Axis Bank Small Personal Loan

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Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Axis Bank offers an instant personal loan service with a maximum loan amount of Rs. 40 Lakhs. These loans have a tenure range from 12 to 84 months and interest rates starting from 10.65% per annum. These loans can be used for various purposes, such as consolidating debt or covering unexpected expenses like medical bills or car repairs. In this comprehensive guide, we will learn about Axis Bank Small Personal Loans Online from eligibility criteria and features to the documentation required.

Features of Axis Bank Small Instant Loans

The features of Axis Bank’s Instant Personal Loan include:

Maximum Loan Amount: Up to Rs. 40 Lakhs.
Loan Tenure: Ranges from 12 to 84 months.
Processing Fees: Up to 2% of the loan amount plus GST.
Documentation: No documents are required for pre-approved loans. For non-pre-approved loans, the last 3 months’ bank statements, 2 latest salary slips, and KYC documents are needed.
Quick Approval: Approval is based on the customer’s income/salary statement and credit score, making the process quick and efficient.
No Collateral: These loans do not require any collateral or security.
Flexible Repayment Options: There are flexible terms for repaying the loan.
Convenience: Loans can be availed online or at bank branches with minimal documentation.
Transparency: The terms and conditions of the loan are clear and easy to understand.

Interest Rates of Axis Bank Small Personal Loans

Loan Type	Interest Rate
Axis Bank Small Personal Loan	10.65% onwards

Axis Bank Small Personal Loans Eligibility

The eligibility criteria for an Axis Bank Personal Loan are as follows:

Salaried Individuals: This includes salaried doctors, employees of public and private limited companies, and government sector employees, including those working in Public Sector Undertakings and Central and Local bodies.
Age Requirements: Applicants must be at least 21 years old at the time of loan application and not more than 60 years old at the time of loan maturity.
Minimum Income: The minimum net monthly income required to be eligible for the loan is Rs. 15,000.

Documents Required for Axis Bank Instant Small Loans

To apply for a small personal loan from Axis Bank, you’ll need to fill out and sign the loan application form. For identity verification, provide any valid KYC document such as a passport, driver’s license, Aadhaar card, voter’s ID, NREGA job card, or a letter from the National Population Register. Additionally, submit proof of your date of birth, which can be a passport, PAN card, Aadhaar card, driving license, birth certificate, or school leaving certificate.

To validate your signature, offer a passport, PAN card, or banker’s verification. Ensure to sign the loan agreement, provide standing instruction or ECS forms, attach your latest passport-sized photograph, and self-attest all documents.

Why go for an Axis Bank Mini Personal Loans?

Opting for an Axis Bank Small Personal Loan offers several advantages. It provides convenience through an easy online application process and quick fund disbursement, making it ideal for urgent financial needs. The loans are flexible, with varying amounts and repayment terms to suit different needs. They feature competitive interest rates, making them more affordable. The process involves minimal documentation, which streamlines the application. Importantly, these loans are unsecured, so no collateral is required. Quick processing ensures timely access to funds. Additionally, timely repayment of these loans can help improve your credit score. The loans can be used for multiple personal needs, ranging from travel to home renovation, offering a versatile financial solution.

How to Apply For Small Personal Loans Online

Here’s an easy method to apply for an Axis Bank Small Personal Loan online:

Visit the Urban Money website.
From the navigation menu, go to the ‘Personal Loans’ and select the Axis Bank Personal Loan option.
Fill in the required personal details.
Once your information is verified, a representative from Axis Bank will get in touch with you.
Get assistance to finalise your application for a small personal loan.

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Frequently Asked Question (FAQs)

How to get an Axis Bank Small Personal Loan urgently?

To obtain an Axis Bank Small Personal Loan urgently, apply online through the Axis Bank website or mobile app. Ensure you have all necessary documents ready for a quick process. The bank’s efficient verification and approval system can expedite the loan sanctioning, making it suitable for urgent financial needs.

How can I use an Axis Bank small personal loan to consolidate debt?

You can use an Axis Bank small personal loan to consolidate debt by applying for a loan amount sufficient to cover your existing debts. Once approved, use the funds to pay off multiple debts, effectively consolidating them into a single loan with potentially lower interest rates and a more manageable repayment structure.

How can I use a small personal loan?

A small personal loan can be used for various purposes like medical emergencies, home renovation, travel expenses, wedding costs, or even for purchasing gadgets. Its flexibility allows it to cater to a wide range of personal financial needs.

What are the risks of taking out an Axis Bank small personal loan?

The risks include potential financial strain due to repayment obligations, the impact on credit scores if repayments are missed, and the accumulation of additional debt if not managed properly. It’s important to assess your repayment capacity before taking out a loan to mitigate these risks.