4 MinsFeb 2, 2023
A personal loan helps you to fulfil your short-term goals. It can be used for various purposes like
funding medical expenses, education, travel, and so on. Personal loans are collateral-free loans
and are easily available. There are many personal
loan providers in India, including banks, NBFCs and personal money lenders.
The advent of technology has led to the rise of online lenders for personal loans. For example, Axis
Bank is a recognised private lender for a personal loan. It provides both offline and online
personal loans.
You can easily avail of a ₹5 lakh personal loan. However, with so many options available, select a
personal loan that offers the best terms based on your repayment capability.
Features of a Personal Loan
You should understand the basic features of a personal loan as they differ between banks and other
lenders. The basic features of Axis Bank personal loans are as below:
- Instant collateral-free personal loan starting from ₹50,000 to ₹40 lakhs.
- Can be used for multiple purposes.
- Attractive rate of interest that starts from 11.25% per annum.
- Tenure of up to 60 months available - flexible repayment tenure between 12 and 60 months.
- Online personal loan EMI calculator available to help you decide
your loan amount and calculate compound interest and tenure based on your
needs and repayment capability.
- Quick processing and speedy approval from Axis Bank.
- Minimal documentation.
- Option to transfer your existing high-interest personal loan to Axis Bank.
- Loan amount gets directly credited to your savings account with the bank.
[Also Read: How
To Choose The Best Personal Loan Lender]
How to apply for ₹5 lakh loan with a personal loan provider near you?
There are many personal
loan providers in India. A personal loan lender is available both online and offline. While selecting
offline personal lenders, you will have to
physically visit the bank or lender branch near you. Online personal loans can be applied by visiting
the official website or the mobile app of the personal loan lender.
You should base your decision to avail of a personal loan by considering key factors like interest
rates, processing fees, ease of applying and tenure. Some personal loan lenders like Axis Bank
even offer pre-approved Personal Loan to their
existing customers. You can simply apply on the Axis Bank mobile app or use net banking. The
pre-approved loan gets disbursed within minutes.
How to apply for an online personal loan?
Step 1: Visit the official website of the personal loan provider or their mobile
app.
Step 2: Fill in the required personal particulars.
Step
3: Evaluate the loan amount (₹5 lakh) based
on your needs.
Step 4: Make use of the personal loan EMI calculator to
determine the loan amount and tenure required based on your EMI repayment
capability.
Step 5: Fulfil the basic eligibility criteria
and Know Your Customer (KYC) norms.
Step 6: Post verification and
approval, the personal loan of ₹5 lakh gets credited to your registered bank account.
Conclusion
A personal loan is an ideal option if you need cash immediately over the short term. It has multiple
uses. Being a collateral-free loan, lenders may approve it easily, provided the basic
eligibility criteria and KYC norms are met. At present,
Axis Bank offers a variety of personal loans interest rates between 11.25% and 22%. Visit us
online for more details on Rs. 5 lakh personal
loan from Axis Bank.
Still unsure about eligibility? Check the personal loan eligibility criteria at Axis Bank's intuitive
website.
Disclaimer: This article is for information purpose only. The views expressed
in this article are personal and do not necessarily constitute the views of Axis Bank
Ltd. and its employees. Axis Bank Ltd. and/or the author 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.
