Know All About Axis Bank Personal Loan Eligibility Here

A personal loan has the power to fulfill all your personal dreams and wishes. The product has been created specially with the purpose to offer you immediate funds so that you can meet your personal requirements. The requirement can be anything but the solution will be one. Whether it is a marriage at home, medical emergency or a trip to your favorite destination, a personal loan can help you accomplish all your dreams.

There are many products available in the market under this segment and out of these the product offered by Axis bank personal loan has managed to impress the customers. The minimum and maximum amount that can be availed are Rs. 50,000 and Rs. 15 Lakh respectively. The tenure for the same goes up to five years. The best part is you can carry forward an existing loan you have taken to Axis bank. The rate of interest charged is between 15.50% to 24%. The bank offers you numerous benefits which are bound to give you a satisfying experience. So you must be thinking- ‘Am I eligible for the personal loan or not’? You can put your questions to rest as this article will give you all the information you need about Axis Bank Personal Loan eligibility. Don't forget to have a proper look.

Eligibility criteria:

Axis Bank has set up certain norms of personal loan eligibility which has to be fulfilled by the applicant if he/she wishes to avail finance from the bank. These norms have been actually created to check whether the applicant will be able to repay the loan or not. Check out the eligibility norms here-

• Applicants must belong to the categories set by the bank if they wish to secure a loan. Salaried doctors, salaried employees and Private and Public limited company employees can apply for a personal loan. Private and Public limited companies too, are eligible to apply for the product. Employees working in the government sector like central or local bodies or public sector undertakings are also eligible to obtain finance from the bank.

• Age plays a very important role in determining your eligibility. The applicant should be at least 21 years of age at the time of loan application. Applicants below the age of 21 won’t be allowed to take a loan from the bank. Another aspect relating to age that has to be brought to your notice is that the applicant must not exceed the age of 60 years when the loan term matures. It means the the loan has to be fully paid by the age of 60 years.

• Income is also a very essential component which is taken into account to determine your eligibility. The applicant needs to earn a stable and steady income if he/she wishes to obtain funds from Axis Bank. The applicant needs to earn a minimum monthly income of Rs. 15,000 to avail the product. People earning less than the given amount are not eligible to apply for a personal loan.

Documents required for a personal loan

After fulfilling the norms of eligibility, the next step on which the applicant has to focus is completing the process of documentation. Knowing the eligibility criteria will be of no use to you, if you don't have information regarding the documents which have to be submitted. One can actually say both eligibility and foundation work supplement each other. These two form the main core of your loan disbursal. If you manage to meet both the things, then you are bound to have a smooth loan journey. I have the listed the documents required for your convenience right below-

• Photographs of passport size
• Fully filled application form
• Proof of Identity- Aadhar card/Passport/ Voter ID card/PAN card//Driving license
• Proof of Residence- Telephone bill/Water bill/Passport/Electricity bill/Allotment letter
• Proof of Age- High school mark sheet/Birth certificate/Passport
• Proof of Income- Salaried individuals: Form 16, Income Tax returns of the past two years and a latest salary slip
• Proof of your signature verification
• Bank statement of the previous six months

I would like to inform you that there are certain documents that are required post- sanction and pre- disbursal. Check them out right now-

• A duly signed Loan agreement
• Standing Instruction request or an ECS form is needed. Security cheques are necessary for ECS and SI.