June 17, 2024
Personal Loan

Axis Bank provides its clients with various financial services and products, including personal loans. Axis Personal Loan can be availed by salaried people, self-employed people and businessman to meet their financial needs. Depending on the borrower’s eligibility, the loan amount might range from a minimum of Rs. 50,000 to a maximum of Rs. 25 lakhs and the loan term can range from 12 to 60 months.

Axis Personal Loan interest rate is determined by many variables, including the borrower’s income, credit history, ability to repay the loan, and other qualifying requirements.

Before applying for a personal loan, it is important to know about the eligibility criteria and other terms and conditions of the bank.

Eligibility Criteria of Axis Bank Personal Loan

  • Age: The candidate must be between the ages of 21 and 60.
  • Income: The minimum annual income needed for self-employed people is Rs. 2 lakhs, while the minimum monthly income requirement is Rs. 15,000.
  • Employment: The applicant should have a steady source of income, either as a paid employee or as a self-employed person.
  • Credit Score: For loan acceptance, a high credit score is preferable.
  • Existing loans: During the loan approval procedure, the applicant’s current loans and repayment history are also considered.

The applicant must provide documents proving their name, residence, income, and bank statements to apply for the loan.

Documents Required

The following documents are needed to apply for an Axis Personal Loan:

  • ID proof: Aadhaar, PAN, a passport, a driver’s license, a voter ID card, etc. are examples of identity proof.
  • Address Proof: Utility bills (electricity, water, gas, and telephone), a rental agreement, an Aadhaar card, and a passport all serve as address proof.
  • Income proof: Salary slips from the previous three months, Form 16, and bank statements from the last six months are required as proof of income for those who are employed. Self-employed people must submit their most recent two years’ worth of income tax returns, together with a profit and loss statement and balance sheet.
  • Bank Statements: In order to demonstrate their financial activity, the applicant must produce their bank statements from the previous six months.
  • Passport size photograph: To confirm their identification, applicants must submit current passport-size photos.
  • Employment Proof: Salaried employees must present a letter of appointment or a certificate of employment, while self-employed individuals must present company documentation.

These papers may change depending on the applicant’s profile and internal bank rules. Always verify with the bank to confirm the precise list of paperwork needed to apply for a personal loan.

How to Apply for an Axis Personal Loan?

Follow these easy steps to apply for an Axis Personal Loan:

  • Go to the Personal Loan section of Axis Bank’s official website.
  • Give the application form your financial, job, and personal information.
  • Select the loan amount and term that best fit your ability to repay.
  • Upload the required paperwork, such as bank statements, proof of identification, proof of address, and evidence of income.
  • Examine the application form, then send it in.
  • Await the bank’s response about your loan request
  • Based on your eligibility requirements, the bank will give you the loan amount and interest rate if your loan application is granted.

As an alternative, you can apply for a personal loan in person at the nearby Axis Bank location. The bank representatives will walk you through the application process and assist you in selecting the best loan package based on your requirements and ability to repay.

Before applying for a loan, checking the interest rates and other terms and conditions of personal loans offered by different institutions is usually good.

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