Axis Bank Personal Loan of 5 lakh

A range of options are available in the finance market to choose your loan providers. To solve your confusion, Axis Bank’s personal loan of 5 lakh is one of the popular options trusted by many borrowers. The personal loan plan ensures you can fulfill your short-term goals with minimal documentation and competitive interest rates. Customers can get instant, front-end-to-end digital financing for up to 40 lakhs in just a few seconds. Now, you can apply through the Urban Money website as well. Continue reading below to make a duly informed decision to be sure that you go through the specifics of 5 lakh personal loan eligibility by Axis Bank. 

Axis Bank Personal Loan 5 Lakh – Highlights

The following table shows the significant highlights pertaining to 5 lakh personal loan EMI

Feature	Details
Loan Amount	Up to Rs. 40 lakhs
Interest Rate	Starting from 10.49% p.a.
Tenure	12 to 84 months
Processing Fee	Up to 2% of the loan amount
Prepayment Charges	Nil for loans up to 36 months; 2% for loans above 36 months

Axis Bank 5 Lakh Personal Loan EMI for 1- 7 Years

Here is the breakdown of Axis Bank’s 5 lakh loan EMI for 7 years. 

Tenure	EMI	Interest Rate	Interest Amount
1 Year	Rs. 44,072	10.49%	28,864
2 Years	Rs. 23,186	10.49%	56,457
3 Years	Rs. 16,249	10.49%	84,959
4 Years	Rs. 12,799	10.49%	1,14,369
5 Years	Rs. 10,744	10.49%	1,44,668
6 Years	Rs. 9,387	10.49%	1,75,860
7 Years	Rs. 8,428	10.49%	2,07,929

Compare 5 Lakh Personal Loan from other Banks & NBFC.

Before you apply for an Axis Bank personal loan worth 5 lakh, it’s important to evaluate and compare the interest rates offered by other Banks and NBFCs. Below, we have provided a tabular representation of interest rates offered by other options you can see on the Urban Money Website:

Bank/NBFC	Interest Rate
HDFC Bank	10.50%
ICICI Bank	10.50%
Kotak Mahindra Bank	10.99%
Tata Capital	10.99%
Bajaj Finserv	11.00%
L&T Finance	12.00%
Kreditbee	12.25%
MoneyTap	12.96%

Axis Bank Personal Loan 5 Lakh – Fees & Charges

The table below mentions the additional fee details about Axis Bank for loans with tenure of up to 84 months. 

Fee	Amount
Processing Fee	Up to 2% of the loan amount
Swap charges	INR 500 per instance + GST
Documentation Fee	Rs. 500
Foreclosure Charges	Nil for loans up to 36 months; 2% for loans above 36 months
Prepayment Charges	5% + GST
Instrument return Fee	INR 339 per instance + GST
Penal interest	24% per annum
Duplicate Issuance Charges	INR 250 per instance + GST

5 Lakh Axis Bank Personal Loan – Documents Required

Below is the list of necessary documents that you might need before applying for an Axis Bank personal loan of 5 lakh: 

• Identity Proof – A copy of passport/Voter ID/Aadhaar Card
• Address Proof– A copy of the Rent Agreement/Utility Bills (For the past 3 months only)
• Income Proof– Pay slips of the latest 2 months/Form 16 for salaried individuals; Business income proof for self-employed individuals of the past 1 year.
• Bank Statements– The latest six months’ bank statements
• Others– Duly filled out loan application form and signed agreement/ECS forms

Please note that the above documents list may vary, and further documents can be requested based on the type of loan and property you are applying for. 

5 Lakh Axis Bank Personal Loan – Eligibility Criteria

Below, we have highlighted the factors you should know to apply for 5 lakh personal loan eligibility by Axis Bank:

• Age – The applicant must be between 21 and 60 years old to qualify for the instant 5 lakh loan from Axis Bank. 
• Income – The minimum monthly income of the applicant to apply for a 5 Lakh Axis Bank Personal loan should be Rs. 15000.  
• Nationality – He/She must be a resident of India. 
• Employment Status – He/She must have at least 3 years of work experience.