About Axis Bank Personal Loan
It is difficult to keep pace with the technological advancement in this everyday changing world. The expenses of gadgets are so high that we sometimes can’t afford to upgrade them. Axis Bank Personal Loan is a financial help provided by the Axis bank. Be it buying an expensive laptop or a big flat screen for your entertainment, Axis Bank has got it all covered with its personal loan.
A Axis Personal Loan is an unsecured loan, that is you do not have to mortgage any collateral with the bank. Axis Personal Loan can be used for any purpose of the borrower, be it using for his/her previous debt payment or going on a vacation abroad. There is only a minimal paperwork required. It is a hassle-free loan with quick disbursal of finances to the borrower.
|Axis Bank Personal Loan at a Glance|
|Interest Rate||Starts at 12%|
|Lowest EMI per Lakh||₹2224 for a tenure of 60 months|
|Tenure||12 to 36 months|
|Processing Fee||2% + GST|
|Prepayment Charges||Up to 4%|
Why Should You Apply for Axis Bank Personal Loan?
Axis Bank is one of the leading and trusted commercial banks in the country. Axis Bank Personal Loan has plenty of benefits. Axis Personal Loan helps you to fulfill your desires by sanctioning the amount you require. There are many easy repayment options which the borrower can choose according to his/her convenience. Following are the reasons to apply for a personal loan.
- To pay off all your medical expenses.
- To pay off your previous unpaid debts.
- For fulfilling your personal goals.
- It also helps you to improve your credit score.
- Axis Personal Loan provides for online net banking.
Axis Bank Personal Loan Eligibility
There are some criteria which the applicant needs to fulfill to avail Axis Personal Loan such as credit score, monthly income, your previously availed loans, repayment capability, etc. There are two categories of applicants.
- Salaried Applicant
- Self-employed Applicant
There are different eligibility criteria for both.
Axis Bank Personal Loan : Salaried Applicant
- Firstly, the minimum age of the Applicant should be 21 years and maximum of 60 years.
- If the applicant is residing in a metropolitan city, then he/she should have a minimum income of Rs 18,000. And if the person is from a non-metropolitan city, then they should have a minimum salary of Rs 12,000.
- Furthermore, the applicant should have a work experience of at least three years, and the salary should get deposited in their bank account only.
- Also, the applicant should have a good credit score, and it should be more than 700.
- Furthermore, the applicant has to submit their bank statement of the last three months and the salary slip of the last six months.
Click to know more about Salaried Applicant
Axis Bank Personal Loan : Self-Employed Applicant
- Firstly, the minimum age of the Applicant should be 25 years and maximum of 65 years.
- Secondly, the applicant should have filed the ITR for the last three consecutive years.
- The credit score of the applicant should be good, and no previous debt should be left due.
- The ITR filed should be of Rs 2.5 lakhs per annum at least.
Click to know more about Self-employed Applicant
Axis Bank Personal Loan Documents
Documentation for Personal Loans may vary according to the profiles. Before issuing loan, the banks ensure the repayment capacity of the borrower. The Axis Personal Loan documents will be different for salaried and self-employed applicants. Before applying for a personal loan, check your eligibility and documentation. Apply now and get quick approval.
- Identity proof (Passport/Id card/voter card/driving license/Aadhar Card) It can be any one of these.
- Residence proof (Passport/Id card/voter card/driving license/Ration Card/Aadhar Card). And if the applicant is living in a rented apartment, then they have to submit their rental agreement, electricity bill which has to be in the name of the applicant and the address of the owner.
- The applicant has to submit their PAN card which is an essential document under the KYC norms.
- If the applicant is a salaried one, then they have to submit their salary slip of the last three months and the bank statements of the last six months.
- And if the applicant is a self-employed then they have to submit the ITR of the last three years and registration of their business should be done.
- Two passport size colored photos.
Self Employed People
Last 3 months salary slips & last 6 months bank statement
ITR of minimum 2.5 lakhs for last 3 years
Identity Proof: Aadhaar Card/Pan Card/Voter Id/ Driving License/ Passport
Address Proof: Aadhaar Card/Pan Card/Voter Id /Passport/Driver License and if the person is living in a rented apartment then rental agreement, electricity & water bill and owner’s address
Two colored photographs
PAN Card photocopy
Axis Bank Personal Loan Interest Rates
Axis Personal Loan is an instant finance provided by the bank to the borrower. The borrower can avail personal loan from any lending institution, be it a private sector bank or a government sector bank. Personal loan interest rates vary according to the banks and customer’s profile. Some Institutions provide special offers to their regular or internal customers like affordable interest rates, low processing fee, affordable EMIs and long tenure period.
