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Axis Finance Personal Loan
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Rate of interest
13% - 18%
Loan Amount
2 Lakhs - 50 Lakhs
Processing Fee
1.25% to 2%
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Tenure
1 year to 8 years
Rate of interest %
13% - 18%
Loan Amount
2 Lakhs - 50 Lakhs
Processing Fee
1.25% to 2%
Tenure
1 year to 8 years
Features
Axis Finance offers a variety of personal loan products with features designed to meet the needs of different borrowers. Here are some key features of Axis Finance personal loans:
Loan Amounts: You can apply for personal loans ranging from Rs. 50,000 to Rs. 50 lakh, making it suitable for a wide range of financial needs, from small emergencies to large expenditures.
Flexible Tenure: The repayment period for these loans is quite flexible, extending up to 7 years, allowing you to choose a tenure that best suits your financial situation.
Competitive Interest Rates: The interest rates for these loans start from 13% per annum, which is competitive within the industry.
Minimal Documentation: Axis Finance simplifies the loan application process with minimal documentation requirements, making it quicker and more convenient for applicants.
Various Loan Purposes: Whether you need funds for a wedding, medical emergency, home renovation, or a vacation, Axis Finance offers personal loans that can be tailored to different spending needs.
Quick Disbursal: They offer fast processing and disbursal of loans, which is particularly helpful during emergencies when you need funds quickly.
Products
Axis Finance offers a range of personal loan products designed to meet various financial needs, including:
Standard Personal Loans: These are unsecured loans that can be used for multiple purposes such as debt consolidation, home renovation, wedding expenses, travel, or medical emergencies.
Top-Up Personal Loans: For existing customers who already have a personal loan with Axis Finance and need additional funding.
Personal Loan for Weddings: Specifically designed to cover the expenses associated with wedding ceremonies and celebrations.
Personal Loan for Home Renovation: Targeted at individuals looking to refurbish or renovate their homes.
Personal Loan for Vacations: Ideal for those planning to finance their holiday or travel adventures.
Personal Loan for Medical Emergencies: Offered to individuals who need immediate funds to manage sudden medical expenses.
Each of these products comes with specific features such as competitive interest rates, flexible repayment tenures, and minimal documentation requirements, catering to the diverse needs of borrowers.
Eligibility Criteria
To qualify for a personal loan from Axis Finance, applicants need to meet the following eligibility criteria:
Age: Applicants should be between 21 and 60 years of age. This age range ensures that applicants are typically in their working years, capable of repaying the loan.
Income: There is a minimum income requirement that applicants must meet, which varies depending on the loan amount and type. This ensures that the applicant has the financial capacity to manage monthly repayments.
Employment Type: The loan is available to both salaried individuals and self-employed professionals/business owners. This encompasses a wide range of employment types, including those working in MNCs, public limited companies, private limited companies, and self-employed individuals with a stable income.
Credit Score: A good credit score is crucial as it indicates the creditworthiness of the applicant. A higher credit score increases the likelihood of loan approval and may result in more favorable loan terms.
Residential Status: Applicants should reside in locations where Axis Finance operates, ensuring accessibility and ease of interaction between the lender and the borrower.
These criteria help ensure that loans are provided to individuals who are most likely to repay them without defaulting, thereby maintaining the financial health both of the borrower and the lending institution.
Fees and Charges
Axis Finance typically incorporates a variety of fees and charges on their personal loans, which are essential for borrowers to understand before applying. Here are the common fees and charges you might encounter:
Interest Rates: Typically starting from 10.99% per annum, but can vary.
Processing Fees: Generally, this is up to 2% of the loan amount, but it can vary depending on the specifics of your loan agreement.
Prepayment Charges: These could range from 2% to 4% of the outstanding principal, depending on when the prepayment is made.
Late Payment Penalties: This is often a percentage of the overdue amount, and specific rates would be detailed in the loan agreement.
Cheque Bounce Charges: Each incident might incur a fee, often around INR 500 or more, but this can differ based on the bank's policies.
Legal Fees: These are charged only if there is a need for legal intervention due to non-payment, and the costs would depend on the actual expenses incurred.
Loan Cancellation Charges: If you decide to cancel your loan after approval, a nominal fee may be charged.
Documents Required
For a personal loan from Axis Finance, the documents typically required include:
Proof of Identity: Aadhaar Card, PAN Card, Passport, Voter ID, or Driving License.
Proof of Residence: Recent utility bills (electricity, water, gas), lease or rental agreement, Passport, or any government-approved address proof.
Income Proof:For salaried individuals: Recent salary slips (usually the last 3 months), bank statements showing salary credits (last 3-6 months), and the latest Form 16 or Income Tax Returns.
For self-employed individuals: Latest Income Tax Returns, profit and loss account, balance sheet for the last 2-3 years certified by a CA, and bank statements for the last 6 months.Employment Proof: Employment certificate or a company ID card for salaried employees. For self-employed, relevant documents proving business existence and business profile.
Additional Documents: Depending on the loan amount and the credit history, additional documents might be requested by the bank during the loan approval process.
These documents are essential for the bank to assess your creditworthiness and repayment capacity.
Policies
Bank / NBFC :
Axis Finance
Applicable to :
salaried
NTH Salary:
Above 25,000
Age (Min/Max):
Loan Amt (Min /Max):
CIBIL (0 / -1):
Tenor (Min /Max):
Hostel Accommodation:
Listed/Non-Listed MCA:
Present Employment:
Total Employment:
Minimum Locking period :
Balance Transfer (BT):
Top up Policy:
Foreclosure/partial Policy:
21 yrs. / 60 yrs
50,000 / 40 Lakhs
12 / 84 months
No
Yes
Only Listed companies.
1 Month
3 Years
12 EMI
Up to 8 BTs
Allowed after 6 months.
After 12 EMI / Partial payment after 1 EMI
Qredit
FINSAMUDRA PRIVATE LIMITED,
1ST FLOOR, NO.3013/7, SIMHA ARCADE, MKK road , Bangalore
560021 ( opposite metro pillar 207 )
