Axis Bank offers attractive interest rates on personal loans to its customers. Personal loans are a good way to finance any big expense in your life, whether it is a vacation, a wedding, or a home renovation. Axis Bank offers interest rates ranging from 10.25% p.a. to 21% p.a. on personal loans. The loan amount is disbursed instantly and can be repaid over a tenure of 1 to 5 years. With Bajaj Markets, you can get all the information you need before you apply for a personal loan.
Personal loans are available from Axis Bank with interest rates ranging from 10.25% p.a. to 21% p.a. The bank charges a processing fee that varies based on the loan amount and term. It imposes foreclosure fees ranging from 2% to 5%. Individuals who are interested in taking loans may do it for a wide range of reasons, such as arranging a wedding or going on a holiday.
Details |
Description |
Interest rate |
10.25% p.a. to 21% p.a. |
Associated Charges |
Processing Fee: Up to 2% of the loan amount Foreclosure Charges: 5% for 0-12 months 4% for 12-24 months 3% for 24-36 months 2% for more than 36 months + GST as applicable |
Loan Tenure |
12 to 60 months |
Loan Amount |
₹50,000 to ₹15 Lakhs |
Employment Status |
Salaried |
Salary/Income |
₹15,000 onwards per month |
Lowest EMI |
₹2,224 per Lakhs |
Penal interest |
2% p.m |
Foreclosure Charges |
2% and 5% |
Axis Bank provides a personal loan plan to anyone over the age of 21. Axis Bank personal loan interest rates are attractive and competitive. The loan application procedure requires little paperwork, and loan approval is swift. If you are a salaried employee in a Public Sector Undertaking (PSU), central body, or a local authority, you can migrate your personal loans to Axis Bank as well.
While the final interest rate on a personal loan depends upon multiple factors, you may refer to the following table to get an idea of how Axis Bank’s interest rates on personal loans compare with those charged by its competitors:
Bank/NBFC |
Interest Rate |
Processing Fee |
Axis Bank |
10.25% p.a. to 21% p.a. |
Up to 2% of the loan amount |
12.99% p.a. onwards |
Up to 3.99% of the loan amount |
|
11.99% p.a. onwards |
Between 0% - 6% of the loan amount |
|
1.33% - 2.17% per month |
2% of the loan amount or ₹500 (whichever is higher) |
|
13.75% p.a. onwards |
2% - 4% of the loan amount |
|
14.0% p.a. to 19.5% p.a. |
2% of the loan amount |
|
2.75% per month |
Flat ₹500 for loan amount between 0 to ₹33,333 and 1.50% on the loan amount when loan amount is greater than ₹33,333 (if the loan tenure is 3 months).
Flat ₹1200 or 2% on the loan amount whichever is higher (if the loan tenure is 6 months, 9 months or 12 months).
Flat ₹1000 or 3% of the principal amount whichever is higher (if the loan tenure is 18 months). |
|
2.5% per month |
Starting from ₹399 + ₹100 stamp duty |
|
Starting from 10.70% |
Starting from flat ₹1499/- to 2.50% of loan amount |
|
0% to 29.88% |
N/A |
The Axis Bank interest rate on personal loans varies for different borrowers depending upon a number of factors. Some of the factors that determine the interest rate on personal loans are:
Credit Score: Your credit score is one of the most important factors that influence the interest rate applicable on your personal loan. If you have a good credit score (upwards of 750), Axis Bank is very much likely to offer you a personal loan at a lower rate of interest. On the other hand, the bank would charge a much higher rate of interest from a borrower with a poor credit score.
Type of Employment: The borrower’s type of employment is another very important factor that determines the interest rate charged by the bank on a personal loan. If you have a secure job or a well-established business, the bank will most likely offer a personal loan at a lower rate of interest.
Loan tenure: The tenure of the loan also influences the interest rate levied by the bank. In all likelihood, Axis Bank would charge a lower interest on personal loans taken for a longer tenure.
Relationship With the Bank: Your relationship with Axis Bank also influences the rate of interest applicable on your personal loan. For example, if you already have a fixed deposit or a savings account with Axis Bank, the bank is more likely to offer you a better loan offer with a lower interest rate.
The following are the additional fees and charges, exclusive of GST, levied on Axis Bank personal loan:
Repayment instruction/instrument return charges |
₹339 |
Swap charges |
₹500 |
Duplicate statement issuance charges |
₹250 |
Duplicate amortisation schedule charges |
₹250 |
Re-issuance of photocopies of loan agreement and other documents |
₹250 |
Credit Information Companies (CICs) report charges |
₹50 |
Stamp duty charges |
As per the State Stamp Act |
It is important that you are aware of a few key points before you apply for a personal loan from Axis Bank:
Interest Amount to be Paid: You must know the amount you would be paying to the bank as interest over the loan term. This amount varies depending on the principal amount, rate of interest, and the loan tenure.
EMI Calculation: You must know how to calculate the EMI that you would be paying to the bank every month. To make things easier, you can also use the online EMI calculator on Bajaj Markets.
Hidden Charges: You must be aware of all hidden charges that the bank may apply to your personal loan apart from the interest rate and the processing fee.
Fixed Interest Rate vs Floating Interest Rate: You should be aware of the difference between fixed and floating interest rates. If you take out a personal loan at a fixed rate of interest, the interest rate would remain constant throughout the entire loan tenure. However, in the case of a loan taken at a floating rate of interest, the interest rate might change during the course of the loan.
You can transfer your current personal loan amount to Axis Bank and save significantly on EMIs and interest payments. If your current lender is charging you higher interest rates, you may move to Axis Bank and enjoy lower Axis Bank personal loan interest rates to save more money. The bank's BT rates presently run from 10.50% to 25.00% per year, enabling you to get the ideal personal loan offer. Yes, thanks to decreasing personal loan interest rates, you may quickly repay your loan with manageable EMIs. As a result, the strain of repayment will be less on your shoulders.
Axis Bank offers personal loans at a fixed rate of interest, i.e. the interest rate remains constant throughout the entire tenure of the loan.
Credit score is one of the most important factors that influence the interest rate applicable on your personal loan. If you have a healthy credit score (more than 750), Axis Bank is likely to offer a personal loan at a comparatively lower rate of interest. On the contrary, if you have a poor credit score, it is likely that the bank will charge you a high rate of interest on the personal loan.
At present, the lowest interest rate offered by Axis Bank on personal loans is 10.25% per annum.
Yes, you can definitely negotiate the loan interest rate with Axis Bank. However, your bargaining power depends, to a large extent, on your credit score and your income.