IAxis Bank Personal Loan : n case you are in an urgent need of money, you can turn to the personal loan offered by the Axis Bank. Axis Bank provides personal loans easily online in less than five minutes for amounts of up to ₹3 lakh at competitive interest rates. Furthermore, loans of this nature are particularly appealing as a stress-free experience is guaranteed. Despite the fact that most of your interaction with the bank will be through the internet, your basic information and the relevant documents will also be uploaded and in no time you would have been granted a loan.
Not requiring a guarantor or collateral makes this loan even much easier. This loan can fit several purposes including education, home renovation, and even medical emergencies. There’s also the option of flexible EMIs for every Axis Bank customer, so you can pay back as per your capacity.
Axis Bank Personal Loan: Key Features
| Feature | Details |
|---|---|
| Loan Amount | ₹50,000 to ₹3 lakh |
| Interest Rate (per annum) | 10.75% – 22% |
| Monthly Interest Rate | 0.896% to 1.833% |
| Repayment Tenure | 12 to 60 months |
| Loan Approval Time | Just a few minutes |
| Process | Completely online |
| Collateral or Guarantor | Not required |
| Application Method | Online via website or mobile app |
Benefits of Personal Loan
There are many advantages associated with the Axis Bank personal loan and they include low interest rates, quick approval, and a completely online process. You are not required to have a guarantor or any collateral which makes it straight forward. Furthermore, the bank provides tailored EMI schemes allowing you to pick a repayment plan that fits your desire. The said loan may be used for any personal expenses be it for a wedding, education, health, traveling and many other activities.
Eligibility for Personal Loan
| Eligibility Criteria | Details |
|---|---|
| Age Limit | 21 to 60 years |
| Minimum Monthly Income (Existing Customer) | ₹15,000 and above |
| Minimum Monthly Income (Non-Customer) | ₹25,000 and above |
| CIBIL Score | Between 720 and 750 |
| Occupation | Primarily salaried employees |
Required Documents
To apply for a personal loan, Axis Bank requires some essential documents to verify your eligibility and personal information. These documents cover your identity, income, and banking history.
| Document Type | Required Documents |
|---|---|
| Income Proof | Last three months’ payslips and Form 16 |
| Bank Statement | Last three months’ bank statement |
| Identification | Passport, driving license, or PAN card |
EMI Calculation for ₹3 Lakh Loan
Suppose you want to take a personal loan of ₹3 lakh with a tenure of 1 year. The table below shows EMI calculations based on the interest rate you receive:
| Loan Amount (₹) | Interest Rate (per annum) | Monthly EMI (1 year) |
|---|---|---|
| 3,00,000 | 10.75% | ₹26,645 |
| 3,00,000 | 15% | ₹27,072 |
| 3,00,000 | 22% | ₹28,788 |
From the table, you can see how the EMI varies based on the interest rate. Lower interest rates result in lower monthly installments, making repayment more affordable.
Application Process
Obtaining a personal loan from Axis Bank is a simple and seamless process because it can be done entirely online. You are required to carry out all the activities even without stepping into the bank. Here is a step-by-step guide on how to make the application:
| Step | Details |
|---|---|
| Visit Website or App | Go to Axis Bank’s official website or download the mobile app |
| Enter Contact Details | Provide your name, email, and mobile number |
| Provide Personal Information | Enter your date of birth, PAN number, and income details |
| OTP Verification | Enter the OTP sent to your mobile number |
| Complete Video KYC | Finish the video KYC process to verify your identity |
| Aadhaar Verification | Enter the OTP linked to your Aadhaar card |
| Submit Application | After filling in all details, submit the application and wait for approval |
Loan Approval and Disbursement
After completing and sending your application, you can expect to receive an approval decision within a few hours. Once approved, the requested loan amount will be deposited into your bank account in just a few hours. The whole procedure takes a matter of minutes so that you can access the funds very fast when it matters.
Conclusion
It is easy and smooth to get a personal loan from Axis Bank because the entire process is online. The process does not entail even a step inside the bank. Here’s a stepwise procedure on how one should go about the application: