Axis Bank Personal Loan

Fast processing, quick disbursal

Fulfill plenty of purposes with Axis Bank Personal Loan. Plan your vacation, renovate your home or arrange a grand wedding ceremony for you and your loved ones. 

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Axis Bank Personal Loan

 

Interest Rates and Charges


Personal Loan Charges

Axis Bank offers the most attractive interest rates and charges on Personal Loan. Look at the table below to find them.

 

Axis Bank Personal Loan

Schedule of charges**

 

Repayment instruction / Instrument return charges

Rs.339/- per instance of dishonor of cheque /SI/ECS/NACH debit instruction + GST as applicable

Swap charges (Cheque/Instrument)

Rs.500/- per instance + GST as applicable

Penal Interest

@ 24% per annum i.e. 2% per month on the overdue installment.

Duplicate statement issuance charges

Rs.250/- per instance per set + GST as applicable.

Duplicate Amortization schedule issuance charges

Rs.250/- per instance per set + GST as applicable.

Credit Information Companies (CICs) Report Issuance

Charges

Rs. 50/- per instance per set + GST as applicable.

No Dues Certificate generation charges (Duplicate)

Rs.50 per instance per set + GST as applicable.

Stamp Duty Charges

As per State Stamp Act

Foreclosure/ Part Prepayment Charges

Foreclosure charged on loan outstanding, pre-payment charged on the amount of part payment
5% for 0 to 12 months
4% for 13 to 24 months
3% for 25 to 36 months
2% for greater than 36 months

 

**(Subject to change as per Bank’s discretion from time to time)


** Goods and Services tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable)

 

Interest rate and schedule of charges: For loans with tenure up to 36 months

 

 

Fixed Rate Loan

1 Yr MCLR

Spread over 1 year MCLR

Effective ROI

Reset

Personal Loan

7.35%

4.65%-13.65%

12% to 21%

No Reset

 

Interest rate and schedule of charges for loans with tenure of more than 36 months

 

Rate of Interest

12% to 21%

Repayment instruction / Instrument return charges

Rs.339/- per instance of dishonor of cheque /SI/ECS/NACH debit instruction + GST as applicable

Swap charges (Cheque/Instrument)

Rs.500/- per instance + GST as applicable

Penal Interest

@ 24% per annum i.e. 2% per month on the overdue installment.

Duplicate statement issuance charges

Rs.250/- per instance per set + GST as applicable.

Duplicate Amortization schedule issuance charges

Rs.250/- per instance per set + GST as applicable.

Credit Information Companies (CICs) Report Issuance Charges

Rs. 50/- per instance per set + GST as applicable.

No Dues Certificate generation charges (Duplicate)

Rs.50 per instance per set + GST as applicable.

Stamp Duty Charges

As per State Stamp Act

Foreclosure/ Part Prepayment Charges

Foreclosure charged on loan outstanding, pre-payment charged on the amount of part payment
5% for 0 to 12 months
4% for 13 to 24 months
3% for 25 to 36 months
2% for greater than 36 months

 

**(Subject to change as per Bank’s discretion from time to time)


** Goods and Services Tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable)

Types of Axis Bank Personal Loan Interest Rate

There are two kinds of Axis Bank Personal Loan interest rates: fixed and floating.

Fixed Interest Rate

Here, the rate of interest charged on the Axis Bank Personal Loan amount will remain constant throughout the loan repayment period. You know your Axis Bank Personal Loan EMI obligation at the start of the tenor, allowing you to plan your monthly budget accordingly.

Axis Bank Personal Loan
Axis Bank Personal Loan

Floating Interest Rate

Here, Axis Bank Personal Loan interest rates could change depending on changes to the Marginal Cost of Lending Rate (MCLR), which is the base rate set for banks by the RBI. With changes in MCLR, the interest rate on loans also gets revised. With a lower interest rate, the repayment amount also reduces. On the other hand, if the interest rates increase, your EMI obligation will also increase. A floating Axis Bank Personal Loan interest rate makes it difficult for you to ascertain your monthly financial obligation.

Axis Bank Personal Loan Interest Calculation Method

There are two methods to calculate interest: flat rate method and the reducing balance method.

In the flat interest rate method, the interest rate is based on the complete loan amount you pay during the repayment period. In case of reducing the balance method, the rate of interest on the Axis Bank Personal Loan will be considered and calculated on the basis of the outstanding loan amount.

Flat Interest Rate Calculation

EMI = (principal + total interest payable) / loan tenure in months i.e. total interest payable = P x r x n/100

Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.

Floating Interest Rate Calculation

EMI = [P x r x (1 + r) ^n] / [(1 + r) ^(n-1)]

Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.

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