If you are looking for a fast personal loan, then the Axis Bank personal loan is just the right choice for you. It offers a big amount to both government and private sector employees. The best thing about this bank is that even a 21-year-old with a monthly salary of only INR 15,000 is eligible for the loan. All you need to do is fill out an application form and submit KYC documents.
You can get this digital personal loan at low EMIs and a long tenure. For this, your credit history must be better, with a score of at least 700. This will ensure that you have the financial management skills needed to pay back your loan without any delays.
You can get various benefits from the loan by keeping your EMIs not more than 40% of your salary. However, you can maintain it at a certain level by opting for a balance transfer or making a part payment.
Prime Features & Benefits of Axis Bank Personal Loan
Axis Bank personal loans can fund your major expenses better because of their prime features. Being one of the best personal loans in the industry, the primary features that you should be aware of are listed below:
1] Transparent Terms
The rules for Axis Bank personal loans are crystal clear. So, it would be easy to know all about the expenses and potential risks you will be taking with this loan. You can go through its transparent terms to avoid paying any hidden charges later.
2] Ideal For Consolidating Debts
This online personal loan is perfect for settling high-interest loans. It enables you to redirect funds towards savings or investments. With the option to consolidate, you gain greater control over your finances, paving the way for a more stable and prosperous future.
3] Instant Online Personal Loan
Apply for an online personal loan without any paperwork and access funds instantly. Approval of your amount will happen within minutes once your KYC is verified. Later, the funds will be deposited into your account. The entire process is 100% digital, and there’s no need for bank staff involvement.
4] Convenient For All
Adjust the monthly payments of your digital personal loan with Axis Bank. It’s necessary because if our income rises, you will be able to request a boost in your Equated Monthly Installment (EMI). This will help you to sync your loan repayment with changes in your financial flow. At Axis Bank, managing your loan isn’t a rigid schedule; it’s a dynamic process that adapts on the go.
5] Emergency Fund
Only personal loans can save you during emergency expenses such as medical bills or sudden home repairs. So, opting for a bank loan over-borrowing from relatives should be your choice to get financial privacy and avoid potential strain on personal relationships. Also, Axis Bank offers structured repayment plans and interest rates in such situations.
6] Credit Score Improvement
Taking an Axis Bank personal loan and repaying it on time can significantly boost your credit score. A higher credit score opens doors to better loan terms in the future and increases your eligibility for other financial products. Axis Bank’s system encourages responsible borrowing and timely repayment, providing a pathway to improved financial health and access to credit.
7] Round-the-Clock Customer Support
Axis Bank ensures that you’re never alone in your financial journey. With 24/7 customer support, you can get assistance whenever you need it, be it for application queries, repayment concerns, or any unexpected issues. This constant availability adds a layer of confidence and convenience, making the experience of obtaining and managing a personal loan much smoother and more accessible.
All these features make the Axis Bank personal loan a great choice for individuals with diverse financial needs.
Online Application Process for Axis Bank Personal Loan
Applying for an instant personal loan with Axis Bank is quite a simple process. You just need to follow some simple steps, and you will be ready to get the loan approved in no time.
Step 1: Open the Axis Bank Website
After you find the Axis Bank website in your web browser, such as Chrome, Opera, or Firefox, navigate to the homepage and find the section for personal loans.
Step 2: Select the Type Of Loan And Verify Your Eligibility
Select your personal loan type and proceed with eligibility checks. Provide necessary details like age, credit score, and income. Axis Bank will use your Aadhaar card for its verification.
Step 3: Submit KYC Documents
After meeting the eligibility criteria, proceed to finalize the application. Verify the maximum loan amount you can get and preview your EMI. The bank will ask you for verification of KYC. After verification, your account will be credited with the approved loan amount.
Step 4: Check More Benefits
Here, you will be able to find the best features that you can get with a personal loan. See the type of insurance, interest rates, and repayment options you’ll get. If you hold a government job in any sector and maintain an existing account with Axis Bank, you may enjoy better advantages than others.
Once you are done with the entire process and have received approval, you will get the loan disbursed in around 30 minutes.
Eligibility of Axis Bank Personal Loan
Your age and income must match the eligibility criteria set by Axis Bank. But what’s the minimum requirement you should fulfill? Let’s see here.
Age Requirement: The age limit is 21 to 60 years to apply for this personal loan.
Income Criteria: You must have an income of INR 15,000 per month.
Credit Score: A minimum credit score of 700 or above should be a must.
Employment: This loan is available to salaried employees only. A salaried doctor, an employee in the public or private sector, and working in other local or central bodies can take this loan.
Mandatory Identification: Assemble your Income Proof, KYC documents, PAN, and Aadhaar card.
Financial documents: Pay slips for the last 3 months are mandatory.
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Axis Bank Personal Loan Fees & Charges
Axis Bank imposes different interest rates and charges according to financial profiles and loan needs. Look at these common charges you’ll have to pay after getting this digital personal loan approval.
1] Repayment Instruction or Instrument Charges Return
If a cheque bounces or an auto-debit fails, Axis Bank applies a charge of INR 339/- along with applicable GST. This fee keeps repayment instructions trouble-free and maintains the reliability of your transactions.
2] Repayment Schedule Charges
Axis Bank charges INR 500 along with applicable GST for each request to modify your Personal Loan repayment schedule. This fee covers various tasks performed by bank employees, like updating and managing your loan account as per the revised schedule.
3] Part Payment or Pre-Payment Charges
Within 36 months, a 3% charge is imposed on the principal outstanding for pre-payment. Part-payment charges a 5% charge on the part payment amount, plus applicable GST. These charges are applied directly to your principal amount.
4] Processing Fees
You need to pay a processing fee of up to 2% of the loan amount to cover the costs associated with evaluating and approving a loan application. This fee contributes to the procedural expenses incurred by the bank, including document verification, credit checks, and other related tasks.
Important Insurance to Take with a Loan
You need to get insurance with an Axis Bank digital personal loan. Apply for basic insurance and understand why it’s important when paired with a personal loan.
EMI Protection Insurance
The hidden perks of EMI Protection Insurance remain unnoticed by borrowers. This coverage may include a feature that allows banks not to take part in your EMIs in case of critical illnesses. It might also have a built-in provision to handle additional expenses, like legal fees or documentation charges.
Life Insurance
Ensuring your family’s financial stability is vital. In case of any unfortunate events, having insurance guarantees that your family receives the necessary funds to settle your digital personal loan. The additional amount offers extra support, easing their financial burden and providing a safeguard for their future amidst unforeseen challenges.
Critical Illness Insurance
After a severe illness, this insurance can provide financial assistance for your recovery, addressing various post-treatment costs. Additionally, it may incorporate a feature allowing partial payouts when diagnosing a less severe yet impactful illness.
Disability Insurance
Disability Insurance is a home modification insurance, facilitating adjustments to living spaces to accommodate the needs arising from a disability. The plan may also include caregiver training, offering assistance for family members to acquire the necessary skills to support the disabled individual.
Get the Benefits Of Balance Transfer
Make repaying your existing loan easier by moving the remaining amount to Axis Bank. They offer fast personal loans with low interest, so you can cut down on your monthly payments. Transferring to this bank not only saves you money but also lets you extend the time to pay back the loan.
