Axis Bank Personal Loan Eligibility

To qualify for the loan, you will have to comply with the Axis Bank Personal Loan Eligible Criteria set out by the bank. Details of the criteria are as given below: 
• You can apply for the loan if you are employed with Government Departments, Public and Private Limited Companies, Central and Local bodies or PSUs. 
• You are eligible for the loan if you are a salaried doctor. 
• Even as a self-employed individual/professional or businessman you can apply for the loan. 
• You should have a minimum work experience of 2 years in current employment. 
• If you are self-employed, a business vintage of 5 years is mandatory. 
• The minimum monthly income required is Rs. 15,000. 
• The minimum age at the time of submitting the application should be 21 years and the age at the time of maturity of the loan should not be more than 60 years. 
• You should have a minimum credit score of 750 and above 
• The area you are located in, i.e., rural, semi-urban, urban, metro area, the type of residence you are in, i.e., rented or owned and the numbers of dependants are also some of the factors that determine your eligibility.

The key features and benefits of the Axis personal loan are given below:

Also, know the Axis Bank Balance Check Number service.

To fulfil the Axis Bank Personal Loan eligibility, you will have to submit the following documents to the bank:

There are several factors that affect the Axis Bank Personal Loan eligibility:

• The repayment history or the credit score: The main concern for the lender to determine your loan eligibility is the credit score. A credit score of over 750 is considered good for unsecured loans like Personal Loans. But what is the basis on which the credit score is drawn? A credit score majorly depends on the manner in which you handle your debt obligations. When you avail a loan and make payments towards the loan, the lender will report the same to the credit bureau. Similarly, when you default a loan, the report will reach the credit bureau. Based on the reports obtained from the lending institutions, regarding the number of loans availed, type of loan availed, repayments, etc., a credit history will be maintained for every individual. The score will be based on credit history. The loans that you have availed have a blend of secured and unsecured loans and if the loans are serviced promptly, then the score will be good. Any default in the loan will bring down the score. Also, the extent of credit utilisation if you have credit cards also plays a very important role in deciding the credit score. 
• Income: A good and stable income is what facilitates the regular repayment of the loan. Even the quantum of the loan is proportionate to your income. To a large extent, the negotiation of the rate of interest will also depend on your income. If you have a high income, you are a more reliable borrower. A high salaried individual is considered creditworthy and will be considered as a safer option for lending by the financial institutions. The risk attached to the loans granted to individuals with a high salary is minimal and will be preferred by the lenders.
• The status of your employer: A career with a reputed organisation is considered stable and so the income will also be stable. Stable income ensures steady and regular repayment of the loan. The reputation of your employer plays a very important role in determining your personal loan eligibility.
• Debt to income ratio: The income and the status of your employer are definitely the prime factors to consider the Axis Bank loan eligibility. But if you already have availed big-ticket loans like the housing loan, vehicle loan, etc. that would be a major part of your monthly budget, then you will not be able to meet the debt to income ratio. The debt to income ratio should not exceed 40%, i.e., the deductions of your current debt obligations after providing for the proposed Personal Loan EMI should not exceed 40% of your monthly income. 
• Number of dependants: The obligation towards your monthly income will increase with the number of dependants. The residual income to service the proposed EMI will reduce and so will your loan eligibility.
• Age: Age definitely is an important factor in deciding your loan eligibility. If you are young and in the prime of your career, you will obviously be having a longer period of stable income with a scope of hike in the income as you go up the ladder. You will be able to opt for a longer tenure and can obtain a higher loan amount for a lower EMI. If you are close to your retirement when you apply for a loan, then the repayment tenure will be shorter and the EMI will be proportionately high and you may not be able to source it from your income.

You will have to keep a track of the following if you have to improve your eligibility for Axis Bank Personal Loan:

• Credit score: Before applying for a Personal Loan, check on the credit score. The bank needs the credit score to Check Axis Bank Personal Loan Eligibility. A credit score of 750 and above is considered good for a Personal Loan. To maintain the credit score at this level, you will have to pay your loan EMIs and credit card bills on time. If the credit score is below the required level, wait until you improve the same and then apply for the loan.
• Credit card limit usage: If you have to keep your credit score at a good level, it is ideal to limit the credit card usage to 30%. Maximum usage of the credit card limit implies that you are depending on the credit for your expenses, which is not a good sign.
• Secured and unsecured loans: Have a good combination of secured and unsecured loans. Availing only unsecured loans implies that you are an impulsive borrower and you depend mostly on the loans for your sustenance. The credit score will come down if you have higher number of unsecured loans.
• Debt to income ratio: Before applying for the Personal Loan, consolidate all your existing obligations and calculate the debt to income ratio. Try to clear some of the existing short-term loans and credit card dues to improve your debt to income ratio.
• Tenure: If you need a higher loan amount with a lower EMI in order to comply with the debt to income ratio aspect, you will have to choose a longer tenure. Initially, while applying for the loan, you opt for a longer tenure to avail the loan at a lower EMI. Axis Bank permits part prepayment with nominal charges.
• Do not make multiple applications simultaneously: Applying for a loan simultaneously with different financial institutions makes you seem like a desperate borrower. Every lender will check the credit score before processing the loan application.

Axis Bank, formerly known as UTI Bank, ranks third among the private sector banks. It has a wide reach across the country with over 4000 domestic branches on date. It is a new generation branch offering an assortment of products covering the retail and corporate sectors, the agricultural sector and the MSME sector.

Personal Loans are a boon when it comes to sorting out a financial situation. If you have handled your earlier commitments responsibly and have paid the instalments on time, it is a like a cakewalk to obtain a Personal Loan. Most private banks provide pre-approved Personal Loans to their existing customers with a good track record. You can access this facility through the net banking facility and place a request. The proceeds of the loan will land in your bank account in minutes.

Axis Bank has an array of products in both the retail and the corporate sectors. The most popular being the Personal Loan that can be applied for online. The bank promises to process the loan and give a quick approval, on receiving the application that is complete in all respects and the documents as required.

Axis Bank has special Personal Loans designed for specific purposes like wedding loan, holiday loan, home renovation loan, etc. The fees and charges are nominal and the rate of interest is competitive. To top it all, you will not have the stress of heavy EMI as the bank provides a flexible repayment option up to 60 months.