. Fill form with details and submit.

Document Submission

Upload prescribed documents online or provide physical copies at branch. This includes KYC, income proof etc.

Loan Approval and Disbursal

Loan is approved within 2-3 working days and disbursed to your account within 7 working days.

FAQs on Axis Bank Personal Loans

Q1. What is the maximum loan amount?

Ans. You can get an Axis Bank personal loan up to Rs. 40 lakhs.

Q2. What are the charges for foreclosure?

Ans. Nil. You can prepay without any foreclosure charges.

Q3. What is the turnaround time for loan approval?

Ans. Personal loan is approved within 2-3 working days at Axis Bank.

Q4. Can I apply if I am self-employed?

Ans. Yes, self-employed professionals and businessmen can apply.

Q5. What is the procedure for extending my loan tenure?

Ans. You can visit nearest Axis Bank branch with request to extend loan tenure. Simple documentation required.

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