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A personal loan from a reputed lender like Axis Bank is a great opportunity to obtain funds in times of an emergency. The loan can be used to serve any kind of expense.Whether it is a wedding, medical fees, a dream vacation, or personal expenditure, you can fulfill just about any financial obligation with the lowest EMI personal loan. Read on to know more about getting a 24*7 personal loan from Axis Bank and the implications of the CIBIL score on your application.
Some of the key features of Axis Bank Personal Loan include:
Avail a personal loan amount that ranges between Rs.50,000 and Rs.15,00,000.
The loan is offered to salaried individuals.
The loan can be repaid through a tenure that ranges between 12 months to 60 months.
The bank offers personal loans through a simple procedure whilst ensuring quick approvals.
Axis Bank personal loans let you earn eDGE loyalty points.
21 years to 60 years
Minimum Monthly Income
After receiving the personal loan application, Axis Bank will evaluate the application before making a final decision. The bank assesses all the documents that are submitted by the borrower. The individual’s CIBIL Score too is closely checked. Remember, a good CIBIL Score is a determining factor. Banks closely consider the same before sanctioning a personal loan. This is because the CIBIL score acts as a precise indicator of the borrower’s credit history and repayment behaviour.
Safe to say, a good CIBIL score helps you go a long way in securing the best deals on your personal loan applications.
Credit Information Bureau India Ltd. is India’s first Credit Information Company. The bureau maintains credit records of each particular individual through the collection of data from banking institutes in the country. It then provides that information to financial institutions like Axis Bank to help assess the credit behaviour of applicants. The credit score ranges from 300-900. A score on the higher spectrum i.e above 700, is considered a good credit score.
Each time you avail a loan or credit card, the financial institution shares the information with CIBIL every month. This data is used to generate a Credit Information Report which is shared by CIBIL with lenders and other financial companies. Banks heavily reference the Credit Information Report as a way to avoid the risk of lending to defaulters or people who are not creditworthy.
Every time a financial institution or bank requests a credit score, CIBIL generates a new control number. It offers the individual’s information to the bank. An applicant too can check his/her CIBIL Score through the official CIBIL website.
Details on loans and credit cards held by the individual.
A complete record of default payments.
An individual’s diligence in paying his/her loan and credit card bills.
The bureau essentially gives more importance in understanding how diligently the individual repays his unsecured loans.
The credit score is affected by several negative as well as positive factors. Some of these include:
Paying credit card dues on time.
Not paying credit card bills.
Paying only the minimum balance on the credit card.
Defaulting in paying loan EMIs.
Applying for too many credit accounts
Making timely payment of loan EMIs.
It is extremely important to keep check of their credit score from time to time. If your credit score is not good enough, you might want to reconsider applying for an Axis Bank personal loan. Remember, the information on a rejected personal loan application gets marked in your Credit Information Report. Also, you must look out to spot any errors in the Credit Information Report. Any inaccurate current balance, inaccurate amount overdue or inaccurate personal details should be resolved at the earliest as they drastically affect your credit score. Contact Finserv MARKETS to know more about the Axis Bank 24*7 Personal Loan offers.