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Avail Instant Personal Loans ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation!

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 10.49% 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.

Axis Bank Personal Loan Interest Rates

The following table illustrates the rate of interest and other associated charges Axis Bank levies on personal loans:

Personal Loan Interest Rate

10.49% 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

12-60 (months)

 

Comparison Between Axis Bank & Other Banks’ Interest Rates

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

10.49% p.a. to 21% p.a.

Up to 2% of the loan amount

Bajaj Finance Limited

12.99% p.a. onwards

Up to 3.99% of the loan amount

Fullerton India Credit Co. Ltd.

11.99% p.a. onwards

Between 0% - 6% of the loan amount

PaySense Partners - PayU Finance (India) Pvt. Ltd

1.33% - 2.17% per month

2% of the loan amount or ₹500 (whichever is higher)

Muthoot Finance

13.75% p.a. onwards

2% - 4% of the loan amount

SBFC Finance Pvt Ltd.

14.0% p.a. to 19.5% p.a.

2% of the loan amount

CASHe

2.75% per month

Flat ₹500 for loan amount between 0 to 33333 and 1.50% on the loan amount when loan amount is greater than 33333 (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).

EarlySalary

2.5% per month

Starting from ₹399 + Rs.100 stamp duty

Yes Bank

Starting from 10.70%

Starting from flat ₹1499/- to 2.50% of loan amount

KreditBee

0% to 29.88%

N/A

 

Factors Affecting Axis Bank Personal Loan Interest Rates

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 rate of interest 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.

Important Points You Should Know About Axis Bank Personal Loan Interest Rates

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.

FAQs on Axis Bank Personal Loan Interest Rate

✔️Is Axis Bank personal loan interest rate fixed or floating?

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.

✔️How does Axis Bank personal loan interest rate depend on credit score?

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.

✔️What is the lowest rate of interest that one can avail on personal loans from Axis Bank?

At present, the lowest interest rate offered by Axis Bank on personal loans is 10.49% per annum.

✔️Can I negotiate with Axis Bank for the personal loan interest rate?

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.