Axis Bank offers personal loans ranging between Rs. 50,000 to Rs. 15 lakh to individuals to meet various personal financial needs such as medical expenses, wedding expenses, etc. The loans come with flexible repayment tenure, are processed quickly and can be availed with minimum documentation.
Axis Bank Personal Loan Documents Required
List of documents required to avail Axis Bank personal loan is given below:
- Duly filled application form
- KYC documents (proof of address and proof of identity)
- Income proof (Latest 2 salary slips)
- Bank statement of the last 3 months
- Duly filled and signed loan agreement with Standing Instruction (SI) Request/Electronic Clearing Service (ECS) forms
Based on the mode of repayment:
- For SI/ECS repayment mode: 3 security Post Dated Cheques (PDCs)
- For ECS repayment mode: One cancelled cheque
- For PDC repayment mode: PDCs equivalent to the loan tenure
Note: Any additional documents as deemed necessary based on the applicant’s profile may be asked by the bank. Currently Axis Bank personal loans are offered only to salaried individuals. Self-employed applicant need to opt for a business loan instead.
Follow the tips given below to increase your chances of Axis Bank personal loan approval:
- Know the Eligibility Criteria- Have a good idea about the eligibility criteria and ensure that you meet that as well.
- Credit Score- A good credit score increases the chances of approval of your personal loan application. A score closer to 900 (such as 750 or above) is considered to be a good score. Credit score helps lenders assess a person’s credit-worthiness and repayment ability for new loans.
- Current Debt Level- Credit utilisation ratio is your total outstanding debt across all accounts/total allocated credit limit across all accounts. Maintaining a low credit utilisation ratio of 30% or lower helps increase the chances of approval of your personal loan.
- Avoid Multiple Simultaneous Loan Enquiries/Applications- Avoid making multiple loan enquiries/applications with several lenders at the same time. This may lead to an increase in the number of hard enquiries for your credit report, which may further adversely affect your credit score and decrease the chances of approval of your personal loan.
Q1. What is Axis Bank personal loan interest rate?
Axis Bank offers personal loans at an attractive interest rate starting as low as 12% p.a. However, specific interest rate applicable to an applicant depends on the applicant’s profile, existing relationship with the bank, etc.
Q2. Who can avail a personal loan from Axis Bank?
All salaried individuals including salaried doctors, employees of public and private limited companies, government sector employees including Public Sector Undertakings, Central and Local bodies can avail a personal loan from Axis Bank, provided they meet the bank’s eligibility criteria.
Q3. What is the tenure option available on Axis Bank personal loans?
Axis Bank personal loans come with a flexible repayment tenure ranging between 12 to 60 months.
Q4. What is the minimum and maximum loan amount that I can secure on Axis Bank personal loans?
The minimum loan amount available on Axis Bank personal loans is Rs. 50,000 and the maximum is Rs. 15 lakh.
Q5. How much time does Axis Bank take to decide upon a personal loan application?
Axis Bank conveys its decision within 5 working days, once all the documents required for proper appraisal of the personal loan application are received by the bank. However actual disbursal may take longer depending on the bank’s internal criteria.