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Axis Bank Loan

Updated on July 17, 2024 , 1422 views

Formerly known as Unit Trust of India (UTI) Bank, Axis Bank Limited was founded on 3 December 1993 and is headquartered in Mumbai, while its registered office is in Ahmedabad. It is known for selling a variety of financial services to mid-size and large companies, retail businesses, and Small & Medium-Sized Enterprises (SMEs). This bank was jointly administered by UTI, general insurance Corporation, Life Insurance Corporation of India (LIC), National Insurance Company, United India Insurance Company, the New India Assurance Company, and Oriental Insurance Company.

Axis Bank Loan

Back in 2004, the bank merged with the Oriental Bank of Commerce under the supervision of the Reserve Bank of India (RBI). For businesses and general people alike, Axis bank has a variety of loan services to offer. So, if you have been considering availing of a loan from this bank, this article covers the variety you can explore and choose the option accordingly.

Types of Axis Bank Loans

Jotted down below are the types of loans you can get from Axis bank:

1. Axis Bank Personal Loan

There is no denying the fact that many people have a bucket list to fulfil. While this could be an endless list, it can become even difficult for some people to even begin with it because of lack of funds. However, with Axis personal loan, you can cater to your financial requirements with ease. The bank lets you get a loan of up to Rs. 40 lakhs.

Features & Benefits

  • The loan amount varies from Rs. 50,000 to Rs. 40 lakhs
  • The interest rate ranges from 10.49% to 21%
  • The loan is available without the need to go through rigorous documentation
  • The Axis personal loan is a no-Collateral loan
  • The repayment tenure ranges from 12-60 months

Interest Rate for Loan with Tenure of Up to 36 Months

Fixed Rate Loan 1-year Marginal Cost of Funds Based Lending Rate (MCLR) MCLR Spread Over a Year Effective Return on Investment (ROI) Reset
Personal loan 8.90% 4.65% - 13.65% 10.49% - 21% Not available

Fees & Charges

Features Charges
Processing Fee Up to 2% of the total loan amount
Instrument Return Charges Rs. 339 for every instance of cheque dishonour
Instrument Swap or Cheque Charges Rs. 500 + GST
Penal Interest 24% (annually) or 2% monthly on overdue installment
Charges for Duplicate statement Issuance Rs. 250 + GST
CIBIL Report Issuance Fee Rs. 50 + GST
Photocopy of Loan Agreement Issuance Fee Rs. 250 + GST
Foreclosure Charges 0 – 12 months: 5%, 12 – 24 months: 4%, 24 – 36 months: 3%, More than 36 months: 2% (Subtracting the GST charges)

Eligibility Criteria

  • You must be a salaried individual and an Indian resident
  • You must be between 21 to 60 years of age
  • The net monthly income should be at least Rs. 15,000
  • You should have a total work experience of 3 years at a minimum

Documents Required

  • Accurately filled application form for the loan
  • Identify proof (a copy of the driving licence, aadhaar card, voter ID, passport, or PAN card)
  • Address proof (a copy of passport, driving licence, utility bill, registered lease agreement, property purchase agreement, aadhaar card, or a PAN card)
  • Age proof
  • Passport size photographs
  • bank statement
  • Signature verification proof
  • Signed loan agreement with ECS forms or Standing Instruction (SI) request
  • KYC documents

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2. Axis Bank Home Loan

With the help of an Axis Home Loan, you can now fulfil your dream of building the abode of your dreams. The minimum amount that you can get from this loan offer is Rs. 3 lakhs. The offer provides a variety of benefits, including satisfactory interest rates, doorstep service, an easy application process, and more.

