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Axis Bank Personal Loan Eligibility Calculator India Sep 2020

Axis Bank Personal Loan Eligibility

Last Updated 02nd Sep 2020

Eligibility CriteriaSalaried
ProfessionSalaried persons working in government, private or MNCs companies
Applicant Age21 - 60 years
Minimum Eligible Income ₹ 25,000 per month
Maximum Eligible Loan15x of monthly income
Maximum Loan Amount Eligibility ₹ 25 Lakh
Minimum Work Experience12 months
Axis Bank Personal Loan Eligibility based on Age
  • Age: There is an age criteria for the approval of personal loan. The minimum age requirement for availing a personal loan is 21 years and maximum age is 60 years. Axis Bank offers personal loans for a maximum period of 60 months.
Axis Bank Personal Loan Eligibility based on Income and FOIR
  • Net Income : Your net income required to avail a personal loan is ₹ 25,000 per month. Your eligibility is determined by your income (Net take home salary). Your capability of paying EMI’s is judged on the basis of income earned as your loan EMI’s are not affecting your living standards.
  • FOIR : FOIR (Fixed Obligation to Income Ratio) is an important parameter that Axis Bank uses to find out your Axis Bank personal loan eligibility. Axis Bank takes all your fixed obligations (like rent or current EMIs) into account while estimating your eligibility. Minimum FOIR required to be eligible for personal loan from Axis Bank is 0.45. Calculate and compare your eligibility with Axis Bank personal loan calculator and apply online for the eligible loan amount hassle free.
  • Co-applicant : Adding a co-applicant increases your eligibility for a personal loan as it increases your repayment capacity. Ensure that you add a co-borrower who has good income flow, limited fixed obligations and a strong credit score.

Illustration- Mr. A who is 25 years old has a net income of ₹ 25,000. He wants to take a personal loan of ₹ 1 Lakh for 60 months. Axis Bank allows a maximum FOIR of 0.45.

Based on the information provided by the applicant, bank will calculate his eligibility using eligibility calculator. With a salary of ₹ 25,000, the maximum amount for which he is eligible is ₹ 5.18 Lakh. The interest he has to pay for this amount for 60 months is 10.99%.

Axis Bank Personal Loan Eligibility based on CIBIL Score

  • CIBIL Score: Your credit behaviour and track record from your past lenders and credit card providers get captured in your CIBIL score. CIBIL score is the most important factor to define your eligibility to get a personal loan. When checking eligibility for a personal loan, Axis Bank will check the complete Credit report, which also includes all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances that your loan application from Axis Bank will get approved. However, low CIBIL score decreases your eligibility to get a personal loan. Axis Bank requires a minimum credit score of 650 to be eligible for a personal loan.

There are a few factors which affect your credit score -

  • Late payments on past loans – Any delay in payments on your existing or past loans can negatively affect your CIBIL score and it may also reduce your chances of getting a personal loan from Axis Bank.
  • High number of unsecured loans – Always maintain a balance between secured and unsecured loans. Higher proportion of unsecured loans in your total borrowings can negatively impact your credit score.
  • Usage of credit limit – Your credit card bills and usage of credit limit determine your credit behaviour. Frequent withdrawals and spending more than your credit card limit can be seen as a sign of potential financial stress, credit indiscipline and hence, may pull down your credit score.
  • Multiple loan applications – If you apply for a personal loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Axis Bank, improve your credit worthiness to get a good score and your loan application to get approved.

Axis Bank Personal Loan Eligibility based on other factors

There are other factors also which are responsible for the approval of the loan by Axis Bank. Check to understand the importance of the following factors -

