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Key Features of Axis Bank Personal Loan

  • Loan Amount: You can borrow from ₹50,000 up to ₹40 lakh, depending on your eligibility, income, and credit profile. This range supports needs like weddings, travel, home renovations, medical emergencies, or debt consolidation.
  • Competitive Interest Rates: Interest rates start at 11.25% per annum, with fixed rates ensuring predictable EMIs. Rates vary based on your credit score, income, and relationship with the bank (lower rates for existing customers). The maximum rate can go up to 22%.
  • Flexible Tenure: Repayment periods range from 12 to 84 months, allowing you to choose a term that aligns with your financial capacity, balancing affordable EMIs with total interest paid.
  • No Collateral Required: These are unsecured loans, meaning no assets or guarantors are needed, simplifying the application process.
  • Quick Disbursal: Instant approval and disbursal within 24-48 hours for pre-approved customers, and within 72 hours for others upon document submission.
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    • Quick Approval and Disbursal: Axis Bank emphasizes fast processing, with approvals possible within minutes for pre-qualified customers and funds disbursed in as little as 24-48 hours, especially for online applications.
    • Minimal Documentation: For salaried individuals, required documents include KYC (PAN, Aadhaar, etc.), recent salary slips, and bank statements. Pre-approved loans may require even less paperwork. Online applications often need no hard copies.
    • Flexible EMI Options: Pay through post-dated cheques, Electronic Clearing Service (ECS), or Standing Instructions. You can tailor EMIs to your budget, and an EMI calculator is available online to estimate payments.
    • Balance Transfer Option: Transfer high-interest loans from other lenders to Axis Bank for lower EMIs, potentially reducing overall borrowing costs.
    • Prepayment and Foreclosure: Partial or full prepayment is allowed after a certain number of EMIs, with charges ranging from 2-5% of the outstanding amount. This offers flexibility to reduce interest costs if you have surplus funds.
    • Multiple Purposes: Use the loan for any personal need—education, weddings, travel, medical expenses, or debt consolidation—without restrictions.
    • Eligibility Criteria: Age: 21 to 60 years at loan maturity. Minimum monthly income: ₹15,000 for Axis Bank customers, ₹25,000 for non-customers. Employment: Salaried individuals (government, public/private companies, doctors) with stable jobs. Credit score: Preferably above 750 for better rates and approval chances.
    • Online Application: Apply via the Axis Bank website, mobile app, or partners like Airtel Finance or Paisabazaar. The process is seamless, with options to track application status online.
    • Loan Statement Access: Monitor your loan through the Axis Bank website or app, with details like outstanding balance, EMI schedule, and payment history available for download.
    • Processing Fees: Non-refundable fees of 1-2% of the loan amount, plus GST, are charged. Additional costs (e.g., late payment fees, cheque bounce charges) may apply, so review terms carefully.
    • Special Offers: Existing customers may get pre-approved loans with lower rates or minimal documentation. Partnerships with platforms like Bajaj Markets or Airtel Finance offer tailored deals.
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Benefits of Personal Loans from Axis Bank

