Life is all about achieving your goals – personal and financial both. Although, personal goals can be achieved with the will and dedication inside you, to achieve financial goals, you are faced with funding issues. And if you lack security or collateral, getting funds becomes more difficult. In such cases, a Personal Loan can be of help to you. You can apply for a Personal Loan for purposes like education, medical expense, wedding, repair of the house or any other personal expenses.
To get maximum benefits, you may consider Applying for Axis Bank Personal Loan. The loan comes at the competitive interest rate and numerous other benefits.
Here are some reasons why you should apply for Axis Bank Personal Loan:
- To achieve your goals easily
Axis Bank Personal Loan can help you solve your financial problems quickly and easily. The loan is easily available to both salaried and self-employed individuals in the age group between 21 and 60 years. To fund your immediate financial needs you can apply for Axis Bank Personal Loan online through MyMoneyMantra.
- To get a flexible tenure of your choice and easy EMI payments
The bank provides you a flexible tenure of 12 to 60 months. So you can choose the tenure that will work out for you in the long run. Axis Bank offers loans with an option of Easy Monthly Instalment (EMI), and hence there is no need to worry about repayment urgently. You can pay EMIs in the following ways:
- Standing Instruction (SI): If you have an existing Savings account, a Salary account or even a Current account with Axis Bank, you can use this method. You can also opt to open a savings account in Axis Bank to opt for SI. Automatically the EMI will be debited from your Axis Bank account, on the date specified by you each month.
- National Automated Clearing House (NACH): If you do not wish to open an Axis Bank account you can opt for this method. The EMI will be debited automatically from the specified non-Axis Bank account on the specified day of the month.
- To enjoy the best interest rates
When it comes to arranging funds, proper and reliable channels are hard to find. This is where Axis bank comes in to help you. Axis Bank provides you with attractive interest rates starting at 15.75%.
- To get a hassle-free loan
The old story of looped processing and long time waiting is over. Axis Bank provides the Personal Loan using a quick procedure. The application for the loan requires minimal documentation, and getting an approval is speedy. Thus you can easily apply for loans and get the loan amount disbursed in a short amount of time.
- For simple documentation process
Customers can relax while Applying for the Personal Loans. This is because the loan needs only a few documents to get through the processing steps and the bank representatives will be there to help you. General documents which are readily available like proof of address, identity, bank statements are only required to apply for the loan.
- Loan amount of your choice
A loan amount of your choice will be available for eligible customers as the bank provides a fund between Rs. 50,000 to Rs. 15 Lakhs. So there is no restriction to your dreams as Axis Bank is with you on each of your steps ahead.
- Availability of the Balance Transfer option
To help out customers who have an existing Personal Loan with the higher interest rate, Axis Bank provides a transfer option. This process can be used to transfer your balance loan amount from other bank or financial institution to Axis Bank. The customers can easily avail the benefit of lower interest rates and better service with Axis Bank.
Now that you know the benefits associated with the Axis Bank Personal Loan, you must be aware of the basic details about the loan including:
Eligibility Criteria for Axis Bank Personal Loan
- Minimum age of the applicant should be 21 years
- Maximum age of the applicant should be 60 years at loan maturity
- Applicant should have a minimum net income of Rs. 15000/month
- Applicant should have a CIBIL score of 750 or above
Documents Required for the Axis Bank Personal Loan
- Application form
- Recent passport-sized photograph of the applicant
- Age proof
- Identity proof
- Proof of income
- Bank statements
- Proof of Residence
- Signature verification Proof
Applicants should have each of the above-mentioned documents to apply for the Axis Bank Personal Loan. After the completion of the processing stage, a few more documents are to be submitted to get the amount disbursed:
- Loan agreement form (duly signed)
- Standing instructions (SI) request or NACH method form, security charges required for SI and NACH
Axis Bank Personal Loans are available at an attractive interest rate. The interest may vary from 15.75% to 24% according to several factors. The CIBIL score of the applicant influences the interest rates greatly as well. A higher CIBIL score (750 or above) will help you to lower your interest rates.
Processing Fee and Other Charges
- Axis Bank charges 1.5% to 2% of the sanctioned loan amount as the processing fee excluding the GST.
- The bank doesn’t levy any prepayment charges to help out the customers in case of foreclosure of the loan.
- For late EMI payment, there is a penalty of 2% (per month) that is levied on the overdue amount.
- If the cheque provided for EMI bounces, a fine of Rs. 500 plus GST is levied.
Axis Bank Personal Loan EMI Calculation
One can easily check the EMI for the specific tenure, loan amount, and interest rates on the Axis Bank website or even the MyMoneyMontra website using our EMI Calculator. You have to choose the loan amount, tenure and interest rate to get the EMI calculation.