Below-mentioned is the eligibility criteria set by Axis Bank for its personal loan applicants:
Axis Bank Personal Loan Eligibility
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Detailed Axis Bank Personal Loan Eligibility Criteria
Eligibility for Salaried Employees
Eligibility for Self-Employed Professionals
Self-employed professionals do not have a stable job or a consistent income, and therefore, they do not have formal income documents. That is why many lenders reject their personal loan applications
Axis Bank Personal Loan Eligibility Calculator
Axis Bank personal loan eligibility calculator is an online financial tool used to assess the creditworthiness of applicants. Prospective borrowers can check their eligibility using Paisabazaar’s Personal Loan Eligibility Calculator available online. The tool factors in the age, monthly income, desired loan amount, interest rate and existing EMIs of the applicant while calculating the eligible loan amount.
Important Factors Influencing Your Axis Bank Personal Loan Eligibility
Factors affecting the Axis Bank personal loan eligibility of the applicants include:
Credit Score
Applicants with a credit score of 760 and above usually have higher chances of getting their Axis Bank personal loans approved. Such applicants are offered lower interest rates and better offers compared to other applicants.
Job Profile
Salaried and self-employed individuals are eligible for personal loans. Among them, salaried individuals have very high chances of loan approval because of consistent income and a stable job. Self-employed individuals do not have a stable job and may lack formal income documents, and hence, find it difficult to get loans at lower interest rates.
Monthly Income
Existing customers of Axis Bank should have a minimum income of Rs. 15,000 to apply for personal loans. Non-customers should have a minimum income of Rs. 25,000 to avail personal loans.
However, lenders usually consider applicants having their EMI/NMI ratio below 55%, including existing EMIs and the EMI of the proposed personal loans. Individuals exceeding this limit may not be eligible for Axis Bank personal loans.
Age
Applicants having a minimum age of 21 years are eligible to apply for a loan at Axis Bank. On the contrary, the borrowers should be 60 years old during loan maturity.
Work Experience
Individuals having a work experience of at least 1 year in the current organization are eligible to avail Axis Bank personal loans.
How to Apply for an Axis Bank Personal Loan Online
You can apply for an Axis Bank online through Paisabazaar in the following steps:
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Tips to Maximize and Improve Your Axis Loan Eligibility
You can improve your Axis Bank personal loan eligibility in the following manner:
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Personal Loan Articles
View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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