Trick to apply Axis bank personal loan online at low interest rate with quick disbursal. Get instant personal loans upto 40 lakhs @ interest rates starting from 10.99% with low as 7.25%. A Personal Loan can help meet your need for quick funds without any security or collateral. It is an unsecured loan and can be used for any purpose. It is disbursed based on your income, employment details and credit score, among other factors. The personal loan interest rate will vary based on the loan amount, tenure, etc. Using a Personal Loan EMI calculator you can find out the amount you will have to pay as EMI each month on the basis of the interest rate, loan amount and loan tenure you choose.
How to Apply Axis Bank Personal Loan ?
- Evaluate your needs to know the exact loan amount you need for personal use.
- Take into account any existing loan or credit card dues that you may currently be repaying, as this will determine the EMI you can afford to pay. You can use the Personal Loan Eligibility Calculator to understand how much you can repay in a month.
- Check the bank’s eligibility conditions to know if your income and employment will qualify
- Check the personal loan current interest rate offered by the bank. Use the Personal Loan EMI calculator to find out how much your monthly outgo will be.
- If you are an existing customer you can apply for the loan on the bank’s mobile app or through your internet banking account. If you are a new customer you can download the application form from the bank’s website or get it at the branch.
- Provide documents for KYC, address proof and income proof along with the application form, along with the cheque for the processing charge if applicable
- The bank will verify the documents, give you the loan sanction and approve the amount based on your eligibility. This will be followed by the signing of the agreement and the Standing Instruction (SI) Request/ECS Forms. Once this is done the funds will be disbursed to your account.
- The amount is then credited to your account. The entire process may take upto 2 to 30 days.
Top 4 Tips to Apply for a Personal Loan:
- First try the bank where you have a relationship, such as a saving account, current account, salary account, home loan, car loan, etc, as the KYC process will be easier and faster.
- Compare personal loan interest rates, processing charges, the penalty for pre-payment/foreclosure, etc. All these charges will add up to your cost. Bank that offers a lower interest rate may charge a higher processing charge or penalty for foreclosure.
- Try to achieve and maintain a high SIBIL credit score as that could improve the chances of your loan request getting approved. Remember, this is only one of the conditions for eligibility. The bank will evaluate it along with other conditions while reviewing your loan application.
- If you have other loans, ensure the repayments are on time. This too could improve your chances of securing the loan.
7 Secret Tips to do When Applying for a Personal Loan ?
- Check the interest rates before applying for the personal loan. Being an unsecured loan, the interest rates tend to be a bit higher than a secured loan
- Check charges such as processing fees, pre-payment charges, etc., as these can add up to quite a bit
- Check if the repayment conditions are flexible and if you would have to pay a penalty in case of partly pre-payment or foreclosure of the loan
- Check the time taken by the bank for approval and disbursal of the loan, and whether you will receive the funds in time to meet your requirements.
- Check out the exact EMI amount using a personal loan EMI loan calculator
- Check eligibility criteria such as minimum income limit, and required documents to ensure quick approval and sanction of your loan
- Check if you are pre-approved for a personal loan for instant disbursal
3 Secret Tips Don’t do When Applying for a Personal Loan ?
- Don’t let your personal loan EMI exceed 40% of your net take-home pay. This will prevent any undue financial burden on your monthly budget
- Don’t avail of a personal loan at a higher interest rate if your credit score is too low. This will put pressure on your finances and make it tough for you to repay the loan
- Don’t delay your repayment or default on your loan because it is an unsecured loan. This will impact your credit history negatively and pull down your credit score, which will make it difficult for you to avail of any credit in future