Axis Bank Personal Loan

Features and Benefits of Axis Bank Personal Loan

When you apply for  a personal loan from Axis Bank, you unlock an array of features. Before applying for a personal loan you must get familiar with these features in advance to determine what deal you are going to get.

Axis Bank Personal Loan Features

1. To apply for a Personal Loan from Axis Bank, you must be at least 21 years old and have a complete set of documentation, including identification, proof of income, and proof of residence, among other things.
2. You can use the EMI (Equated Monthly Instalment) service to make it easier to pay off your Personal Loan quickly. The repayment period can be anywhere from 12 to 60 months. If you have an Axis Bank account, together with a good credit score, you can get the best personal loan rates!
3. A personal loan calculator can help you figure out how much you’ll have to pay each month. You can select your tenure and the monthly payment amount that you are comfortable with for that tenure. By using the personal loan EMI calculator, you can know the exact amount you will pay at the end of loan tenure including the interest component. 
4. You can easily apply for an Axis Bank personal loan through an online portal by submitting minimal documents. 

Axis Bank Personal Loan Benefits

1. With Axis Bank, personal loan assistance, cope with your financial obligations outright, without letting the money needs hold you back. 
2. Get quick approval for the personal loan from INR 50,000 to 15,00000 lakhs. 
3. Opt for the loan repayment tenure at your convenience from 12 months to 60 months. 
4. Easily calculate your monthly instalments through EMI calculators by entering certain details such as amount, interest rate, and tenure.
5. Enjoy best interest rates as Axis Bank offers personal loans starting at 12 percent.
6. Availability of balance transfer allows you to transfer existing loans with higher interest rates to a lower one with Axis Bank. 
7. Hassle-free personal loan procedure with minimal documentation.
8. Axis eDGE reward points on every transaction.

Axis Bank Personal Loan Eligibility Criteria

You have to cope with below depicted Axis Bank personal loan eligibility criteria to avail a personal loan with utmost ease:

• You must fall in the category of salaried employees:
  – Salaried doctors
  – Employed in public or private LTD. companies
  – Government employee
• Applicant must be at least 21 years old
• At the time of loan maturity, the applicant’s age should not be above 60 years.
• The applicant must have a net monthly income of INR 15,000

Factors Affecting Axis Bank Personal Loan Interest Rates

The interest rate has a considerable impact on the affordability of a personal loan. The higher the rate of interest, the greater the loan EMI. Many factors influence how the lender and individual banks adjust Axis Bank interest rate for various people. These are the considerations that banks make before making a decision:

Income

One of the most important elements that determines the outcome of your loan application is your income. As the bank must be certain that you will be able to repay the loan, the higher your salary, the more the bank will trust you and the lower the interest rate charged.

Credit History 

Before approving your loan application, banks or NBFCs look at your CIBIL score. Your credit score is a three-digit number that represents your creditworthiness. A good credit score indicates that you are responsible with your money and will be able to pay back your debts on time.

Reputation of the Organisation

A bank’s interest rate will be lower for salaried employees who work for a reputable company. They are thought to have a solid job and will be able to pay their bills on time.

Payment History of Loans

Before settling on an interest rate, banks will look at your payment history as well as your CIBIL score. You will most likely be charged a lesser interest rate if you have been consistent with your payments. Customers that have not defaulted in the previous 12 months are preferred by most banks. Banks typically reject most loan applications or charge exorbitant interest rates submitted by applicants who have a defaulter repayment record.

Relationship with the Bank

You are considered a loyal customer if you have availed multiple products or have multiple accounts with your bank. This dedication fosters a personal relationship with your bank which might help you qualify for low-interest Axis Bank personal loans.

Axis Bank Fees and Charges

Axis Bank Personal Loan Interest Rates

Axis Bank personal loan interest rate begins from 10.25 percent per annum. The applicable interest rate is determined based upon certain factors such as credit score, applicant’s age, financial stability, income, job profile, repayment history, and much more. Following table depicts the Axis Bank personal loan interest rate for 36 month of repayment tenure:

Documents Required for Axis Bank Personal Loan

You need to be prepared with following documents beforehand to access the uninterrupted personal loan application procedure:

1. Duly filled personal loan application form
2. KYC Documents
3. Loan Agreement (duly signed)
4. Standing Instruction (SI) Request and ECS Forms

KYC Documents

Documents for Age Proof

Signature Proof

Income Proof

How Does the EMI Calculation Work for Axis Bank Personal Loans?

You can count on a personal loan EMI calculator to compute values in fraction of seconds. You just need to choose three values by scrolling the bar from left to right. These are

The Equated Monthly Instalment will be shown on the screen outright in INR.