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Axis Bank requires the applicants to have a minimum CIBIL™ score of 750 or more to be eligible for its personal loans. A person having a credit score of lower than 750 up to 600 may still be eligible for the personal loan of the bank. However, the sanction of loans in such case may be at a higher rate of interest or a lower loan amount may be sanctioned.

If the CIBIL™ score of the applicant is lower than 600, the chances of rejection of loan application are extremely huge as the bank considers such applicants to be of high risk. This means that the risk of default in repaying the loan taken is considered to be high in such applicants.

Overview of Personal Loans from Axis Bank

Personal loans are unsecured loans that are sanctioned by the bank to eligible borrowers. These loans can be used for any general purpose of the borrower i.e. to meet their personal expenses like medical emergencies, travel, home repairs and renovation, wedding, education expenses, etc.

Axis Bank is one of the leading private sector banks in India. The bank has many national and international customers across the globe who rely on the bank for their day to day banking as well as the many other unique banking solutions provided by the bank. Axis Bank provides loan products of many types that are available for eligible applicants. The personal loans of the bank are among the popular loan products.

Axis Bank has set many eligibility criteria for the applicants to be eligible for these loans. These parameters include the

  • Category of applicants (salaried applicants – doctors, employees of public limited and private limited companies, government sector, PSUs, central and local bodies)
  • Age of the applicant (minimum 21 years, maximum 60 years at maturity of personal loan)
  • Net Minimum Monthly income of the applicant (Rs. 15,000)

The other factors affecting the eligibility of the applicant are the monthly expenses of the applicant or the relationship with the bank as well as the credit score of the applicants.

What is CIBIL™ score?

CIBIL™ is one of the four credit rating agencies in India that provide credit scores for individuals and business entities. The other credit rating agencies are mentioned below.

  • Equifax
  • Experian
  • CRIF Highmark

The CIBIL™ score is a three-digit number issued in the range of 300 to 900. CIBIL™ score closer to 909 is considered to be good by Axis Bank and such applicants can get the personal loan approved quickly. If the CIBIL™ score is closer to 300, the personal loan application is most likely to be rejected.

What are the highlights of the personal loan of the bank?

The personal loans of Axis bank are available to borrowers provided they meet the eligibility criteria set by the bank. The highlights of the personal loans of the bank are mentioned below.

Category 

Details 

Quantum of Loan

Minimum Loan amount – Rs. 50,000

Maximum Loan amount – Rs. 15,00,000

Rate of Interest

Starting from 10.49% up to 21%

Tenure

Maximum 5 years (60 months)

Foreclosure or part payment charges

Up to 12 months – 5%

13 months to 24 months – 4%

25 months to 36 months – 3%

Above 36 months – 2%

FAQs

1. How to improve my credit score?

A. There are many ways to improve the credit score of any person. Some of such ways are mentioned below.

  • Timely payment of EMIs for all kinds of loans
  • Avoiding the possession of multiple credit cards
  • Keeping the credit utilization ratio in check and using the credit cards moderation
  • Timely payment of credit card dues
  • Avoiding application for multiple loans
  • Payment of any outstanding amount on credit cards in full to avoid getting into a credit card debt trap
  • Clearing all the past dues at the earliest
  • Avoiding the withdrawal of cash through a credit card
  • Intimating the credit rating agencies of the closure of the loan once it is fully repaid.
  • Getting all the closure documents from the lender (No Due Certificate (NDC), statement of account(s), and original documents submitted) at the time of closure of loan.

2. What is the minimum credit score for a personal loan from Axis Bank?

A. The minimum credit score required for a personal loan of Axis Bank is 750.

3. Are self-employed persons eligible for personal loans from Axis bank?

A. No. Personal loans of Axis Bank can be sanctioned to only salaried employees. Applicants can be salaried persons or employees of any of the following entities,

  • Doctors
  • Public Limited Companies
  • Private Limited companies
  • Government Sector
  • PSUs
  • Central and local bodies

4. Can a person with a credit score of 800 be eligible for personal loans from the Bank?

A. Yes. A person with a credit score of 800 is eligible for personal loans from the Bank and can get them easily without any hassles or delay.

5. What are the factors contributing to the credit score of a person?

A. The factors contributing to the credit score of a person are,

  • History of payments made by the applicant
  • Credit usage of the applicant
  • Duration of the account held by the applicant
  • Type of loans taken
  • The number of enquiries to avail credit/loans made by the lenders.

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