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Axis Bank Personal Loan Eligibility

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ICICI BankICICI Bank
Processing Time3 - 5 Days
Interest Rate9.99% onwards
Processing FeesUpto 2.5%
Max. Loan Amount₹2 Crore
HDFC BankHDFC Bank
Processing Time3 - 5 Days
Interest Rate9.99% onwards
Processing Fees₹4999+GST
Max. Loan Amount₹50 Lakh
Axis BankAxis Bank
Processing Time3 - 5 Days
Interest Rate11% onwards
Processing FeesUpto 3%
Max. Loan Amount₹5 Lakh
Kotak BankKotak Bank
Processing Time3 - 5 Days
Interest Rate9.99% onwards
Processing Fees₹12999+GST
Max. Loan Amount₹50 Lakh
Bajaj FinservBajaj Finserv
Processing Time1 - 2 Days
Interest Rate10% onwards
Processing FeesUpto 1.2%
Max. Loan Amount₹75 Lakh
IDFC First BankIDFC First Bank
Processing Time1 - 2 Days
Interest Rate9.99% onwards
Processing FeesUpto 2%
Max. Loan Amount₹1 Crore
CholamandalamCholamandalam
Processing Time3 - 5 Days
Interest Rate17% onwards
Processing FeesUpto 4%
Max. Loan Amount₹50 Lakh

Detailed Axis Bank Personal Loan Eligibility Criteria

Below-mentioned is the eligibility criteria set by Axis Bank for its personal loan applicants:

  • Minimum age of the applicant at the time of loan application should be 21 years, and maximum age at the time of loan maturity should be 60 years.
  • Salaried employees, including employees of public limited companies/private limited companies/PSUs/Central and Local bodies, and doctors are eligible for Axis Bank personal loan.
  • Existing customers of Axis Bank should have a minimum monthly income of Rs. 15,000 to avail a personal loan.
  • The minimum eligible monthly income for customers other than Axis Bank should be Rs. 25,000.

Eligibility for Salaried Employees

  • Salaried employees have very high chances of getting their Axis Bank personal loan approved due to higher job stability and consistent income.
  • Among the salaried, the ones employed in the government sector are preferred the most, followed by the employees of top private companies.

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:

  • Login to the Paisabazaar app.
  • Tap on the “Personal Loan” icon.
  • The app fetches your credit report and shows curated offers matching your profile.
  • Check for Axis Bank personal loan details and apply.

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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:

  • Maintain a credit score of 760 and above.
  • Keep your EMI/NMI ratio below 55%.
  • Show a stable job and consistent income.
  • Avoid multiple loan applications in a short span.
  • Keep your credit utilization ratio low
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I’d like to express my sincere appreciation for Mr. Aman Kumar (EW32023) for the excellent assistance provided. His professionalism & willingness to help made the experience smooth & pleasant. Aman Kumar demonstrated patience & clarity while addressing queries and ensured that everything was handled efficiently. Such dedication & customer-focused service truly deserve recognition. Please convey my thanks and appreciation to him for his outstanding support.

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Anubhuti Agrawal profile
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Anubhuti Agrawal
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Shamik Ghosh

Paisabazaar 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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