Dream Bigger with Personal Loans, up to Rs. 40 Lakhs, No collateral required | Tenure up to 60 months and also Balance Transfer facility
Personal Loan
Axis Bank Personal Loans offer fast processing of your loan. Personal Loans can be used for plenty of purposes! They can be availed when you are planning a vacation, renovating your home or arranging a dream wedding for yourself or somebody special in the family.
Now you need not postpone things on your bucket list! You can get a Personal Loan from Rs. 50,000 upto Rs. 40,00,000 with minimal documentation and speedy approval from Axis Bank. Also, you can transfer your existing high-interest Personal Loan to Axis Bank as well. With quick approval on Personal Loans, turn your dreams into reality!
Personal Loan Details
Max Loan Amount – 4,000,000
Max Loan Tenure – Up to 60 months
Interest Rate – 12% to 21%
Processing Fees – 1.5% to 2% of loan amount + GST
Minimal documentation
Minimum Rs. 50,000 Loan Amount
Balance Transfer
Personal Loan Features and Benefits
Axis Bank Personal Loan Features
One needs to be of a minimum age of 21 years and should have a valid set of documents like ID, income and residence proof, among other documents, to avail a Personal Loan from Axis Bank.
To ease the burden of paying off the Personal Loan immediately, you may opt for the EMI (Equated Monthly Instalment) facility. The repayment tenure can range from anywhere between 12 to 60 months. If you’re an Axis Bank customer, you can avail the best rates for Personal Loans!
To know how much you need to pay per month, there is a Personal Loan calculator at your disposal. You can choose your tenure and the amount that you are comfortable repaying each month for the chosen tenure. With the Personal Loan EMI Calculator, you can also calculate the compound interest and know exactly how much you need to finally part with – including the interest.
Axis Bank Personal Loan Benefits
Choose your amount
Get a Personal Loan between Rs. 50,000 to Rs. 40,00,000.
Decide your tenure
The repayment tenure of your Personal Loan can range from 12 to 60 months.
Calculate your loan EMIs
Calculate your Personal Loan EM Is to plan and achieve your financial aspirations by clicking here.
Meet all your aspirations
Get assistance from Axis Bank Personal Loans and don’t let the need for money hold you back.
Axis eDGE reward points
Every time you transact, you can earn eDGE loyalty reward points on your transactions. You can redeem these accumulated points for over 500
What is a personal loan?
A personal loan is a financial instrument that helps you avail funds for a multitude of uses. Like any regular loan; when opting for a Personal Loan you are advanced a specific amount of funds at a set interest rate and can clear it via a fixed repayment tenure. However, a few aspects of a personal loan may prove more advantageous than other loans lie such as:
It does not lock in any of the applicant’s assets. As opposed to a Home Loan or Car Loan which locks in the asset against which the loan is sought; Personal Loans provide advances for your needs without any collateral.
Unrestricted usage: much like the name states. A personal loan is to be availed in case one needs a financial lump-sum for any personal use. Be it due to a medical/social event, lifestyle needs such as home repairs/renovation, or even to consolidate existing loans.
As it offers a collateral free advance, application for a personal loan generally involves ascertaining the applicant’s need/eligibility of funds and their repayment capacity. As such to be eligible for a Personal Loan applicants must generally be salaried individuals and share documents confirming their personal and professional details. Including but not restricted to:
What are the documents required to apply for a personal loan?
KYC Documents (proof of the applicant’s age, nationality, etc.)
Documents declaring the continued employment of the applicant
A duly filled loan application form.
Alternatively, if you are an existing Axis Bank customer you can log in to check out pre-qualified offers on personal loans with Axis Bank 24×7 Personal Loans here.
What is the minimum CIBIL score required to avail personal loan?
A credit score is a number between 300 and 900 assigned to you by credit bureaus (such as CIBIL). The higher the score, the better are the chances of your loan application (be it for any kind of loan including but not restricted to personal loans) getting approved.
If you have a high credit score you may also get a higher loan amount or lower loan rates. However, a score below 750 may reduce your chance of getting a personal loan or grant you a lower amount or a higher interest rate.
If your score is below 600 it is advisable to try and find out why your credit score is low. It could be due to past behaviour, such as consistently missing or delaying past EMIs, excessive purchases made on credit, or applied for loans or credit cards with many banks, etc.
Does a personal loan offer tax benefits?
No, as personal loans are not a part of one’s income they are not eligible for tax being charged on the disbursed amount. In turn they are also not eligible for any rebate on taxes as may be the case for Home Loans and some Secured Business Loans
When should one take a personal loan?
A personal loan is the best option if you need funds for an urgent need or a short period. It can be availed for any purpose. Since it is an unsecured loan, the lender approves the loan basis the applicant’s details such as age, income, existing liabilities, and credit score, among others.
No time is spent in the assessment of the collateral unlike in the case of a secured loan such as a gold loan or a loan against securities or a loan against property. There could be different types or kinds of personal loans depending on the end-user. But usually, a personal loan is of only one type and it can be availed of for any kind of requirement.
What can a personal loan be used for?