  • Versatile Usage for Any Purpose: Axis Bank personal loans are unrestricted, meaning you can use the funds for virtually any personal need—wedding expenses, international travel, home renovations, medical emergencies, higher education, purchasing gadgets, or consolidating high-interest debt. This versatility makes it a go-to solution for planned or unexpected expenses without needing to justify the purpose to the bank.
  • High Loan Amounts for Big Goals: With loan amounts ranging from ₹50,000 to ₹40 lakh, Axis Bank caters to both small and large financial requirements. Whether it’s funding a dream vacation or covering significant costs like hospital bills or a down payment for a property, the substantial loan ceiling ensures you’re not limited by funds, subject to your eligibility.
    • Competitive and Transparent Interest Rates: Starting at 11.25% per annum, Axis Bank offers competitive fixed interest rates, ensuring your EMIs remain consistent throughout the tenure.
    • Flexible Repayment Tenure for Affordability: Choose a tenure from 12 to 84 months to match your financial situation. A longer tenure reduces monthly EMIs, making repayments manageable for those with tighter budgets.
    • No Collateral or Guarantor Needed: As unsecured loans, Axis Bank personal loans require no assets (like property or gold) or guarantors, eliminating the risk of losing valuables and simplifying the approval process.
    • Lightning-Fast Approval and Disbursal: Axis Bank leverages digital processes to offer instant approvals, often for pre-qualified customers. Funds can be disbursed in 24-48 hours, sometimes even faster through online applications.
    • Hassle-Free Application with Minimal Documentation: The application process is streamlined, especially for existing customers, requiring minimal paperwork—typically KYC documents, recent salary slips, and bank statements.
    • Pre-Approved Offers for Existing Customers: If you’re an Axis Bank account holder or credit card user with a good repayment history, you may qualify for pre-approved personal loans.
    • Balance Transfer to Save on Interest: Axis Bank allows you to transfer existing high-interest loans from other lenders to their personal loan portfolio. This can lower your interest rate, reduce EMIs, or shorten the repayment period.
    • Prepayment and Foreclosure Flexibility: You can make partial prepayments or foreclose the loan after paying a minimum number of EMIs (typically 12), with charges of 2-5% on the outstanding amount.
    • Convenient EMI Payment Options: Pay EMIs via Electronic Clearing Service (ECS), Standing Instructions, or post-dated cheques, offering flexibility based on your banking preferences.
    • Digital Loan Management: Monitor your loan effortlessly through the Axis Bank mobile app or website. Access real-time details like outstanding balance, EMI due dates, payment history, and downloadable loan statements.
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How to Apply for Personal Loans

  • 1. Check Eligibility:
    • Ensure you meet SBI’s eligibility criteria, which vary by scheme (e.g., Xpress Credit, Quick Personal Loan, Pension Loan):
      • Salaried Individuals: Minimum monthly income (e.g., ₹15,000 for Quick Personal Loan, ₹1 lakh for Xpress Elite), age 21–58 years.
      • Credit Score: Preferably 750+ for better terms.
  • 2. Choose Application Method:
    • Online Application (Preferred for Convenience):
      • Through SBI YONO App:
        • Download/install the YONO SBI app (available on iOS/Android).
        • Log in using internet banking credentials or register as a new user.
        • Navigate to the “Loans” section and select “Personal Loan.”
        • If no pre-approved offer, select the desired loan scheme (e.g., Xpress Credit, Quick Personal Loan).
        • Fill in personal, employment, and loan details (amount, tenure).
        • Upload required documents digitally (e.g., Aadhaar, PAN, salary slips).
        • Submit the application and note the application reference number.
      • Through SBI Website:
        • Visit https://sbi.co.in and go to “Loans” > “Personal Loans.”
        • Select the loan scheme (e.g., Xpress Credit, Pension Loan).
        • Click “Apply Now” and log in with internet banking credentials or YONO ID.
        • Complete the online form with personal, income, and loan details.
        • Upload scanned copies of documents.
        • Submit the application and track status using the reference number.
    • Offline Application (Branch Visit):
      • Visit the nearest SBI branch with required documents.
      • Request a personal loan application form for the desired scheme.
      • Fill out the form with accurate details (personal, employment, loan amount, tenure).
      • Submit the form along with original documents for verification and photocopies.
  • 3. Prepare Required Documents:
    • For Salaried Individuals:
      • Identity Proof: Aadhaar, PAN, passport, voter ID, or driving license.
      • Address Proof: Aadhaar, utility bill, passport, or rental agreement.
      • Income Proof: Last 3–6 months’ salary slips, Form 16, ITR for 1–2 years.
      • Bank Statement: Last 6 months’ salary account statement.
      • Photograph: Recent passport-size photo.
  • 4. Loan Processing and Approval:
    • Online/Pre-Approved Loans: Instant approval for PAPL or Real-Time Xpress Credit if eligible; funds credited to your SBI account within minutes.

