Axis Bank Personal Loan offers faster personal loan sanctioning. You can avail a personal loan from Rs. 50000 to Rs. 40 lakhs with minimal documentation and quick sanctioning from Axis Bank. A Personal Loan is ideal for a range of purposes. Whether it is planning a vacation or renovating your home or purchasing household items, you can use them the way you want. Axis Bank also offers the facility to transfer the existing loan from different provider to Axis Bank.
Tips to improve Personal Loan eligibility at Axis Bank
Maintain a good credit score: Typically, a credit score of 750 and above is considered as a good credit score. It indicates that you have higher capability to repay the loan. In such cases, banks view you as a good customer and sanction loans without any hesitation.
Avoid applying for multiple loans: Applying for loans at multiple banks will give the impression that you are credit hungry and impact your credit score significantly. This may cause the bank to charge a higher interest rate for your personal loan
Do not default on your EMIs: It is important that you pay the EMIs on time. If you use credit cards regularly, it is important that you settle the dues on time. Not paying the EMis or credit card balance, may negatively impact your credit score and hamper your loan prospects
Keep the EMIs in control: You have to plan your monthly budget in a way that your debt obligation does not exceed more than 50% of your monthly income. In the event your dues are more than 50% of your salary, banks might reject your loan application as they would fear about your repayment ability. To avoid this, you can reduce the amount that you are asking as a loan and arrange for funds out of your pocket
How to Apply for a Loan at Axis Bank?
Evaluate your requirements and estimate the exact loan amount you would need
Check the bank’s eligibility conditions and find if you fit their eligibility criteria
Check the rate of interest offered for your loan and use EMI calculator to determine the exact amount you would pay on a monthly basis
If you are a existing customer, you can apply for personal loan on bank’s mobile app or in their website or apply at Fincover.
The advantage of applying at Fincover is that you can get to compare the loan interest rates of different lenders
Provide the documents required for KYC, address proof, and income proof along with the duly filled in application form
Bank will scrutinize your application and documents and determine how much amount that can be sanctioned. If your application is rejected, you will get to know at this point
If your loan is approved, you will receive the amount credit to your bank