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One can avail personal loans from Axis Bank for your child’s education, dream vacation, wedding, home renovation or for any other personal reasons. Once you have decided to take a loan the next step would be applying for a loan. You need to be above 21 years of age and have a minimum monthly salary as set by the bank and an acceptable CIBIL Score for quick approval.
Axis Bank offers personal loans to salaried employees. They must be at least 21 years of age and at the time of loan maturity the maximum age must not exceed 60 years. Minimum monthly income must be Rs.15,000. The maximum loan available is Rs.15 Lakhs.
Axis Bank will take 30 working days from the date of receiving the loan application to take a call on the status of the loan application. All the documents will be checked by the bank and it checks the CIBIL Score of the individual as well. A good CIBIL Score is an important eligibility criteria for sanctioning a loan to an individual. CIBIL is a precise indicator of an individual’s credit history. They take into account factors such as:
A good CIBIL Score helps bank determine your creditworthiness and speed up the approval process.
Credit Information Bureau India Ltd. was established in August 2000. It is India’s first Credit Information Company. CIBIL maintains credit records of each particular individual and provides that information to financial institutions and lenders. This helps banks learn about an applicant’s credit history.
Every time an individual avails a loan or credit card, the information is shared by the member bank to CIBIL on a monthly basis. This information is used to generate a Credit Information Report which is shared with lenders and other financial institutions. Banks refer to the Credit Information Report to avoid bad loans by lending to borrowers who aren’t credit-worthy.
CIBIL collects and organises an individual’s credit and repayment history and provides this information to member banks. Every time a bank requests a Credit score, CIBIL generates a new control number and gives the individual’s information to the bank.
Alternatively, the applicant can personally check his/her CIBIL Score. The credit score ranges from 300-900.
There are positive and negative factors that affect the credit score. The positive factors are:
The negative factors are:
Applicants need to keep check of their credit score regularly. A good credit score is 750 and above. If your credit score is not close to that, then you might want to reconsider applying for a loan. If your loan application gets rejected, this information is also marked in your Credit Information Report.
If you spot an error in the Credit Information Report, it needs to be resolved. It could be any error such as inaccurate current balance, inaccurate amount overdue, inaccurate personal details and ownership and a duplicate account, you need to resolve it so that it doesn’t affect your CIBIL Score.If your credit scores are bad then;
If you have no CIBIL Score, banks might not even consider your loan application as they will have no idea how creditworthy you are. It is advisable to have some type of credit to show the banks that you are creditworthy. To do this you can
An individual needs to keep in mind that his/her CIBIL score strongly influences a bank’s decision as to whether a loan application is to be approved or not. It influences the interest rate being offered to the individual as well. Defaulted payments and too many loan and credit card applications are taken into account while generating the credit score. Manage your finances and clear out payments on time to ensure you have a good credit score so that your loan application is not being rejected.
|As explained above, is your CIBIL score good? Now, apply for the Axis Bank Personal Loan|
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