Personal Loan

As it offers a collateral free advance, application for a personal loan generally involves ascertaining the applicant’s need/eligibility of funds and their repayment capacity. As such to be eligible for a Personal Loan applicants must generally be salaried individuals and share documents confirming their personal and professional details. Including but not restricted to:

• KYC Documents (proof of the applicant’s age, nationality, etc.)
• Documents declaring the continued employment for the applicant
• A duly filled loan application form.
Alternatively if you are an existing Axis Bank customer you can check login to check out pre-approved offers on personal loans with Axis bank 24x7 personal loans here.

A credit score is a number between 300 and 900 assigned to you by credit bureaus (such as CIBIL). The higher the score, the better are the chances of your loan application (be it for any kind of loan including but not restricted to personal loans) getting approved. If you have a high credit score you may also get a higher loan amount or lower loan rates. However, a score below 750 may reduce your chance of getting a personal loan or grant you a lower amount or a higher interest rate. If your score is below 600 it is advisable to try and find out why your credit score is low. It could be due to past behaviour, such as consistently missing or delaying past EMIs, excessive purchases made on credit, or applied for loans or credit cards with many banks, etc.

No, as personal loans are not a part of one’s income they are not eligible for tax being charged on the disbursed amount. In turn they are also not eligible for any rebate on taxes as may be the case for Home Loans and some Secured Business Loans

A personal loan is the best option if you need funds for an urgent need or a short period. It can be availed for any purpose. Since it is an unsecured loan, the lender approves the loan basis the applicant’s details such as age, income, existing liabilities, and credit score, among others. No time is spent in the assessment of the collateral unlike in case of a secured loan such as gold loan or loan against securities or loan against property. There could be different types or kinds of personal loans depending on the end-use. But usually, a personal loan is of only one type and it can be availed of for any kind of requirement.

A personal loan is an unsecured loan with no restriction on the end-use. The purpose of the loan can be either consumption or productive use. For instance, you could borrow a loan for buying a high-end home theatre system, for a medical emergency if your health insurance falls short, for a foreign holiday with your family, etc. If you are an entrepreneur a personal loan can come in handy for expanding your business, such as adding more inventory or making the down payment for new office premises, etc.

If you dream of travelling the world and visiting exotic locations, you can avail of a Holiday Loan from Axis Bank. It offers amounts ranging from Rs 50,000 to Rs 50 lakh, for tenures ranging from one to five years. It offers a two-month moratorium facility where no EMI is charged. The EMI starts from the third month without extending the tenure. It also comes with a complimentary forex card.

A wedding is a once-in-a-lifetime event and everyone wants it to be memorable. If you are falling short of funds to celebrate your wedding, you can apply for personal loan to make up for the deficit.

Surgery or prolonged hospitalisation could set you back by a few lakhs, given the rising medical costs. If you need additional funds despite having a health cover, you can easily borrow a personal loan. There is no need to produce any medical reports or hospital bills for the same.

If you have exhausted your term loan limits allowed by your bank but still need funds for your business, you can apply for personal loan. The loan will be sanctioned based on your individual credit history but can be used for your business.