When considering a Personal Loan, it's essential to examine the low-interest Personal Loan options available to you. AAxis Bank provides Personal Loans at competitive interest rates starting at 4.65% above the 1-year MCLR, leading to an effective rate of interest.

In this page, you will get to know about the Axis Bank personal loan interest rates that range from 11.25% - 22.00%.  Want to know more? Read the content below.

Axis Bank Personal Loan Interest Rate Details 2024

One of the country’s renowned lenders with over years of experience in offering the best of financial services, it would not be wrong to say that Axis Bank is a force to reckon with. Yes, this bank since its inception has been delivering the best financial products, and offering a personal loan is one of them. Talking about personal loan interest rates, the lender currently offers this credit facility at an interest rate of 11.25% to 22% per annum. Borrowers can avail of this loan from the lender at an attractive rate, thus fulfilling their multiple needs.

Advantages or Benefits of Axis Bank Personal Loan

Here are some of the advantages of Axis Bank Personal Loan that can be beneficial for you.

• Flexible Loan Amounts: You can borrow a range of amounts to suit your needs, from a few thousand to several lakhs of rupees.

• Flexible Tenure: Axis Bank personal loans have a higher tenure of up to 60 months, making repayment easier.

• Lower Rate of Interest: You will pay less interest on personal loans because their interest rates are lower than those of salary advance loans. Loans for salary advances have a high interest rate.

• More Versatile: Personal loans can be used for a wide range of purposes like weddings, paying for medical bills, etc.

• EMI Schedule Flexibility: By using a Personal Loan EMI calculator based on your repayment ability and the available tenure, you may more efficiently arrange your repayment with a personal loan. 
   
• Credit Score: Your credit score will improve if you take out a personal loan and pay it back on schedule.

Factors Affecting Personal Loan Interest

For whatever reason, a personal loan can give you quick access to money when you need it most. Your current assets need not be mortgaged like — your home, family gold, jewels, investments, etc.

The interest rate you pay on the personal loan is determined by the following five factors:

• Income: Because a personal loan is an unsecured loan, lenders will prioritize your income throughout the credit assessment. The lender or bank will evaluate your ability to repay. In case your monthly income is not sufficient to cover the Personal Loan EMI, the bank or lender has the right to charge you a higher interest rate. 

• Employment Details: Banks look at your employment history, including the nature of your work and whether you work for a public limited company, private limited company, or as a freelancer, in addition to your salary. Additionally, banks might enquire about your employment status that is full-time, part-time, or consultant.

• Credit Score: Your creditworthiness and credit habits are reflected in your credit score. The majority of banks obtain a copy of your credit score from credit information firms, such as Experian, CIBIL, Equifax, Highmark, and others, to comprehend your current debt load, borrowing habits, and level of borrower responsibility. 

• Debt-to-Income Ratio: Your debt-to-income ratio, or the percentage of your overall debt obligation compared to your total income, is another consideration that banks will consider. The entire amount of EMIs you pay should ideally not be more than 40%–50% of your net take-home income. 

For Example - Your debt-to-income ratio is about 60% if your monthly income is Rs 60,000 and your current EMIs are Rs 35,000. The bank could be reluctant to give you a personal loan under such circumstances, and if it does, the interest rate might be higher.  However, you may be able to secure a loan at a reasonable interest rate if your debt-to-income ratio is under control.
 

• Your Banking Relationship - Getting the greatest interest rate on a personal loan also depends on your relationship with the bank. You could be able to obtain the loan at a reduced interest rate if you have been a consistent and devoted customer of the bank for a number of years. A pre-approved personal loan can potentially be extended to you based on your bank relationship.

Calculating EMIs on Axis Bank Personal Loans at Different Interest Rates

Do you want to apply for a personal loan but are unsure of the precise amount of the monthly installments you will need to pay? Here is the Axis Bank Personal Loan EMI Calculator for your help, and the biggest advantage of this device is that it is 24×7 available, thus you can use it anytime and plan your loan accordingly.

It is an essential tool for borrowers to discover the precise amount they must pay each month as an installment payment (EMI) towards the repayment of their loans which can be easily calculated through this device.

For borrowers who have already taken out a personal loan from a bank or other financial institution or who are currently looking for one, Wishfin’s Personal Loan EMI calculator computes the EMI details based on characteristics like loan amount, period, and interest rate.  All you have to put these details:

• Loan Amount

• Tenure

• Interest Rate

The table mentioned below shows the monthly EMIs for different tenures for a personal of Rs. 2,00,000 which is calculated at the interest rates of 11.25% and 22%.

What Should You Do in Order to Fetch the Lowest Interest Rate from Axis Bank?

Any number of obligations, such as a wedding, an unexpected medical bill, house repairs, or a sizable balance on your credit card, can be covered by a personal loan. When you need money most, it's a straightforward option to borrow small or large quantities from banks.

But the question arises of how to get it at a very low or cheap rate. So here is the answer to your question you are seeking how to get the best deal. 

5 tips to get a personal loan with the lowest interest rate:-

• Improve Your Credit Score: Increasing your credit score before a loan application is one of the finest strategies to receive a reduced interest rate on your loan. A personal loan with a higher credit score will probably have a lower interest rate because the bank will view you as a less hazardous borrower.
   
