Axis Loan for Working Professionals

About the Scheme

The Axis Loan for Working Professionals is designed to offer financial support to individuals in employment who need funds for personal or professional use. As an unsecured loan, this will not require a co-applicant and will easily provide access to up to ₹40 lakhs. You will have the flexibility to choose the repayment tenure that best fits your cash flow situation, which allows you to be very comfortable with your repayments.

Rate of Interest

The Axis Bank for Professionals uses the education loan interest rate of a minimum of 8% to a maximum of 16%, depending on the profile of the borrower, the amount of the loan, and the terms of repayment

The current Repo Rate is 6.25%, with the bank's margin over the Repo Rate adjustable during the loan's duration. Additionally, for MCLR-based loans, the Marginal Cost-Based Lending Rate (MCLR) is 9.35%, and the reset interval foreducation loans is every six months.

Features of the Scheme

1. Loan Amount up to ₹40 Lakhs

   Access to unsecured loans up to ₹40 lakhs without any kind of collateral.

2. Tax Benefits Under Section 80 E

   Benefits in terms of tax deductions on the interest paid would be allowed under Section 80 E of the Income Tax Act. 

3. Flexible Repayment Tenure

   Choose a convenient repayment period of up to 10 years, keeping the EMIs in check.

4. Financial Future Planning

   The loan can be helpful in future financial goals, such as a child investment plan.

5. No Co-Applicant Required

   Apply independently for the loan without any co-applicants or guarantors.

6. Simplify Tax Planning

   You can use an income tax calculator to plan your finances while availing of Axis Loan for Working Professionals.

Investment

Secure

Secure your child’s future with or without you

Start Investing

₹10,000/Month

& Get

₹1 Crore^*

VIEW PLANS

*Standard T & C Apply

Eligibility of the Scheme

For the Axis Loan for Working Professionals, eligibility criteria typically include:

1. Age

   When applying for the loan, the applicant must fall in the age group of 21 to 60.

2. Employment Status

   The applicant has to be a salaried professional with a fixed regular income.

3. Minimum Income

   The applicant has to comply with the set minimum threshold applicable according to the state of his residence and a few other factors involved.

4. Citizenship

   The applicant should be an Indian citizen.

5. Credit Score

   A good score is very much required for loan approval.

Documents Required

Documents needed to apply for Axis Loan for Working Professionals are mentioned below:

1. KYC documents

   Identity proof (Aadhaar, Passport, Voter ID, etc.) and address proof (Rental agreement, Utility bills, Passport, etc.).

2. Bank Statement/Passbook

   Latest 6 months bank statement or passbook.

3. Income Proof

   Salary slips, income tax returns, or bank statements showing salary credits.

4. Proof of Employment

   Offer letter, employment contract, or salary slips from the past 3 months. 

5. Photograph

   Passport-sized photographs of the applicant.

Most Important Terms and Conditions

1. Loan Amount

   You can avail of a loan of up to ₹40 Lakhs.

2. Co-Applicant

   Loan does not require any co-applicant.

3. Loan Tenure

   Repayment tenure is available for up to 10 years.

4. Income Tax

   Loans are subject to applicable Income Tax laws and deductions.

5. Tax Benefits

   The interest paid on the loan can be eligible for tax benefits on Section 80 E.

6. Eligibility

   You must be a working professional to apply for the loan.

7. Income Tax Calculator

   You can use an income tax calculator to understand deductions on the interest portion.