Axis Bank Personal Loan Eligibility

Whether you want to fund your vacation, pay your child’s tuition fees or renovate your home, personal loans offered by Axis Bank may help you achieve your objectives. With a repayment tenure ranging from 12 to 60 months with competitive interest rates, Axis Bank offers personal loans for up to a maximum of Rs. 15,00,000. What’s more, Axis Bank allows transfer of loans from other banks as well which can come to the rescue of customers who would want to change banks to avail of the benefits offered by Axis Bank. Axis Bank also has a simple approval process with minimal documentation to increase its clientele.

How To Use Axis Bank Personal Loan Calculator To Determine Your Loan Eligibility?

You can quickly know if you are eligible for Axis Bank Personal Loan using BankBazaar’s Loan Eligibility tool. All you have to do is enter a few details and the automated tool will promptly show you results. You may also compare different personal loan options available to you based on rate of interest, EMI, processing charges, loan tenure and more.

Follow the below - mentioned steps to know your loan eligibility:

1. Go to BankBazaar.com > Click ‘Loan’ (Menu bar at the top) > Select Personal Loan (You will be directed to Loan Eligibility Page)
2. Select ‘Custom Quotes’ > Select gender > Click ‘Search for personal loan’ > Select city of residence > Press ‘Continue’ > Enter the name of your organisation > Select type of occupation > Press ‘Continue’
3. Enter your net monthly income > Press ‘Continue’ > Select the bank you have your salary account with > Press ‘Continue’ > Enter the year of joining and work experience > Press ‘Continue’
4. Enter the month and year you moved to your present city > Enter the month and year you moved to your present residence > Press ‘Continue’ > Select type of residence
5. Enter your date of birth > Press ‘Continue’ > Select type of loan based on usage (you may skip this) > Press ‘Continue’ > Click ‘ View Free Offers’

Documents Required To Apply For Axis Bank Personal Loan

• Passport size photograph
• Proof of Identity
• Proof of Age/ Birth date
• Proof of Income
• Bank statements of last 3 months
• Proof for signature verification
• Proof of residence

Pre-Loan Disbursement/ Post-Loan Sanction Documentation

• Request for ECS Form/ Standing Instruction (SI). Security Cheques to be submitted for ECS and SI.
• Duly signed agreement
• Proof of qualification or registration with the governing body (Applicable for CAs, doctors, architects, CS, MBAs, ICWAs, engineers and consultants amongst others.

Factors affecting Axis Bank Personal Loan Eligibility

Some of the factors which have a bearing on personal loan eligibility are as follows:

Age criteria: The age profile of customers is one of the important factors considered for approval of personal loans. Banks, typically, offer loans to candidates who have productive years before them and can, therefore, have an active professional or working life to be able to not only take the burden of a loan but also repay it on time. To avail of personal loans provided by Axis Bank, salaried customers have to be within the age bracket of 21 to 60 years.

Type of company/organization: Given that personal loans are unsecured loans, the type of employer the customer is working for becomes important. Consequently, employees of public sector employees and those working for established, well-known private firms stand a better chance of availing of personal loans.

Stability: Stability of employment and income play a seminal role in determining the approval of loans by Axis Bank. A salaried person with three months of continuous employment with the current company and a self-employed person with a minimum of 3 years of experience in business is eligible for personal loans by Axis Bank. Customers should, however, bear in mind that the bank may decide to change the eligibility criteria at its discretion.

Financial health: The financial health of a customer will determine the amount of loan he or she is capable of acquiring from Axis Bank. It is, therefore, one of the most important factors which affect a customer’s eligibility in terms of acquiring a personal loan. Axis Bank has a set criteria in terms of a minimum net income an individual must earn to get a personal loan.

Multiple loans: A customer’s eligibility to avail of personal loan will be adversely affected if he or she has several loans at a given point of time. Banks will be vary of individuals who have multiple loans and are paying large EMIs.

