Axis Bank Limited is India’s third largest private sector bank. Axis Bank customer base extends over Large and Mid-Corporates, MSME,Retail and Agriculture Business. Axis Banks offers Personal Loans for salaried person for various purposes- Vacations, Education for kids, home renovation or Weddings.
Eligibility Criteria for Axis Bank Personal Loans are as follows:
Documents needed for applying:
|Interest Rate (Floating)||15.50%-24% p.a|
|Processing Fees||1.50% to 2.00% + GST as applicable|
|Loan Tenure||60 months|
As per the Reserve Bank of India’s guidelines, pricing of all Loans offering by the bank including personal loans have been revised with effect from April 1, 2016. The loans are now priced with reference to the MCLR (Marginal Cost of Funds based Lending Rate). Axis Bank revises the MCLR on a monthly basis. The following table lists the MCLR rates with effect from May 18, 2016.
|Tenor||MCLR (in Percentage)|
Any new customer availing a personal loans at Axis Bank will be charged on the basis of MCLR (Marginal Cost of funds based Lending Rate). The MCLR rate is regularly revised and is directly related to the interest rate being offered.