Details of Axis Bank Personal Loan Eligibility Criteria
The Axis Bank Personal Loan Eligibility Criteria is similar to the personal loan eligibility criteria set by other lenders. The eligibility conditions of Axis Bank Personal Loan for its various categories of loan applicants are as follows:
- Employees of public limited companies, private limited companies, public sector undertakings and government employees (including the ones working with local and central bodies) are eligible to apply for the personal loan schemes of Axis Bank.
- Salaried doctors are also eligible for availing personal loan.
- Minimum net monthly income: Rs 15,000
- Minimum age: 21 years
- Maximum age: 60 years at the time of loan maturity
Factors that Influence Axis Bank Personal Loan Eligibility
Credit Scores
The role of credit score of personal loan applicants’ in determining Axis Bank Personal Loan eligibility has not been disclosed by the lender. However, most lenders consider the credit scores to determine the loan eligibility of their personal loan applicants. Banks and non-banking financial companies (NBFCs) usually consider personal loan applicants with credit scores of 750 and above as creditworthy and hence, they have a higher probability of getting their loan applications approved. Some lenders also provide personal loans at lower interest rates to loan applicants with higher credit scores. Lenders consider individuals with credit scores below 750 as lacking in credit discipline and hence, they may either reject their personal loan applications or levy higher interest rates to make up for the increased risk of loan default.
Personal loan applicants with zero or low credit scores can avail the Paisabazaar Step UP Credit Card, a lifetime free credit card issued by Paisabazaar.com secured against the fixed deposits of SBM Bank, in order to maintain/increase their scores and improve their Axis Bank Personal Loan Eligibility.
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EMI Repayment Capacity
The role of personal loan applicants’ repayment capacity (after factoring in their EMIs) for ascertaining their Axis Bank Personal Loan Eligibility has not been disclosed by the lender. However, most lenders usually require personal loan applicants to limit their monthly loan repayment obligations (including EMIs both from their existing loans and from the proposed personal loan) to within 50-60% of their total monthly income. Lenders usually do not approve personal loan applications of individuals exceeding this limit.
As longer tenures lead to lower EMIs, applicants going beyond the 50-60% limit should select longer personal loan tenures to reduce their monthly EMIs and subsequently improve their repayment capacity. Hence, those planning to avail personal loans should use the Axis Bank Personal Loan EMI Calculator for finding their optimum tenure and EMI based on their repayment capacity.
Occupation Profile
As mentioned above in the Axis Bank Personal Loan Eligibility Criteria, both public and private sector employees, along with salaried doctors, are eligible for availing Axis Bank Personal Loans. Note that many lenders also decide the personal loan interest rates of loan applicants based on their occupation profiles.
Existing Consumer Relationship with Axis Bank
Axis Bank has not specified whether its existing customers get any special preference or concession while evaluating their personal loan eligibility. However, many lenders prefer lending personal loans to their existing customers. Some lenders also offer pre-approved instant personal loans with quick disbursal or nil documentation to their select customers based on their credit profile. Some lenders also offer preferential personal loan interest rates to their existing customers. Hence, existing customers of Axis Bank planning to apply for personal loans should check with the bank whether they qualify for pre-approved personal loans. Alternatively
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