Axis Bank Senior Citizen Personal Loan

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Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

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Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

Financial emergencies can hit anyone at any point in time. Axis Bank’s senior citizen personal loans help pensioners and other borrowers fund their personal financial needs. The bank sanctions up to ₹40 lakh of personal loans for as many as 7 years to senior citizens. These loans are issued against their monthly pensions and other incomes at no additional collateral requirement.

Axis Bank instant loans for senior citizens brings the often neglected customer group into the picture. The bank’s reliable services and goodwill ensure quality loans. Take a comprehensive look into its eligibility criteria, document requirements and much more in this article.

Highlights of Axis Bank Personal Loan for Senior Citizens

The bank’s personal loans offer a plethora of exciting features to the borrowers. Here are some of the prominent highlights:

Maximum Loan Amount	₹40 lakh
Rate of Interest (p.a.)	10.49% onwards
Loan Tenure	1-7 years
Collateral Submission	Not required
Digital Applications	Available
Pre-Approved Loans	Available

Comparing Axis Bank Senior Citizens Personal Loan With Other Lenders

Several renowned banks and NBFCs offer personal loans. Take a look at how the Axis Bank instant loan for senior citizens compares with its competitors:

Lender	Interest Rate (p.a.)	Loan Tenure
HDFC Bank	10.50% onwards	6 years
Citibank	10.75% onwards	5 years
Kotak Mahindra Bank	10.99% onwards	6 years
TATA Capital	10.99% onwards	6 years
Bajaj Finserv	11% onwards	8 years

Axis Bank Personal Loan for Senior Citizens – Fees and Charges

Apart from the Axis Bank personal loan interest for senior citizens, a borrower is also required to pay the following charges:

Processing Fee: The bank charges a processing fee of up to 2% of the loan amount plus GST.
GST: An 18% GST applies to all banking services extending on the loan.
Other Charges: Verification and stamp duty charges may also be levied on the loan.

Axis Bank Personal Loan for Senior Citizens – Documents Required

Senior citizen personal loan from Axis Bank can be successfully availed by submitting the following documents:

Duly filled loan application form
ID Proof: Aadhar Card, Voter’s ID, Valid Passport, and other documents
Address Proof: Recent utility bills, Aadhar Card, and other documents
Income Documents: Proof of monthly pension or other sources of income
Work Documents: Certificates showcasing the borrower’s association with the organisation from which they’re drawing pension/ other income.

Axis Bank Personal Loan for Senior Citizens – Eligibility Criteria

The eligibility criteria for a Senior citizen personal loan from Axis Bank is as follows:

Eligible Borrowers: Salaried Individuals/ Self-Employed Individuals/ Ex-Government Employees drawing pensions
Maximum Age: 60 years at the time of applying
Minimum Monthly Pension: As specified by the bank
Nationality: Indian citizen