Dreams form the basis of our life. We, human beings have so many wishes which we crave to get fulfilled. All we want is to turn them into reality. Some desire to go to a long & extended trip to Europe while others wish to give a complete new look to their house. Some parents simply wish to send their children to the best foreign university in order to provide them the best education. While other parents want to ensure that their daughter has a picture perfect wedding function. Each one of these dreams is connected to the thread of finance. Finance plays a very important role in our life and helps us to realise our dreams.
So in case, you want to fulfil any of these wishes, you can secure an Axis Bank Personal loan. Axis Bank is one of the leading banks in the market and offers the product at competitive rates of interest for a period of five years. The minimum and maximum amount that can be secured by an applicant is Rs. 50,000 and Rs. 15 Lakhs respectively. The applicant can carry his/her existing loan from a different bank to Axis Bank. This article will provide you with relevant information about the product offered by the bank.
Axis Bank Personal Loan Eligibility
A loan seeker has to first meet the Personal loan eligibility norms set by Axis Bank in order to avail a personal loan. Applicants who are eligible to apply for a home loan include the likes of salaried doctors, employees of reputed private and public limited companies, salaried individuals, government sector employees in the central or states bodies or public sector undertakings and private & public limited companies.
It is important for the applicant to be at least 21 years of age while applying for the loan. Those who are below the age of 21 are not eligible for the product and hence can’t apply. Another thing which has to be considered is that the applicant should not exceed the age of 60 years whenever the loan term expires. This clearly means the loan has to be completely repaid along with interest by the age of 60 years. The bank has also prescribed a minimum net monthly income of Rs. 15,000. The applicant needs to earn at least this amount every month so as to secure finance from the bank.
Documents required
The following documents have to be submitted to the bank for obtaining the product successfully. Have a look at them-
- Fully filled application form
- Proof of Identity-Passport/Aadhar card/Voter ID card/Driving license/PAN card
- Proof of Age- Birth certificate/High school mark sheet/Passport
- Proof of Residence-Water bill/Passport/Telephone bill/Allotment letter/Electricity bill
- Photographs of passport size
- Income Proof- Salaried individuals: Income Tax returns of the previous two financial years, Form 16, and a latest salary slip
- Bank statement of the past six months
- Proof of signature verification- Passport/PAN card/Driving License
Axis Bank Personal Loan rate of interest
Applicants can secure a personal loan at an interest rate of 15.50% to 24%. The applicant must try to secure the best interest rate possible as the monthly EMI will depend the rate of interest. In case, the interest rate is high, the EMI amount too will be on the higher side.
Processing Fee
A processing fee between 1.50% to 2% plus the applicable service taxes is charged by Axis Bank. You must keep in mind that the processing fee is non-refundable and won’t be refunded back to you. You are not required to pay any prepayment or foreclosure fees.
Axis Bank Personal Loan EMI Calculator
This tool has been designed so that you can calculate the amount of your EMI and also check the total interest payable. One has to simply enter the desired loan amount, rate of interest and tenure period. After that, the results are displayed on the screen. You can use the calculator to compare the EMI amount on different loan rates of interest and tenure periods.
Axis Bank Personal Loan customer care
The interested applicant can contact on any of the toll free numbers of the bank for more information. The toll free numbers are - 18002335577 or 18002095577 or 18001035577.
Axis Bank Personal Loan Status
The applicant has the option to track the application status of his/her Personal loan by visiting the official website of the bank. There one has to enter his/her application id. As soon as the id is entered, the application status will be displayed on the screen.
