Avail Axis Bank Personal loan at low Charges

Axis personal loan is the most commonly sought debt product. It is a collateral-free loan. Repayment is usually done through EMIs over a fixed repayment term.

Axis personal loans can be useful to cover the contingencies such as medical emergencies, educational shortfalls, or wedding expenses. To have a clear understanding of Axis Bank personal loan, here are some of its features:

Features of Axis Bank Personal loan:

• 1.Fast Loan Approval: The quick loan approval and disbursal of the amount have made the Axis Bank personal loan one among the preferred choices of the borrowers. If you fit in the eligibility criteria then getting a personal loan from Axis bank is usually a matter of a few hours.

• 2. Flexible Repayment Term: You can choose the most suited repayment period from the flexible tenure ranges from 1 year to 5 years offered by Axis Bank.

• 3. Low Rate of Interest: Axis bank personal loan provides the borrower with a competitive rate of interest. Anyone can get a personal loan from the Axis bank if he/she fits into its eligibility criteria. And those who are an existing customer of bank can even get additional benefits with a personal loan.

• 4. Minimal Documentation: Axis’s loan is known for its fast and minimal documentation.

• 5. Axis EDGE Rewards Points: Axis Bank offers reward points to its borrowers. There are a smaller number of banks that offer such a feature in India and Axis bank is among them.

Axis Bank Personal Loan Interest Rate

You can get a competitive rate of interest from Axis Bank subject to the availed loan amount, salary, loan tenure, and others. To help the loan seekers the bank has also offered Axis personal loan EMI calculator. It is easy and free to use the online available financial tool. Some major factors that influence the Axis Bank personal loan interest rate in India are given below:

1. Income

An applicant’s income plays a crucial part in the offered interest rate on a personal loan. Usually the applicant with a high salary gets the personal loan at lower interest rate and vice versa.

2. The Repayment History

The credit repayment history of an applicant plays a crucial role in the offered interest rate on a personal loan. Therefore, always try to have a clean slate in subject of repayment history.

3. Nature of Employment

The nature of employment like whether a person is self-employed or a salaried employed also have an impact on the personal loan interest rate. Generally, a major difference has been seen between the offered rate of interest to the salaried employee and a self-employed.

4. Customer Relationship

One of the important factors that affects the offered rate of interest on personal loan is the applicant’s relationship with the lender. If you are an existing customer of the bank with a good repayment history, then you may get some extra perks and offers on a personal loan. A healthy relationship with the provider can determine the interest rate on a personal loan.

It is always advisable to check Axis Bank personal loan EMI, before applying for it. You can use online available Axis personal loan EMI calculator and can wisely plan the loan outgo and monthly budget. The personal loan EMI calculator can be found on Bank’s official site. After the few basic details, the calculator automatically calculates the loan EMI amount to be paid and delivers the result on the same page.

Eligibility Criteria for Axis Bank Personal Loan

The eligibility criteria to apply for an Axis Bank personal loan can differ depending on various factors such as the loan amount, repayment tenure, income, type of employment, and others. Here are the common eligibility criteria into which a borrower has to fit-in to avail Axis Bank personal loan:

The borrower’s age should be a minimum of 21 years old at the time of applying for the loan.

• Maximum age for Axis Bank Personal Loan is 60 years at the time of maturity of the loan.

• The net monthly income of the applicant should not be less than Rs. 15,000.

List of Documents required to get a Axis Bank Personal Loan

To avail of a personal loan from Axis Bank, a borrower should have some documents based on eligibility. The common list of required documents for Axis Bank personal loan are given below:

• 1. Duly filled application form.

• 2. 2 Passport size photographs.

• 3. Identity proof.

• 4. Residential proof.

• 5. Latest Bank statements.

• 6. Birth Certificate/ Age proof.

Conclusion

There is no doubt that Axis Bank's loan comes handy but it is always advisable to avail only that much money as much you need. Never go for a higher loan amount than you need as this can adversely affect your loan budget.

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