Features & Benefits

  • The loan amount ranges from Rs. 3 lakhs to Rs. 5 crores
  • An option for smaller EMIs is available
  • There are no prepayment charges with Axis bank housing loan
  • An option to choose to float between fixed interest rates is available
  • Maximum tenure is of 30 years

Interest Rate

Type Interest Rate
Floating Interest Rate 8.75% - 9.15%
Fixed Interest Rate 14%

Fees & Charges

Features Charges
Processing Fee Up to 1% of the total loan amount + GST
Margins For up to Rs. 30 lakhs: 10%. For above Rs. 30 lakhs and up to Rs. 75 lakhs: 20%. For above Rs. 75 lakhs: 25%
Penal Interest Rate 24% (annually) or 2% (monthly)
Foreclosure Charges 0 – 2%

Eligibility Criteria

  • You must be a salaried individual or a professional
  • You must be between 21 to 65 years of age
  • Anybody who files an Income Tax Return can apply

Documents Required

  • Accurately filled application form for the loan
  • Identify proof (a copy of the driving licence, aadhaar card, voter ID, passport, or PAN card)
  • Address proof (a copy of passport, driving licence, utility bill, registered lease agreement, property purchase agreement, aadhaar card, or a PAN card)
  • Date of Birth proof
  • Passport size photographs
  • Proof of income
  • Signature verification proof
  • Property documents
  • TDS
  • PSL documents

3. Axis Bank Car Loan

If you are trying to buy a new car and cannot spare enough funds to fulfil this dream, Axis bank lets you take a loan. The Axis Car Loan can fund from Rs. 1 lakh to up to 100% on-road amount, along with a variety of other benefits.

Features & Benefits

  • Attractive interest rates
  • Easy tenure of up to 7 years
  • Axis eDGE reward points
  • Up to 100% on-road funding
  • Special advantages for priority banking

Interest Rate

Interest Rate - 8.90% - 13.5%

Fees & Charges

Features Charges
Processing Fee Rs. 3500 – 5500 (for a new car) and 1% of the loan amount or Rs. 6000 (whichever is lower) for a used car
Penal Interest 2% per month
Re-booking or Loan Cancellation Charges Rs. 550
Foreclosure Charges or Part-Payment Charges 5% of the outstanding principal

Eligibility Criteria

  • If you are a salaried individual, you must be between 21 years to 60 years of age
  • The minimum net annual salary required is Rs. 2,40,000
  • You should be consistently employed for a minimum of a year
  • If you are a self-employed individual, you should be between 18 years to 65 years of age
  • The minimum net annual business income should be Rs. 1,80,000 for chosen models and Rs. 2,00,000 for others
  • You should be consistent in the business for a minimum of three years

Documents Required

  • Accurately filled application form for the loan
  • Proforma invoice
  • Passport size photographs
  • KYC documents
  • Office or business proof
  • Income proof
  • Bank statement
  • Age proof
  • Sign verification proof
  • Employment or business continuity proof

4. Axis Bank Education Loan

Whether you wish to study in India or abroad, Axis bank offers education loans at attractive interest rates. The minimum amount starts from Rs. 50,000. You can relish a variety of additional benefits while availing of this loan.

Features & Benefits

  • Simple and quick documentation
  • Quick disbursal of loan
  • Tax benefit under income tax Section 80€
  • The long tenure of repayment
  • Pre-admission sanction

Interest Rate

Loan Amount Repo Rate Spread Effective Return on Investment (ROI)
Up to Rs. 4 lakhs 6.25% 8.95% 15.20%
More than Rs. 4 lakhs and up to Rs. 7.5 lakhs 6.25% 8.45% 14.70%
More than Rs. 7.5 lakhs 6.25% 7.45% 13.70%

Fees & Charges

Features Charges
Processing Fee Up to 2% of the amount of the loan + GST
Penal Interest 24% (annually) or 2% per month
Instrument / Cheque Swap Charges Rs. 500 + GST
Foreclosure Charges or Part-Payment Charges Nil

Eligibility Criteria

  • You should be an Indian citizen
  • You should have a minimum of 50% marks in high school or graduation
  • You should be admitted to a career-oriented course
  • The admission should be secured through merit or an entrance test

Documents Required

  • KYC documents
  • Bank statement for the last six months
  • Guarantor form (optional)
  • Copy of admission letter along with fees structure
  • Mark sheet

5. Axis Bank Gold Loan

Are you in urgent requirement of money but don't know how to fund the requirement? Use the gold in your locker. Axis bank offers a gold loan that starts from Rs. 25,001 and goes up to Rs. 25 lakhs. With this loan type, you get same-day disbursement; thus, ensuring you don't have to wait for a long time.

