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Are you dreaming of funding your education, planning a trip, or managing unexpected expenses? A personal loan can be your financial lifeline! Among the many options available, Axis Bank Personal Loan stands out as a popular choice for its flexibility and ease.
In this blog, we’ll explore everything you need to know about Axis Bank Personal Loans, how they work, their benefits, eligibility, and how you can apply. Let’s dive in!
Table of contents
- What is an Axis Bank Personal Loan?
- Why Choose Axis Bank Personal Loan?
- What is the Eligibility of Axis Personal Loan?
- Documents Required for Axis Bank Personal Loan
- How Much Will Axis Personal Loan Charge?
- How to Apply for Axis Personal Loan?
- Things to Consider Before Applying for Axis Personal Loan
- FAQs on Axis Bank Personal Loan
What is an Axis Bank Personal Loan?
Axis Bank, one of India’s leading private banks, offers personal loans to help you meet your financial needs without any hassle. Whether it’s a personal loan for education for college fees, buying a laptop, or even covering medical emergencies, Axis Bank personal loan gives you quick access to funds.
The best part of Axis bank personal loan is you don’t need to pledge any collateral, like your family’s property or gold, to get it. This means it is the best private student loans without cosigner. Axis Bank provides personal loans ranging from INR 50,000 to INR 40 lakh, with repayment options stretching from 12 to 84 months. That’s plenty of time to pay it back comfortably!
Also Read: Education Loan for Abroad Studies by Indian Government
Why Choose Axis Bank Personal Loan?
As a student, you might wonder why this Axis Bank personal loan is worth considering. Here are some reasons that make it a great fit:
- Quick and Easy Process: Axis Bank offers a fully digital application process. Apply online, submit your documents, and get approval fast—sometimes within minutes!
- Flexible Repayment: Choose a tenure that suits your budget, from 1 to 7 years. This means smaller monthly payments (EMIs) that won’t strain your pocket.
- No Collateral Needed: Unlike some loans that require security, this one is unsecured. You don’t risk losing anything if repayment gets tough.
- Competitive Interest Rates: Interest rates start at 11.25% per annum, which is reasonable compared to other banks. Your rate depends on factors like your credit score and income.
- Big Loan Amounts: Need a large sum? Axis Bank can lend up to INR 40 lakh, perfect for big expenses like studying abroad or upgrading your tech.
What is the Eligibility of Axis Personal Loan?
Before you apply, check if you are eligible for the loan. Axis Bank personal loan has simple eligibility rules, but since you’re a student, you might need a co-applicant (like a parent) with a steady income. Here’s what the bank looks for:
- Age: You must be at least 21 years old when applying, and not older than 60 by the time the loan ends.
- Income: The monthly income should be at least INR 15,000 for Axis Bank customers or INR 25,000 for others. If you’re not earning yet, a working family member can step in.
- Job Type: The Axis Bank personal loan is mainly for salaried individuals—think doctors, government employees, or private company workers. Students can apply with a co-signer.
- Credit Score: A good credit score (above 700) boosts your chances of approval and lower rates. Don’t worry if you don’t have one yet—your co-applicant’s score counts too!
Documents Required for Axis Bank Personal Loan
Applying for Axis Bank personal loan is simple, and the paperwork requirements are also minimal. Here’s what documents you should keep ready for the Axis Bank loan:
- Identity Proof: Aadhaar card, PAN card, passport, or voter ID.
- Address Proof: Electricity bill, rent agreement, or Aadhaar card.
- Income Proof: Salary slips or bank statements (for your co-applicant if you’re not working). Last 3 months’ salary slips, Last 6 months’ bank statements and Form 16 or latest ITR (if needed).
- Photos: A couple of photographs of passport-size.
- Employment Proof: Company ID card, Offer letter or employment certificate (if required).
If you’re an Axis Bank customer, the process might be even faster since they already have some of your details.
How Much Will Axis Personal Loan Charge?
Knowing the charges of Axis Bank personal loan helps you plan better on a required budget. Let’s break it down so you’re prepared:
- Interest Rates: Starting at 11.25% per year, but it can go up to 22% based on your profile.
