Axis Bank Personal Loan Eligibility

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Axis Personal Loan Eligibility

Axis Bank is India’s third-largest private sector bank offering a range of financial products to salaried and business professionals. The bank also offers financial services to SMEs, retail businesses in addition to large and mid-sized businesses. In addition to providing loans, AXIS bank also offers mutual funds, insurance and other investment products. Bank has also been a leading provider of personal loan in India as in comparison to other banks, it offers the same to individuals drawing a minimum salary of Rs. 15,000. Be it a vacation or home renovation project or even in case of wedding, you can get a personal loan up to Rs. 15 lakh from AXIS bank in case you meet with the below eligibility requirements.

AXIS Bank Personal Loan Eligibility Criteria

To get a personal loan from AXIS bank, you should be meeting the below eligibility criteria.

Minimum salary15,000
OccupationYou should be a salaried employee working in the capacity of a doctor or employed in a public or private company. Government sector employees working in public, central or local undertaking can also apply.
Minimum & Maximum loan amount50,000- 15 lakh
Loan Tenure12-60 months

Documents required for AXIS Bank personal loan

To be eligible to get a personal loan from AXIS Bank, you will have to submit the below documents:

  • Duly filled application form
  • Photograph
  • Identity proof
  • Address proof
  • Bank statement
  • Salary slip
  • Signature verification proof

Factors that impact AXIS Bank Personal Loan Eligibility

  • Credit Score: Credit score is a three-digit numeric history that summarizes your credit history; it ranges from 300-900 with 300 being the lowest and 900 being a high score. A low score generally depicts a bad credit behaviour, whereas, a high score is a sign of good credit history and repayment behaviour. AXIS Bank generally offers personal loans to individuals having a minimum credit score of 750.
  • Occupation: You should be a salaried employee working in public, private or government sector.
  • Salary: The net amount you draw each month from your employer also has a huge impact on your AXIS Bank loan application. You should be drawing a minimum of Rs. 15,000 per month to get a loan from AXIS. Your loan application with the bank would not be approved in case you do not earn this amount per month. In addition, you also have to submit your salary and bank statement when applying for a loan with the bank. The bank also checks your job stability and you should be employed at your current job for a minimum of 6 months-1 year.
  • Salary account: It will become easy for you to get a personal loan from AXIS if you hold a salary account with the bank. Salary mode is also checked and usually, a direct bank transfer is a preferred criterion that is checked by the bank.
  • Age: You should be aged between 21-60 years to be eligible to apply for a loan.

How to improve chances of getting loan Axis personal loan approval

  • Avoid making multiple loan applications: Making multiple loan applications decreases your CIIBILs score, displaying your credit hungry behaviour. Hence, it is best to avoid making multiple loan applications as multiple rejections reflect in your credit report and would lead to rejection of loan with AXIS bank as well.
  • Improve your credit score: The best way to improve your chances of getting a loan from AXIS bank is to improve your credit score. This can be done by paying all your EMIs on time, using the credit card wisely, balancing the ratio of unsecured and secured loans and others.
  • Lower your debt: When assessing a loan application, AXIS bank checks on the income and debt ratio. If the bank finds out that you have a high debt ratio in comparison to your income per month, then it is likely to deny you the loan. Hence, it is important that you have a low debt ratio when applying for a loan with the bank.
  • Add a co-applicant: To increase your chances of loan approval with AXIS bank, you can apply for a personal loan with a co-applicant who has a strong credit history and high income. Adding a co-applicant means the bank considers him to have an equal stake in repayment of the loan.

AXIS Bank Loan Eligibility FAQs

I have a retail business, will I be eligible to get a personal loan from AXIS bank?
No, only salaried individuals are eligible to get a personal loan from AXIS bank.
How does AXIS bank determine the rate of interest I will have to pay?
Personal loan interest rates by AXIS are determined based on your credit history, employment, age and other factors.
How can I calculate the EMI of my AXIS bank personal loan?
You can calculate the EMI of your AXIS bank personal loan using the personal loan EMI calculator.
What is the interest rate offered by AXIS bank?
For a personal loan, the interest rate is 7.30%-15.30% depending on your eligibility, loan amount and other factors.
Can I get a personal loan from AXIS if I have one existing loan from another bank?
Yes, you can get a personal loan from AXSI even if you have an existing loan from another bank, subject to the above-mentioned eligibility requirements.

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