In India, the cost of living continues to increase with each passing year. In recent months, inflation has been at an all-time high. Ordinary Indians who leave from one paycheck to another face financial difficulties because of the growing inflation. Sometimes they have urgent financial needs. But they suffer a lot due to a lack of sufficient funds. Many of them try to get financial assistance from local lenders and relatives.
Nevertheless, the overwhelming majority of people apply for Axis bank loans. It is an ideal method to arrange the required cash in a short time. You can take an Axis Bank personal loan to meet all emergency and essential financial commitments. It’s the right time to know more about Axis Bank instant loans.
Axis Bank Instant Personal Loan: A Brief Introduction
As evident with its name, needy folks in India can get Axis Bank instant personal loans quickly. They can receive funds starting from Rs 50000 to a maximum of Rs 1500000 for 1 to 5 years and meet all essential needs comfortably. The interest fee on the borrowed funds starts from 10.49% to 24% p.a. If you maintain an account with Axis Bank, you can get the desired loan with preferential interest fees. However, the Bank demands the processing fee, which often goes up to 1.5% of the approved loan amount. You need to earn Rs 15000 or more per month to apply for Axis bank loans.
Significant Benefits of Axis Bank Online Personal Loans
● Ample Loan Amount
We may need additional cash for multiple expenses, which pop up all of a sudden. For example, you have no option but to look for extra funds when there is a marriage party in your house, education fees, utility bills, etc. You can’t avoid these expenses as they affect the quality of your life. Fortunately, Axis Bank allows you to get ample funds starting from Rs 50000 to Rs 1500000. This amount is sufficient to meet all emergency requirements without asking for any financial assistance. This is the reason why Axis Bank gets lots of applications for personal loans.
● Extended Repayment Tenure
The extended reimbursement period is another crucial benefit of Axis Bank’s instant personal loans. When people take a loan, they look for an extended repayment tenure. It allows them to meet all needs comfortably and pay back the loan in equal EMIs. You can repay the borrowed money in 1 to 5 years. While taking a loan, discuss the repayment tenure with the banker. Ask Bank executives to divide your loan into equal EMIs. It makes the loan repayment less burdensome.
● Freedom To Use The Borrowed Money
Because of the growing requirement for different products and services, Indians never hesitate to use loans. Axis Bank will offer you personal loans for multiple expenses. It’s totally up to you to spend the money the way you want. You can take a loan from Axis Bank to fulfill all financial obligations. But you need to be careful while using a financial product offered by the Bank. Take a loan only when it is essential, and you don’t have sufficient reserve cash.
● Axis Bank Personal Loan Eligibility
It would be best if you met the following eligibility criteria for Axis Bank personal loan:
- The applicant must have employment with any organization, company, central government, state government, etc,
- He must be 21 to 60 years old,
- His monthly income should be Rs 15000 or more,
- He must have an active bank account against his name.
● Simple Documentation
To apply for Axis bank loans, you need to arrange the following documents:
- KYC documents,
- Date of Birth Proof,
- Signature proof and
- Income proof (bank account details, employment contract papers, last two month’s salary slips, and bank account statements).
● Straightforward Application Method
Axis Bank has been India’s Pioneer bank for the last couple of years. Its branches and ATM centers are available all across our country. So you can easily apply for the loan by visiting the nearest branch of the Bank. Just discuss your requirements with the bank manager and ask for an application form. Fill it with the required details & examine the application form for all possible mistakes. Then, please submit your application to the Bank and follow their due course of action. The bank manager will call you for documentation, discuss the loan requirement, and complete different formalities. All these procedures will take 8 to 10 days or more. It depends on the volume of applications obtained by the Bank. Many people visit the website of Axis bank and submit their applications online. The online application method is fast and straightforward. If the Bank considers your profile as an ideal credit borrower, it will invite you to the office for further discussion.
● Axis Bank Personal Loans Are Free From Collateral Placement.
Axis Bank personal loans are free from collateral placement criteria. It means that borrowers don’t need to place their costly assets as security against the loan. This makes a large number of Indians eligible for Axis bank loans. The Bank executive will check your income status and repayment potential before issuing you a new loan. You must have a rich record of financial transactions, salary credits, and cash reserves to impress the banker.
Mistakes You Must Avoid While Applying For Axis Bank Online Personal Loan.
Despite different loan products in India, only a few people can get the desired loan. The rate of rejection of loan applications is relatively high in this country. That is why a large number of individuals use prohibited tricks to get a loan somehow. As a result, they make many mistakes while applying for the loan and suffer later on. It would help if you stayed away from making many mistakes while trying to get a personal loan from Axis Bank.
● Trying To Get A Personal Loan From Different Indian Banks.
When people are out of cash in the wake of sudden financial emergencies, they are desperate. So they apply for personal loans in different Indian banks. This is because they believe even if a bank quashes their application for a loan, there are options in their hand. It’s your wrong approach to get personal loans. During background checks and credit verification processes, banks can quickly know how many applications you have submitted for personal loans and in how many Banks. If this comes to the notice of Axis Bank executives, they might reject your application straightaway. So don’t submit too many applications for loans at the same time in different Indian banks.
