Axis Bank offers personal loan at attractive interest rates that are licked to its 1-year MCLR (Marginal Cost of Funds based Lending Rate), which is 7.55% right now. Below are the interest rates for Axis Bank Personal Loans with tenure of up to 36 months.
To qualify for the loan, you will have to comply with the Axis Bank Personal Loan Eligible Criteria set out by the bank. Details of the criteria are as given below:
• You can apply for the loan if you are employed with Government Departments, Public and Private Limited Companies, Central and Local bodies or PSUs.
• You are eligible for the loan if you are a salaried doctor.
• Even as a self-employed individual/professional or businessman you can apply for the loan.
• You should have a minimum work experience of 2 years in current employment.
• If you are self-employed, a business vintage of 5 years is mandatory.
• The minimum monthly income required is Rs. 15,000.
• The minimum age at the time of submitting the application should be 21 years and the age at the time of maturity of the loan should not be more than 60 years.
• You should have a minimum credit score of 750 and above
• The area you are located in, i.e., rural, semi-urban, urban, metro area, the type of residence you are in, i.e., rented or owned and the numbers of dependants are also some of the factors that determine your eligibility.
To fulfil the Axis Bank Personal Loan eligibility, you will have to submit the following documents to the bank:
|KYC documents||Aadhar Card, Voter's ID Card, Passport, PAN Card, Utility Bills, Driving Licence|
|Proof of signature|
|Application||Prescribed application for the loan, duly filled and signed|
|Photographs||2 passport size photographs of the applicant|
The key features and benefits of the Axis Personal Loan are given below:
|Loan amount||Minimum Rs. 50,000 and maximum Rs. 15 Lakhs|
|Rate of interest||12% to 24% p.a.|
|Repayment tenure||12 to 60 months|
|Lowest EMI||Rs. 2,224 Per Lakh|
|Processing fee||1.5% to 2% of the sanctioned loan amount + GST|
There are several factors that affect the Axis Bank Personal Loan eligibility:
You will have to keep a track of the following if you have to improve your eligibility for Axis Bank Personal Loan:
Axis Bank, formerly known as UTI Bank, ranks third among the private sector banks. It has a wide reach across the country with over 4000 domestic branches on date. It is a new generation branch offering an assortment of products covering the retail and corporate sectors, the agricultural sector and the MSME sector.
Personal Loans are a boon when it comes to sorting out a financial situation. If you have handled your earlier commitments responsibly and have paid the instalments on time, it is a like a cakewalk to obtain a Personal Loan. Most private banks provide pre-approved Personal Loans to their existing customers with a good track record. You can access this facility through the net banking facility and place a request. The proceeds of the loan will land in your bank account in minutes.
Axis Bank has an array of products in both the retail and the corporate sectors. The most popular being the Personal Loan that can be applied for online. The bank promises to process the loan and give a quick approval, on receiving the application that is complete in all respects and the documents as required.
Axis Bank has special Personal Loans designed for specific purposes like wedding loan, holiday loan, home renovation loan, etc. The fees and charges are nominal and the rate of interest is competitive. To top it all, you will not have the stress of heavy EMI as the bank provides a flexible repayment option up to 60 months.
|Personal Loan Eligibility by Banks|
Ahead of festival season, Kotak Mahindra Bank has announced Rs 999 flat processing fee offer on Personal Loans. Customers can avail of instant approvals on personal loan applications up to Rs. 20 Lakhs at lowest interest rate starting at 10.25% p.a for maximum of 5 years.
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You can check your eligibility for Axis Bank Personal Loan with the help of the Axis Bank Personal Loan eligibility calculator. Decide on the loan amount, loan tenure, and the rate of interest and incorporate them in the EMI Calculator to arrive at the EMI that suits your monthly budget.
A Personal Loan is a long-term loan and you will have to necessarily work out the cost of the loan before applying for one. You should do a comparative study of all the offers available in the market. Work out the cost of the loan with the different rates and tenures offered by the various lenders in the market using the EMI Calculator and choose the deal that is the most cost-effective with an EMI that does not hurt your monthly budget.
The following are the main reasons for low credit score:
You can improve the credit score:
Not having a credit score is also not favourable since the lender will not be able to gauge your responsibility towards commitments. The best way to create a credit score is to avail short-term Personal Loans and make prompt payments. You can also obtain a credit card and create a good score by using the card judiciously and making prompt payment of the entire outstanding for a billing period within the due date.
You can apply for Axis Bank Personal online through the official website of the bank or by approaching the nearest branch of Axis Bank or by calling the Customer Care Centre and placing a request. If you place a request through the Customer Care Centre, the representative of the bank will get in touch with you to provide the details regarding the loan. Alternatively, you can also apply through MyMoneyMantra.com.
Axis Bank will convey the decision regarding the loan application within 30 days from the date of receiving the application provided the application is complete in all respects and all the required documents are submitted. The date on which all the required documents are submitted will be considered to compute the 30 days.
A request can be placed either through email to www.axisbank.com/support or by calling the customer care centre or by visiting the nearest branch.
The following are the benefits of Axis Bank Personal Loan:
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