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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Personal Loan Charges
Axis Bank offers the most attractive interest rates and charges on Personal Loan. Look at the table below to find them.
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 |
**(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 |
**(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)
There are two kinds of Axis Bank Personal Loan interest rates: fixed and floating.
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.
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.
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.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
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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