A personal loan is considered among the best ways to meet cash requirements. Whatever you wish to, whether remodeling the home, go for a holiday or consolidate the credit card bill, everything can be done by a personal loan. It is great to support during the financial urgencies. A personal loan is a collateral-free loan means you are not required to give up anything against the loan amount. Axis Bank is one of the reputed names in the financial industry. It offers a wide range of financial products and personal loan is the most preferred one. The loan processing is fast and simple. You can acquire the benefits of Axis Bank personal loan through easy and quick loan processing in short span.
Benefits of Axis Bank Personal Loan
Axis bank is a home name in India. It has spread its presence in almost every part of the nation to reach its customers. India. You can apply for a personal loan by simply visiting the branch or through the online loan application process. With a dominant market presence, Axis Bank is among the most trusted banks of the present financial industry in India.
A personal loan from Axis bank can act as a good monetary help while facing the urgencies or emergencies as well as to fulfill your dreams. There are an ample number of benefits that you can enjoy if you go for an Axis bank personal loan.
Some of them has been mentioned below, have a look of them:
- Fast Documentation: Axis bank personal loan is known for its fast and minimal documentation. The loan approval process takes very little time, especially in the online process. Axis Bank team is so efficient that it includes a short period in the loan sanctioned procedure.
- 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.
- 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 a borrower meets all the eligibility criteria and has accurate documents, then he/she can even get the loan sanctioned within one business day. Getting a personal loan from Axis bank is usually a matter of a few hours.
- 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. A borrower can redeem these accumulated points for over 500 rewards, shopping items, recharges, etc.
- 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.
- 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 loan.
Axis Bank Personal Loan Interest Rate
Axis Bank personal loan interest rate can vary by a variety of factors, like employment stability, repayment record, net annual income, credit history, debt-to-income ratio, etc.
Let have a quick look at some major factors that affect the personal loan interest rate:
- The loan amount as compared to the annual income: The loan amount is taken into consideration while deciding on the personal loan interest rate. If the loan amount is a small percentage of the net annual income, then the interest rate tends to be lower. Likewise, if the loan amount is of a high percentage than the annual income, then lenders might not be confident about the repayment capacity and might sanction the loan amount at comparatively high-interest rates.
- The credit history and credit score: Generally, lenders look into the borrowing history to evaluate an individual repayment ability. Since a personal loan is a collateral-free loan, lenders are particularly interested in knowing about the past credit behavior of the loan seeker. Usually, the higher the credit score, the better the interest rate is offered.
Tips for getting Axis Bank Personal Loan on Low-Interest Rate
Here are the few tips which may help you to get the personal loan at a low rate of interest.
- Relationship with Axis Bank
If you have an existing relationship with the lender, you may get some extra benefits like reduced interest rates on the personal loan.
- Loan Repayment Term
The loan repayment tenure plays a significant role in the interest rate offered by Axis Bank. If you opt for the short loan tenure, then usually the higher interest rate is charged in comparison to loans offered for longer tenures. Try to choose the long loan repayment term.
- Credit Score
To get a personal loan at the low-interest rate it is crucial to have a credit score of 750 or above. This is considered a good credit score and attracts a low-rate of interest on personal loans.
Why you should go online for Axis Bank Personal Loan?
- Easy to Access: With the advanced technology there will be hardly anything left that has not gone online. So, how can the Axis Bank leave behind? The Axis Bank personal loan is now can be availed easily by sitting at your home.
- Manage the Loan Online: Almost every lender facilitates borrowers with online personal loan management. With this, you can manage the tenure, interest rates, check the loan status, etc.
- 24*7 Service: The need for money does not come while watching times, it just emerges. Like there can be some medical emergency and you require urgent cash. Applying for an Axis Bank personal loan online can at least relax you with the quick money. There is no requirement to wait for the bank to open and sit for the process of the personal loan.
- It Saves Time: Can you think of the kind of time and efforts and the hassles you will be saved from if you apply online for a personal loan? conventional banking will take ages to give loan approval. Usually, they want quick cash and Axis Bank offers the same with perfection.
- Greater Convenience: Now you can apply for personal loans by few clicks with home comfort. Well, Axis Bank personal loan online services have made it possible; offering this great convenience of approving and availing the loan without personally visiting the bank branch. All are required to fill out the online loan application form, attach all the required documents, ensuring that you fit in Axis credit score eligibility criteria and its done. The loan amount may get approved within minutes without any fuss, mess, and hassles. It is as easy as it seems.
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.
- An applicant must have a minimum net monthly income of Rs. 15,000.
- The maximum age for being eligible for the personal loan from Axis bank is 60 years at the time of maturity of the Loan.
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.