Features & Benefits

  • Quick and same-day disbursement of loan
  • Safely kept gold
  • Tenure ranges from 6 months to 36 months
  • Easy online application for the loan

Interest Rate

Fixed Rate Loan 1-year MCLR MCLR Spread Over a Year Effective Interest Rate Reset
Gold Loan 8.90% 8.10% 17% Not available

Fees & Charges

Features Charges
Processing Fee 0% to 0.50% of the loan amount
Penal Interest 6% per annum
Part-payment Charges Nil
Valuation Fee Rs. 500 – Rs. 1500

Eligibility Criteria

  • You should be an Indian citizen
  • You should be between 18 years to 75 years of age

Documents Required

  • Signed application form
  • KYC documents
  • Post-disbursement documents (if available)

6. Axis Bank Business Loan

Whether you are a professional, a trader, a retailer, or a manufacturer, an Axis bank business loan is well-suited for a variety of purposes. Considering that meeting the requirements of a growing business is not an easy task, choosing external funding becomes a saviour in such a situation. You can now get a collateral-free EMI-based business loan with minimum documentation.

Features & Benefits

  • Minimal documentation required
  • Streamlined access to funds
  • The minimum loan amount is Rs. 50,000, and the maximum loan amount is Rs. 10 crores
  • A Balance Transfer option is available
  • Collateral-free loan; thus, you will not have to give any security
  • Flexible loan tenure ranging from 6 months to 36 months

Interest Rate

Product Interest Rate
Business Loan (SEP) 14.65% - 16.25%
Business Loan (SENP) 17.40% - 18.90%
Merchant Loan (TL) 18%

Fees & Charges

Features Charges
Processing Fee 0.75% of the loan amount + GST
Penal Interest 6% per annum
Login Charges Rs. 5000 + taxes
Foreclosure Charges No, in case the loan is closed from own funds and 2% + tax on principal outstanding amount if closed from borrowed money

Types of Axis Bank Business Loans

There are different types of loans available under this category, such as:

  • Axis Bank MSME Samriddhi Loan: It serves the Micro, Small, and Medium Enterprises (MSMEs). You can get an overdraft, working Capital, term loan, or other facilities. The loan amount is from Rs. 10.1 lakhs to Rs. 5 crores. You can present LIC policy, FD, equitable or registered mortgage of industrial property and commercial property as collateral

  • Axis Bank MSME Samriddhi Lite: It is another version of the Samriddhi loan that offer overdraft and cash facilities. Under this scheme, you can get anywhere between Rs. 10.1 lakhs to Rs. 35 lakhs

  • Axis Bank Small Business Banking: Under this facility, you have different loan schemes that cover up to Rs. 30 crores and cater to a diverse range of requirements

  • Axis Bank Loan for Agri Traders and Processors: Just as the name suggests, it is for traders, processors, manufacturers, and service providers who are working in agriculture or relevant sectors. Under this category, you can apply for as much as Rs. 5 crores

Eligibility Criteria

  • You should be between 18 to 75 years of age
  • You must be working in the same business for at least three years
  • You must have a CA-certified or audited balance sheets
  • A valid registration or license for your business is required

Documents Required

  • Signed application form
  • Financial statements
  • Business licence
  • KYC documents
  • Income documents
  • Bank statement

7. Axis Bank Two-Wheeler Loan

With Axis bank's two-wheeler loan, you can now effortlessly bring home the bike of your choice. The bank provides up to 100% on-road funding. It doesn't require lengthy documentation for dispersal. Also, you can choose EMIs accordingly as well.