Eligibility Criteria for Axis Bank Personal Loans

  • Age:
    • Minimum: 21 years at the time of loan application.
    • Maximum: 60 years at the time of loan maturity (i.e., when the loan is fully repaid).
    • This ensures the applicant is in the working-age group and can repay the loan before retirement.
  • Employment Type:
    • Must be a salaried individual employed in:
      • Government organizations (central, state, or local bodies).
      • Public sector undertakings (PSUs).
      • Private sector companies (MNCs, listed firms, reputed organizations).
      • Professionals like doctors (with stable employment or practice) may also qualify.
    • Self-employed individuals or business owners are generally not eligible for Axis Bank’s standard personal loan product.
  • Minimum Monthly Income:
    • For existing Axis Bank customers (e.g., those with salary accounts or prior relationships): ₹15,000 per month.
    • For non-customers: ₹25,000 per month.
    • Income is verified through salary slips and bank statements showing salary credits.
    • Higher income may improve eligibility for larger loan amounts (up to ₹40 lakh).
  • Work Experience:
    • Minimum 1-2 years of stable employment with the current employer or overall work experience, depending on the bank’s assessment.
    • Job stability enhances approval chances, as it indicates repayment capacity.
  • Credit Score:
    • A CIBIL score of 750 or above is preferred for better approval odds and lower interest rates (starting at 11.25% p.a.).
    • Scores between 650-750 may still qualify but could result in higher rates (up to 22%) or stricter scrutiny.
    • A low score (<650) may lead to rejection unless offset by strong income or an existing bank relationship.
  • Residential Status:
    • Must be a resident of India.
    • Non-resident Indians (NRIs) are typically not eligible for this product but may explore other Axis Bank offerings.
  • Existing Relationship with Axis Bank (Optional but Beneficial):
    • Existing customers (e.g., those with salary accounts, savings accounts, or credit cards) may receive relaxed criteria, such as:
      • Lower income thresholds (₹15,000 vs. ₹25,000).
      • Pre-approved loan offers with minimal documentation.
      • Potentially lower interest rates or faster processing.
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Documents Required for Axis Bank Personal Loans

  • Application Form:
    - A duly filled and signed personal loan application form (available online at www.axisbank.com, via the Axis Mobile app, or at branches).
    - For online applications, the digital form is completed during the process.
    - Include 2 passport-sized photographs (may be required for branch applications).
  • Identity Proof (Any one of the following, attested copy):
    - PAN card (mandatory for credit assessment and tax purposes).
    - Aadhaar card.
    - Passport.
    - Voter ID.
    - Driving license.
    - Government-issued photo ID (e.g., for public sector employees).
  • Address Proof (Any one of the following, attested copy):
    - Aadhaar card (if not used as identity proof).
    - Passport.
    - Utility bill (electricity, gas, or telephone bill, not older than 3 months).
    - Rental agreement.
    - Voter ID.
    - Driving license.
    - Bank statement with address (from a recognized bank, not older than 3 months).
  • Income Proof (To verify repayment capacity):
    - Salary Slips: Latest 1-3 months’ salary slips, showing employer details and deductions.
    - Bank Statements: Last 3-6 months’ statements from the account where your salary is credited, reflecting consistent income.
    - Form 16 (optional): Latest Form 16 or Income Tax Return (ITR) for additional income verification, especially for larger loan amounts or professionals like doctors.
    - For pre-approved loans, income proof may be waived if Axis Bank already has your salary account details.
  • Employment Proof (Optional, case-specific):
    - Appointment letter or employee ID (rarely required but may be asked for new employees).
    - Offer letter or salary certificate (if salary slips are unavailable).
  • Additional Documents for Existing Customers (If applicable):
    - Axis Bank account number or customer ID (for pre-approved offers or faster processing).
    - Credit card details (if you hold an Axis Bank credit card with a good repayment history).
  • Additional Notes:
    - For online applications: Upload scanned documents (PDF/JPEG format) or use DigiLocker.
    - For offline applications: Submit self-attested photocopies with originals for verification.

