Do you need immediate funds for your daughter’s marriage? Do you want to go on a mini vacation to Milan but don;t have enough money? Do you wish to provide your child with the best education? Want to repair your old house? Do you require urgent money for medical treatment of your family member? Is shortage of finance is forcing you to put everything on hold. If yes, don’t let your dreams and wishes die when axis bank personal loan is there to fulfil them. Yes you read it correctly. Axis bank offers timely loan to eligible applicants who are in need of a financial assistance. The maximum and minimum amount that can be secured from the bank is Rs. 15 lakhs and Rs. 50,000 respectively. The tenure for the same lies in the range of one to five years. You even have the provision to carry over your existing loan from any other bank to Axis bank. You can earn reward points when you obtain a loan from the bank. Check out this article for more information about the product.
In order to eligible for the loan, the applicant should belong to any of these-
- Salaried employee
- Employee of any Public or Private limited company
- Salaried doctor
- Government sector employee including Central or local bodies or any Public sector
- Public and Private limited company
- The applicant needs to be at least 21 years old at the time of loan application
- 60 years is the age when the loan matures so the applicant should not be more than 60 years old when the tenure expires
- A monthly income of at least Rs. 15,000 is required if anyone wants to avail finance from the bank
Completing the documentation work is a very important task while availing a loan. Have a look at the documents needed for a personal loan here-
- Completely filled application form
- Photographs of passport size
- Proof of Age- Birth certificate/ High school mark sheet/Passport
- Proof of Address- Passport/Telephone bill/Electricity bill/Allotment letter
- Proof of Identity- Aadhar card/PAN card/ Voter ID card/Passport/Driving license
- Proof of Income- Salaried individuals: Latest salary slip, Form 16, Income Tax returns of the past two years
- Bank statement of the last six months
- Proof of signature verification
The documents that are needed post- sanction and pre- disbursal are as follows-
- Loan agreement which is duly signed
- Standing Instruction (SI) request or ECS form is required. Security cheques are needed for SI and ECS.
Interest rates and processing fee:
Axis bank offers a personal loan to suitable applicants at an interest rate between 15.50% to 24%. The processing fee for the same is up to 1.5% to 2% of the loan amount availed along with the applicable service taxes. There are no prepayment or foreclosure charges as such.
Axis bank personal loan EMI calculator:
A wise man has said to always look for the EMI before obtaining a loan. This holds a lot of prominence. After all, you need to be aware about the amount of installments you will be paying each month to repay the amount you have taken. What if the EMI causes a hole in your pocket and disturbs your monthly budget? Calculating the EMI can turn out to be a very complex process for anybody. But why to worry when Axis bank personal loan EMI calculator has been made to calculate your installments. The tool gives you information related to your EMI within few seconds. And the best part is you have to simply do nothing but enter your desired loan amount, rate of interest and term period. Then you have to wait for the magic to begin. You will soon get to know about your EMI. still not clear with the tool, let’s make it easier with the help of an example.
Suppose Ria Jain, an English Literature professor at the University of Delhi wants to go on a trip to Paris. She approaches Axis bank for a finance of Rs. 2 Lakhs. The bank gives her the same after completing all the formalities, at an interest rate of 16% for a period of five years. Now, let’s check out the magic of this tool. After the instant calculation, you can find out that Ria will have to pay an EMI of Rs. 4,864 each month to fully repay her loan. This hassle free calculation has been only possible due to this very useful EMI calculator.
Axis bank is a trusted name and the third largest private bank in the country. It has a widespread network and its branches are spread everywhere. If you are in need of imminent cash to pay off your bills or fulfill any personal needs, Axis Bank Personal Loan will help you to resolve all your money issues. Axis Bank Personal Loan provides you with best competitive interest rate and flexible repayment tenure.
You can avail the personal loan of amount ₹50,000 to ₹15,00,000 from Axis Bank. This amount can be used any personal needs like marriage education, child’s education, foreign holiday trip, medical emergencies etc. There is no prepayment or foreclosure charges to make sure your loan experience is hassle-free.
Eligibility criteria for Axis Bank Personal Loan:
To sanction the personal loan amount from Axis Bank, the eligibility criteria needs to be met. Given below are the details of eligibility required to avail a personal loan:
- The minimum age required during applying for a personal loan is 21 years, and maximum age is 60 at the end of loan maturity.
- The applicant can be a salaried individual or self-employed with the minimum income of ₹15,000.
- The credit score is very important to determine your chances to get a personal loan.
- The eligibility criteria for the salaried individual slightly differ from the self-employed.
Eligibility criteria for salaried individual:
- Minimum net monthly income should be ₹15,000.
- The maximum age at the time of loan maturity should be 58 years.
- The minimum time period with current organization or employer
- Should be at least 1 year.
- Eligibility criteria for self-employed
- Minimum net annual income should be ₹2,00,000.
- The minimum age should be 24 years while maximum age at the
- Time of loan maturity should be 65 years.
- The minimum work experience should be at least 3 years.
Documents required for the Axis Bank Personal Loan:
After the eligibility criteria, the next step is to look the documents required for applying the personal loan.
- Duly signed application with recent photographs.
- Identity proof – the copy of Passport, Voter ID card, Driver’s license, Aadhaar card.
- Residential proof – the copy of electricity bill, water bill, telephone bill, passport.
- Processing fee cheque
- Last three months bank statement
- For salaried individual- Latest salary slip or salary certificate with form-16
- For self-employed- Latest ITR or Form-16
Details of Axis Bank Personal loan:
- Processing Fee- 1.50% to 2.00% + service tax
- Interest rate – 15.50% to 24% per annum
- Tenure – 60 months
Features of Axis Bank Personal Loan:
- Flexible loan tenure.
- Quick disbursal of the loan amount.
- Online option to avail a personal loan available.
- No pre-payments or foreclosure charges.
- Easy and hassle-free procedure.
Axis Bank provides you with the online facility to get your Personal Loan at your doorstep. It has made sure that even after the loan is approved, the customers are not to be worried about their repayments. It has online loan account facility through which you can receive mail regarding the statement of account, repayments of loan and interest certificate. It has made multiple options for repayment of the loan like post dated cheques and Electronic Clearing Services (ECS).
Axis Bank is at your service 24 hrs through its toll-free number 1800-103-5577.