Credit History: All banks, including Axis Bank, review an individual’s credit history before approving or rejecting a loan application. Bank will review the track record of EMI payments and credit card bills, if any, to ensure that a customer has a robust track record in terms of payments and credit history to determine if he or she is credit worthy.

How CIBIL Score Affects Your Axis Bank Personal Loan Eligibility

CIBIL score: The CIBIL Score plays a pivotal role in the approval of personal loans. Banks check the credit score and credit report of customers. If the credit score of a customer is low, banks, in most cases, will not consider providing loan to a customer. The credit score will, therefore, act as a substantive indicator of the creditworthiness of a customer.

Repayment history: Poor track record of payments will invariably dent the credit score of an applicant. Repayment history of a customer constitutes about 35% of the credit score. Customers, therefore, need to ensure that bills are cleared on time so as to avoid their CIBIL score getting affected. Banks will examine the repayment history of a customer before approving a loan.

Loans and more loans: Any individual who applies for more and more credit cards and loans will expose himself to more risks. Every time a customer applies for a new credit card, banks enquire into his or her Cibil report. As a result, credit score of an individual will take a beating if there are several inquiries.

How To Increase Axis Bank Personal Loan Eligibility

Increase in loan tenure: According to experts, increase in tenure will result in reduction of EMIs, effectively increasing an individual’s ability to pay. The tenure of a loan, therefore, has a bearing on the loan eligibility of an individual.

Defaults: Customers have to ensure that they have a clean repayment history without any major defaults and late payments which will have an adverse impact on their CIBIL score. Also, banks will take serious note of any defaults by the customer in the recent past.

Credit worthiness: Timely payment is an important determinant of the creditworthiness of a customer. CIBIL Score of 750 score and above shows creditworthiness of a customer. In most cases, banks easily approve loans for customers who have a CIBIL score of over 700. Customers should ensure that they have robust track record in terms of repayments to increase their eligibility to avail of personal loans.

FAQs

Q.What is the maximum and minimum amount of personal loan that can be availed from Axis Bank?

You may avail a minimum of Rs.50,000 and a maximum of Rs.15 lakh as a personal loan from Axis Bank. Following are some of the factors your loan amount may depend on:

• Your income
• Continuity of job/ business
• Loan requirement and eligibility
• Repayment capacity
• Credit score
• And more.

Q.What is the minimum and maximum tenure of loan I can apply for?

You may get a loan for a period of 1 year to 5 years.

Q.What is the minimum and maximum age limit to apply for a personal loan from Axis Bank?

A person not below the age of 21 years and not above the age of 60 years can apply for a personal loan.

Q.How can one calculate the EMI amount for a personal loan and the interest to be paid on the same?

Though EMI can be calculated mathematically, you may compute the same in an easier way using the EMI Calculator available on BankBazaar website. The tool helps you know the different components of your loan including the principal amount, interest to be paid and month-wise and year-wise distribution of your EMIs.

Q.How can I determine my loan eligibility?

You may check your personal loan eligibility using our Personal Loan Eligibility Tool. All you have to do is fill up a few details and the tool will automatically generate available options based on your profile.

Q.Are there any charges involved in using BankBazaars Eligibility and EMI Tools?

No. BankBazaars EMI Calculator Tool is absolutely free for you to use. There are no charges applicable.

Q.How important is CIBIL Score in determining ones loan eligibility? What should be the minimum CIBIL Score to avail a personal loan from Axis Bank?

A CIBIL Score is an important measure of a persons creditworthiness and it is used by banks and financial institutions in determining the eligibility of a person to avail a loan. The higher the CIBIL Score of a lender the better are his prospects to avail a loan of his choice, While Axis Bank does not suggest a specific CIBIL Score, a score of above 750 is considered to be a good score.

Q.Is there a need for a guarantor or collateral security to avail a personal loan?

No collateral security or guarantor is required to avail Axis Bank Personal Loan.