Personal Loan

Dream Bigger with Personal Loans
up to Rs. 40 Lakhs

No collateral required | Tenure up to 60 months |
Balance Transfer facility

Personal Loan

Axis Bank Personal Loans offer fast processing of your loan. Personal Loans can be used for plenty of purposes! They can be availed when you are planning a vacation, renovating your home or arranging a dream wedding for yourself or somebody special in the family. Now you need not postpone things on your bucket list! You can get a Personal Loan from Rs. 50,000 upto Rs. 40,00,000 with minimal documentation and quick processing from Axis Bank. Also, you can transfer your existing high interest Personal Loan to Axis Bank as well. With a quick approval on Axis Bank Personal Loans, turn your dreams into reality!

Personal Loan Details

Max Loan AmountRs. 40 Lakhs
Max Loan TenureUp to 60 months
Interest RateStarting from 10.49% p.a.
Processing FeesUp to 2% of loan amount + GST
How can one apply for a personal loan?
  • Step 1

    Evaluate your needs to know the exact loan amount you need.

  • Step 2

    Take into account any existing loan or credit card dues that you may currently be repaying, as this will determine the EMI you can afford to pay. Use the Personal Loan Eligibility Calculator to understand how much you can repay in a month.

  • Step 3

    Check the bank’s eligibility conditions to know if your income and employment (the company you work for) will qualify

  • Step 4

    Check the personal loan interest rate offered by the bank. Use the Personal Loan EMI calculator to find out how much your monthly outgo will be.

  • Step 5

    If you are an existing customer you can apply for personal loan on the bank’s mobile app or through your internet banking account. If you are a new customer you can download the application from the bank’s website or get it at the branch.

  • Step 6

    Provide documents for KYC, address proof and income proof along with the application form, along with the cheque for the processing charge

  • Step 7

    The bank will verify the documents, give you the loan sanction and approve the amount based on your eligibility. This will be followed by the signing of the agreement and the Standing Instruction (SI) Request/ECS Forms. Once this is done the funds will be disbursed to your account.

  • Step 8

    The amount is then credited to your account. The entire process may take upto 30 days.

Tips to keep in mind while applying for a personal loan
  • First try the bank where you have a relationship, such as a salary account, home loan, car loan, etc, as the KYC process will be easier and faster.
  • Compare personal loan interest rates, processing charges, the penalty for pre-payment/foreclosure, etc. All these charges will add up to your cost. A bank that offers a lower interest rate may charge a higher processing charge or penalty for foreclosure.
  • Try to achieve and maintain a high credit score as that could improve the chances of your loan request getting approved. Remember, this is only one of the conditions for eligibility. The bank will evaluate it along with other conditions while reviewing your loan application.
  • If you have other loans ensure the repayments are on time. This too could improve your chances of securing the loan.
Do’s and Don’ts when applying for a Personal Loan

A Personal Loan can help meet your need for quick funds without any security or collateral. It is an unsecured loan and can be used for any purpose. It is disbursed based on your income, employment details and credit score, among other factors.  The personal loan interest rate will vary based on the loan amount, tenure, etc. Using a Personal Loan EMI calculator you can find out the amount you will have to pay as EMI each month on the basis of the interest rate, loan amount and loan tenure you choose.

1. Check the interest rates before you apply for personal loan. Being an unsecured loan, the interest rates tend to be a bit higher than a secured loan
2. Check charges such as processing fees, pre-payment charges, etc., as these can add up to quite a bit
3. Check if the repayment conditions are flexible and if you would have to pay a penalty in case of part pre-payment or foreclosure of the loan
4. Check the time taken by the bank for approval and disbursal of the loan, and whether you will receive the funds in time to meet your requirements.
5. Check out the exact EMI amount using a personal loan EMI loan calculator
6. Check eligibility criteria such as minimum income limit, and documents required to ensure quick approval and sanction of your loan
7. Check if you are pre-approved for a personal loan for instant disbursal

1. Don’t let your loan EMI exceed 40% of your net take-home pay. This will prevent any undue financial burden on your monthly budget
2. Don’t avail of a personal loan at a higher interest rate if your credit score is too low. This will put pressure on your finances and make it tough for you to repay the loan
3. Don’t delay your repayment or default on your loan because it is an unsecured loan. This will impact your credit history negatively and pull down your credit score, which will make it difficult for you to avail of any credit in future

Personal Loans in Your City

Apply for an Axis Bank Personal Loan from anywhere, anytime and get the funds you need within minutes. You can easily apply for Personal Loan in any of the major cities in India and meet your needs effortlessly. We offer a digital journey from start to finish. Apply for the loan, get the approval and the funds credited into your account, with minimal documentation.