- Processing Fee: Around 1.5% to 2% of the loan amount (plus GST). For a INR 1 lakh loan, that’s INR 1,500–INR 2,000.
- Prepayment Charges: You’ll pay up to 5% of the outstanding amount if you close the loan fully.
- Late Payment Fee: Missing an EMI? Expect a penalty—usually INR 339 per missed payment.
- Duplicate Statement Charge: INR 50 per statement
To get a clear picture, use Axis Bank’s Personal Loan EMI Calculator online. Just enter the loan amount, interest rate, and tenure to see your monthly EMI. For example, a INR 2 lakh loan at 11.25% for 5 years means an EMI of about INR 4,373. Pretty manageable, right?
How to Apply for Axis Personal Loan?
Applying for an Axis Bank personal loan is quick and student-friendly, especially with its online options. Follow these simple steps to get started:
- Visit the Website or App: Head to www.axisbank.com or download the Axis Mobile app.
- Fill the Form: Fill in basic details like income and age to see if you qualify.
- Apply Online: Upload your documents and submit the form. If you’re using a co-applicant, include their details too.
- Get Approval: If everything checks out, approval can happen in minutes, and funds hit your account soon after.
- Track Your Loan: Use the website or app to monitor your application status anytime.
You can also visit a nearby Axis Bank branch if you prefer face-to-face help.
Also Read: Expenses Covered in Education Loan
Things to Consider Before Applying for Axis Personal Loan
Before taking Axis Bank personal loan, it’s crucial to consider a few key points. These tips will help you choose the right loan amount and tenure, while also keeping your credit health intact.
- Check your credit score: A score above 750 improves your chances of approval and getting better interest rates.
- Avoid multiple loan applications at once—it can hurt your credit profile.
- Don’t borrow more than you need just because you’re eligible for a higher amount.
- Read the fine print on foreclosure and part-payment terms.
An Axis Bank Personal Loan can be a game-changer for Indian students like you. It’s fast, flexible, and doesn’t demand collateral, making it perfect for tackling financial needs without stress. Whether it’s funding your studies or handling emergencies, this loan has your back. Just ensure you (or your co-applicant) meet the eligibility criteria and plan repayments wisely.
FAQs on Axis Bank Personal Loan
Axis Bank offers personal loans starting from INR 50,000 and going up to INR 40 lakh. The exact loan amount you are eligible for depends on your monthly income, credit score, and overall financial profile.
No, Axis Bank personal loans are unsecured, which means you don’t need to provide any collateral. You can get the loan without pledging your property, gold, or any other asset. This makes it a convenient option for students and salaried professionals who don’t want to risk personal assets.
Yes, students can apply for an Axis Bank personal loan, but typically through a co-applicant. If you don’t have a regular income, the bank may require a co-borrower, like a parent or guardian, who meets the income and credit score requirements.
Axis Bank offers competitive interest rates that start from 11.25% per annum and can go up to 22%. The final interest rate depends on several factors such as your credit score, monthly income, repayment capacity, and loan amount.
You can repay your Axis Bank personal loan over a flexible tenure ranging from 12 to 84 months. This allows you to choose a repayment plan that suits your monthly budget and financial comfort.
For Axis Bank Personal Loan, you’ll need to submit identity proof (like Aadhaar or PAN), address proof, and income documents such as salary slips or bank statements. If you’re applying with a co-applicant, their income documents are necessary too.
Yes, Axis Bank charges a processing fee ranging from 1.5% to 2% of the loan amount, plus applicable GST. It’s always a good idea to read the terms and fee structure carefully before applying.
Yes, Axis Bank allows prepayment and foreclosure of personal loans, but charges may apply. You might have to pay up to 5% of the outstanding loan amount as a prepayment fee. Always check the loan agreement to understand the conditions before deciding to repay early.
You can apply for the loan online through Axis Bank’s official website or mobile banking app. Fill out the form with your details, upload the required documents, and submit the application.
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