Axis bank personal loan is among the best personal loan options in India. It has spread its presence in almost every part of India. A personal loan from Axis Bank is a great way to meet cash requirements. Whatever a borrower wishes to, whether remodeling the home, go for a holiday, or consolidate the credit card bill. Axis Bank Personal loan is among the best solutions for all the financial worries. Axis Bank Personal Loan comes with a fast loan approval procedure.
Let’s have a look at the few benefits of Axis Bank Personal loan:
Quick Approval: The online loan application process has made loan processing faster than earlier times. The quick loan approval and disbursal of the amount have made the Axis Bank personal loan one among the preferred choices of the borrowers. If you fit in the eligibility criteria then getting a personal loan from Axis bank is usually a matter of a few hours.
High Loan Amount: A borrower can avail of Axis Bank personal loan amount minimum of Rs. 50,000 to maximum Rs. 15,00,000 lakhs.
Flexible Repayment Tenure: A borrower can enjoy the flexibility in loan repayment terms of personal loans. He/she facilitate with the option of choosing the repayment tenure from 12 months to 60 months which suits them best
Low-Interest Rate: Axis bank personal loan provides the borrower with a competitive rate of interest. Every borrower can avail of a personal loan from the axis bank whether he/she is a salaried, working professional or self-employed individual. Axis bank personal loan interest rate starts at 15.75%. The offered interest rate to the borrower depends on his/her CIBIL and eligibility. The existing customers of the Axis bank can even get benefited from the best rates for a personal loa
Fast Documentation: Axis bank personal loan is known for its fast and minimal documentation. Axis Bank team is so efficient that it includes a short period in the loan sanctioned procedure
Axis EDGE Rewards Points: Axis Bank personal loan borrower can receive reward points. Few banks offer such a feature in India and Axis bank is one of them.
Balance Transfer Facility: This feature is for those who have a loan with another bank but want to enjoy the benefits of Axis bank personal loan. Balance Transfer facility enables a borrower to transfer their existing loans to the Axis bank. All a borrower needs to do is apply online for a balance transfer loan and easily transfer the personal loan from the existing bank to Axis bank.
Axis Bank Personal Loan Interest Rate
A borrower can get the competitive interest rate from the Axis Bank subject to the availed loan amount, salary, loan tenure, and others. Some of the factors that determine the Axis Bank personal loan interest rate in India are given below:
1. Income
The income of an individual majorly affects personal loan interest rates. Generally, a high-salaried individual is at a safer bet while availing a personal loan. As the chances of timely repaying the loan amount are higher in the case of high salaried people.
2. The Repayment History
The repayment history plays a significant role in determining the personal loan rate of interest. Therefore, try to make it a point to have a clean slate in the case of repayment history. A good credit score ensures a low rate of interest, which eventually allows saving more money.
3. Organization
The credibility of an organization ensures a good deal of personal loans. When an individual works for a reputed company, he/she is more considerate towards the timely EMI payments. A loan seeker can utilize the online available personal loan EMI calculator to obtain the estimated EMI amount.
4. Nature of Employment
An individual employment nature also determines the personal loan rate of interest. Generally, a great difference has been seen between the offered interest rates to a salaried employee and a self-employed entrepreneur.
5. Customer Relationship
Another important factor that affects the personal loan interest rate is the relationship with the personal loan lender. If the borrower has been an existing loyal customer with a good repayment record, the loan lender might grant some extra perks and offers. The healthy relation with the provider can determine the interest rate on a personal loan.
Apart from the interest rate, there is one more thing that you should check before applying for Axis Bank personal loan, it is important to check the personal loan EMI. For this, Axis Bank’s personal loan EMI calculator is available for all and you can choose to use them to plan the loan outgo and monthly budget. EMI stands for Equated Monthly Instalment which is the amount payable every month for the personal loan taken for an allotted period.
To calculate the EMI on Axis Bank personal loan, you can simply visit the official website of the bank. There you will find the option for ‘Personal Loan EMI Calculator’. It will require few basic details like loan amount, rate of interest, and repayment tenure. After entering the details, the calculator automatically calculates the loan EMI amount to be paid and delivers the result on the same page.
Eligibility Criteria for Axis Bank Personal Loan
The Applicant should have a minimum age of 21 years at the time he/she applying for the Axis bank personal loan.
The maximum age for being eligible for the personal loan from Axis bank is 60 years at the time of maturity of the Loan.
An applicant minimum net monthly income should not be less than of Rs. 15,000.
Documents Required for availing Axis Bank Personal Loan
To avail a personal loan from Axis Bank, a borrower should have some documents based on eligibility. All the submitted are verified by the bank officials, then only the approval on the loan application is provided. The generic required documents for the personal loan are:
Complete application form.
Passport size photographs.
Proof of Identity.
Address Proof.
Bank statement.
Age Proof.
Signed loan agreement.
Duly signed Standard Instruction (SI) Request/ ECS Form.
To conclude, avail only that much money as much you need. Never go for a higher loan amount than you needed as this can adversely affect your loan budget.