Click to know more about Interest Rates on Personal Loan
Axis Bank Personal Loan Tenure
The tenure of the personal loan is from 1 year to 5 years. The borrower can choose the duration according to their comfort.
Click to know more about EMI Calculator
Axis Bank Personal Loan Features
- Firstly, the loan is given without any collateral. A personal loan is an unsecured loan, which means banks don’t ask for any security from the borrower.
- Secondly, there is minimal documentation with a quick process.
- It is easily sanctioned within 48-72 hours without any hassle.
- A personal loan can be used for various purposes like, paying previous bills, house renovation etc.
- The loan is directly given to the borrower without the involvement of the third party. It is a relationship between the borrower and the lender.
- Getting a personal loan is a hassle-free process. Online loan portals have made it even more convenient and easy for the customers. You can get the loan amount in your account without stepping out of your place.
Axis Bank Personal Loan Benefits
- First of all, the Axis Bank Personal Loan is easily accessible. You can apply online for a personal loan online anywhere in India.
- Secondly, the rate of interest in Axis bank personal loan is very reasonable; a person can easily afford it.
- The bank is well known in the country, you can easily trust the bank and its terms and conditions.
- The documentation process is very easy and simple in the Axis bank personal loan.
- If you are eligible, your loan gets sanctioned within a day.
- After the approval of your loan, the process of loan disbursal is very quick.
- You can use the loan amount according to your wish; the bank would not ask you the reason.
- The most important thing is that a personal loan is an unsecured loan, so there is no need for collateral.
- Lastly, there is no need of any guarantor.
How to Apply for Axis Bank Personal Loan?
- You will have to visit www.dialabank.com.
- Go to the loan section and click on the personal loan link.
- The applicant will get all the details of the Personal Loan where they can read and understand more about the loan.
Why Dialabank for Axis Bank Personal Loan?
- We do not charge any extra fees from our customers.
- Get advice and guidance from the experts.
- The process is time saving if you apply through dialabank.
- The Loan gets disbursed in no time at all.
FAQs About Axis Bank Personal Loan
1. What is Axis Bank personal loan?
A personal loan is your answer to every financial situation that may come knocking at your door. Axis Bank, one of the leading private sector banks in India provides you with instant and hassle-free personal loans that come with zero foreclosure charges. You can use Axis Bank personal loan for a variety of your financial needs. The minimum loan amount that can be availed starts at ₹50,000 and go to a maximum of ₹15 lakhs.
2. How does Axis Bank personal loan work?
The best thing about a personal loan is that you do not need to provide any security to avail of a loan. Your eligibility is decided on the basis of your monthly income and credit history. You can apply for Axis Bank personal loan and meet all your financial needs by simply visiting the nearest branch with your documents and applying for the same. After verification of your eligibility, you will be given the loan amount at an interest rate as applicable. The repayment of your loan will comprise of monthly installments, EMIs.
3. What is personal loan rate of interest in Axis Bank?
The rate of interest for a personal loan in Axis Bank starts at 12% per annum and is a maximum of 24% per annum. The rate of interest depends on your credit score, loan amount, loan tenure, company’s profile, and your relationship with the bank.
4. What is the procedure of personal loan in Axis Bank?
Before applying for a personal loan you shall always evaluate your needs and know the exact loan amount that you will require. You shall also evaluate and calculate your existing expenses to understand the additional burden that EMIs will put on you.
After this initial consideration on your part you can simply walk into the nearest branch with your documents and submit them with banker. Once approved and verified, your loan process will start and upon completion the funds will be transferred to your bank account. You can then use this amount to fulfill all your financial needs.
5. How can I get Axis Bank personal loan?
You can easily get a personal loan from Axis Bank by visiting their branch with your KYC documents and income proof. The banker will verify them and check your CIBIL score to either approve or reject your loan application. Once approved, you will get the loan amount in your bank account which can be used for any personal financial need.
