Axis Bank Personal Loan Eligibility Calculator
Axis Bank offers personal loans to salaried individuals in the age group of 21 to 60 years. The minimum net monthly income of the applicant should be Rs.15,000. The Maximum age for axis bank personal loan is 60.
|Minimum Age||21 years|
|Maximum Age||60 years at the time of loan maturity|
|Minimum Net Monthly Income||Rs.15,000|
|Minimum Loan Amount||Rs.50,000|
|Maximum Loan Amount||Rs.15 lakh|
|Loan Tenure||12 – 60 months|
*Employees of private and public sector companies, salaried doctors, and employees of government undertakings
Axis Bank Personal Loan Eligibility factors:
- Age – The bank outlines minimum and maximum age criteria that should be met in order to qualify for the loan.
- Minimum Net Monthly Income – The applicant should have a net income of at least Rs.15,000 per month. If you do not satisfy this requirement, the loan application will not be approved by Axis Bank.
- Occupation – You should be salaried, working in a private or public sector enterprise.
- Credit Score – Most lenders require that loan applicants have a good credit history with a CIBIL score of 750 and above. This indicates that the borrower was disciplined in repaying his/her previous loans in a timely manner.
- Salary Account with the Bank – Existing customers of Axis Bank can get personal loan approval easily. The documentation required for the same is also minimal, as the KYC formalities have already been done.
How to Improve Chances of Getting an Axis Bank Personal Loan?
Improve your credit history:
Banks consider credit score to be a crucial indicator of your diligence in handling debts. So, it is important to have a good credit score before applying for a loan. You can check your credit score for free and assess the areas where there can be some improvement. Increasing your credit limit, paying your EMIs on time, and maintaining a good mix of secured and unsecured loans in your portfolio are some of the ways in which you can improve your CIBIL score.
Boost your debt to income ratio:
If you are able to increase your income and lower your debt, there will be a significant reduction in your debt-to-income ratio. Most lenders have strict requirements around this ratio, i.e., a lower ratio indicates that your current debts are all under control. This makes you an ideal candidate to be approved for a loan.
Consider adding a co-applicant:
If you have a poor credit score, it is advisable to add a co-applicant (who has a stronger credit history and income) to improve the chances of your loan being approved. Banks consider the co-signor to have an equal stake in the repayment of the debt; hence this is a great option to improve your loan eligibility.
Axis Bank Personal Loan Details:
|Details||Tenure ranging between 1 year and 5 years||Tenure more than 36 months|
|Interest Rate||10.25% – 24% p.a.|
|Loan Amount||Rs.50,000 – Rs.15 lakh|
|Penal Interest||2% per month on the overdue installment amount|
Axis Bank personal loan Eligibility FAQ
What documents are needed to apply for an Axis Bank personal loan?
The documentation required for an Axis Bank personal loan are as follows:
- Updated application form
- Photograph of the borrower
- Age proof and ID proof
- Income proof
- Bank statement
- Proof of residence
- Signature verification proof
After the loan is sanctioned, the loan agreement should be signed and the Standing Instruction (SI) Request Form should be submitted along with the security cheques.
Are there any specific documents that doctors should submit when applying for an Axis Bank personal loan?
Doctors, CA/CS/ICWA/MBA consultants, architects, and engineers should submit registration or qualification proof along with the other documents to apply for the loan.
How can I determine the EMIs for my loan?
Before applying for an Axis Bank personal loan, you should ideally use an online personal loan EMI Calculator tool to understand the amount you will be required to pay each month. You will have to update the loan amount, tenure, and interest rate on the calculator tool to find the monthly EMI and the repayment schedule.
What are the part-prepayment and foreclosure charges for the Axis Bank personal loan?
Axis Bank personal loan has zero part-prepayment and foreclosure charges.
Can I transfer my personal loan balance from another lender to Axis Bank?
Yes, this is possible. In case you have a high interest personal loan from another lender, you can transfer it to Axis Bank and enjoy lower interest rates on your loan.