Factors for Personal Loans – Axis Bank

  • Eligibility Factors:
    Income Level: Minimum monthly income required is ₹15,000 for existing Axis Bank customers and ₹25,000 for non-customers. Higher income increases eligibility for larger loan amounts (up to ₹40 lakh) and better terms.
    Employment Stability and Type: Salaried individuals in government, public sector, or reputed private companies (MNCs, listed firms) are preferred. A minimum of 1-2 years of stable employment (with the current employer or overall) is ideal.
    Credit Score: A CIBIL score of 750 or above significantly improves approval chances and secures lower interest rates (starting at 11.25% p.a.). Scores between 650-750 may qualify but could result in higher rates (up to 22%) or stricter scrutiny. Scores below 650 often lead to rejection.
    Age: Applicants must be 21 to 60 years old at loan maturity. Younger applicants (e.g., 25-40) with longer earning years are often preferred for larger loans or longer tenures (12-84 months).
  • Loan Amount and Tenure:
    Loan Amount: Ranges from ₹50,000 to ₹40 lakh, based on income, DTI, and repayment capacity.
    Repayment Tenure: 12 months to 84 months, with options adjusted for applicant's financial profile.
  • Interest Rates:
    Rate Range: 11.25% p.a. to 22% p.a., based on credit score, income, and applicant profile (e.g., lower rates for applicants with good credit scores and stable employment).
    Calculation Method: Interest is calculated on reducing balance, which reduces the overall cost compared to flat-rate loans.
  • Credit History and Defaults:
    A clean credit history (no defaults, late payments, or bankruptcies) is crucial. Recent missed payments or high credit utilization (e.g., maxed-out credit cards) can lead to rejection or higher rates.
  • Processing Fees and Charges:
    Processing Fees: Up to 2% of the loan amount (₹1,000–₹15,000, plus GST). Waived for pre-approved loans.
    Prepayment Charges: 3% on prepaid amount if closed early; no penalty if closed with a new Axis Bank loan under the same scheme.
  • Documentation:
    Complete and accurate documents (e.g., Aadhaar, PAN, salary slips, bank statements) are critical. Missing or mismatched documents can delay or derail approval.
    Pre-approved loans (PAPL) require minimal documents, relying on existing Axis Bank account data.
  • Relationship with Axis Bank:
    Existing customers (with salary accounts, savings accounts, or credit cards) often receive pre-approved loans, lower interest rates, minimal documentation, or faster processing.
    Check for pre-approved offers via Axis Bank's net banking or app before applying.

Frequently Asked Questions (FAQs)

