Axis Bank Personal Loan
What is a personal loan?
A personal loan is a simple short-term loan which could come handy during times of emergency like a sudden loss of job, to fund a wedding or higher education, to revitalize your business or to even cater to personal needs. Added benefit of a personal loan is that you won't be required to pledge any form of collateral or security.
A personal loan has several advantages including relatively simple documentation, no need for collateral, and no restrictions on how you use the money.
However, there is a downside—a personal loan is one of costliest loans in the market as it comes with high interest rates. This can be attributed to the fact it is an unsecured loan and the lender charges high interest rates to safeguard their money against potential default.
Axis Bank Personal Loan Application
Most lenders, including Axis Bank, offer personal loans whose process is simple and hassle free, so much so, that you can walk into your nearest lender's branch, and walk out with a personal loan.
Following is some of the key features of a Personal Loan:
• Short-term loans for salaried & self-employed individuals.
• Simple documentation, and quick processing
• Over-the-counter loans with leading banks like Axis subject to certain conditions
• Flexible tenure—choose from tenures ranging from 1 to 5 years
• No collateral, security or guarantor required
• Special offers for professionals like doctors, chartered accountants, company secretaries and existing users etc. depending on the Axis Bank policies.
• Apply Online
Process of applying for a personal loan
Once you have decided that you need a personal loan, obtain a copy of your credit report from the Credit Bureaus. Typically, you need to have a credit score of 750 and above to qualify for a low interest personal loan. A credit score of 750 or above is considered good, although you may be accepted for a loan below that score too, albeit at very unattractive terms like a high interest rate.
If your credit score is low, make a commitment to improve it. It can take anywhere from a couple of months to a year to improve your credit score, depending on the severity of your credit situation.
Documents required for personal loan
The documents required to apply for an Axis Bank personal loan are
• Duly filled Axis Bank personal loan application
• Proof of age
• ID Proof
• Proof of Address
• Bank Statement
How to Check Axis Bank Personal Loan Application Status?
If you have applied for a personal loan with Axis Bank, then there are a couple of ways you could check your Axis bank personal loan application status.
• Online: You can log on to the bank's website and enter your Application number on their Personal loan tracking page. The result will be displayed to you.
• Call the customer care: You can also call the customer care to check your personal loan application status. Keep your Application number handy as you will need to quote it.
Apply for a personal loan with Creditmantri
You can check your eligibility and apply for a personal loan by signing up with CreditMantri and get the best offers on personal loans and credit cards.
It is quick, simple and above all, free.