Interest Rates and Charges
When considering a Personal Loan, it's essential to examine the low interest Personal Loan options available to you.
Axis Bank offers Personal Loans with interest rates that begin at a competitive margin of 4.65% over the 1-year
MCLR, resulting in an effective rate of interest (ROI) that ranges from a modest 11.25% to a maximum of 22%. This
ensures you have access to some of the lowest interest rate Personal Loans available in the market.
The range in the interest rates charged accommodates different financial profiles and loan requirements, maintaining
Axis Bank's commitment to offering fair Personal Loan rates.
Personal Loan interest rates vary on a quarterly basis as they are linked to the bank’s MCLR rates. This average
interest rate is calculated to provide transparency and help customers make informed financial decisions. Keep in
mind that these rates are subject to various factors, including the loan amount and the customer's relationship with
the bank.
To navigate these rates effectively and understand the potential charges on your Personal Loan, you may utilize tools
like the Personal Loan EMI Calculator
provided by Axis Bank, ensuring you are fully informed about the financials related to your loan.
Interest rates for Personal Loans
| Product |
Rate of Interest disbursed July'24 - Sep'24 |
Mean Rate |
| Min ROI |
Max ROI |
| Personal Loan |
10.49% |
22.50% |
13.08% |
Note:
- It includes various categories like fixed rate/floating rate as applicable and is
based on factors such as loan amount, customer relationships, etc.
- Mean rate = Sum of rate of interest of all loan accounts / Number of all loan
accounts.
Personal Loan Charges
Looking for a Personal Loan online? Axis
Bank offers the most attractive interest rates and charges on Personal Loans. Refer the table below to know more.
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 Charges |
Financial Default*: 8% p.a. above applicable interest rate on the
overdue amount (subject to the aggregate not exceeding 24% per instance).
- There shall be no capitalisation of Penal Charges.
- The said Penal Charges will be subject to GST as per
applicable law on Goods and Service Tax in India, and GST will
be charged separately.
- *Financial Default includes all types of payment or financial
defaults/irregularities with respect to your Loan Account
|
| 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 |
| Part Payment / Pre-Payment Charges |
For Loans Disbursed 1st April 2024 Onwards.
|
| EMIs paid |
<=36 |
>36 |
| % Charge* |
3% |
2% |
|
*Pre-payment charges shall be charged on principal outstanding
* Part payment charges shall be charged on the amount of part
payment
*No pre-payment charges will be applicable post 12 EMIs for loan amount >=10 lakhs if the same is foreclosed from customer’s own funds. However, part payment charges as per the applicable grid will be levied for all loan amount irrespective of ticket size.
|
| Processing fee charges |
up to 2% of the loan amount + GST as applicable |
| Loan cancellation charges |
| No of days |
Applicable charges* |
| 0-3 days |
No charge** |
| 4-15 days |
Interest till the date of cancellation, Processing Fee, Stamp duty, other statutory charges (if applicable as and when) and GST would not be waived/refunded in case of loan cancellation. |
| >15 days |
It will be considered as pre-payment and all charges shall be applicable |
|
*The charge is applicable for physical loan disbursement
*The above Charge is applicable for Full / Partial / DD cancellation cases as well.
**No charges shall be levied only if the funds have not been utilised by the customer.
|
**(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)
**For loans onboarded through Sourcing partner/ LSP’s the features and rates schedule may vary. Click here for further details
