Axis bank is the third largest private bank in India. It is one of the most trusted banks in India. The bank provides the personal loan at the competitive interest rates and requires less or minimal documentation. To avail it the applicant or borrower needs to fulfill the Axis Bank personal loan eligibility criteria.
The personal loan is one of the ways where you can fulfill any dreams without worrying about the funds. It can be availed for any purpose and the applicant need not worry about the producing the reason to the bank. The main aim is to provide the funds for the financial requirements, however, big or small it is. The personal loan is one of the best options to avail as it is the unsecured type of loan. It means that you do not need to provide any collateral or guarantor as the security against the loan.
The personal loan is the best way to fulfill all your needs and aspiration which has otherwise come to a halt due to lack of funds The bank provides the minimum of ₹ 50,000 and maximum of ₹ 15,00,000 of the loan amount to the borrower. The tenure of repayment ranges from 12 to 60 months or 1 to 5 years. The bank offers the personal loan at the competitive interest rate of 15.50% to 24% per annum. The bank provides the personal loan to those who fulfill the eligibility criteria.
The factors that affect the eligibility criteria-
The personal loan eligibility criteria of the Axis bank depends on certain factors and that affect the approval process of the personal loan application. The bank thoroughly look into these factors to consider the eligibility of the applicant for the personal loan
Age– The foremost factor of eligibility is that you should have the legal age to be able to avail the personal loan. This shows that you are responsible enough to handle the loan and legally eligible for it.
Minimum Income– The minimum income is also one of the factors that is considered by the bank while sanctioning the personal loan. The amount of loan that will be sanctioned by the bank and the amount of EMI you can pay depends on your income. This reflects your capacity to pay the EMI to the banks. The bank will give the loan to you if you fulfill this criteria.
Job stability- The regular and stable flow of income is necessary to avail the personal loan and the banks see your past occupational history. The frequent change in the job can reflect badly on your loan application. It can lead to rejection of the application. The more stable your job is and the stable income is more chances of your availing the personal loan.
Credit Score– The credit score of the borrower is necessary for availing the personal loan as it is a type of unsecured loan. It means that no collateral or guarantor is required to get the loan. The personal loan is mostly given by the bank by seeing the trustworthiness of the borrower. The borrower CIBIL score should be good to develop the trustworthiness with the bank.
The credit score includes all the credit history of the borrower along with the repayment history of the borrower to see the trustworthiness of the borrower. The more the credit score, you can avail the personal loan more easily.
The eligibility criteria required for personal loan from Axis bank-
- The applicant should have the minimum age of 21 years at the time of application and the maximum age at the time of loan maturity should be 60 years.
- The applicant should be either a salaried individual, salaried doctors, government sector employee, public and private sector employee, the Public and private sector company.
- The minimum income of the applicant should be minimum of ₹ 15,000.
The documents are one of the integral parts and the applicant needs to produce the valid and legal documents for the loan approval. Below mentioned are the documents that are required by Axis bank:
- Signed application with recent passport size photographs.
- Age Proof- PAN Card/ Aadhar Card/ Passport
- ID Proof- Pan Card/ Passport/ Aadhar Card/ Driving licence.
- Residence Proof- Utility bills/ allotment letters.
- Bank Statement- Last 3 months bank statement/ last 6 months bank passbook.
- Income Proof- Latest salary slip/ ITR/ Form-16.
- Signature verification proof.
Post- sanction/ pre- disbursal documents–
Once the above documents are provided, few other formalities need to be completed so that the process of filing for the personal loan can be completed. For the post- sanction, and pre- disbursal the documents required are-
- Duly signed Loan Agreement
- Standing Instruction Form/ ECS form.
- Processing fee cheque.
The Axis Bank personal loan is one of the best ways to fulfill the dreams and turn it into reality. It is one of the convenient ways to get funds as per the requirements as it has many advantages like quick disbursal, minimum documentation etc. The borrower can avail it if they fulfill the Axis Bank personal loan eligibility easily.