A personal loan is an unsecured loan with no restriction on the end use. The purpose of the loan can be either consumption or productive use. For instance, you could borrow a loan for buying a high-end home theatre system, for a medical emergency if your health insurance falls short, for a foreign holiday with your family, etc.
If you are an entrepreneur a personal loan can come in handy for expanding your business, such as adding more inventory or making the down payment for new office premises, etc.
Is a personal loan available for a holiday or travel purposes?
Yes! Personal Loans can be availed for a number of purposes, including your dream of travelling the world and visiting exotic locations.
Is a private function, such as a wedding reception, eligible for a personal loan?
A wedding is a once-in-a-lifetime event and everyone wants it to be memorable. If you are falling short of funds to celebrate your wedding, you can apply for personal loan for wedding to make up for the deficit.
Should one show hospital bills when taking a personal loan for a medical emergency?
Surgery or prolonged hospitalisation could set you back by a few lakhs, given the rising medical costs. If you need additional funds despite having a health cover, you can easily borrow a personal loan. There is no need to produce any medical reports or hospital bills for the same.
Can personal loans be used for a commercial purpose such as buying raw material for a business?
If you have exhausted your term loan limits allowed by your bank but still need funds for your business, you can apply for personal loan. The loan will be sanctioned based on your individual credit history but can be used for your business.
How can one apply for a personal loan?
Step 1 Evaluate your needs to know the exact loan amount you need.
Step 2 Take into account any existing loan or credit card dues that you may currently be repaying, as this will determine the EMI you can afford to pay. Use the Personal Loan Eligibility Calculator to understand how much you can repay in a month.
Step 3 Check the bank’s eligibility conditions to know if your income and employment (the company you work for) will qualify
Step 4 Check the personal loan interest rate offered by the bank. Use the Personal Loan EMI calculator to find out how much your monthly outgo will be.
Step 5 If you are an existing customer you can apply for the loan on the bank’s mobile app or through your internet banking account. If you are a new customer you can download the application from the bank’s website or get it at the branch.
Step 6 Provide documents for KYC, address proof and income proof along with the application form, along with the cheque for the processing charge
Step 7 The bank will verify the documents, give you the loan sanction and approve the amount based on your eligibility. This will be followed by the signing of the agreement and the Standing Instruction (SI) Request/ECS Forms. Once this is done the funds will be disbursed to your account.
Step 8 The amount is then credited to your account. The entire process may take up to 30 days.
Tips to keep in mind while applying for a personal loan
First try the bank where you have a relationship, such as a salary account, home loan, car loan, etc, as the KYC process will be easier and faster.
Compare personal loan interest rates, processing charges, the penalty for pre-payment/foreclosure, etc. All these charges will add up to your cost. A bank that offers a lower interest rate may charge a higher processing charge or penalty for foreclosure.
Try to achieve and maintain a high credit score as that could improve the chances of your loan request getting approved. Remember, this is only one of the conditions for eligibility. The bank will evaluate it along with other conditions while reviewing your loan application.
If you have other loans ensure the repayments are on time. This too could improve your chances of securing the loan.
Do’s and Don’ts when applying for a Personal Loan
A Personal Loan can help meet your need for quick funds without any security or collateral. It is an unsecured loan and can be used for any purpose. It is disbursed based on your income, employment details and credit score, among other factors. The personal loan interest rate will vary based on the loan amount, tenure, etc. Using a Personal Loan EMI calculator you can find out the amount you will have to pay as EMI each month on the basis of the interest rate, loan amount and loan tenure you choose.
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Do’s when applying for a Personal Loan
1. Check the interest rates before applying for the loan. Being an unsecured loan, the interest rates tend to be a bit higher than a secured loan
2. Check charges such as processing fees, pre-payment charges, etc., as these can add up to quite a bit
3. Check if the repayment conditions are flexible and if you would have to pay a penalty in case of part pre-payment or foreclosure of the loan
4. Check the time taken by the bank for approval and disbursal of the loan, and whether you will receive the funds in time to meet your requirements.
5. Check out the exact EMI amount using a personal loan EMI loan calculator
6. Check eligibility criteria such as minimum income limit, and documents required to ensure quick approval and sanction of your loan
7. Check if you are pre-approved for a personal loan for instant disbursal
Don’ts when applying for a Personal Loan
1. Don’t let your loan EMI exceed 40% of your net take-home pay. This will prevent any undue financial burden on your monthly budget
2. Don’t avail of a personal loan at a higher interest rate if your credit score is too low. This will put pressure on your finances and make it tough for you to repay the loan
3. Don’t delay your repayment or default on your loan because it is an unsecured loan. This will impact your credit history negatively and pull down your credit score, which will make it difficult for you to avail of any credit in future
Personal Loans in Your City
Apply for an Axis Bank Personal Loan from anywhere, anytime and get the funds you need within minutes. You can easily avail a Personal Loan in any of the major cities in India and meet your needs effortlessly. We offer a digital journey from start to finish. Apply for the loan, get the approval and the funds credited into your account, without any documentation or physical verification.
Visit the official website to apply for the site “CLICK HERE“
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