Personal Loan

A Personal Loan can be used for any type of financial need that you might have. Some of the common uses include meeting the costs of:

• Travel
• Wedding
• Medial emergency
• Home renovation
• Business needs
• Higher education
• Buying home appliances, etc.

Personal Loan has specified eligibility parameters. If you qualify for the parameters, you can get a loan for the amount that you need. The loan attracts an interest rate and can be repaid over a specified tenure.

You can choose the repayment tenure based on which the EMIs are calculated. You have to pay the EMIs to repay the loan over the chosen tenure.

You can opt for a Personal Loan when you are short on funds, and you need money to meet any planned or emergency expenses. It is a good solution to get the desired funds to meet your needs and then repay in affordable EMIs over the next few years.

No, Axis Bank Personal Loans are unsecured loans that are sanctioned based on your income, credit score, and other eligibility parameters. You do not have to provide any assets as collateral to secure the funds.

Axis Bank offers Personal Loans of up to ₹40 lakhs. However, the maximum Personal Loan amount would depend on your eligibility parameters, like:

• Income
• Credit score
• Existing debts, etc.

You can use the Personal Loan eligibility calculator to find the maximum loan amount available for you.

The benefits of applying for a loan online are as follows:

• You can apply anytime and from anywhere.
• No need to visit the branch for manual applications.
• You can get instant approval for the loan.
• The funds are sanctioned at the earliest.

The approval time depends on the mode of application. If you apply online for a Personal Loan, you can get the approval within minutes or hours. However, if you apply offline, the loan approval might take a few days.

A good CIBIL score is one of the eligibility criteria to get a Personal Loan. Moreover, if you have a good score, you can enjoy:

• Lower interest rates
• Higher loan amounts
• Flexible loan tenure

There are generally no tax benefits available on Personal Loans. However, you can check with your lender for specific details.

The repayment of Personal Loan is done through Equated Monthly Instalments. These EMIs are paid monthly, and they contain both the principal and the interest payable for the loan.

Common documents required for a Personal Loan include the following:

• Identity proof - Aadhaar card, PAN card, passport, driving licence, etc.
• Age proof - Aadhaar card, voter's ID card, birth certificate, passport, etc.
• Income proof - salary slips or income tax returns
• Bank statements of the last 6 months
• KYC documents - PAN card and signature proof

There are various modes of repaying a Personal Loan online. These include the following:

• Net banking - through your bank account
• UPI - through any UPI payment app
• Mobile banking - through the bank's mobile banking platform

An instant Personal Loan can be used for any personal financial need, like a wedding, travel, medical emergency, etc. Business loans, on the other hand, are specifically designed to meet the financial needs of businesses.

You can apply for a Personal Loan of ₹50,000 online to get the funds quickly sanctioned to your bank account. All you would have to do is apply online for a Personal Loan, upload your documents, and complete the KYC formalities to get the funds credited.

Yes, foreclosure is allowed on Axis Bank Personal Loans. However, if you foreclose the loan before the chosen tenure, you might incur a foreclosure charge. The charge is calculated on the outstanding principal and depends on the EMIs paid to date.

You can calculate your EMI using the Personal Loan EMI calculator offered by Axis Bank. Just enter the loan amount, loan tenure, and the applicable interest rate and the calculator would calculate the prospective EMIs instantly, that too free of cost.

A minimum credit score is required to apply for Personal Loan. If your score is lower than the specified minimum, you will not be allowed to apply for loan.

Yes, self-employed individuals can also apply for an Axis Bank Personal Loan. However, you should have a stable source of income from your business and meet the other eligibility parameters to apply for loan.

Axis Bank gives regular updates on the processing and approval of your Personal Loan. Even after the loan is sanctioned, you can check its status online through the bank's website. Just log in to your account and check the status instantly.

The processing fee for a Personal Loan depends on the loan amount requested. It differs across lenders. Axis Bank charges a processing fee of up to 2% of the loan amount plus GST.

The processing fee for a Personal Loan depends on the loan amount requested. It differs across lenders. Axis Bank charges a processing fee of up to 2% of the loan amount plus GST.

Your Personal Loan application can get declined due to any of the following reasons:

• You did not meet the eligibility parameters
• The documentation was incorrect or incomplete
• The KYC verification was not successful

To get ₹30,000 immediately, you can apply for a Personal Loan with Axis Bank. Apply online by filling out the application form, uploading your documents, and completing the online KYC verification process. Once verified, the funds would be sanctioned to your bank account within minutes.