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Eligibility Criteria for Axis Bank Personal Loans

Axis Bank Personal Loan Eligibility

Axis bank personal loan allows you to easily afford a vacation which you would have been planning for or the home renovation expenditure which would otherwise be unaffordable for you. You can also make use of the Personal Loan EMI Calculator for calculating monthly instalments before applying for a loan and estimate the exact monthly payments which you will have to make after availing of the loan.

FeaturesDetails

Interest Rate

12.00% - 24.00%

Loan Amount

Rs. 50,000 – Rs. 15 Lakhs

Tenure

12 to 60 Months

Processing Fees

1.50% to 2.00% of the loan amount + GST

Prepayment Charges

NIL

Security

Not Required

What is a Personal Loan?

A personal loan is an unsecured loan that comes without the need for any collateral for availing the loan. Most banks and Non-Banking Financial Companies (NBFCs) offer personal loans in India. Since this is an unsecured loan, it is considered to be a high-risk loan. Thus, the interest rates applicable to personal loans can be significantly higher than secured loans. However, since an unsecured personal can be used for various purposes, it is ideal for immediate financial needs such as medical emergencies, travel etc.,

Different banks and financial institutions have different eligibility criteria for a personal loan. An applicant must qualify as per the criteria to be eligible to apply for a personal loan. This is why it is important to know the eligibility criteria and also the different factors which affect loan application. If an applicant is aware of the criteria before the application, he/she can avoid any chances of being rejected by the bank. This will save the applicant from having an adverse credit score.

What is Personal Loan Eligibility?

Most banks lay out strict eligibility criteria depending on the applicant’s age, salary, residing location, employment factors, credit score, etc. An ideal customer for any bank would be a person who has a credit score of at least 750. This reflects that the individual is reliable and poses the least risk of default. The lender will also tag maximum and minimum loan amount eligibility based on an applicant’s repayment capacity. This is calculated based on one’s disposable income.

Who can take a Personal Loan?

  • Salaried Employees
  • Doctors
  • Employees working in public and private limited companies
  • Government sector employees including Public Sector Undertakings, Central and Local bodies
  • The minimum age should be 21 years and a maximum of 60 years at the time of maturity of the Personal Loan
  • Minimum monthly income – Rs. 15,000

Document required for Salaried Personal loans

  • Duly filled application form
  • KYC documents
  • Loan Agreement duly signed and Standing Instruction (SI) Request / ECS Forms

How to Improve Your Chances of Getting an Axis Bank Personal Loan?

If you are looking to improve your chances of easily getting an Axis bank personal loan, here are some useful tips to follow:

  • Improved credit history– Axis bank focuses on your credit score as it is a crucial indicator of your debt-handling history and habits. Thus, while applying for a personal loan, make sure that you have a good credit score. If you have a poor credit score, work towards improving it and focus on areas that can help in improving your credit score. Increasing your credit limit, making EMI payments on time, and keeping a healthy mix of secured and unsecured loans within your portfolio are smart ways of improving your credit score.
  • Better debt to income ratio – If you can increase your income and minimise your debt levels, there can be a substantial reduction in your debt-to-income ratio. Axis bank focuses on this ratio of any borrower before lending a personal loan. A lower ratio indicates that you have lower debts at present. This allows you to easily get a personal loan at reasonable interest rates.
  • Include a co-applicant – If your credit score is poor, it is important to get a co-applicant added (who has a better credit history and higher income) for improving the chances of the personal loan application being approved. If there is a co-signor with an equal stake in the debt repayment, it makes for a great option of improving your loan eligibility in the eyes of Axis bank.

FAQ for Axis Bank Personal Loan Eligibility

1. What is the eligibility for a personal loan in Axis Bank?

Here are some of the basic eligibility criteria set by Axis bank for a personal loan:

  • Applicant must be a salaried individual
  • Applicant Age should be between 21 - 60 years
  • Minimum Income should be Rs. 25,000 per month
  • The maximum loan amount is 15x of the monthly income

2. What is the maximum loan amount that I can get from Axis bank?

You can get a Personal Loan of a minimum of Rs. 50,000 and a maximum of Rs. 15,00,000. The bank requires minimal documentation and has a speedy approval process. You can also transfer your existing high-interest personal loan easily to Axis bank.

3. What is personal loan eligibility?

Personal loan eligibility comes in the form of a set of rules laid out by the bank for individual applicants to qualify for a personal loan. If an applicant meets all the criteria, he/she will be considered eligible for a personal loan.

4. How do I use a personal loan eligibility calculator?

For using a personal loan eligibility calculator, you must first enter your total monthly income, total liabilities and your correct age. Your income and liabilities put together will determine your repayment capacity and thereby your eligibility. In case your existing liabilities are reasonable, you can be eligible for a larger loan amount. On the other hand, if your existing liabilities are larger, your loan eligibility chances may be limited.

5. How will my total income affect my loan eligibility?

Your net monthly income, excluding one-time bonuses, when combined with existing EMIs will determine your loan eligibility. You have to key in these details to know your eligibility.

6. How will my age affect personal loan eligibility at Axis bank?

In case you are nearing retirement, you might not be eligible for a long-term loan since the maximum age at maturity for any personal loan is 60 years.

7. Why should I opt for Axis bank’s personal loan?

Axis Bank provides personal loans starting from Rs 15,000 to Rs 15 lakhs, with minimal documentation and speedy approval. These benefits make Axis Bank Personal Loans an attractive financing option to meet your various needs. Additionally, existing Axis Bank Salary Account holders can avail further benefits on loan disbursal. Take a personal loan from Axis Bank and fulfil your dreams.

8. Will my credit score affect my chances of getting a personal loan from Axis Bank?

Yes, your credit score will impact your chances of getting a personal loan from Axis bank. A good score is an indicator of a good repayment record. The minimum credit score for a personal loan is 650 and above.

9. Do I need a guarantor before applying for a Personal Loan from Axis Bank?

A personal loan is an unsecured loan and hence the bank may ask for a guarantor. However, if your credit score is good and you have no default history, then you may not need a guarantor to get a personal loan from Axis Bank.

10. What is the minimum loan amount that is offered by Axis Bank to pensioners?

The bank offers pensioners a minimum loan amount of Rs. 25,000.

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