● Silly Mistakes In Loan Applications
It is one of the most prominent reasons why Axis Bank will reject your application for the loan. In a loan application, borrowers need to fill up details correctly and check them for errors. But most people don’t follow this simple financial decorum. They get an application paper from the banker, fill up the required details in a great hurry and submit it to bank executives. Such applications often carry inaccurate information, which may irritate the Bank. They love applications with accurate details and information. Once you fill the form with the required information, check it two times for all possible mistakes. Make sure that you submit the correct details to the banker using an application form. It makes it easier for bank executives to verify your details and process the application quickly.
● Don’t Use Fake Documents For Loan Applications.
Documentation is an integral and essential part of any loan. The Bank demands a wide range of documents to verify your profile as a credit borrower. You need to submit KYC documents, birth certificates, bank account details, salary slips, credit score papers to the banker while applying for a loan. The Bank takes all possible measures to verify the documents you submit. If you use fake documents for loan applications and acquisition, there are serious repercussions of this unlawful activity. The Bank may reject your application for the loan and take legal action against you if the loan is mistakenly issued based on fake documents. It can also use debt collection agencies to recover the loan amount and impose hefty fines against you. In worse-case scenarios, Axis bank will block your profile as a credit borrower. If it happens, you won’t be able to take any loan from Axis Bank in the future.
What Steps Should I Take To Improve The Chances of A Loan Application?
● Careful Submission of Loan Application
Detailed submission of a loan application is essential if you want to get a loan quickly. So be careful while applying for the loan and supply only verifiable details to the banker. Make sure that you have filled all the required columns of the loan application. Your application must not carry any misleading information. Soon after the submission of the application, you get a notification from the Bank. They take time to verify your details and respond to you accordingly.
● Tell The Truth About Your Previous Financial Records.
It has been observed that most credit borrowers try to mislead the banker by giving inaccurate answers to questions. Axis Bank is interested in providing loans to borrowers who thoroughly understand all liabilities of taking new loans. Therefore, you should disclose all your previous financial records and submit documentary proof for it. It helps bankers verify your financial status, income, and expenses records and make an appropriate decision.
● Your Credit Score
You should maintain a credit score of 750 or more to get an Axis Bank online personal loan. Borrowers with good credit scores are considered less risky individuals in terms of loan repayment. That is why Axis Bank will approve your application for the loan if your credit score is a minimum of 750. Those who maintain a credit score below this mark may face rejection from the Bank. You get a small loan with higher interest fees even if you are approved for a loan( because of your good employment status). If the Bank doesn’t believe your repayment potential, it will reject your loan application.
● Loan Amount
The loan amount you demand from the Bank plays a vital role in approving or rejecting your application. If you ask for a loan that doesn’t match your income status and repayment potential, the Bank will reject your application. Whenever you apply for Axis Bank personal loan, Bank executives examine your entire financial record. It helps them evaluate your capability to bear the new loan’s liability and repay it at the right time. If you are flexible with the loan amount, the Bank may offer you several packages. Choose one package which is suitable for your needs and budget.
Frequently Asked Questions
● Why Do So Many People Apply For Axis Bank Loans?
There are many benefits of taking personal loans from Axis Bank. You have the freedom to choose a loan amount from Rs 50000 to Rs 15 lakhs. Easy application methods, friendly Bank executives, minimum documentation, no collateral placement criteria make Axis Bank personal loans quite popular among many borrowers in India. Apart from this, the Bank allows you to transfer your personal loan into Axis Bank. This will help you save a significant amount of money on repaying EMIs. In addition, loyal customers of Axis Bank get reward points whenever they take a personal loan from the Bank. You can use those reward points to recharge phone numbers, purchase valuable goods online, and make necessary payments for different services.
● Can I Take A Loan With My Wife Or Any Other Co-Borrower?
If you have a Co-borrower, Axis Bank will allow you to get a significant sum of money as a loan. However, the co-borrower must fulfill the eligibility criteria and credit score requirements.
● How Can I Check The Status of My Application?
Please wait for 7 to 10 days after submitting your application for the loan. If you follow the established protocol and apply for the loan as per the requirement, the Bank executive will call you for further discussions. You should contact the Bank and get an update about the status of your application. If you have submitted your application on the Axis Bank website, use the reference number to check its status.
● My Credit Score Is Below 750. What Should I Do To Get My Application Approved?
Axis Bank is interested in giving loans to people with good credit scores. If your credit score doesn’t match the eligibility criteria, display all your income sources and arrange a guarantor. The Bank may consider your application if it feels that it can quickly get the loan repayment at the right time. If your credit score is awful, the Bank has no option but to reject your application.
● Can I Repay The Loan Before Its Tenure?
Yes, prepayment of the loan is quite common in India these days. You need to contact the banker and generate a request for the pre-closure of your loan. The Bank will ask for some fees and close your loan permanently. Doing so strengthens your profile as a borrower and improves your credit score to a great extent.
● Are There Any Extra Charges If I Miss Any Emis Of The Loan?
You must make timely payment of the loan without fail. For this, Axis Bank activates automated loan repayment on your request. The Bank will automatically deduct the loan repayment amount at the right time with all applicable interest. If the payment process doesn’t happen due to insufficient balance in your bank account, Axis Bank will ask for additional fees as a penalty. Don’t do this and ensure the timely repayment of the loan just by maintaining a balance in your bank account.
Financial problems and difficulties happen even in the life of the most affluent people on the planet. So you can easily understand the situation of the millions of Indians who have to support different family members with limited monthly income. Axis Bank online personal loan helps people get Rs 50,000 to 15 lakhs for the entire five years. So they can use the money to meet all emergency needs and maintain financial tranquility in life.