What is an Axis Bank Personal Loan?
An Axis Bank personal loan is an unsecured loan offered to salaried individuals for personal expenses like weddings, travel, medical emergencies, home renovations, or debt consolidation. It requires no collateral, with loan amounts ranging from ₹50,000 to ₹40 lakh, tenures of 12-84 months, and interest rates starting at 11.25% p.a.
Who is eligible for an Axis Bank Personal Loan?
Eligibility Criteria:
  • Age: 21 to 60 years at loan maturity.
  • Employment: Salaried individuals in government, public sector, private companies, or professionals like doctors.
  • Minimum Income: ₹15,000/month (existing Axis customers) or ₹25,000/month (non-customers).
  • Credit Score: Preferably 750+ for better rates and approval odds.
  • Work Experience: Minimum 1-2 years of stable employment.
  • Must be a resident of India with no major defaults in credit history.
What is the maximum loan amount I can get?
You can borrow between ₹50,000 and ₹40 lakh, depending on your income, credit score, debt-to-income ratio, and employer’s reputation. Higher income and a strong credit profile increase your chances of securing larger amounts.
What are the interest rates for Axis Bank Personal Loans?
Interest rates start at 11.25% per annum and can go up to 22%, based on your credit score, income, employment stability, and relationship with Axis Bank. Existing customers with high credit scores (750+) often get lower rates.
What is the tenure for repayment?
Loan tenures range from 12 to 84 months. You can choose a tenure that balances affordable EMIs with total interest paid—shorter tenures reduce interest costs, while longer ones lower monthly payments.
What documents are required to apply?
Required Documents:
  • Identity Proof: PAN, Aadhaar, passport, voter ID, or driving license.
  • Address Proof: Aadhaar, utility bill, passport, or rental agreement.
  • Income Proof: Salary slips (1-3 months), bank statements (3-6 months), Form 16 (optional).
  • Others: 2 passport-sized photos (for branch applications); Axis Bank account/customer ID (if applicable).
Pre-approved loans may require minimal or no documents for existing customers.
How can I apply for an Axis Bank Personal Loan?
You can apply through:
  • Online: Axis Bank website (www.axisbank.com) or Axis Mobile app (fastest, with digital document uploads).
  • Branch: Visit an Axis Bank branch with physical documents.
  • Partner Platforms: Paisabazaar, Bajaj Markets, or Airtel Finance.
  • Phone Banking: Call 1860-419-5555 for pre-approved offers (existing customers).
Provide details, upload/submit documents, and track status online or via customer care.
How long does it take to get the loan approved and disbursed?
  • Approval: Instant for pre-approved customers; 1-2 days for others, subject to document verification.
  • Disbursal: Within 24-48 hours post-approval for online applications; 2-5 days for branch applications.
Delays may occur if documents are incomplete or verification is pending.
Is collateral or a guarantor required?
No, Axis Bank personal loans are unsecured, meaning no collateral (e.g., property, gold) or guarantor is needed. Approval is based on your creditworthiness, income, and employment stability.
Can I use the loan for any purpose?
Yes, the loan is unrestricted and can be used for any personal need, such as weddings, travel, medical expenses, education, debt consolidation, or home improvements. The bank does not monitor end usage.
What are the fees and charges associated with the loan?
  • Processing Fee: 1-2% of the loan amount + GST (non-refundable).
  • Prepayment/Foreclosure Charges: 2-5% of the outstanding amount after a minimum number of EMIs (typically 12).
  • Late Payment Penalty: 2% of the overdue EMI amount.
  • Cheque Bounce Charges: ₹500 per instance.
  • Other Fees: Stamp duty, loan cancellation charges (if applicable). Always review the loan agreement for full details.
Can I prepay or foreclose the loan?
Yes, partial prepayment or full foreclosure is allowed after paying a minimum number of EMIs (usually 12). A charge of 2-5% applies on the outstanding balance. Prepayment reduces interest costs if you have surplus funds.
How are EMIs calculated, and how can I pay them?
  • Calculation: EMIs are fixed, based on loan amount, interest rate, and tenure. Use the EMI calculator on www.axisbank.com to estimate payments.
  • Payment Modes: Electronic Clearing Service (ECS), Standing Instructions (for Axis accounts), or post-dated cheques.
Ensure sufficient balance to avoid penalties (₹500 for cheque bounce, 2% for late EMI).

List of Axis Bank Personal Loans

  • Axis Bank Standard Personal Loan
  • Axis Bank Personal Loan for Wedding
  • Axis Bank Personal Loan for Home Renovation
  • Axis Bank Personal Loan for Travel/Holiday
  • Axis Bank Personal Loan for Education
  • Axis Bank Personal Loan for Salaried Professionals
  • Axis Bank Personal Loan for Women
  • Axis Bank 24x7 Digital Personal Loan