  • Job stability and profession - Job stability is important to improve your eligibility to get a personal loan from Axis Bank. Your total work experience and current work experience are assessed to evaluate your job stability and profession. Axis Bank looks for a minimum total experience of 12 months and also looks for applicants who have been employed in the current job for a minimum of 1 months.
  • Residence place and stability – Banks are very particular about the residence of the borrower. There are few areas which are considered negative by the bank. Axis Bank has a pre decided list of area where the bank will lend the loan. The bank also has a negative list area of locations in which it will not lend depending on the past credit behavior of borrowers from such localities. Axis Bank also gauges your residential stability by checking on the number of years since when you have been staying in your current residence. If you are staying in your own residence, it improves your chance of getting a loan from Axis Bank. Minimum residence stability to be considered by the bank is 12 months.
  • Industry Type – Axis Bank has a negative list of professions and type of industry, defined as customer or industry segments to which they will not give the loan. So, your chances of getting a loan approval also depends on your profession and industry you are employed in.
  • Salary Mode – Most of the banks consider salary transferred to the bank account as a secure and stable income with adequate income proofs. If you are earning well but getting salary through cash or cheque then bank will not give you the loan because bank needs concrete evidence of your salary to support your loan amount. So, salary transfer mode of payment is preferred by Axis Bank if you apply for a personal loan.

FAQs

What are the eligibility criteria to avail Axis Bankloan?

The minimum age of the applicant required to get a personal loan from Axis Bank is 21 years. The maximum age for salaried employees can go up to 60 years.

What should be my income to secure a personal loan from Axis Bank?

The minimum income for a salaried employee should be at least ₹ 25,000 per month to secure a personal loan from Axis Bank.

How much work experience is required for personal loan from Axis Bank?

The applicant must have at least work experience of 1 months in avail the benefit of Axis Bank personal loan.

What is the maximum loan amount an applicant can get?

The maximum loan amount an applicant can get under a personal loan from Axis Bank is up to ₹ 25 Lakh.

Will CIBIL Score affect my personal loan from Axis Bank?

Yes, CIBIL Score does have an impact on your personal loan. A good score indicates a good repayment record and hence most banks avoid giving loans if you have a low credit score. The minimum CIBIL score for personal loan is 650 and above.

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

Personal loan is an unsecured loan, so a bank may ask for a guarantor. However, if your credit score is good and there is no default in your past repayment history, then you do not need a guarantor to get a loan from Axis Bank .

What is the minimum loan amount from Axis Bank for pensioners?

Pensioners can apply for a minimum loan amount of ₹ 25,000 from Axis Bank.


Axis Bank Personal Loan News - Sep 2020
  • 2020-02-27 : Axis Bank revised its personal loan rate
    Axis Banks changed its personal loan rate. The personal loan rate for the private sector bank starts from 10.99%. Further, the bank reduced the processing fee from the current 2% to 1.75%.
  • 2019-08-14 : Axis Bank and Aditya Birla Health Insurance signs bancassurance pact
    Leading health insurer, Aditya Birla Health Insurance has entered into a bancassurance partnership with Axis Bank. Through this partnership, the insurer will offer health insurance solutions to the Axis bank’s customers across its bank branches through digital channels. Besides this, the private sector lender also has plans to achieve significant growth across its retail loan segment, including home loans and personal loans.
  • 2019-06-25 : Axis Bank is looking to enhance its digital footprint in Tamil Nadu
    The private sector lender is planning to expand its digital footprint in Tamil Nadu by adding more cash recyclers this year. At present, the lender has nearly 314 bank branches, 1,400 automated teller machines (ATMs) and 300 cash recyclers in the state to assist customers in depositing their cash as and when required. Also, the lender is looking forward to achieving significant growth across its retail loans, including home loans, personal loans, and fixed deposits during FY19.
  • 2019-05-02 : Axis Bank set to meet FY22 goal with thrust on retail business
    Private sector lender, Axis Bank is focusing on achieving profitability and a Return on Equity (RoE) of 18% by FY22. To achieve this, the bank will now stress more upon its retail loans portfolio (including personal loans and home loans) which comprises about 50% of the bank’s total loan book. Interestingly, CASA and retail term deposits have also witnessed a strong growth of over 81% of the deposit base, and now the lender is looking forward to scaling up further.
  • 2019-04-18 : Axis Bank formulates FY20-22 strategy to strenghten its core business
    Private sector lender, Axis Bank has made a new strategy for FY20-22 to achieve a strong growth across its retail lending segment. The lender will focus on higher-yielding retail lending products such as personal loans, credit cards, rural, and small business banking. In addition to this, the bank will also continue to maintain steady asset quality by giving retail loans to existing deposit customers.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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