What is Axis Bank Personal Loan
Personal Loan is an instant finance option. It can be utilized for any purpose of the borrowers choice like buying an expensive sound system for your home theatre or even paying off your unpaid debt bills, and it also categorized as a secured loan, so you do not have to pledge anything against the loan that’s why it has very minimal documentation, and it can be availed in no time at all.
Axis Bank Personal Loan Interest Rate
The interest rates of Personal Loan depends upon the company’s profile, the salary of a person, and his CIBIL score. It starts at 10.75% per annum.
More About: Personal Loan
Features of Axis Bank Personal Loan
- First of all, A personal loan comes under unsecured loans.
- Secondly, The loan amount depends upon the income and repayment capacity of the person.
- A personal loan is a short tenure loan.
- Also, It is a multi-purpose loan that can be used for any purpose as the borrower requires.
- Most Importantly, No collateral is required.
Eligibility Criteria of Axis Bank Personal Loan
Not everyone can avail a personal loan as there is a risk of nonpayment. There are specific rules based on which an NBFC or bank provides a personal loan.
There are two categories of applicants:
- First, Salaried
- Second, Self-employed
There are different rules for both.
- The applicant must not be less than 21 years.
- And, If the borrower stays in a metropolitan city, then his minimum income should be Rs 18,000. And if the person belongs to a non-metropolitan city, his minimum salary should be Rs 12,000.
- The borrower must be a working professional from the last 3 years, and the salary should be deposited to his bank only.
- If the person wants to avail a personal loan, then he should have a good credit history.
- Firstly, the applicant must not be less than 25 years.
- Most noteworthy, The applicant should have been filing his ITR for the last three years.
- Thirdly, the applicant should have a good credit score, with no debt left due.
- After that, the minimum ITR filed should be at least 2.5 lakhs per annum.
Axis Bank Personal Loan Documentation
- First of all, Identity proof (Passport/ voter card/ driving license/ aadhar card)
- Secondly, Residence proof (passport/ voter card/ driving license/ ration card/ aadhar card). If the borrower is residing in a rented apartment, then he has to submit his rental agreement and electricity bill which has to be on the name of the applicant and the address of the owner.
- Thirdly, the PAN card of the applicant has to be submitted under KYC formality.
- After that, If the applicant is a salaried one, then he has to submit his salary slip of the last three months and the bank statement of the previous six months.
- Also, If the applicant is self-employed, then, he has to submit the ITR of the last three years, and registration of their business should be done.
- Two passport size colored photos.
How to apply for Axis Bank Personal Loan?
- Firstly, visit www.bookmyloans.in
- Secondly, fill the application form for the personal loan.
- After that, You will get a callback and will be given guidance.
- Finally, If you are eligible, then your loan will get approved in no time.
Tenure for Axis Bank Personal Loan
The tenure of personal loan is from 1 year to 5 years.
About Axis Bank Personal Loan
Axis bank is one of the leading private sector banks in the country, and it was founded in 1993. It offers different types of financial assistance to its customers.
Personal Loan Interest Rates: Updated
|HDFC Bank||10.99% to 18%|
|ICICI Bank||13.99% to 18%|
|Fullerton India||17.25% to 32%|
|Bajaj Finserv||13.99% to 16.75%|
|Axis Bank||15.50% to 24%|
|Standard Chartered Bank||15.75% to 22%|
|Kotak Mahindra Bank||13.75% to 19%|
|Andhra Bank||13.50% to 22%|
|Bank of Baroda||13.50% to 19%|
|Vijaya Bank||13.75% to 22%|
|Corporation Bank||14.50% to 20%|
|Allahabad Bank||13.70% to 20%|
|Tata Capital||11.75% to 18.00%|