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Avail Instant Personal Loans ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation!

Axis Bank, which is the third-largest private sector bank in the country offers personal loans of up to ₹15 Lakhs at affordable interest rates for a tenure ranging from 1 year to 5 years. The bank offers personal loans to finance wedding ceremonies, travel expenses, home renovation and many other purposes. As with any other lender, Axis Bank also requires you to fulfil a certain set of eligibility criteria to be eligible for a personal loan. Eligibility criteria become even more important for personal loans as personal loans are unsecured loans.

Axis Bank Personal Loan Eligibility

The following table illustrates the eligibility criteria that you need to fulfil in order to avail a personal loan from Axis Bank:


Eligibility Criteria

Details

Minimum Age

21 Years

Maximum Age

60 Years at the time of loan maturity

Minimum Monthly Income

₹15,000

Minimum Loan Amount

₹50,000

Maximum Loan Amount

₹50 Lakhs

Loan tenure

12 to 60 months

Occupation of the Applicant

Salaried employee of a private company or PSU or a government employee

Credit Score

No specific credit score stipulated by the bank. However, a credit score of 750 or above will definitely improve the eligibility.

 

Factors Affecting Axis Bank Personal Loan Eligibility

Some of the factors that determine your eligibility for a personal loan offer from Axis Bank are:

  • Credit Score: It is always advisable to have a good credit standing with a credit score upwards of 750. If you have a good credit score, you not only become eligible for a higher loan amount, in many cases, the bank also offers you loans with better terms such as a lower interest rate and more flexible loan tenure.

  • Type of Employment and Income: Your occupation and your income are two of the key factors that affect your eligibility for a personal loan from Axis Bank. If you have a stable job with a regular inflow of cash in your bank account, you are more likely to get a better loan offer from the bank.

  • Relationship with Axis Bank: This is another factor that influences your eligibility to get a personal loan from Axis Bank. If you already have a good relationship with Axis Bank, for example, if you have an Axis Bank credit card with a good repayment history, the loan application and approval process might be easier for you.

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

There are many things that you can do to improve your chances of getting a personal loan approved from Axis Bank.

  • Improve Your Credit Score: Since your credit score or CIBIL score is one of the most important factors that influence your eligibility for a personal loan, improving your credit score should be your first priority if you wish to avail a personal loan from Axis Bank. You can improve your credit score by paying your obligations on time every month and keeping your credit utilisation under 30% on your credit cards.

  • Improve your Debt to Income Ratio: Debt to income ratio refers to the ratio of the total amount of debt that you owe to all the lenders which you have taken a loan from to your annual income. A low debt to income ratio signals good financial health and improves the chances of approval of your personal loan application.

  • Consider Adding a Co-applicant: If you have a poor credit score or a low income, it is advisable that you apply for a personal loan with a co-applicant who has a good credit score and a regular income. The liability of the loan will be shared equally between you and the co-applicant.

FAQs on Axis Bank Personal Loan Eligibility

✔️What are the eligibility criteria to avail an Axis Bank personal loan?

In order to be eligible for a personal loan from Axis Bank, you musty fulfil the following eligibility criteria:

  • Your age must be between 21 and 60 years

  • You must be a salaried individual- either a government employee or an employee of a private company or a PSU.

  • You must have an income of at least ₹15,000 per month.

  • You must have a good credit history- ideally a credit score of 750 or above.

 

✔️What documents are needed to apply for an Axis Bank personal loan?

You need to furnish the following documents while applying for a personal loan from Axis Bank:

  • Duly filled application form

  • Age proof and ID proof

  • Income proof

  • Proof of residence

  • Passport size photographs of yours

 

✔️What should be my income to secure a Personal Loan from Axis Bank?

You must have an income of at least ₹15,000 per month to secure a personal loan from Axis Bank.

✔️ How much work experience is required for a Personal Loan from Axis Bank?

You need to have a work experience of at least two years to be eligible for a personal loan from Axis Bank.

✔️ What is the maximum loan amount an applicant can get?

You can get a personal loan of up to ₹15 Lakhs from Axis Bank. However, the maximum loan amount also depends upon the credit profile of the applicant. An applicant with a good credit standing would be eligible for a higher loan amount than another applicant with a not so good credit score.

 

✔️ Will CIBIL Score affect my Loan from Axis Bank?

Yes, CIBIL scoreloan. If you have a good CIBIL score, you is one of the most important factors that affect your eligibility for a personal become eligible for a higher loan amount. Moreover, you can also get a loan at a lower interest rate.

 

✔️ Do I need a guarantor to apply for a Personal Loan from Axis Bank?

No. in most cases, no guarantor is required to avail a personal loan from Axis Bank. However, if you are not eligible for a personal loan due to a poor credit score or less income, getting a guarantor onboard would definitely improve your chances of getting an approval.