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.
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.
Jotted down below are the types of loans you can get from Axis bank:
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.
|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|
|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)|
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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.
|Floating Interest Rate||8.75% - 9.15%|
|Fixed Interest Rate||14%|
|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%|
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.
Interest Rate -
8.90% - 13.5%
|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|
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.
|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%|
|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|
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.
|Fixed Rate Loan||1-year MCLR||MCLR Spread Over a Year||Effective Interest Rate||Reset|
|Gold Loan||8.90%||8.10%||17%||Not available|
|Processing Fee||0% to 0.50% of the loan amount|
|Penal Interest||6% per annum|
|Valuation Fee||Rs. 500 – Rs. 1500|
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.
|Business Loan (SEP)||14.65% - 16.25%|
|Business Loan (SENP)||17.40% - 18.90%|
|Merchant Loan (TL)||18%|
|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|
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
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.
|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%|
|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|
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.
|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%|
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.
Interest Rate -
11.40% - 22.20%
|Processing Fee||1.5% or Rs. 500 (whichever is higher)|
|Foreclosure Charges||Rs. 300 or 3% of the outstanding amount (whichever is higher)|
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.
A: The minimum loan amount that you can get from Axis bank is Rs. 15,000.
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.
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.
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.
A: Yes, you can get a 24x7 personal loan facility.