Axis Bank Personal Loan - Benefits of Axis Bank Personal Loans

Axis Bank provides personal loans to its customers at very affordable rates of interest, and other benefits such as hassle-free documentation process, reasonable repayment options, top-up loan facilities, and instant loan approvals. mymoneykarma gives you all the information you need on Axis Bank personal loans.

Benefits of Axis Bank Personal Loans

Axis Bank personal loans are loaded with customer-centric benefits and features.

Here are a few highlights of Axis Bank personal loans.

• Significant loan amounts ranging from a minimum of Rs 50,000 to a maximum of Rs 15 lakhs. The loan amount depends on the applicant's repayment capability, credit score, credit history, and yearly income.
• Long loan tenures ranging from a minimum of 12 months and a maximum period of 60 months.
• Attractive interest rates ranging between 11.25% – 24% p.a.
• Loans available for salaried individuals, public and private company employees, and government employees.
• Special offers if the applicant is an existing customer of Axis Bank.
• Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.
• Simplified loan application and approval process with minimal documentation.
• Dedicated 24/7 customer service desk for query resolution.

Types of Axis Bank Personal Loans

Axis Bank offers only one type of personal loan. This loan is suitable for a large pool of customers.

Eligibility Criteria for Axis Bank Personal Loan   

Applicants must meet the following criteria to get a personal loan from Axis Bank.

• Minimum income of Rs 15,000 per month
• Sound repayment capability
• Competetive credit score
• Minimum age of 21 years
• Maximum age of 60 years
• Must belong to the salaried class of public and private company employees, government sector employees, employees of public sector undertakings, government and other public bodies.  
  

Documents Required for Axis Bank Personal Loan

Applicants need to submit the following documents while applying for an Axis Bank personal loan.

• A filled loan application form with necessary details such as income, occupational details, and personal information.
• Two copies of recent passport sized photographs
• Copies of the applicant's PAN card and Aadhaar card.
• Copies of income proof such as salary slips of the previous three months, bank statements of the last three months, and a copy of Form 16.
• Copies of residence proof such as telephone bills, electricity bills, or rental agreement attested by the applicant.
  

How to Apply for Axis Bank Personal Loan Online

Customers can directly apply for Axis Bank personal loans online by visiting the Axis Bank website. They just need to follow the on-screen instructions from the personal loan section, download the loan application form, and submit the filled form and upload the necessary documents on to the portal. The bank then evaluates the applicant profiles and deposits the loan amount in the applicant's account upon the approval of the loan.

How to Apply for Axis Bank Personal Loan Offline

Applicants can also directly walk into the personal loan centers of Axis Bank along with all required documents. They need to fill up the Axis Bank personal loan application form received at the bank and submit it with the documentation. The loan is approved within a few working days. Use a personal loan EMI calculator to know your obligations if you are applying offline.

Axis Bank Home Loan - Features and Benefits of Axis Bank Home Loan

If you are planning on buying your dream home, Axis Bank Home Loan is here to help you out with home loans starting at Rs. 3,00,000. The Axis Bank Home Loan hosts a lot of benefits such as smaller EMIs where you can space out your payment for a longer tenure, an easy application process, attractive interest rates, doorstep service, etc.
Features and Benefits of Axis Bank Home Loan

• Easier and pocket-friendly Home Loans
• Fixed and floating loans as per your preference
• Transfer existing Home Loans to Axis bank with ease
• Avail or repay Home Loans services at your doorstep
• No prepayment charges
• Quick and transparent processing
• Repay your Home Loan in smaller EMIs over a longer tenure
  

How to Apply for Axis Bank Home Loan
Online Method

• Visit the Axis Bank Home Loans portal.
• A list of available home loans will be shown.
• Look at the eligibility criteria, tenure and the required loan amount.
• Now, click on the Apply online option.
• Fill in the required information such as name, email id, phone number,state, city.
• Enter the captcha and click on submit.
• A customer care executive will contact you, find out your requirements, fill you in on the best type of loan, and guide through the process.
  

Online Method (through mymoneykarma for Balance Transfer and Top-up Loans)

• Visit mymoneykarma Home Loans Portal.
• Fill in your Name, Email address, PAN, and Phone number.
• Our customer care executive will get in touch will you and give you the best and the lower interest rate schemes.
• After you select the Bank you want to transfer, an executive will be sent to your home/office to collect the required documents.
• After verification, your loan will be approved.
  

Offline Method

• Visit the nearest Axis Bank Branch.
• Fill in the Home Loan Application form.
• Submit the form along with the required documents.
• Your documents will be verified by the bank.
• Generally, it can take up to 30 days for the application to be processed and approved/rejected.

Axis Loan Against Property - Eligibility Criteria for Axis Bank Loan Against Property

What Are the Different Axis Bank Loan Against Property Schemes?

