Advantages of Axis Bank Personal Loan

Personal Loan

UTI bank is also known as Axis bank and this is the third largest private sector bank in India after HDFC and ICICI bank. What makes Axis bank best in India is the exclusive features and facilities offered by the bank to all customers across the country. Axis bank Online loans can be used for multiple purposes. Whether it is to go for a vacation, to renovate the house, for daughter’s dream wedding, personal loan can be easily used.

Personal loan details specific to Axis bank:

Axis Bank Personal Loan
Interest Rate 11.25% – 24.00% Check Best Offers
Lowest EMI Rs. 2,187 per lakh
Loan Tenure From 12 months to 60 months
Loan Amount Min Rs. 50,000 and Max Rs. 1,500,000
Processing Fee 1.50% to 2.00%
Age Min 21 years and Max 60 years
Prepayment Charges Allowed after 1 EMI’s, Nil prepayment charges
Foreclosure Charges Allowed after 1 EMI’s, Nil prepayment charges
Interest Rates & Charges*
Rate of Interest 15.50% to 24%
Loan Processing Charges 1.50% to 2.00% + Service Tax as applicable
Cheque Bounce Charges Rs. 500 per cheque bounce + Service Tax as applicable
Cheque/ Instrument Swap charges Rs.500 per instance + Service Tax as applicable
Prepayment/ Foreclosure Charges Nil
Default Interest Rate @24.00% per annum i.e. 2% per month on the overdue installment
Duplicate Statement Issuance Charges                     Rs 250 per instance + Service Tax as applicable
 
Duplicate Amortization Schedule Charges                     Rs 250 per instance + Service Tax as applicable
 
Duplicate Interest Certificate
(Provisional/ Actual) issuance Charges
  Rs 250 per instance + Service Tax as applicable
CIBIL Report Issuance Charges                               Rs. 50/- per instance per set+ service tax as applicable
 
Stamp Duty Charges As per State Stamp Act
Issuance Charges for Photocopy of Loan Agreement/ Documents Rs 250 per instance + Service Tax as applicable

 

Core benefits on Axis bank personal loan are:

  • Quick documentations and simplified access:  Axis bank is well known for its quick documentations and simplified process. Among the top 5 fastest personal loan approving banks, Axis bank is one.
  • Balance transfer facility: This interesting feature helps existing personal loan customers to be a part of Axis bank family. All they need to do is simply transfer the personal loan from their existing bank to Axis bank through online process.
  • Axis EDGE Rewards: Just like using your credit cards, you will have reward points collected on your Axis bank personal loan. This feature is offered by only few banks in India currently. The reward points can be redeemed for various types of shopping items, gift vouchers, and restaurant vouchers and so on.
  • Quick approval: As the bank has limited documentation and simplified procedures, getting a personal loan from this bank is pretty easy and quick. Within 2-6 business days personal loans will be approved if all documents are accurate and if the applicant meets all eligibility criteria. The eligibility criteria listed below is essential to get the personal loan approved.
  • Flexibility: Loan tenure can be changed by the borrower during the course of personal loan. This flexibility is offered to personal loan applicant who decides to reduce or extend the loan tenure based on their financial stability.

However in order to get a personal loan from Axis bank you need to be eligible for the below criteria:

Eligibility Criteria Salaried Self Employed
Age 21 – 60 years 24 – 65 years
Annual Income Rs 1,80,000 per annum Rs 2,00,000 per annum
Loan Amount Offered 50,000 – 15,00,000 50,000 – 15,00,000
Tenure 12 – 60 months 12 – 60 months
Current Experience Minimum 1 year Minimum 3 years
Documentation 1) Identity proof: Passport or voter’s card or driving license or PAN card and photograph 1) Identity proof: Passport or voter’s card or driving license or PAN card and photograph
2) Income proof: Latest salary slip showing all deductions or Form 16 along with current dated salary certificate (for salaried) 2) Income proof: ITR (last 2 years) and computation of income (last 2 years) certified by a CA, balance sheet, profit and loss statement (for self-employed)
3) Proof of telephone: Latest bill of landline or mobile or WLL stating name of borrower or address of borrower employment proof or business continuity proof 3) Residence proof: Ration card or passport or latest electricity bill or latest telephone bill or latest credit card bill bank statements, last 6 months bank statements
4) Residence proof: Ration card or passport or latest electricity bill or latest telephone bill or latest credit card bill bank statements, last 6 months bank statements 4) Proof of telephone: Latest bill of landline or mobile or WLL stating name of borrower or address of borrower employment proof or business continuity proof
5) Business continuity proof
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