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How to Get a Personal Loan from Axis Bank?

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Axis Bank is one of India’s largest private-sector banking institutions. In addition to providing its customers with class-leading banking services, the financial institution also offers attractive loan options. Axis Bank personal loans carry attractive interest rates and have a very simple application process, making them perfect for individuals looking for quick funding options. If you’re someone who might be interested in an Axis Bank personal loan, it is important to be aware of how to get one. Continue reading to find out.

How to Get a Personal Loan from Axis Bank?

One of the best things about an Axis Bank personal loan is that it is incredibly easy to get one. All that you need to do is follow the below-mentioned steps diligently.

Ensure That You Have a Good Credit Score

The credit score is the single most important metric when it comes to getting a personal loan from Axis Bank. It is a three-digit number, ranging from 300 to 900, that acts as an indicator of your creditworthiness. The higher your credit score, the more creditworthy you’re deemed to be.

Therefore, before you head out to apply, remember to first do a quick credit score check. There are plenty of online websites that allow you to check your score for free. Having a credit score of 700 and above drastically improves the chances of you getting an Axis Bank personal loan. On the other hand, if you find that your credit score is less than ideal, consider taking remedial measures first to improve it before applying for the credit facility.

Make Sure That You Satisfy All Eligibility Requirements

The credit score requirement is by far the only metric that you would have to satisfy to apply for a personal loan with the bank. There are several other eligibility criteria that you would have to ensure that you meet. Here’s a quick look at what they are.

  • You must be aged between 21 and 60 years.
  • You must be a salaried or self-employed individual.
  • You must have a net monthly income of at least ₹15,000.

As you can see, the eligibility requirements are quite relaxed, more so than many other financial institutions. That said, keep in mind that while you might be eligible for an Axis Bank personal loan if you meet these criteria, the amount of loan that you get may vary depending on your net monthly income.

Get All the Relevant Documents in Order

Once you’ve ensured that you have a good credit score and that you satisfy all the eligibility criteria, the next step is to get all the documents required for the loan in order. Collating all the documents and having them handy can help speed up the loan application process. That’s not all. It can also reduce the chances of making mistakes or missing out on uploading documents when applying. Here’s a list of documents that you would have to submit to get an Axis Bank personal loan.

  • A filled loan application form
  • A self-attested copy of your identity proof – PAN
  • A self-attested copy of your address proof – Aadhaar, Driving Licence, Passport, or Voter’s ID
  • A self-attested copy of your income proof – latest salary slips or latest bank statements
  • Your latest passport-size photograph

 The list of documents specified above is only illustrative and not exhaustive. The bank may require you to submit a few other documents as part of the loan application process.

Apply for the Loan

Once you’re done with the above three steps, you can proceed to apply for the loan. Being one of the premier banks in the country, Axis Bank has made it extremely easy for borrowers to apply for a loan. In fact, you can choose to apply for the loan online through the official website of the bank through an entirely paperless process.

Alternatively, if you’re not familiar with online loan applications, you can also head to the nearest Axis Bank branch with all the relevant documentation and apply for a personal loan manually.

That said, before you proceed with the application, make sure to first use a personal loan EMI calculator to get an estimate of your monthly debt obligations. This will ensure that you take an informed financial decision.

Benefits of Getting a Personal Loan from Axis Bank

Now that you’re aware of how to get a personal loan from Axis Bank, let’s take a glimpse at the different advantages that you get to enjoy.

Quick Application and Approval Process

As you’ve seen before, the Axis Bank personal loan application process can be completed online within just a few minutes. Even the time taken to approve and disburse funds is quick and is usually done within 24 hours.

Customisability

Axis Bank gives you the freedom to not only choose the amount of loan that you wish to take but also the repayment tenure.

No Collateral Required

Since the Axis Bank personal loan is an unsecured credit facility, you won’t have to pledge an asset as collateral.

Zero Fund Usage Restrictions

The loan amount can be used by you in whichever way you want; there are no restrictions on its usage whatsoever.

Conclusion

As you can see, getting a personal loan from Axis Bank is a simple and hassle-free affair. As long as you satisfy all the eligibility criteria, you shouldn’t have any problem with securing the loan. That said, don’t forget to use a personal loan EMI calculator before you proceed to apply for the loan. It is always a good idea to know what your obligations are before you commit to a loan.

 

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