Axis Bank personal loan: Know more about it

Are you in need of cash? Are you not able to go for a holiday? Want to buy an expensive accessory for your home? Need money for the marriage expenses? Lack of fund is holding you back to fulfill your whims and desires. The answer to all the worries is Axis Bank Personal Loan, which is designed to give you funds for your personal needs. You can use the amount for all kind of needs and emergencies. The axis bank provides the minimum loan amount of ₹50,000 and the maximum amount of ₹ 1,50,000. The repayment tenure ranges from 12 to 60 months.

The bank being one the most trusted private sector bank with its network spread in many cities of India. It is the third largest private bank of India. It provides the Personal Loans on the basis of cities that has been categorized in tier 1, 2, and 3. On the basis of your location they offer you the interest rate. It gives the best rate of interest to its customer starting from 15.50% onwards. You can also transfer your existing high- interest loan from another bank to Axis Bank.

Axis Bank Personal Loan

Eligibility criteria-

Age- The minimum age required at the time of application is 21 years and the maximum age at the time of loan maturity should be 60 years.

Nature of job– You should be a salaried individual. The salaried doctors, an employee working in Public and private limited companies, central government sector employees, state government employees, public sector undertaking employees can avail the personal loan.

Minimum monthly income- The minimum monthly income is required by the bank to see your earning and how much you can pay as EMI. It also determines the amount that can be sanctioned to you. Your minimum net salary should be ₹ 15,000 per month.

Credit Score- It is important for you to have a good credit score in order to avail the personal loan from the bank. It determines the credit history of the borrower and show if the borrower is trustworthy or not.

Documents required-

Once you meet the eligibility criteria, the next step is to be ready with all the documents required for the sanctioning of the personal loan. The documents required to avail the amount is mentioned below-

  1. Signed application with recent passport size photographs.
  2. Age Proof- PAN Card/ Aadhar Card/ Passport
  3. ID Proof- Pan Card/ Passport/ Aadhar Card/ Driving licence.
  4. Residence Proof- Utility bills/ allotment letters.
  5. Bank Statement- Last 3 months bank statement/ last 6 months bank passbook.
  6. Income Proof- Latest salary slip/ ITR/ Form-16.
  7. Signature verification proof.

Post- sanction/ pre- disbursal documents are-

Once the above documents are provided, few other formalities needs to be completed so that the process of filing for the personal loan can be completed. For the post- sanction and pre- disbursal the documents required are-

  • Duly signed Loan Agreement
  • Standing Instruction Form/ ECS form.
  • Processing fee cheque.

Interest Rate of Axis Bank Personal Loan-

The charges that are levied on the borrower by the Axis Bank Personal Loan at the time of lending the amount is mentioned below-

Rate of interest- 15.50% to 24%

Processing fee- 1.50% to 2% + applicable service tax.

Prepayment Charges- Nil

Cheque Bounce Charges- ₹ 500 per cheque bounce + applicable service tax.

EMI Calculator-

The EMI Calculator helps you to determine the monthly installment that you as a borrower are going to pay to the Axis bank. You can visit the site of the bank to calculate your EMI’s. It helps you to make a decision for yourself and taking or rejecting a personal loan becomes a relatively easy decision for you.

Features and Benefits-

The Axis bank has several features and benefits that a customer can enjoy by associating with it.

  • Quick approval and disbursal of the loan amount.
  • Less paperwork and documents.
  • Easy and hassle- free.

To fulfill your wishes or to meet with the emergencies, the lack of fund is no your problem. All of the needs and desire will be taken care of with the Axis Bank Personal Loan. The bank will assist you to get your loan quick and hassle-free.

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