A personal loan desirable rate of interest is the demand of every borrower. At Axis Bank, the interest rates on all kinds of loans have been kept low so as to suit the demand of the borrowers. As you know, a personal loan can help in times when you are out of cash and have to fulfill some important financial commitments. The purpose, however, has no restrictions. You can do any legal thing with this money such as going on a trip, paying your old debts, or any purpose that can be fulfilled under the loan amount.
The maximum loan amount available under this loan is Rs. 50 lakhs which can be taken for the maximum tenure of 5 years. The rate, on the other hand, is decided by the bank on the basis of your repayment capacity which would include both your eligibility and the documentation submitted to the bank. Also, CIBIL score is one of the main factors based on which the lender decides the rate of interest you would get. In this article, we have focused on the details of the personal loan (unsecured) with an example showing the payments you have to make when you get the approval.
How much EMI will you pay to the bank?
Suppose your loan amount is ₹15 lakhs, the tenure of 5 years and the interest rate you have got is 15.50% per annum. The payments from your end will be as follows:
EMI: ₹36,080
Total Interest Outgo- ₹6,64,787
Total Amount (Interest + Principal) – ₹21,64,787
What is the eligibility criteria for Axis Bank Personal Loan?
Just like any other loan, a personal loan is only available to the eligible candidates as per Axis Bank which is as follows:
Salaried
- Maximum age of the applicant must be 58 years
- Minimum Net Monthly Income should be ₹15,000
- Maximum loan amount is ₹15 lakhs
- Minimum service period with the current employer should be 1-year
- Good CIBIL score
Self-employed
- Minimum age of the applicant should be 24 years
- Maximum age of the applicant must be 65 years
- Minimum Net Annual Income should be ₹2 lakhs
- Maximum loan amount is ₹15 lakhs
- Minimum work experience in current Business or Profession should be 3 years
- Good CIBIL score
What are the documents you need to have?
The list of documents that you must have to get a Axis Bank personal loan is as follows:
Salaried:
- Signed loan application form with recent photographs
- Age Proof-Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate Identity Proof-Passport/PAN Card/Voter ID Card/Driving License
- Address Proof-Ration Card/Driving License/Voter ID Card/Passport/Telephone Bill/Electricity Bill/Life Insurance Policy
- Income Proof-Salary slip of last 3-6 months, ITR or Form 16, 6-month bank statement
- Signature Verification Proof-Driving License/Passport copy/PAN Card
- Duly signed loan agreement
- Standing Instruction (SI) Request / ECS Form / Post Dated Cheques (PDCs)/ Security Cheques required for SI and ECS
Self-employed:
- Signed loan application form with recent photographs
- Age Proof-Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate
- Identity Proof-Passport/PAN Card/Voter ID Card/Driving License
- Address Proof-Ration Card/Driving License/Voter ID Card/Passport/Telephone Bill/Electricity Bill/Life Insurance Policy
- Income Proof-IT returns for the last 2 years along with audited balance sheet, P&L account statement for 2 years
- Signature Verification Proof-Driving License/Passport copy/PAN Card
- Duly signed loan agreement
- Standing Instruction (SI) Request / ECS Form / Post Dated Cheques (PDCs)/ Security Cheques required for SI and ECS