• Use Your Salary Account: Use your salary to negotiate a better price on a personal loan if you are an employee. Getting a personal loan from a bank where you have a salary account is advantageous because personal loans are granted based on a person's credit history.
   
• Compare Interest Rates and Seasonal Offers: Before completing a loan, it's critical to examine the interest rates and terms and conditions provided by different banks to make sure you're getting the best deal possible on a personal loan. You can begin your adventure by contacting banks where you currently have credit cards, salary accounts, or deposits.
   
• Always Look For More Existing Offers: During the holidays, banks, financial institutions, and loan lenders operate exclusive sales and promotions. You need to be aware of all the holiday seasons and events to get a better deal. In addition, on the owner's birthday or the business anniversary, you can receive deals and discounts. 
   
• Qualifying Based On Your Professional Credentials: Your work background might be a major factor in deciding your eligibility and the terms of a personal loan. Many lenders provide exclusive lending programs to workers in particular sectors of the economy or people in high-paying positions with particular job titles.

Documents Required For Personal Loan For Salaried Professionals

Here are some of the important documents which are necessary for the salaried employees to have a personal loan:-

• Proof of Identity: Identity proof includes a passport, Voter ID, Driver's License, or Aadhaar card.

• Address Proof: For Address proof, you have to show- Utility bills, a Passport, or a Voter ID.

• Income Evidence: Documents related to the income you get that include the latest salary slips, bank statements, or tax returns.

• Photographs: Your Recent passport-sized photos.

Additional Documents which are necessary for the salaried employees are -

• Employment Proof: Job offer letter, employee ID, or salary certificate.

• Salary Slips: The last three months' salary slips.

• Bank Statements: For showcasing salary credit.

Documents Required for Self-Employed Individual

Here are some of the important documents which are necessary for the Self- Employed Individuals to have a personal loan:- 

• Ownership documents: Business evidence can be partnership documents, GST filings, or registration certificates.

• Statements of finances: Balance sheets and profit and loss statements over the last two years.

• The last three years' income tax returns.

Other Charges of Axis Bank Personal Loan

Axis Bank Personal Loan Balance Transfer Rates

With flexible repayment choices stretching up to 84 months, Axis Bank allows you to transfer high-interest Personal Loan amounts up to ₹40,00,000 at interest rates starting at just 10.99% p.a. Convenience and efficiency are ensured by the paperless, fully online Axis Bank process. 

The bank provides prompt approvals, frequently in less than 30 seconds. Yes, with lower personal loan interest rates, you can easily repay your loan with pocket-friendly EMIs. Thus, less burden will be on your shoulders as far as repayment is concerned.

Axis Bank Personal Loan Customer Care Contact Number

In case you have any concerns, queries, or complaints regarding your Axis Bank personal loan, all you need to do is simply dial 1800 103 5577 from your mobile or landline. By dialing the same, the customer care executives of the bank will be there to help and listen. This toll-free number is 24×7 available at your service to give you the proper support and guidance.

Axis Bank Personal Loan Statement

With the help of getting the monthly statement right in your Inbox, it would be easier for you to keep track of a personal loan. The statement offered by the bank clearly shows your loan credentials in a detailed manner, which ultimately helps in keeping track of the loan.

Axis Bank Personal Loan Apply

When it comes to applying for an Axis Bank personal loan, you would be happy to know that there are online as well as offline modes for the same. You can either apply online by visiting the official website of the bank or you can reach out to many reliable sites that help you with sending an application online. 

On the other hand, choosing an offline mode is also an option to get this unsecured loan, wherein you need to visit an Axis Bank branch near you to submit your loan application.

Axis Bank Personal Loan Eligibility

After a thorough evaluation of your current debts and net monthly income, including EMIs, age, location, credit score, and other relevant factors, your eligibility for a bank personal loan is determined. 

• Age - You must be at least 21 years old when applying for a personal loan. The maximum age at loan maturity should be 60 years old.
   
• Minimum Level of Education Required - It is better to have a graduating degree on your record. This is optional, though, to be eligible for the approval procedure for a personal loan.
   
• Minimum Monthly Income - In places like Delhi and Mumbai, the minimum net monthly income is often Rs. 25,000; however, in other areas, apart from metropolitan cities, there may be an eligibility criterion of Rs. 15,000. Additionally, it differs depending on the lender.
   
• Type of Work - Any salaried worker who meets the requirements for the Monthly Income Category may apply for a personal loan.
   
• Work Experience - A minimum work experience of 1 year is expected for a personal loan.

Apart from this, Government sector employees, including public sector undertakings and salaried doctors are also eligible.

Axis Bank Personal Loan Login

Now knowing your loan details is easy and quick as all you need to do is simply login to your account. Yes, soon after login to your account using your credentials such as ID and password, you can always stay updated with your account. The best thing about this online facility is that it allows you to know every detail on the go. You can anytime login to your account from anywhere and keep yourself updated.

Compare Personal Loan Interest Rates from Different Banks

Below is a table showing the personal loan interest rates from various banks for 2024 to help you make the best choice.