Axis bank is the 3rd largest private sector banks in India offering comprehensive financial products. Founded and incorporated in 1993, the bank has its head office in Mumbai. The bank is one of the most reputed and most trusted banks in India, where you can get a personal loan at an easy going interest rate, without any hassle. The bank checks your credit score, your geographical location, current liabilities, etc. and many other things before approving the personal loan.
The lifestyle that most of the people wish to live today can take away their major chunk of money. So now, it becomes essential for us to get introduced to Axis Bank Personal Loan. Personal Loans- an unsecured loan is an option that an applicant can pay over a fixed amount of time at an affordable interest rate.
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Axis Bank Personal Loan Rates
You can avail personal loan from axis bank starting from INR 50,000 to up to Rs. 15, 00,000 at an appealing interest rate which usually varies from 15.10% to 24% depending upon the loan amount. Thus a borrower can fulfill their multiple needs. The bank does not have any foreclosure or prepayment charges. To check the authenticity of your documents, the bank charge loan processing fee which usually remains 1.50% to 2.00% with GST as applicable. The bank offers a personal loan to the applicant after reviewing credit history, current financial stability and repayment potential. The axis bank personal loan repayment tenure ranges from 12 months to 60 months depending upon the loan amount. Well, there are many factors that determine Axis Bank Personal Loan Rates such as your credit score, loan amount and tenure. Hence, an applicant can negotiate with the bank for more competitive interest rates.
Axis Bank Personal Loan Eligibility
Personal Loans are the most preferred choice among individuals as probably they are more convenient than other loans. From funding your education, your marriage to renovating your flat, you can use axis bank personal loans for almost anything you wish. The best part about personal loans is that you don’t need to provide any reason to bank about what you really wanted to do with the loan amount. The paperwork and documentation process is easy. An applicant needs to check his or her axis bank personal loan eligibility, in order to turn your dreams into reality.
21 already? Then congratulations you are eligible for personal loan, and make sure to make a move before 60 years of age, as it is the maximum age. In addition to this, whether an applicant is self-employed, or salaried such as salaried doctors, engineers, employees of public and private companies must have a minimum monthly income of Rs 15,000.
Axis Bank Personal Loan Documents
Getting a personal loan requires a lot of planning, and one aspect of this planning involves is getting your KYC documents in order and ready. Here we have compiled Axis Bank Personal Loan documents checklist that you need to submit while applying for a loan-
Application form duly filled with two recent color passport size photographs
Identity proof: Any photo identity such as driving license, Passport, Voter ID, PAN Card, etc.
Age Proof: It is required as the bank wants to know whether a borrower falls in the set age bracket for a personal loan.
Address/Residential Proof: Utilities Bill such as telephone bills, electricity or broadband bill, your passport, rental agreement, etc.
Bank Statements for past 3-6 months
Income proof is required for the bank to assess if the applicant can repay the loan amount on time.
Copy of Employee I Card
Employee certificate, applicant appointment letter, or increment letter (if any)
Axis Bank Personal Loan Documents Checklist for Self Employed:-
Proof of Business
An applicant has to show the IT-returns for the past 2-3 years
A certified true copy of Balance sheet, profit and loss account- for the past 2 years
Xerox copy of challans of advance Income Tax Paid
TDS certificate- Form 16A
There are some documents that might be required after sanctioning the loan amount, such as loan agreement duly signed by the applicant, postdated Cheque required for standing instructions and ECS. In some cases, the bank might ask you for qualification or registration proof, especially for CA, Doctors, consultants, as it varies from customer to customer. Now, that you are aware and well-equipped with the general set of documents required for axis bank personal loan, you can be confident that your much aspired personal loans would be yours soon.
The process of applying for Personal Loan
All thanks to digitization, applying for a personal loan from your favorite bank is no more restricted to visiting the bank physically. Rather, it can be done online now! You just have to fill an online application form and submit all your details there, the respective axis bank executive will get in touch with you directly. And, once you understand the whole axis bank personal loan process, and agree to the terms and conditions of taking a loan, the bank collects your documents and initiates the further process. Checking and verifying of documents involves a lot of work such as checking your credit/CIBIL score, past loan credit history (if any), the nature of urgency, etc. Based on your inputs, and evaluation of documents, the bank makes a final decision.