Axis Bank Personal Loan Interest Rate

A personal loan is acquired after evaluation of certain factors; interest rate is one of the most significant ones. Other charges and fees include processing charges, legal, stamp duty, pre and post-payment etc. Axis Bank personal loan interest rate ensure the meeting of goals and financial ambitions with proper ease and convenience.

Axis Bank personal loan fulfills goals like child weddings, education, vacations, renovations and much more. An applicant can avail of credit starting from Rs 50,000 that can go upto the mark of Rs 40 lakhs with simple documentation. Axis Bank personal loan interest rate starts from 10.49% and goes upto 22% (Depending on the applicant’s credibility).

Personal Loan – Explained

A personal loan is a form of unsecured loan that is offered to applicants based on their credit needs and repayment worthiness. As the name personal loan suggests, it is the credit amount acquired for the fulfilment of personal needs such as Marriage, education, vacation and many more. As said above, it is an unsecured loan thus, no collateral is required to pledge. They are offered for short-repayment tenure of 6 months to 5 years hence interest rate charged is comparatively high.

Interest rate, Fees & other charges – Axis Bank Personal loan

Axis Bank Personal loan comes with the associated cost known as the Interest rate and a one-time chargeable fee called processing fee. Including various other charges according to conditions and circumstances as mentioned below in the schedule.

Fee/Charges		Amount
Interest Rate		Starting from 10.49% p.a.
Processing fee		Upto 2% on loan amount + GST
Loan amount		Upto Rs 40 lakhs
Tenure / Duration		Upto 5 years or 60 months
The interest rate for Personal loans
Fixed Rate Loan	1 Year MCLR	Spread over 1 Year MCLR	Effective ROI	Reset
Personal Loan	9.10%	4.65%-13.65%	10.49% – 22%	No Reset
Schedule of charges
Stamp Duty charges		Depends on the state to state (Consider stamp Act)
Swap Charges (Cheque/Instrument)		INR 500 per occurrence + GST applicable
Penalty		24% Per annum, 2% per month on overdue instalments
Part payment / Pre-payment charges		5% + GST applicable Pre-payment is charged on the principal outstanding. Part pre-payment is charged on the amount of part payment.
Repayment Instruction / Instrument return charges		Rs 339/- per occurrence of cheque dishonour/SI/ECS/NACH Debit instruction+ GST as applicable.
Duplicate statement issuance		Rs 250 per occurrence + GST applicable
Duplicate Amortisation schedule issuance		Rs 250 per occurrence + GST applicable
No Dues certificate registration (Duplicate)		Rs 50 per occurrence + GST applicable
Credit Information companies (CIC) report issuance		Rs 50 per occurrence + GST applicable

Factors responsible for Personal loan Interest rate – Axis Bank

There are certain factors that stand equally responsible for determining the interest rate in personal loans. A few renowned factors are mentioned below.

Loan Duration / Repayment Tenure
Repayment capability
High credit score
Applicant’s Relations with Bank
Higher-income/salary
Avoid multiple lenders at a time
Arrange a Co-applicant

How is the interest rate assessed on Axis Bank Personal loans?

As per the policies and norms decided by Axis Bank, they have finalised the interest on personal loans that starts from 10.49% p.a. and goes upto 22%. Existing customers who have good working relations with banks and applications who have decent profiles will definitely get the advantage in Axis bank personal loan interest rates.

The credit score here has notable impacts; the number ranges from 300-900 is highly significant. An applicant whose score is closest to 900 will get the amount at a lower interest rate if compared with the applicant whose score is lower.

How to apply for a personal loan using Axis Bank?

One can apply for Axis Bank personal loan either online by visiting the Axis Bank official website or by physically visiting the nearest branch. If visiting the nearest branch, carry all the required and supporting documents.

(Visit the lender’s website or contact customer care for more info)