Axis Bank provides personal loan up to Rs. 15 lacs instantly to salaried or self-employed individuals. The Axis Bank Personal Loan interest rate starts at 16% and the repayment tenure is maximum up to 5 years. To be eligible, you just need to fulfill the basic criteria set by Axis Bank. You can avail this loan for any valid personal reason.
Previously named UTI Bank, the current name i.e. Axis Bank came into existence in 2007. With over 2400 branches, Axis bank caters its financial and banking services to people all around India. In order to assist people in time of need, the bank started providing personal loan in selected cities. Once Axis Bank Personal Loan got popular, bank started catering personal loan to people from all over India.
You can avail Axis Bank Personal Loan for various reasons. Be it for travelling purposes, medical emergencies or planning a lavish wedding, Axis Bank Personal Loan covers it all. The bank won’t track the end use of the sanctioned personal loan amount by customers.
Furthermore, Axis Bank provides several benefits to make loan convenient for its customers. Below, we have mentioned few of them to make you understand the significance of taking a personal loan from Axis bank.
In the table given below, you can see Axis Bank Personal Loan Interest Rate and other important facts about Axis Bank Personal Interest Rate.
Axis Bank Personal Loan Interest Rates | 16%-24% |
Axis Bank Personal Loan Tenure | 12 to 60 months |
Axis Bank Personal Loan Processing Fee | Up to 2.00% of the total loan amount + applicable service tax |
Axis Bank Personal Loan Repayment Period | Minimum- 1 year Maximum- 5 Years |
Minimum Income | INR- 15,000 P.M. |
Axis Bank Personal Loan Amount | Minimum- INR 50,000 Maximum- INR 15 Lakh |
Prepayment charges | Nil |
Foreclosure charges | Nil |
For ease of convenience of customers, the bank has developed Axis Bank Personal Loan EMI Calculator on its website. By using this calculator, you will get to know the EMIs you will be paying throughout the loan repayment period for the desired loan amount.
How to use Axis Bank Personal Loan EMI Calculator?
Once you’re done with the steps mentioned above, you will be able to see the EMI you will be paying per month for the desired loan amount. Below, we have mentioned a table to provide some examples for the same.
Loan Tenure | 2 years | 3 years | 5 years |
EMI for loan of Rs. 2 Lacs at 16% rate of interest | ₹ 9,792.62 | ₹ 7,031.41 | ₹ 4,863.61 |
Total amount you will be paying (principal loan amount + total interest) | ₹ 2,35,022.93 | ₹2,53,130.64 | ₹ 2,91,816.69 |
Total interest you will pay | ₹ 35,022.93 | ₹ 53,130.64 | ₹ 91,816.69 |
What is the eligibility for personal loan in Axis Bank?
To finance your needs with the help of Axis Bank Personal loan, you must have to meet some eligibility criteria that is set by Axis Bank. They are –
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