Personal Loan FAQs

A personal loan is a financial instrument that helps you avail funds for a multitude of uses. Like any regular loan; when opting for a Personal Loan you are advanced a specific amount of funds at a set interest rate and can clear it via a fixed repayment tenure. However, a few aspects of a personal loan may prove more advantageous than other loans lie such as:

  • It does not lock in any of the applicant’s assets. As opposed to a Home Loan or Car Loan which locks in the asset against which the loan is sought; Personal Loans provide advances for your needs without any collateral.
  • Unrestricted usage: much like the name states. A personal loan is to be availed in case one needs a financial lump-sum for any personal use. Be it due to a medical/social event, lifestyle needs such as home repairs/renovation, or even to consolidate existing loans.

As it offers a collateral free advance, application for a personal loan generally involves ascertaining the applicant’s need/eligibility of funds and their repayment capacity. As such to be eligible for a Personal Loan applicants must generally be salaried individuals and share documents confirming their personal and professional details. Including but not restricted to:

  • KYC Documents (proof of the applicant’s age, nationality, etc.)
  • Documents declaring the continued employment for the applicant
  • A duly filled loan application form.
  • Alternatively if you are an existing Axis Bank customer you can login to check out pre-qualified offers on personal loans with Axis Bank 24x7 Personal Loans here.

A credit score is a number between 300 and 900 assigned to you by credit bureaus (such as CIBIL). The higher the score, the better are the chances of your loan application (be it for any kind of loan including but not restricted to bank personal loans) getting approved. If you have a high credit score you may also get a higher loan amount or lower loan rates. However, a score below 750 may reduce your chance of getting a personal loan or grant you a lower amount or a higher interest rate. If your score is below 600 it is advisable to try and find out why your credit score is low. It could be due to past behaviour, such as consistently missing or delaying past EMIs, excessive purchases made on credit, or applied for loans or credit cards with many banks, etc.

No, as personal loans are not a part of one’s income they are not eligible for tax being charged on the disbursed amount. In turn they are also not eligible for any rebate on taxes as may be the case for Home Loans and some Secured Business Loans

A personal loan is the best option if you need funds for an urgent need or a short period. It can be availed for any purpose. Since it is an unsecured loan, the lender approves the loan basis the applicant’s details such as age, income, existing liabilities, and credit score, among others. No time is spent in the assessment of the collateral unlike in case of a secured loan such as gold loan or loan against securities or loan against property. There could be different types or kinds of personal loans depending on the end-use. But usually, a personal loan is of only one type and it can be availed of for any kind of requirement.

You can start the process of applying for a Personal Loan in any of the following ways:
  • Online by clicking here
  • In person at any Axis Bank Loan Centre. To find the one closest to you, please click here
  • By calling our Call Centre. To find the number, click here
Axis Bank will convey its decision within 4 working days from the date of receipt of the application, provided the application is complete in all respects. The computation of 4 working days shall start from the day on which all documents required for a proper appraisal of the application are provided by the customer to the bank.
At Axis Bank, you can get a Personal Loan from Rs. 50,000 to Rs. 40,00,000. Some of the factors we consider when deciding a loan amount are:
  • Your requirement and eligibility
  • Your income
  • Your repayment capacity
For more features of Axis Bank Personal Loans and details regarding eligibility, please click here
We offer you a flexible tenure ranging from 12 to 60 months.
For more features of Axis Bank Personal Loans, please click here.
Yes, banks charge a non-refundable processing fee for every Personal Loan application. The processing charge to avail of an Axis Bank Personal Loan ranges between 1.5% to 2% of the loan amount plus GST as applicable.

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