Salaried people rely on the fixed payment they receive every month to carry out their daily expenses. And in case there is a financial problem, the schedule may be disrupted. Well, it won’t if you get an Axis Bank Personal Loan. With this, you can pay a lump sum amount as high as INR 15 Lakh in monthly installments. And Axis Bank offers these loans at an attractive rate starting at 10.49% per annum. So, if you need a solution to your financial problems, apply for Axis Bank Personal Loan. Let’s read more about it as we go on further.
How to Get an Axis Bank Personal Loan?
You can get a lump sum amount from Axis Bank by applying for the same. You can either do this online or offline. If you do it offline, go to the bank branch and talk to the bank representative. Later, he/she will hand you an application form. Fill in the form with the required details and submit the same at the counter along with the KYC and income proof.
Post-verification of your details, Axis Bank will communicate its decision regarding the Personal Loan via SMS or email as you’ve mentioned in the application form. If your request is approved, the amount will be disbursed to your account within a few days. Otherwise, a reason for loan rejection will be mentioned in the bank’s communication.
Online application for Axis Bank Personal Loan is easy, as you just need to fill in the details online and upload the necessary documents.
Is My Income Enough for Axis Bank Personal Loan?
You need to have a minimum salary of INR 15,000 to apply for Axis Bank Personal Loan. If you do have such income, prove it by submitting your salary slip or bank statement. When the bank is satisfied with your income, it will grant you a loan.
A person with an income less than what’s required won’t be able to borrow Axis Bank Personal Loan as he/she would struggle while repaying the same. The minimum amount one can borrow using the Personal Loan is INR 50,000.
When Do I Need to Repay Axis Bank Personal Loan?
The repayment will start as it is mentioned in your loan documents. After the approval of Axis Bank Personal Loan, you will get some documents on your registered email address or home address. When you check those documents, you’ll find the repayment schedule inside. Using the same you can find when your loan is due.
Try to keep up with the repayment schedule. Otherwise, a penalty will be charged. For each missed payment, a 2% penalty shall apply to the due EMI.
What Should You Do for Hassle-free Axis Bank Personal Loan Repayment?
Use the Axis Bank Personal Loan EMI Calculator to ensure the same. With this tool, one can find his/her EMI. And with that being known beforehand, you can start planning for the same even before applying for the loan. To use the calculator, insert details such as loan amount, interest rate and the repayment period.
For more information on this tool, check out the example below –
Kiran is a 24-year old corporate employee who is looking for a personal loan for her next vacation. She checked out the Axis Bank Personal Loan and was eager to apply. But before doing the same, she uses the online calculator to see what her repayment will be.
She inserts the following details –
- Loan amount – INR 3 Lakh
- Interest rate – 15.00% per annum
- Loan tenure – 36 months
As per the Axis Bank Personal Loan EMI Calculator, Kiran’s EMI is INR 10,400.
So, if you’re salaried and meet the minimum income requirements set for Axis Bank Personal Loan, apply for the same. Because by doing so you can easily afford a lump sum amount without disturbing your monthly budget.