Apply Personal Loan on Axis Bank Credit Card

Loan on Credit Card

Axis bank which was erstwhile popular as the UTI Bank is today one of the biggest private sector banks in India. Set up in the year 1994, the bank has been phenomenal in offering financial as well as banking services to the customers. The bank has a unidirectional focus and vision of providing the financial products and services to the customers by way of latest technology, informed employees and latest market insights. The philosophy of the Axis bank can be easily explained via its 5 values that it strictly adheres to. These are:

1. Transparency
2. Customer Centricity
3. Ownership
4. Ethics
5. Teamwork

Axis bank instant loan facility is one of the most popular financial services offered by the bank.

Instant loan on credit card Axis bank

Axis bank allows you to take a loan against the credit card that has been issued to you by the bank. However, the amount that you get as a loan will solely depend on the analysis and discretion of the bank. In most cases, the bank provides the credit card loan within the credit limit. However, in certain cases, the loan might also be provided over the limit of the credit card. Once the loan amount is approved, the same will be transferred to your account by way of NEFT transfer or Internet banking.

Eligibility Criteria for getting a Credit Card loan

In order to get a loan on your credit card from the Axis bank, you’ll have to qualify their eligibility criteria. Here are the eligibility criteria as stated by the bank:

• The applicant must possess a credit card from the Axis Bank
• Your savings account must have the minimum requisite balance for the purpose of getting a loan.
• Your credit score must be sufficiently good.

How to avail credit card loan?

Before you apply for the credit card loan, it is a good idea to check your eligibility for the loan. You can check your eligibility for the loan in a couple of different ways. Here let’s take a look at them:

Branch

You can visit any of the nearest branches of the Axis bank and then drop a request for availing a credit card loan.

Net Banking

If your net banking service is activated, you can directly apply for the loan via that. You’ll get an SMS on your registered mobile number which will have the procedure to apply for the loan over your credit card limit.

Phone Banking

Simply call on the toll-free number of the Axis Bank. This helpline number is valid for calls 24/7. When you call the executive, they will give you clarity on your eligibility, and you can then make a request for the loan.

Benefits and Features

There is an array of benefits for applying for credit card loan via Axis Bank. These are as follows:

• No additional documentation needed.
• There is a facility of cash on EMI. In this, you can get the funds either transferred to your bank account via NEFT or via a draft.
• When applying for a loan on credit card, you’ll have to bear a one-time processing fee that is higher of:
  1. INR 500 or
  2. 5% of the value of the Balance Transfer

• Whenever you make the EMI transactions, you’ll be getting reward points on your credit card. These points can be used for making a purchase in the future.

How to pay back the axis bank credit card loan?

The balance yet to be paid is stated on the credit card statement of the Axis Bank. This statement will have the amount due towards the EMI, service tax to be paid and the education cess. You’ll have to pay this amount right from the first billing cycle of the grant of the loan. It is advisable to pay the complete amount due on a monthly basis. However, in case, you are experiencing a shortage of funds, you can pay the requisite minimum amount and further carry forward the balance to the following month. Payment of at least the minimum balance is required so as to prevent any penalties or for avoiding your card to be blocked. Make sure you pay the due amount on or before the due date. Repayment of the loan can be conveniently done via Net Banking. Axis loan payment online can also be done via the same methods.

How can you track your Axis loan status?

You might already know that the Axis bank credit card loan status and eligibility for the loan, majorly depends on your CIBIL score. If your credit score is satisfactorily good, your chances of getting the loan are increased. However, if your credit score is poor, you might not be granted the loan. It has been seen that over 80% of the applicants had their loan approved if they had a credit score over 750. In order to develop a good CIBIL score, you must have a thorough understanding of the core areas of the credit. The section in your CIBIL report which is of prime importance is the ‘Accounts’ section. All the vital information is listed here. It will have details relating to your current as well as previous Axis bank loan status. Further, when doing loan status tracking, you’ll also see the details relating to the account closed, written off or settled.

Since loan on credit card is an unsecured loan, banks usually check your repayment history. In case, the loan tracking shows a poor history of repayment, i.e., in case you have regularly made defaults on your repayments, the banks will be hesitant in granting you the loan. However, if your loan payment status shows regularity in payments, banks will immediately grant you the loan.

Applicants too can check this status for their own benefit. When you have applied for a loan, you can check the credit card loan status to assert, how long will it take for your loan to be approved.