AXIS BANK PERSONAL LOANS

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:

  • Age above 21 years and less than 60 years
  • Minimum monthly Income of Rs 15,000/month
  • Salaried/ Self-employed with regular income
  • The maximum amount under Personal Loans is Rs 15 Lakhs
  • Loan Tenure- 12 months to 60 months

Documents needed for applying:

  • Application form, signed with latest photograph
  • ID/ Address Proof : Passport/voter ID card/driving license
  • Processing fee cheque
  • Last 3 months bank statement/6 months bank passbook
  • For salaried:
    • Latest salary slip
    • Current dated salary certificate with the latest Form 16
  • For self-employed:
  • Latest Bank statement
  • Latest ITR or Form 16

Axis Bank Personal Loan Interest Rates

Interest Rate (Floating) 15.50%-24% p.a
Processing Fees 1.50% to 2.00% + GST as applicable
Loan Tenure 60 months

Axis Bank MCLR (Marginal Cost of funds based Lending Rate) (For new borrowers)

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)
Overnight 8.95%
One month 9.05%
Two month 9.25%
Six month 9.30%
One year 9.35%
Two years 9.45%
Three years 9.50%

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.