What Is The CIBIL™ Score Needed For An Axis Bank Personal Loan

Axis Bank requires the applicants to have a minimum CIBIL™ score of 750 or more to be eligible for its personal loans. A person having a credit score of lower than 750 up to 600 may still be eligible for the personal loan of the bank. However, the sanction of loans in such case may be at a higher rate of interest or a lower loan amount may be sanctioned.

If the CIBIL™ score of the applicant is lower than 600, the chances of rejection of loan application are extremely huge as the bank considers such applicants to be of high risk. This means that the risk of default in repaying the loan taken is considered to be high in such applicants.

Overview of Personal Loans from Axis Bank

Personal loans are unsecured loans that are sanctioned by the bank to eligible borrowers. These loans can be used for any general purpose of the borrower i.e. to meet their personal expenses like medical emergencies, travel, home repairs and renovation, wedding, education expenses, etc.

Axis Bank is one of the leading private sector banks in India. The bank has many national and international customers across the globe who rely on the bank for their day to day banking as well as the many other unique banking solutions provided by the bank. Axis Bank provides loan products of many types that are available for eligible applicants. The personal loans of the bank are among the popular loan products.

Axis Bank has set many eligibility criteria for the applicants to be eligible for these loans. These parameters include the

• Category of applicants (salaried applicants – doctors, employees of public limited and private limited companies, government sector, PSUs, central and local bodies)
• Age of the applicant (minimum 21 years, maximum 60 years at maturity of personal loan)
• Net Minimum Monthly income of the applicant (Rs. 15,000)

The other factors affecting the eligibility of the applicant are the monthly expenses of the applicant or the relationship with the bank as well as the credit score of the applicants.

What is CIBIL™ score?

CIBIL™ is one of the four credit rating agencies in India that provide credit scores for individuals and business entities. The other credit rating agencies are mentioned below.

• Equifax
• Experian
• CRIF Highmark

The CIBIL™ score is a three-digit number issued in the range of 300 to 900. CIBIL™ score closer to 909 is considered to be good by Axis Bank and such applicants can get the personal loan approved quickly. If the CIBIL™ score is closer to 300, the personal loan application is most likely to be rejected.

What are the highlights of the personal loan of the bank?

The personal loans of Axis bank are available to borrowers provided they meet the eligibility criteria set by the bank. The highlights of the personal loans of the bank are mentioned below.

CIBIL™ Score Needed For An Axis Bank Personal Loan FAQs