Here are the four different loan against property schemes on offer by Axis Bank:

• Loan Against Property - Under this scheme, you can avail a loan against residential or commercial property at attractive rates of interest, starting from 11%.
• Lease Rental Discounting- Here, you can avail loans against rent receipts received on your property.
• Overdraft Facility Against Property - Under this scheme, you can avail flexible credit facility my mortgaging your property.
• Reverse Mortgage Loan - This scheme is beneficial for senior homeowners, who will receive payments from equity on their home.
  

Features and Benefits of Axis Bank Loan Against Property Schemes

Benefits of Loan Against Property from Axis Bank:

• Attractive rate of interest, starting from just 11.15%.
• Loan amounts start from Rs. 5 lakh and go up to Rs. 5 crores.
• You can repay the loan within 20 years.
• There will be no prepayment charges for a loan taken at floating rates.
• Loan balance transfer facility is also made available at Axis Bank.
  

Benefits of Lease Rental Discounting:

• You can get long tenures of up to 9 years, but it is subjected to the balance lease term.
• You can also get funding on your rented commercial property.
• This scheme is ideal for individuals, firms, and organizations whose major source of income involves renting property to established companies.
• You can also transfer over an existing loan to Axis Bank and get an additional to refinance.
  

Benefits of Overdraft Facility Against Property

• You get to enjoy a credit limit that you can use anytime to facilitate your working capital requirements.
• Axis Bank also offers dropline OD to dissolve the fluctuating requirements of self-employed individuals, professionals, and businessmen.
• You can renew the overdraft limit every 12 months as per the repayment schedule.
• You can choose your overdraft type as per your choice, be it Evergreen(fixed) or Dropline(reducing).
• You also get to pay interest only on the utilized limit.
  

Benefits of Reverse Mortgage Loan

• This loan scheme is extended to senior citizens who reside in and own a piece of residential property.
• Senior borrowers can stay back in their property, continue holding ownership of the property, and reap benefits from the equity of the home.
• This loan scheme can also be extended as regular monthly, quarterly, half-yearly or lump-sum annual periodic advances.
  

Eligibility Criteria for Axis Bank Loan Against Property

Axis bank offers loans against property to salaried employees, self-employed individuals, and self-employed professionals, and the eligibility criteria are predominantly similar for most of the schemes. Let's take a look at the eligibility criteria:

Salaried Individuals

• Any individual who works in permanent service with the government or works for a reputed company.
• The loan applicant should be above 24 years of age at the time of loan commencement and can be upto 65 years or less at the time of maturity.
  

Self-Employed Individuals

• Any individual who files Income Tax returns can apply for these loans.
• Any applicant who applies for a loan should be above 24 years of age at the time of loan commencement and up to 65 years at the time of maturity.
  

Self-Employed Professionals

• Professionals such as engineers, doctors, architects, chartered accountants, cost accountants, dentists,  company secretaries, and management consultants can apply for these loans.
• Again, the applicant should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity.

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Information and History About Axis Bank:

The Axis bank was established in 1993. The equity shares of the Axis Bank are listed on Bombay Stock Exchange and National Stock exchange of India. It is based in Mumbai, Maharashtra and the bank has a network of 3,703 branches. It has the most extensive ATM network among the private banks. In 2007, the name of the UTI Bank was changed to Axis Bank. In 1993, it began its operations after the Government of India has allowed the establishment of new private banks. The first branch was established in 1994 in Ahmedabad and inaugurated by Mr.Manmohan Singh, who was the Finance Minister of India at that time. The UTI bank was promoted by the UTI, LIC, General Insurance Corporation, Oriental Insurance Corporation, New India Assurance Company. The Axis bank is the first to launch the travel currency card in 2003 and got listed on the London Stock Exchange. In 2006, the first overseas branch of UTI Bank was incorporated in Singapore, and in 2011 an office in Colombo was opened. The bank had more than 50,000 employees as per 2016 record. In mobile banking, the bank has introduced Axis pay to facilitate the payments through UPI Interface. The bank also launched an augmented reality feature in its mobile app. The bank has also opened offices in other countries like China, UAE, Sri Lanka and the UK.

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Why Invest in Axis Bank?

Since the last couple of years, not only private sector banks have done exceptionally well, but they have also outperformed public sector banks. Especially in the case of non-performing assets, which the private banks have handled superbly. Their net NPA and gross NPA counts are far better than that of Public Sector Banks which, in turn, speaks of their asset quality.

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About MyMoneyKarma:

MyMoneyKarma is emerging as a leading Recommender Engine that helps people makes Intelligent Financial decisions. We are founded by two Stanford Business School alumni who bring decades of experience in Consumer Finance and Technology. Our focus is on creating secure, data-driven, unbiased, and consumer-friendly online tools that recommend products and services in a rapidly evolving environment. We use Machine Learning algorithms to identify potential opportunities for our customers to plan, save and invest.