Whether you wish to renovate your home, go for travel or consolidate your credit card bill, a personal loan from Axis bank is the single solution for all your financial worries. Axis bank is one of the most preferred banks in India which has spread its wings to each and every part of India. This is the third largest private bank in India and it has more than 3700 branches all over the length and breadth of India. With such an influential market presence, this bank is one of the most trusted banks of the present financial market in India. This bank offers a huge range of financial products and a personal loan is one of the most loved products of this financial institution.
A personal loan from Axis bank can become a great monetary help in fighting emergencies as well as fulfilling your dreams. There are numerous benefits that can be enjoyed if you avail an axis bank personal loan. Let’s take a closer look at the personal loan from Axis Bank to understand it better.
Things to Know About Axis Bank Personal Loan
Benefits of Axis Bank Personal Loan
Quick Documentation: Axis bank is well known for its quick and minimal documentation process. The turnaround time of the Axis bank personal loan is very less. IT hardly takes a day to get the loan sanctioned.
Balance Transfer Facility: This interesting feature helps existing personal loan customers to be a part of Axis bank by transferring their existing loans to Axis bank. All you need to do is apply for a balance transfer loan at Axis bank and simply transfer the personal loan from the existing bank to Axis bank through online process.
Axis EDGE Rewards: Just like using your credit cards, you will receive reward points collected on your Axis bank personal loan. This feature is offered by only a few banks in India and Axis bank is one of them. The reward points can be redeemed by the customer for different uses such as shopping items, gift vouchers, and restaurant vouchers etc.
Quick Approval: The online application and processing have made loan processing much faster than traditional loans. One can get the loan sanctioned within one business day. The fast approval and disbursal of the loan have made an Axis Bank personal loan best to fight emergencies. If all documents are accurate and you meet all eligibility criteria, getting a personal loan from this bank is a matter of a few hours.
Flexibility: A personal loan borrower from Axis bank can enjoy flexibility in loan repayment term too. The Loan tenure starts from 12 months to 60 months. So a borrower can opt for any length according to their convenience. Before opting a personal loan you should check your personal loan EMI.
Zero Foreclosure Charges: The foreclosure of prepayment of a personal loan helps you to save a huge amount in interest outgo. Axis bank offers its customers a customer’st facility without any charges. Most of the leaders of our country charge a quite high prepayment charge on personal loan prepayment. But you prepay your loan any time without any prepayment penalty at Axis Bank.
Eligibility Criteria for Axis Bank Personal Loan
- The Applicant must be a minimum of 21 years old at the time of applying for the loan.
- Maximum age of 60 years at the time of maturity of the Personal Loan
- The minimum net monthly income of the applicant must not be less than Rs. 15,000.
Here Are the List Job Profiles Who Can Apply For an Axis Bank Personal Loan
- Salaried Employees
- Salaried Doctors
- Employees of public and private limited companies
- Public and private limited companies
- Government sector employees including Public Sector Undertakings, Central and Local bodies
Documents Required for Axis Bank Personal Loan
Personal Loans: Applying Directly v/s Applying Through a DSA
In order to avail the loan, the applicant has to submit some of the basic documents. All the documents submitted by the loan applicant will be verified by the bank officials. The approval on the loan application is provided only after the verification of the documents. The documents needed to be submitted are-
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- Application form
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- Photograph
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- Age proof
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- ID proof
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- Income proof
- Bank statement
- Residence proof
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- Signature verification proof
Fees and Charges
The fees and charges of a personal loan at Axis Bank is a competitive one. The interest rate on a personal loan ranges from 16%-24%. The processing fee is 1.5 to 2 per cent of the principal amount with applicable taxes.
How to Apply for Axis Bank Personal Loan
If you feel that Axis Bank is the one which can help you to get the best personal loan offer, here how to apply for it. A personal loan from Axis bank can be applied online as well as by visiting the branch office. You can apply it online by using the official website of the bank which is very easy to user-friendly to use. On the website of Axis bank, you are to go to the personal loan page where you will find an option saying ‘apply now’ at the header menu. You are to click the ‘apply now’ button and you will be directed to another page where some of the personal information like name, phone number, email Id etc. will be enquired. Once you submit the form, you will receive a call and email from the bank to guide you throughout the lending process.
