Axis Bank Personal Loan Fees & Charges for Airtel Users

In the pursuit of financial goals or coping with unexpected expenses, personal loans emerge as a convenient solution. Axis Bank, in collaboration with Airtel through Airtel Flexi Credit, offers an efficient personal loan service with a range of features. However, it is crucial for borrowers to be aware of the associated fees and charges to make informed financial decisions.

Fees and Charges Overview

Axis Bank imposes several fees and charges on its personal loans, each playing a role in the overall cost of borrowing. Understanding these charges is essential for borrowers to plan their finances effectively.

Repayment Instruction/Instrument Return Charges: Axis Bank levies Rs.339 per instance of dishonour of cheque/SI/ECS/NACH debit instruction, along with applicable GST.

Swap Charges (Cheque/Instrument): In case of swapping, borrowers are charged ₹500 per instance, plus GST.

Penalty Interest: A penalty interest of 24% per annum or 2% per month on the overdue installment is applicable.

Duplicate Statement Issuance Charges: Duplicate statements come with a charge of ₹250 per instance per set, along with applicable GST.

Duplicate Amortization Schedule Issuance Charges: Issuing a duplicate amortization schedule incurs a charge of ₹250 per instance per set, plus GST.

Credit Information Companies (CICS) Report Issuance Charges: Issuing a CICS report attracts a fee of ₹50 per instance per set, plus GST.

No Dues Certificate Generation Charges (Duplicate): Generating a duplicate no dues certificate costs ₹50 per instance per set, plus GST.

Stamp Duty Charges: Stamp duty charges are as per the State Stamp Act.

Part Payment/Pre-Payment Charges: For part payments or pre-payments, a charge of 5% plus GST on the principal outstanding is applicable.

Processing Fee Charges: A processing fee of 2% of the loan amount, along with applicable GST, is charged.

Also Read: What are the Various Types of Personal Loans?

Personal Loan Interest Rates

While the fees and charges contribute to the overall cost of the loan, the interest rate is a significant factor influencing the affordability of the loan. Axis Bank offers a competitive personal loan interest rate starting from 11.75%. It’s important to note that these rates can vary based on the loan amount and tenure. Prospective borrowers can use the personal loan EMI calculator to determine the exact interest they will be paying.

Why Choose Axis Bank Personal Loan through Airtel Flexi Credit?

Applying for a personal loan through Airtel Flexi Credit in partnership with Axis Bank comes with several advantages. The process is streamlined, offering borrowers ease and speed in accessing funds. Key reasons to consider Axis Bank through Airtel Flexi Credit include:

Quick Approval and Disbursement: The entire process is exceptionally swift, and borrowers can receive the loan amount within 24 hours.

Flexible EMI Options: Repayment becomes more manageable with flexible EMI options, allowing borrowers to choose a plan that suits their financial situation.

Loan Tracking and Management: Borrowers can easily track the progress of their loan application, ensuring transparency and control over the borrowing process.

Personal EMI Calculator: The availability of a personal EMI calculator enables borrowers to proactively plan and understand their repayment obligations.

Loan Eligibility Criteria

Axis Bank has established specific eligibility criteria for personal loan applicants:

Age Limit: Applicants must be between 21 to 60 years old.

Loan Limit: Personal loan amounts range from 15k to 5 lakhs.

Employment Type: Both salaried and self-employed individuals are eligible to apply.

Interest Rates: Interest rates start at 11.75%.

Monthly Income: Applicants must have a monthly income of 15K or more.

Also Read: How to get a personal loan with low CIBIL score?

Loan Application Process & Documents Required

The application process for an Axis Bank personal loan through Airtel Flexi Credit is straightforward:

Customers can initiate the application through the Airtel Thanks app by navigating to the Shop section and accessing Financial services/Airtel Finance ingress.

Consent, PAN, and employment type information are required for application initiation.

Once the application form is filled, the lending partner assesses the case and presents the final offer.

Post-offer acceptance, customers provide additional information, complete KYC, submit a selfie, and set up an e-mandate.

After reviewing loan details and digitally signing the loan agreement, the loan is disbursed to customers.

Documents required for the application include Aadhar and PAN. It’s essential to note that document requirements may vary on a case-to-case basis.

Loan Approval Process & Time Taken

The lending partner, in this case, Airtel Digital Ltd, assesses customer applications and generates an offer within 1 minute. This quick approval process ensures that borrowers can meet their financial needs promptly.

Conclusion

In conclusion, while Axis Bank’s personal loan through Airtel Flexi Credit offers a convenient and swift financial solution, understanding the associated fees and charges is crucial for informed borrowing. With competitive interest rates, quick approvals, and flexible repayment options, this collaboration provides a viable choice for Airtel users seeking personal financial assistance. As with any financial decision, prospective borrowers are encouraged to carefully review the terms and conditions before committing to a personal loan.