Axis Bank Instant Loan : Do you need instant money to meet your financial goals? Axis Bank offers personal loans that can cater to a wide range of needs from home renovation to medical emergencies. In this comprehensive guide, we will study Axis Bank personal loan information including eligibility criteria, interest rates and application process.
Understanding Axis Bank Personal Loan | Axis Bank Instant Personal Loan
Axis Bank offers personal loans starting from ₹50 thousand to ₹40 lakh, making it a special option for individuals seeking financial assistance. The bank offers competitive interest rates starting from 10.49% per annum, which may vary depending on the creditworthiness of the applicant.
Key Features of Axis Bank Personal Loan
- Flexible Repayment Term – From 1 year to 7 years, select the repayment term that suits your budget.
- Less documentation – The loan application process is streamlined, requiring less documentation.
- Fast Disbursement- Enjoy fast disbursement of funds once your application is approved.
- Pre-Approved Offers- Eligible customers can avail pre-approved loan offers.
Processing Fees and Other Charges | Axis Bank Instant Loan
Processing Fee-Axis Bank charges a processing fee ranging from 1.5 percent to 2 percent of the loan amount. This fee is deducted in advance from the loan disbursement.
Stamp Duty Charges- Stamp duty is levied under the State Stamp Act applicable in your region. The amount varies depending on the location of the borrower.
In case of interest-delayed payments, Axis Bank imposes a penal interest of 24 percent per annum, which translates to 2 percent per month on the outstanding installments.
Duplicate NOC Issue- If you need a duplicate No Objection Certificate (NOC), the bank charges Rs.500 plus GST.
Prepayment/part-payment charges – Axis Bank charges 5 percent plus GST on the outstanding amount or part payment for those who wish to prepay or part-pay.
Foreclosure Fees – If you want to close your loan before the end of the term, foreclosure fees are applied as follows:
- 0-12 months: 5 percent of the outstanding loan amount
- 13-24 months: 4 percent
- 25-36 months: 3 percent
- Over 36 months: 2 percent
Duplicate Statement Fee – If you require a duplicate statement of your loan account, a fee of Rs 250 plus GST is applicable.
Eligibility Criteria
To be eligible for an Axis Bank personal loan, you need to fulfill the following criteria:
- Age- Between 21 to 60 years
- Income- Minimum monthly income 15 thousand
- Employment- Employed with stable income
- Cbil Score:- A good credit score increases your chances of loan approval
Documents required
- Application Form
- Address proof
- Aadhaar Card, PAN Card
- Salary Slip, Bank Statement
- Employment proof
- Application Process for Axis Bank Personal Loan? Axis Bank Personal Loan
Applying for an Axis Bank Personal Loan is a simple process. Follow these steps:
- Visit the portal of Axis Bank.
- Find the “Apply Now” button.
- Fill the online application form with required information.
- Upload the required documents.
- Submit your application form.
- A bank representative will contact you to complete the process.
Why select Axis Bank for personal loan? Axis Bank Personal Loan
Axis Bank is a trusted financial institution offering a range of banking products and services. With its user-friendly online platform and fast disbursement process, applying for a personal loan has never been easier.
Important Links
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