AXIS Bank Personal Loan
Axis Bank is promoted by one of the India’s largest financial institute UTI. Axis bank is one of the leading private sector banks which provide finance for personal needs to loan seekers at a competitive rate of interest.
For what purpose can one avail Axis Bank Personal Loan?
Axis Bank offers unsecured personal loan to individuals for any personal needs such as for going on dream holiday, child education, marriage in the family, medical expenses, buying expensive consumer durable and meet temporary financial crunch etc.
Who can Borrow?
Any salaried individual in the age group of 21 to 58 years can avail the loan. For the self-employed and professional like chartered accountant, engineers, architects, doctors the age range is 24 to 65 years. The upper age limit is age by which the loan amount to be fully repaid back.
How much can you borrow?
Axis Bank personal loan is available for minimum loan amount of Rs. 1 lac and which can go up to maximum Rs. 20 lakhs.
What are Interest Rate and other charges?
Axis Bank charges 1.5% – 2.0% of the loan amount as processing fee. Please note that Axis bank does not charge any penalty on prepayment of loan. The processing fee is not required to be paid upfront but is directly deducted from the disbursed amount. The rate of interest varies between 15% – 24% per annum depending on the profile of the borrower.
What are repayment options?
The Axis Bank personal loan can be given for a maximum period of 5 years and can be paid by monthly installments (EMI). The minimum period for which the loan can be given is one year.
What are the documents needed for processing of Axis Bank personal loan?
The bank will require the normal documentary proof for complying with basic KYC (Know Your Customer) requirements like proof of identity, residence etc.. The income level will help you in determining the amount of loan which you are eligible for. The bank may ask additional documents if required.
One of the most unique facilities offered by Axis Bank is the balance transfer of outstanding loan amount from the higher interest rate of other lender to Axis Bank. Of course, this will depend on the borrower’s repayment track record.