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A credit score is a 3 digit number that represents the evaluation made on a person's capability to repay loan amounts and other debts. Credit bureaus like CIBIL™, Experian, Equifax, CRIF HighMark provide credit scores that are calculated based on their credit history. Having a good credit score is a must as banks and NBFCs provide you loans or any other form of credit based on your credit score. Lenders like Axis Bank may use any one or more of the bureau scores to approve or reject your personal loan.

You will experience a quick and a hassle-free personal loan approval process with Axis Bank if you have a minimum credit score of 750. With a good credit score, the loan amount approved is credited into your bank account in no time. A good credit score from any of the bureaus(CIBIL™/ Experian/ Equifax/ CRIF HighMark) also enables you to bargain for higher loan amounts and lower interest rates. If your credit score is below 750, you would have to reconsider applying because a loan rejection will bring down your score.

Axis Bank offers a minimum loan amount of Rs. 50,000 to a maximum amount of Rs. 15 lakhs. You will also choose a repayment term of 12 to 60 months. Having inaccurate data in your credit report is one of the reasons why loans get rejected. Past unresolved negative issues will bring down your credit score and it is important to resolve these issue to lead a credit healthy life

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