Check Free CIBIL Score for Axis Bank Loans

A high CIBIL score depicts the creditworthiness and disciplined credit behaviour of a borrower. Thus, while applying for any loan from Axis Bank, please ensure you maintain a good CIBIL score. However, there are no minimum CIBIL score criteria defined by Axis Bank to avail a personal or home loan.

Important Points Related to CIBIL Score for Axis Bank Loans

• Maintaining a high credit score makes it convenient for Axis Bank to approve your loan application if you fulfil other eligibility criteria.
• Just like other private sector banks, Axis Bank also checks your CIBIL score (or credit score by other credit bureaus) before offering credit products.
• A good credit score not only makes it easier for you to get your loan application approved but also gives you the power to negotiate loan terms.
• To know if you have a good credit score or not, you can do a soft enquiry at Paisabazaar
• You can check your CIBIL report and CIBIL score for free and receive monthly updates.
• Always remember that checking your credit score or credit report (soft enquiry) does not impact your credit score.
• When a lender, however, requests your credit report from a bureau for loan approval, the enquiry is considered a hard enquiry, is mentioned in your credit report and has the potential to impact your credit score.

Minimum CIBIL Score required for Axis Bank Home Loan

• There is no minimum CIBIL score criterion defined by Axis Bank for availing a home loan.
• It is, however, advised to maintain your CIBIL score of at least 750 or above to avail home loan at competitive interest rates with higher loan amounts and relaxed tenure.
• Axis Bank thoroughly checks the CIBIL score of the applicant, as well as the co-applicant, if any, before providing any home loan approval.
• Based on your present CIBIL score, Axis Bank shall approve or deny your loan application.
• While applying for a home loan with Axis Bank, make sure that the co-applicant also maintains a high credit score to avail funds.
• The home loan application may be rejected if in case the co-applicant has a low CIBIL score or a poor repayment history.

Read in Detail: Axis Bank Home Loan

CIBIL Score required for Axis Bank Personal Loan

• As a personal loan is an unsecured loan, the bank does not require any collateral or security to be submitted from the borrower.
• It, therefore, becomes necessary for an applicant to maintain a high credit score to avail a personal loan at relatively lower interest rates.
• If you are planning to apply for an Axis Bank personal loan, you should maintain your CIBIL score of at least 760 or above.
• Axis Bank has not defined any particular score to be achieved before applying for a personal loan.
• The loan approval depends on various other factors besides the CIBIL score, and it varies from applicant to applicant.

Note: The loan approval or denial shall be at the sole discretion of Axis Bank.

Factors that affect the Axis Bank CIBIL Score

Several important factors regarding your credit behaviour can negatively impact your CIBIL score. Some of these are mentioned below:

• Missed or delayed repayments – Loan EMIs or credit card dues
• Unnoticed and unresolved CIBIL report errors
• Higher credit usage or maxing out on total credit limit regularly
• Multiple credit applications in a short duration
• Shorter length of credit history
• Paying only the minimum amount of credit card dues
• Closing down the oldest active credit account
• Settling your existing debt instead of closing it
• Other outstanding debts, if any

Also Read: How to Increase CIBIL Score – 7 Smart Tips

FAQs CIBIL Score for Axis Loans

Q. Does checking your CIBIL score repeatedly have any negative impact on your credit score?

Ans. No, even if you check your CIBIL report or credit score multiple times, it does not lower your credit score, as it is considered as a soft enquiry by the credit bureau.

Q. What is the minimum CIBIL score required for a home loan?

Ans. There is no minimum CIBIL score criteria, as defined by the Axis Bank for applying for a home loan. However, you should maintain at least 700 or above for the bank to consider your home loan application.

Q. Does my co-applicant need to have a credit history before I submit my home loan application?

Ans. Yes, your co-applicant for the home loan requires not just a credit history but also a high credit score. Axis Bank checks your CIBIL score, as well as the CIBIL score of your co-applicant before sanctioning your loan application.

Q. What is considered as a good CIBIL score for a home loan with Axis Bank?

Ans. Any score that is as close to 900 and at least above 750 is considered very good for applying for a home loan with Axis Bank.

Q. Does Axis Bank consider only CIBIL score every time for loan approval?

Ans. Axis Bank may check credit score from any of the four credit bureaus – CIBIL, Experian, Equifax and CRIF High Mark, at its sole discretion to approve your loan application.

Q. Will Axis Bank check my credit score for the credit card?

Ans. Yes, if you apply for an Axis Bank credit card, your credit score will be checked by the bank.

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