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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.
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
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.
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.
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.
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.
| Category | Details |
|---|---|
Quantum of Loan | Minimum Loan amount – Rs. 50,000 Maximum Loan amount – Rs. 15,00,000 |
Rate of Interest | Starting from 10.49% up to 21% |
Tenure | Maximum 5 years (60 months) |
Foreclosure or part payment charges | Up to 12 months – 5% 13 months to 24 months – 4% 25 months to 36 months – 3% Above 36 months – 2% |
1. How to improve my credit score?
A. There are many ways to improve the credit score of any person. Some of such ways are mentioned below.
2. What is the minimum credit score for a personal loan from Axis Bank?
A. The minimum credit score required for a personal loan of Axis Bank is 750.
3. Are self-employed persons eligible for personal loans from Axis bank?
A. No. Personal loans of Axis Bank can be sanctioned to only salaried employees. Applicants can be salaried persons or employees of any of the following entities,
4. Can a person with a credit score of 800 be eligible for personal loans from the Bank?
A. Yes. A person with a credit score of 800 is eligible for personal loans from the Bank and can get them easily without any hassles or delay.
5. What are the factors contributing to the credit score of a person?
A. The factors contributing to the credit score of a person are,
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
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