Axis Bank Personal Loan Eligibility

Factors Affecting Axis Bank Personal Loan Eligibility

1. Age - The bank outlines minimum and maximum age criteria that should be met in order to qualify for the loan.
2. Minimum Net Monthly Income - The applicant should have a net income of at least Rs.15,000 per month. If you do not satisfy this requirement, the loan application will not be approved by Axis Bank.
3. Occupation - You should be salaried, working in a private or public sector enterprise.
4. Credit Score - Most lenders require that loan applicants have a good credit history with a CIBIL score of 750 and above. This indicates that the borrower was disciplined in repaying his/her previous loans in a timely manner.
5. Salary Account with the Bank - Existing customers of Axis Bank can get personal loan approval easily. The documentation required for the same is also minimal, as the KYC formalities have already been done.

How to Improve Your Chances of Getting an Axis Bank Personal Loan?

• Improve your credit history - Banks consider your credit score to be a crucial indicator of your diligence in handling debts. So, it is important to have a good credit score before applying for a loan. You can check your credit score for free at BankBazaar.com and assess the areas where there can be some improvement. Increasing your credit limit, paying your EMIs on time, and maintaining a good mix of secured and unsecured loans in your portfolio are some of the ways in which you can improve your CIBIL score.
• Boost your debt to income ratio - If you are able to increase your income and lower your debt, there will be a significant reduction in your debt-to-income ratio. Most lenders have strict requirements around this ratio, i.e., a lower ratio indicates that your current debts are all under control. This makes you an ideal candidate to be approved for a loan.
• Consider adding a co-applicant - If you have a poor credit score, it is advisable to add a co-applicant (who has a stronger credit history and income) to improve the chances of your loan being approved. Banks consider the co-signor to have an equal stake in the repayment of the debt; hence this is a great option to improve your loan eligibility.

Axis Bank Personal Loan Details

Repayment tenure ranges from 12 months to 60 months.

A good credit score can help you secure lower interest rates on loans and credit cards.

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