In 1993, the United Trust of India alongwith all the six giants of public sector insurance, that is Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), New India Assurance (NIA), Oriental Insurance Company (OIC), National Insurance Company (NIC) and United India Insurance (UII), put their heads together to start a bank under the name “UTI Bank”. As a first generation private sector bank it started its operations in 1994. In July 2007, it rechristened itself to “Axis Bank” and since then the bank has only grown in numbers.
Today, it is the third largest private sector bank with a book size of retail funding at `1,38,897.34 crores. As per their latest annual reports, the total amount of unsecured loans (personal loans + credit cards) disbursed was `15,278.71 crores as on March 31, 2016. Personal loans & credit cards, together, account for 11% of its retail funding portfolio.
Owing to its slightly conservative underwriting policies it trails behind ICICI bank on market share for personal loans. It is a public limited company with a net worth of `53,164.91 crores as on March 31, 2016.
Axis Bank boasts of a large footprint of 2,904 branches and 12,743 ATMs nationwide. Apart from this it has seven offices and branches in countries like China, Singapore, Hong Kong, Sri Lanka, Dubai, Abu Dhabi and United Kingdom. It also has ten wholly owned subsidiaries namely Axis Asset Management Company Ltd., Axis Mutual Fund Trustee Ltd., Axis Securities Ltd. Etc.
Personal loans are the most popular of all loans. They can be availed easily without any collateral. These multi-purpose loans come in handy because you can:
The bank does not allow use of funds for illegal activities or for speculative purposes.
Axis Bank’s personal loan features and benefits:
|Tier 1:||Bangalore, Chennai, Delhi, Mumbai, Hyderabad, Gurgaon, Noida, Ghaziabad, Faridabad|
|Tier 2:||Pune, Ahmedabad, Kolkata|
|Tier 3:||Coimbatore, Kochi, Jaipur, Lucknow, Patna, Jamshedpur, Vadodara, Trivandrum, Vishakapatnam, Bhubaneshwar, Trichy, Surat, Nashik, Aurangabad, Goa, Guwahati, Nagpur, Chandigarh|
|Tier 4:||Bhopal, Calicut, Jodhpur, Mysore, Pondichery, Raipur, Rajkot, Durgapur, Dehradun, Hubli, Jalandhar, Kolhapur, Ludhiana, Madurai, Mangalore, Patiala, Siliguri , Ranchi, Tirunelveli, Udaipur, Vijaywada, Indore, Ajmer, Allahabad, Bhatinda, Belgaum, Bhavnagar, Bhilwara, Jamnagar, Kanpur, Kota, Salem, Ujjain, Warangal, Mehsana|
Here is a quick brief on other charges* levied by the bank:
|Rate of Interest||15.50% to 24%|
|Loan Processing Charges||1.50% to 2.00% + Service Tax as applicable|
|Cheque Bounce Charges||Rs. 500 per cheque bounce + Service Tax as applicable|
|Cheque/ Instrument Swap charges||Rs.500 per instance + Service Tax as applicable|
|Prepayment/ Forclosure Charges||Nil|
|Default Interest Rateemail@example.com% per annum i.e 2% per month on the overdue instalment|
|Duplicate Statement Issuance Charges||Rs 250 per instance + Service Tax as applicable|
|Duplicate Amortization Schedule Charges||Rs 250 per instance + Service Tax as applicable|
|Duplicate Interest Certificate (Provisional/ Actual) issuance Charges||Rs 250 per instance + Service Tax as applicable|
|Cibil Report Issuance Charges||Rs. 50/- per instance per set+ service tax as applicable|
|Stamp Duty Charges||As per State Stamp Act|
|Issuance Charges for Photocopy of Loan Agreement/ Documents||Rs 250 per instance + Service Tax as applicable|
*Charges as on July 2016. They are subject to change without prior notice from the bank.
Additional Points to Note:
These points can be redeemed for a number of items through their website - edgerewards.axisbank.com
To apply for the Axis Bank’s Personal Loan, you can log on to its website, approach the Axis Bank Loan Center at any of its branches or call any of its toll-free customer service numbers at 18002335577 or 18002095577 or 18001035577.
The bank has recently introduced the “24x7 Insta Personal Loan” facility where a customer can avail an instant loan, if meets eligibility criteria, through their ATM kiosks or smartphones.
If you feel Axis Bank’s PL is the product for you then keep the following documents ready to send to the bank:
Post Sanction of Loan:
Axis bank has been very active in its CSR & Sustainability domain. It has undertaken initiatives such as providing sustainable livelihoods, education, healthcare, sanitation et al, to the underprivileged.