Description

Axis Bank is a renowned financial institution and is the 3rd largest private sector bank in India. It offers a diverse spectrum of financial services in the fields of trading, insurance, investments, personal banking, and corporate banking to varied customer segments. As reported on 31st March 2019, the Bank had 4050 branches and 11,801 ATMs across the country.

Axis bank provides personal loans that are transparent, fast, and designed to suit the distinct needs of all the customer segments. It offers easily available personal loan products to individuals, who are in urgent need of funds to address immediate financial issues. Axis Bank personal loan products come with highly competitive interest rates and other benefits to both the salaried & self-employed groups of people.

What is Axis Bank personal loan Eligibility?

 Age

From a minimum of 21 years to a maximum of 60 years

Minimum Income

NMI ( Net Monthly Income) of Rs. 15,000

Maximum personal Loan Amount

Rs. 15 lakh

Loan Tenure/repayment period

12 to 60 months

Minimum Loan amount

Rs 50000

Continuity of Employment/Business

You need to have minimum work experience of 12 months is required. 6 months in the present company is desirable.

Credit Score

Preferably 750 and above

 FOIR

 45%

Minimum Residence stability

12 months

 

Have a look at the table above. It displays some of the most critical points related to the Axis Bank personal loan eligibility criteria. Just like any other lender, the Axis bank also has some set eligibility requirements. The customers need to fulfill them to the satisfaction of the Bank while applying for an Axis Bank personal loan. We will discuss them shortly.

What is the Axis Bank personal loan eligibility calculator?

The Axis Bank personal loan eligibility calculator is an easy and highly accurate tool. It can help you figure out your eligibility for any Axis bank personal loan product of your choice. But, you need to provide certain inputs to it before it can display the desired results to you. These are –

  • The Tenure of your loan: You should enter the Axis Bank personal loan tenure within which you need to repay your loan to the Bank. Remember that you must enter it in a number of months.
  • The interest rate: You should provide the rate of interest rate of the Axis Bank personal loan product you want to avail.
  • Your Net Monthly Income: The net monthly income or NMI refers to the ‘take-home’ income you earn every month.
  • Other EMIs, if any: You need to mention if you have any other EMI or rent to pay off every month. The total of such liabilities every month should be put in the appropriate space provided in the Axis Bank eligibility calculator.

Factors that may influence the Axis Bank personal loan eligibility

The below-mentioned factors are taken into account by the Axis Bank while ascertaining your personal loan eligibility -

  • The employer you work for- The company/organization the applicant is currently working for can have a significant impact on his personal loan eligibility. If he works for a stable and renowned organization, Axis Bank deemed him as a safe proposition by the Axis Bank. They will be more confident about his repayment capability. Therefore, the bank will not hesitate to grant him his much-needed personal loan.
  • The monthly salary/income you earn - It is, perhaps, the most crucial consideration for the Axis Bank when it calculates your personal loan eligibility. If your income is high enough, your eligibility will get a significant boost and so will be your chances of getting the loan approved. It’s quite natural for lenders such as the Axis Bank to seek assurance about your repayment capacity as personal loans are of unsecured types (mostly). A higher income will give a better picture about your repayment capability. The Bank will be convinced that you are less likely to default on loan payments in future.
  • Your Credit History- Your credit score will have an important influence on your Axis bank personal loan eligibility.  If you have a credit score of 750 and beyond, it will enhance your eligibility to a great extent. You will stand a great chance of getting your chosen Axis Bank personal loan approved. It will also make your case stronger to avail the best interest rates from the Axis Bank.
  • Housing situation- Your housing situation is another factor considered by the Axis Bank to calculate your personal loan eligibility. Your eligibility will be impacted positively if you stay in your own house and negatively otherwise. This is due to the fact that, if you stay in a rented house, the additional monthly expense on rent will lower your affordable income. It will lower your repayment capacity as a result.
  • Current debt situation - Let us suppose that you are spending a big chunk of your monthly income in paying off your loan EMIs/rent/credit card payments. In such a scenerio, your chance of getting your loan approved from Axis bank will be lower than someone with no such liabilities towards existing debt.

Axis bank personal loan rates and charges

Category

Rate/Charge

Interest Rate

15.75% onwards

Processing Fees

In the range of 1.5% to 2% of the loan amount including the applicable service tax

Prepayment Charges

NIL, but only allowed after payment of 1 EMI

Foreclosure Charges

NIL, but only allowed after payment of 1 EMI

Additional interest on late payment

2% per month

Cheque bounce charges

Rs 500 per instance + GST

 

How important is your CIBIL Score for your Axis Bank Personal Loan Eligibility?

While processing your personal loan application, the Axis Bank scrutinizes your credit report issued by CIBIL. A CIBIL score in and around 750 is usually considered good enough. But if you possess a CIBIL score ranging from 800 to 900, the bank will be that much more assured of your repayment capability. The bank may provide you better offers, with more favorable terms.

Your credit report also includes details of all the credit you availed in the recent past. If you defaulted in any of your previous credit card and loan payments, those will be duly reflected in your credit report. The Axis Bank will consider this negatively and your loan eligibility will get a demerit point.

Also, if you have availed secured loans more than the unsecured ones, it will work in your favor.

How can you Improve the Chances of Getting your Axis Bank Personal Loan approved?

  1. Improve your debt to income ratio (DTI) – The Axis Bank follow strict DTI benchmarks. A lower DTI percentage indicates that you are in control of your debts. You need to check your DTI from time to time and take adequate steps to lower it as much as possible. You can do so by increasing your income and lowering your debt. A significantly lower DTI will make you an ideal candidate for granting an Axis Bank personal loan.
  2. Improve your credit score – As already mentioned, the Axis bank consider your credit score as a valuable indicator of your credit handling. Therefore, it is highly imperative that you should check your credit score from time to time and take steps to improve it. Get a free copy of your credit report from any of the credit bureaus and address the areas that require improvement. Its simple and easy to improve your credit score. Pay your dues on time, enhance your credit limit and have a balance of secured and unsecured credit on your portfolio.
  3. Have a co-applicant – You can boost your chances of getting your loan approved by adding a co-applicant. The co-applicant should have a stronger credit profile and monthly income. The Axis bank will consider the co-applicant to be equally accountable for repayment of the loan and hence will not hesitate to approve the loan to you.

Hope the details mentioned above have cleared any doubts you had over the Axis Bank personal loan eligibility. Now you can sort out any issues you had about your Axis Bank personal loan. The accurate and easy tool named Axis Bank personal loan eligibility calculator considers all the factors that affect your eligibility. With this, you can be sure to get an accurate assessment of your eligibility for the Axis Bank personal loan product of your choice.

We conclude by saying that before opting for any personal loan, you would do well to be absolutely sure about your eligibility. Having a proper assessment of your eligibility will simplify your application process and will also help you acquire the best personal loan rates.

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