Axis Bank claims to offer fast processing of your loan to fulfill all your dreams without trouble. According to them, you can acquire a Personal Loan from Rs.50,000 to Rs.40 Lakhs with minimal documentation and speedy sanction. Features of Axis Bank Personal Loan
Axis Bank offers personal loans to salaried individuals who fall in the age group of 21 to 60 years. The minimum monthly income required for eligibility is Rs.15,000. They offer a range of loan amounts from Rs.50,000 to 40 lakhs. Loan Amount
Loan Tenure
Occupation
Age Limit
Minimum Income
You need to submit the following documents to avail loan from Axis Bank. The list of documents is as follows:-
Details KYC Documents Passport/Driving license (with the photograph)/ Aadhar card/Voter id card/Job card by NAREGA/Letter issued by the national population register (included details of name and address) Date of Birth Proof Passport/PAN card/Aadhar card/Driving license with photograph/Birth certificate/School leaving certificate Signature Proof Passport/PAN card/Banker’s verification Income Proof Latest 2 months pay slip, Latest 2 months bank statement, 1 year employment proof Other important documents Completely filled and duly signed application form with latest passport size colour photo and all documents must be self-attested. Note: - Additional documents may be asked for by the bank, it depends on the type of case. The list mentioned above is suggestive only. Axis Bank- Complete Steps to Apply for Personal Loan Step 1. Properly evaluate your needs to know the exact loan amount you required. Step 2. While calculating include any existing loan or credit card dues into your account that you may currently be repaying, will determine the EMI you can comfortably afford to repay. You can use the personal loan eligibility calculator to understand how much you can repay in a month, this calculator is available free of cost on most of the lender’s official websites. Step 3. Check the bank’s eligibility terms and conditions to know if your income, employment, and company are sufficient to qualify for further process. Step 4. Check the list of personal loan interest rates offered by Axis Bank. Use the personal loan EMI calculator to find out how much your monthly outflow will be. Step 5. If you are an existing customer of the bank you can apply for the loan on the Axis Bank mobile app or through your internet banking account. If you are a new customer you can download the application from the bank’s official website or get it at the branch. Step 6. Provide essential documents for KYC, address proof, date of birth proof, signature proof, and income proof with the application form, along with the cheque for the processing charge. Step 7. The bank will verify the submitted documents, get your loan sanctioned and approve the amount based on your eligibility. This step will be followed by the signing of the agreement and the Standing Instruction (SI) Request/ECS Forms. Once this process is done the funds will be disbursed to your account. Step 8. The approved amount is credited to your account. The whole process may take up to 30 days. Axis Bank Personal Loan- Interest rates, Processing fees, and other charges The exact personal loan is determined by several factors. Interest rates, processing fees, and other charges are one of them. Before taking a decision on any loan, do read all charges to avoid any future confusion. All charges are mentioned in the below table. Interest Rates 10.25% to 21% per annum Processing fees 1.5% to 2% of the loan amount + GST Repayment instruction or Instrument return charges Rs.339/- per instance + GST as applicable Swap charges (Cheque or Instrument) Rs.500/- per instance + Applicable GST Penal Interest @24%p.a. (2% per month on the overdue installment). Duplicate statement issuance charges Rs.250/- per instance per set + GST Duplicate Amortization Schedule issuance charges Rs.250/- per instance per set + GST Credit Information Companies Report issuance charges Rs. 50/- per instance per set + GST No dues certificate generation charges (duplicate) Rs.50 per instance per set + GST Stamp duty charges As per the state stamp act Foreclosure or part payment charges Foreclosure charges on the outstanding loan amount. 5% for 0 to 12 months 4% for 13 to 24 months 3% for 25 to 36 months 2% for greater than 36 months
Axis Bank: Types of Personal Loans Offered Types of Personal Loan Explanation Personal Loan for Wedding Wedding is one of the most important milestones and you want to make this occasion memorable. You can avail of a personal loan for weddings starting from Rs.50,000 up to Rs.15 Lakh. You can also transfer your current personal loan to Axis Bank for additional benefits and lower interest rate options. Personal Loan for Home Renovation Have you postponed your plans for home renovations due to the need for huge funds? A Personal loan for Renovation gives you the freedom to renovate your home in your own way. The process for applying Personal Loan is quite simple and you can apply for an Axis Bank Personal Loan for Renovation digitally. Axis Bank App Ratings & Review
4.8* Downloads By the customers 1Crore+ No of the users give reviews 16,84,955 Content rating 3+ App size 75MB Brief Summary: - Axis bank is a good choice for personal loans to salaried individuals for personal purposes. They do claim to offer instant loans but these often do take time depending the customer’s circumstances. Source- https://www.saralcredit.com/blog/axis-bank-personal-loan-review
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When you are applying for a personal loan, your CIBIL score is the priority of the creditors because lenders deal with lots of risks in day-to-day life so for their satisfaction they need to know your credit history. You cannot underestimate the importance of the CIBIL score. CIBIL score is evidence of the repayment ability of an individual. An excellent CIBIL score ensures fast access to credit at lower interest rates. But what if you want a personal loan without CIBIL score? Is it possible to get a loan in the absence of a CIBIL score? How it is possible to get a personal loan without CIBIL score?
There are several tips that individuals can secure loans in the absence of a CIBIL score or a personal loan for low CIBIL score.
The EMIs burden, high-interest rates, and other charges associated with a personal loan repeatedly motivate many borrowers to consider foreclosing their current personal loans. What is Instant Personal Loan Prepayment? The instant loan prepayment is when you pay off your outstanding loan amount partially or entirely before the specified due date defined in the loan agreement between the borrowers and lenders. Loan prepayment is a beneficial suggestion for you in most cases. Pay before the deadline is always a clever and very economical option, but the lender will charge a fee to the percentage of the total loan amount, i.e., foreclosure charges or prepayment charges on the instant loan. Pros of instant personal loan prepayment
When you’re going to avail of a personal loan the interest rate is the amount you’re supposed to pay the interest costs along with the principal amount levied by the lenders. Key factors affecting personal loan interest rate
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