24x7 Personal Loans made easy with Account Aggregator

6 MinsApril 18, 2022

Want a personal loan but don’t have time to fill up lengthy documentation? Relax! Just apply for Axis Bank 24x7 Personal Loans and get the funds within no time. And what’s more? The application process has become even simpler. This is because Axis Bank is one of the first banks to join the Aggregator network.

24x7 Personal Loans made easy with Account Aggregator

First, let us see the benefits of 24x7 Personal Loans:

  • Get your loan without any documentation and within minutes 
  • Apply from anywhere, at your convenience
  • Enjoy competitive interest rates and flexible repayment options
  • Get any amount between Rs 50,000 and Rs 15 lakh as per your requirement

Now let us understand how the Account Aggregator Network has made it even easier to apply for 24x7 Personal Loans:

What is an Account Aggregator (AA) Network?
This is a network of entities licensed by the Reserve Bank of India that helps individuals securely and digitally access and share information between one financial institution they have an account with and any other regulated financial institution in the AA network. The data is shared securely and only with the individual’s explicit consent. 

How does this AA Network help?
Currently, customers face several hurdles while dealing with multiple financial institutions, especially when it comes to sharing relevant information. This often involves sharing physical signed and scanned copies of bank statements, running around to notarise or stamp documents, or having to login using your internet banking username and password to give your financial history to a third party.

[Also Read:Applying for 24x7 Personal Loans is a breeze for non-Axis Bank customers too]

The AA network replaces all these with a simple, mobile-based, and safe digital data access and sharing process. Such a network is the first step toward open banking and will help in democratizing access to credit.

What has Axis Bank done and how does it help a customer?
As mentioned earlier Axis Bank is among the first few banks to join the AA network. This will allow customers to any other bank to securely and painlessly share their financial data with Axis Bank while applying for a loan.

How does it help the loan applicant?
If you do not have a salary account with Axis Bank but want to apply for 24x7 Personal Loans, one critical step to e-verify your income is to provide Axis Bank the details of your salary bank account. This can be done by either uploading six months bank statements or giving Axis Bank access to your net banking. The option is a hassle and most customers are, understandably, reluctant to do it. This is where the AA network comes in.

Customers can choose to opt for this. This is how it works:

  • First, you have to register with the Account Aggregator by providing the same mobile number that is registered with your salary bank account and inputting an OTP that you receive. Once you are registered with the AA, you can authorize the AA to share your transaction details for one time with Axis Bank. 
  • Once Axis Bank receives these details, a loan offer is generated within minutes. 
  • You can choose to accept this offer and complete few simple steps to get the loan amount credited to your account.

Axis Bank offers a range of Personal Loans tailored to meet the needs of most borrowers. To know more, click here. You can also use Axis Bank’s personal loan EMI calculator.

Disclaimer: The Source, a Mumbai-based content creation and curation firm, has authored this article. Axis Bank does not influence the views of the author in any way. Axis Bank and The Source shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.