6. How to apply for personal loan in Axis Bank?
You can apply for Axis Bank personal loan in a number of ways, you can either visit the nearest branch with your documents and apply for a personal loan or you can simply relax back at your home and apply online with Dialabank to avail personalized assistance and other benefits.
7. Why apply for Axis Bank personal loan?
Axis Bank is one of the leading private sector banks in India. They provide instant personal loans to meet all your urgent financial needs. The documentation process is quite hassle-free and you are not required to pay any foreclosure charges if you decide to pre-close your loan.
8. How much EMI on Axis Bank personal loan?
Axis Bank personal loan EMI is an equated monthly installment that comprises of your principal amount and interest as payable. The lowest EMI per lakh for a 60 months loan tenure in Axis Bank starts at ₹2224. Your EMI varies depending on your loan tenure, loan amount, and rate of interest.
9. How much CIBIL score required for Axis Bank personal loan?
Your chances of getting an Axis Bank personal loan are high if your CIBIL score is in excess of 750. The bank may still consider your application if you have a score between 700-750 but might charge you a higher interest rate. It is always a good practice to regularly check your credit report and improve your score.
10. Minimum credit score needed for Axis Bank personal loan?
Credit score determines your worthiness to avail a loan and an estimate of your repayment abilities. Banks require you to have a credit score of at least 700 or greater to consider your application for approval.
11. How to calculate Axis Bank personal loan EMI?
You can easily use any EMI calculator present on the internet to calculate an estimated monthly installment based on just three parameters, your loan amount, loan tenure, and rate of interest. You can also visit Dialabank’s digital platform and use our EMI calculator for this purpose and simultaneously check offers from different banks and finance companies across India.
12. What can I use Axis Bank personal loan for?
Whatever your financial needs may be, Axis Bank personal loan can be used to fulfill them. A wedding, a vacation, an event, bills and expenses, repair and renovation, payment of other loans, and etc.
13. Can I prepay Axis Bank personal loan?
Yes, you can easily prepay your Axis Bank personal loan by applying for the same at your loan branch. Axis Bank does not charge you any foreclosure fees.
14. How to prepay Axis Bank personal loan?
Once you have enough funds to repay the entire loan amount you can simply visit the Axis Bank branch and apply for preclosure of your loan. Axis Bank charges zero foreclosure fees and the process to pre-close your loan is also easy and hassle-free.
15. How to repay Axis Bank personal loan online?
You can easily make online payments towards your Axis Bank personal loan through net-banking by visiting the online portal of Axis Bank.
16. What documents are needed for Axis Bank personal loan?
You will need your basic KYC documents like Aadhar Card, PAN Card, Voter ID, and income proofs like a bank statement and salary slip along with a duly filled in and signed application form.
Table of Contents
- 1 About Axis Bank Personal Loan
- 2 Why Should You Apply for Axis Bank Personal Loan?
- 3 Axis Bank Personal Loan Eligibility
- 4 Axis Bank Personal Loan Documents
- 5 Axis Bank Personal Loan Interest Rates
- 6 Axis Bank Personal Loan Tenure
- 7 Axis Bank Personal Loan Features
- 8 Axis Bank Personal Loan Benefits
- 9 How to Apply for Axis Bank Personal Loan?
- 10 Why Dialabank for Axis Bank Personal Loan?
- 11 FAQs About Axis Bank Personal Loan
- 11.1 1. What is Axis Bank personal loan?
- 11.2 2. How does Axis Bank personal loan work?
- 11.3 3. What is personal loan rate of interest in Axis Bank?
- 11.4 4. What is the procedure of personal loan in Axis Bank?
- 11.5 5. How can I get Axis Bank personal loan?
- 11.6 6. How to apply for personal loan in Axis Bank?
- 11.7 7. Why apply for Axis Bank personal loan?
- 11.8 8. How much EMI on Axis Bank personal loan?
- 11.9 9. How much CIBIL score required for Axis Bank personal loan?
- 11.10 10. Minimum credit score needed for Axis Bank personal loan?
- 11.11 11. How to calculate Axis Bank personal loan EMI?
- 11.12 12. What can I use Axis Bank personal loan for?
- 11.13 13. Can I prepay Axis Bank personal loan?
- 11.14 14. How to prepay Axis Bank personal loan?
- 11.15 15. How to repay Axis Bank personal loan online?
- 11.16 16. What documents are needed for Axis Bank personal loan?