Should I Apply for Axis Bank Personal Loan?
A decade or two ago, loans were considered poor financial choices. Thankfully, not anymore!Today, loans are perceived as a means of financial freedom. After all, they allow the borrower to make the most of the present, without saving relentlessly for the distant future, with no guarantee of being able to enjoy the same things in a similar manner at the later stage. In a way, a loan helps you reap future value of your money.
While there are a wide variety of loans available in the market, Personal Loans, in particular, have gained unprecedented popularity, and not without some great reasons. To begin with, they are readily available. Besides, these loans need no collateral, while offering complete freedom of use to the borrower.
If you too are willing to Apply for Personal Loan and have been wondering if you should procure Axis Bank Personal Loan, I would gladly say – Yes, you should! Given below are some reasons, which will compel you in favour of this highly sought-after loan –
- Loan Eligibility
All salaried individuals are eligible for this loan, thus implying that salaried doctors, Employees of public and private limited companies, as well as government sector employees including public sector undertakings, central and local bodies can apply for a Personal Loan at Axis Bank. The bank mandates a minimum monthly income of Rs. 15,000 to consider the applicant eligible for the loan.
The applicant must be between 21 to 60 years of age, at the time of applying for the loan. To process the loan application, the applicant needs to furnish valid ID Proof, Proof of Residence, Income,and Employment.
- Processing Time
While the official website of the bank suggests that it may take up to 30 days for the bank to verify your documents and approve the loan application, in our experience, the bank is exceptionally quick when it comes to loan processing and approval. In a vast majority of cases, loan applications have been approved in as little as 3 to 5 days.
- Loan Amount
With Axis Bank Personal Loan, you can avail a loan amount ranging from Rs. 50,000 to Rs. 15 Lakh, depending on your need. The bank will take into account your income as well as your repayment history to determine the maximum loan amount that you are eligible for.
Axis Bank offers a flexible repayment tenure, ranging from 12 to 60 months, depending on your ability to repay.
- Interest Rate
You can expect the loan amount to attract an annual interest rate of 15 to 24%. The interest on your loan will largely depend on your credit history.
- Processing Fee
The bank levies a relatively low processing charge ranging from 1.5 to 2% of the loan amount along with the applicable GST.
- Part Payment
Making part payments towards your loan, above and beyond the regular EMIs is a great way of becoming debt-free at the earliest possible. It also helps you save on the overall interest outgo towards your loan. One of the most remarkable features of Axis Bank Personal Loan is that the bank does NOT levy any prepayment or part-payment penalty.
Axis Bank does not levy any foreclosure charges, if you wish to close the loan, after the payment of at least 12 EMIs.
- Debt Consolidation
If you are currently servicing any high-interest short term loan, such as Credit Card Debt or Personal Loan from another lender, you can conveniently transfer the same under Axis Bank Personal Loan and enjoy comparatively lower interest rate.
- Interest Certificate
In case you need a Statement of Account, an Interest Certificate or a Repayment Schedule, you can procure the same by placing a request.
- Repayment Options
You can choose any one of the following measures to repay your Axis Bank Personal Loan –
- Standing Instruction:Standing Instruction(SI) is a recommended mode of payment if you have an existing account with Axis Bank. In this case, your monthly instalment will be automatically debited from your bank account. Since this method can save you from missing out on the EMI payments, this is one of the most preferable repayment modes.
- Electronic Clearing Service: Also known as ECS, this repayment measure can prove to be ideal for you, if you do not have an account at Axis Bank, but at some other bank. In this case, the instalment will be debited on a monthly basis from the account specified by you.
- Post-Dated Cheques: One of the most commonly used methods of repayment in the past, this mode requires you to submit post-dated cheques towards the EMI payment at your nearest Axis Bank Loan Centre. Since you will have to physically visit the centre time and again to submit the cheques, this repayment method can prove to be daunting. Besides, failure to submit the cheque in time can lead to late-fee Then again, in the case of a bounced cheque, you will have to face the consequences of the same. Hence, this method is only recommended if you are sure of timely payments, without fail.
Hope you now know all that there is to applying for Axis Bank Personal Loans. Go ahead, avail credit, and revel in the joy of fulfilling your financial obligations at the earliest possible.