Features & Benefits

  • The two-wheeler loan starts from Rs. 25,001
  • The tenure for a two-wheeler loan is between 12 – 48 months
  • The bank offers up to 100% on-road funding for two-wheelers
  • The loan amount for a superbike is Rs. 1,00,000 minimum
  • The tenure for a superbike is between 12 – 60 months
  • The bank offers up to 85% on-road funding for a superbike

Interest Rate for Loan with Tenure of Up to 36 Months

Fixed Rate Loan 1-year MCLR MCLR Spread Over a Year Effective ROI Reset
Two-wheeler loan 8.90% 7.60% - 15.10% 16.50% - 24%

Fees & Charges

Features Charges
Processing Fee Up to 25% of the total loan amount
Documentation Charges Rs. 750
Cheque Bounce Charges Rs. 339 for every instance
Penal Interest 2% monthly
Foreclosure Charges 5% of the principal amount

Eligibility Criteria

  • If you are a salaried individual, you should be between 21 – 58 years of age
  • If you are a self-employed individual, you should be between 21 – 65 years of age
  • For a salaried individual, the minimum income should be Rs. 1.44 lakhs a year
  • For a self-employed individual, the minimum income should be Rs. 2.5 lakhs a year
  • You should have a minimum of one year of working experience

Documents Required

  • Bank statements for the last three months
  • Duly signed application form
  • Proforma invoice
  • Passport size photographs
  • KYC documents

8. Axis Bank Instant Loan

Axis bank's instant loan facility can help you back up your dreams with adequate funding without facing any major troubles. Whether it is about planning a new home, funding a vacation, or arranging a wedding, the 24x7 loan option is good enough for sudden requirements.

Features & Benefits

  • Multiple options are available
  • Flexibility to select the loan tenure and amount
  • Real-time assessment of income
  • Single view to review the offer of a loan
  • eNACH authentication
  • Digitised video KYC procedure

Interest Rate

24x7 Loan Type Interest Rate
24x7 Personal Loans 10.49% - 21%
24x7 Car Loans 8.55% - 13.05%
24x7 Two-Wheeler Loans 16.50% - 24%

Eligibility Criteria

  • You should be a salaried individual, a self-employed person, or a professional
  • Your age should be between 21 – 60 years
  • Minimum monthly Earnings should not be less than Rs. 15,000
  • You should have a minimum of one year of working experience

Documents Required

  • Bank statements for the last three months
  • Duly signed application form
  • Proforma invoice (if available)
  • Passport size photographs
  • KYC documents

9. Axis Bank Credit Card Loan

If you have an Axis Bank Credit Card, you can get a loan against it effortlessly. The purpose of this loan is to meet financial requirements during emergencies. You can get such a loan with minimal documents and can avail of it at a flexible tenure.

Features & Benefits

  • Doesn't require lengthy documentation
  • The processing time is faster
  • The loan amount gets credited directly to the savings amount
  • Reasonable and affordable interest rates

Interest Rate

Interest Rate - 11.40% - 22.20%

Fees & Charges

Features Charges
Processing Fee 1.5% or Rs. 500 (whichever is higher)
Foreclosure Charges Rs. 300 or 3% of the outstanding amount (whichever is higher)

Eligibility Criteria

  • You should be between 18 – 70 years of age
  • You should have a net income of Rs. 9 lakhs and above
  • You should be an Axis bank customer
  • A good credit history is a must
  • You should have an Axis Bank Credit card
  • You must have the minimum amount in your Savings Account

Documents Required

  • PAN card photocopy
  • Form 60
  • Latest payslip or ITR copy
  • Residency proof

Conclusion

Taking an Axis bank loan is one of the seamless tasks, given that you have documents ready and are eligible for the loan scheme that you are applying for. So, now that you are aware of all the Axis bank loan schemes navigate through them thoroughly, choose the most appropriate one and fulfil your dreams with no financial obstacles.

Frequently Asked Questions

1. What is the minimum loan amount in Axis bank?

A: The minimum loan amount that you can get from Axis bank is Rs. 15,000.

2. How much loan does Axis bank give?

A: The loan amount depends on a variety of factors, including the loan type you are choosing, your credit history, income, and others. The maximum amount you can get from this bank is Rs. 5 crores.

3. How do I check Axis bank's personal loan status?

A: You can check the status of your Axis bank personal loan by calling 1860-419-5555 or 1860-500-555. You can also log into the internet banking portal or Axis bank app to get the status.

4. How do I apply for an Axis bank personal loan?

A: You can apply for Axis bank personal loan through online and offline methods. This can be done by visiting the internet banking portal or visiting the nearest branch.

5. Does Axis bank give instant personal loans?

A: Yes, you can get a 24x7 personal loan facility.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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