Axis Bank Personal Loan Eligibility
Introduction – Axis Bank Personal Loan Eligibility
Fulfill all your personal finance needs by acquiring Axis Bank Personal loan. Axis Bank is one of the prominent Indian banks that ensures different financial products at convenient interest rates and early disbursal facilities. Use a personal loan EMI calculator and calculate your monthly payable EMIs.
Personal expenditures like home renovation, weddings, vacations, etc can get fulfilled if planning to acquire Axis Bank personal loan. Personal loans are collateral-free, and one can also negotiate on interest rates if having a high credit score. Before seeking Axis Bank Personal loan approval, ensure you are eligible with the criteria discussed below. Also you Check Yes bank Eligibility
Eligibility Required – To acquire Axis Personal Loan
Axis Bank assures personal loans to salaried employees and other working professionals such as Doctors, CAs, Architects etc. Axis Bank has a set of eligibility criteria. Every individual or non-individual that needs a personal loan must fulfil the criteria mentioned below.
21- 60 Years
Minimum 15,000 Per month
Total 2 years in employment (Salaried)
Vary from profession to profession (Working professionals)
10.49 – 22%
INR 50,000 -INR 15 Lakhs
|700 or above|
Upto 5 years
Upto 2%+ GST applicable
Who is eligible to apply? – Axis Personal Loan
Salaried employees and professionals can take Axis Bank Personal loans facility. The loan eligibility is assessed on the basis of the applicant’s repayment capacity.
|Public sector Undertakings|
Private ltd co
Public ltd co
Documents required: Axis Personal Loan
General and minimal documents are required to secure personal loans from Axis banks. The listed documents are specified below.
- Duly filled Application form
- Address Proof – Electricity bill, Driving license
- Identity Proof – Voter ID, Aadhar card, PAN card
- Statement of Bank Account – Last 3 months
- Latest Salary slips/ Salary certificate/ Income statement / ITR – FORM – 16
(Note: Visit the Axis Bank’s official website or nearest branch for genuine information)
Check in free Axis Bank Personal loan EMI Calculator.
How to increase your chances of getting an Axis Bank personal loan?
There are certain proven ways to improve your chances of securing an Axis Bank personal loan. Here are some of the useful measures to follow.
Just like any other loan, a high credit score has the potential to approve a personal loan at a low-interest rate and ensures early disbursal of the loan amount. Axis Bank measures the applicant’s creditworthiness based on his credit number, which ranges from 300-900. The closeness to 300 will never let to have a personal loan.
The minimum credit score of 700 is must required and is non-negotiable. For the applicant whose score gets close to 900, it gets extremely easy for one to secure personal loans at less interest rate. One can also negotiate on the one-time processing fee charged.
If you have the potential to raise your income and reduce debts/liabilities, there will be a considerable decline in your Debt-to-income ratio. A reduction in the ratio will increase your chances of securing a personal loan. Axis Bank officials pay keen attention to the debt-to-income ratio of the applicant. The ratio specifies the debt you possess, while a lower ratio indicates lower debt at present.
Higher-income or growth in income depicts increased chances of getting personal loan approval. Although Axis Bank offers 24×7 access to get instant funds and pre-qualified customers will get chances to enjoy instant disbursals. The amount in Axis personal loan products ranges from INR 50,000 to INR. 25 Lakhs. In case the income graph of the applicant increase, then it possesses an increased chance of getting a higher sanctioning amount. Higher income reflects the improved creditworthiness of the applicant and decreased chances of repayment failure.
Adding a co-applicant to the personal loan application is beneficial to those individuals who have poor credit scores. As we know that credit score is highly paramount when it comes to availing credit facilities, and Axis Bank won’t compromise on it. The co-applicant or the co-signer acts as the supporting segment in the deal. The co-person has an equal stake in the debt repayment also, it improves the loan eligibility and will increase creditworthiness in the lender’s eyes.
The current/existing liabilities do play a significant role in the approval or disapproval of the personal loan application. More debts or ongoing EMIs may let delay or disapproval in the personal loan application. The reason why banks doubt applicants with debts as it is riskier to lend them more credit as they are in the middle of paying previous liabilities. Thus make sure whenever you apply for an Axis Personal loan, you have no other debt pending.
Frequently Asked Questions: Axis Bank Personal Loan
Q.1 What is an Axis 24 x 7 Personal loan?
It’s a personal loan facility offered by Axis Bank to its customers to have instant access to credit funds any time of any day. One can even enjoy immediate disbursal.
Q.2 How much personal loan can one get from Axis Bank?
Axis Bank offers an instant personal loan facility of upto INR 40 lakhs with a tenure of upto 60 months.
Q.3 How much time does it take to get a personal loan from Axis Bank?
It takes a maximum of 3 days to get sanctioned from Axis Bank in a personal loan application if one meets the eligibility criteria with all the supporting documents.
Q.4 How can I track my personal loan application?
One can contact bank officials or download Axis Bank Application to track personal loan applications.
Q.5 What is the maximum repayment tenure offered in Axis personal loans?
The repayment tenure in Axis personal loan goes upto 60 months or 5 years.
Q.6 How to early close Axis 24 x 7 personal loan?
Once the applicant has cleared all the dues, submit the closure application at the nearest Axis Bank branch, and then the processing will start.
Q.7 What is the minimum credit score required for Axis Bank personal loan?
A credit score of 700 or above is required for Axis Bank personal loan.
Q.8 What are the different ways to repay Axis Bank EMIs?
To repay 24 x 7 personal loans, there are 3 following ways, namely-
- Standing Instruction (SI)
- Electronic clearing service (ECS)
- Post-dated cheques (PDCs)