Check CIBIL Score Required for Axis Bank Personal Loan
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One can avail personal loans from Axis Bank for your child's education, dream vacation, wedding, home renovation or for any other personal reasons. Once you have decided to take a loan the next step will be to apply for a loan, You need to be above 21 years of age and have a minimum monthly salary as set by the bank and an acceptable CIBIL Score for quick approval.
What is the CIBIL Score Required for Axis Bank Personal Loan?
To get an Axis Bank personal loan, the customers should ideally have a credit score of 700 or above. A low CIBIL score may be considered, but borrowers may have higher interest rates along with stricter eligibility criteria. Customers should also have a low debt-to-income ratio to apply for a personal loan at Axis bank as it indicates the repayment capacity of the borrower and their trustworthiness.
Features of Axis Bank Personal Loan
The features of Axis Bank personal loan are mentioned below:
- Offers a maximum loan amount of Rs.40 lakh.
- Interest rates start at 9.99% up to 21% per annum.
- Flexible loan tenure of 12 to 84 months.
- Processing fee charged at 2% plus GST of the loan amount.
- Provides loan approval in 30 seconds with minimum documentation and online procedure.
- No collateral is required.
- The loan can be availed by both salaried and self-employed individuals.
- The age of the borrower should be between 21 to 60 years of age.
- Minimum income criteria for new and existing borrowers are Rs.25,000 and Rs.15,000, respectively.
Axis Bank will take 30 working days from the date of receiving the loan application to take a call on the status of the loan application. All the documents will be checked by the bank and it checks the CIBIL score of the individual as well. A good CIBIL Score is an important eligibility criteria for sanctioning a loan to an individual.
What are the Key Factors That Impacts Your CIBIL Score?
The key factors that impact your CIBIL score are mentioned below:
- Timely repayments of EMIs and credit card dues improves your score.
- Credit utilization should be under 30% of your total credit limit to maintain a healthy score.
- Longer, consistent credit history positively impacts your score.
- A good combination of secured and unsecured loans reflects balanced credit behavior.
- Avoid applying for multiple loans or credit cards in a short time, as each hard enquiry can lower your score.
Why Your CIBIL Score Matters?
Here are the reasons why CIBIL impacts the credit score required for Axis Bank personal loan:
- Loan approval is seamless as lenders use your score to assess risk and determine your eligibility.
- A higher score may help you get loans at lower interest rates.
- To obtain high loan amount you must have a good credit score.
- A good score ensures quick loan processing and faster.
How to Check Your CIBIL Score?
The step to check your CIBIL score are given below:
- Visit the official CIBIL website to get your score.
- CIBIL score can also be checked or free via Axis Bank ‘s official portal.
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As explained above, is your CIBIL score good? Now, apply for the Axis Bank Personal Loan |
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Know More About CIBIL
TransUnion CIBIL is one of the leading credit information companies in India. The company maintains one of the largest collections of consumer credit information in the world. CIBIL Score plays a key role in the lives of consumers. Banks and other lenders check the CIBIL Score of the applicants before approving their loan or credit card application. Consumers can visit the official website of CIBIL to check their CIBIL Score and Report.
FAQs on CIBIL Score Required for Axis Bank Personal Loan
- What is the minimum CIBIL score required for an Axis Bank personal loan?
The minimum CIBIL score required by Axis Bank to approve a personal loan is 700 or above.
- What is an “ideal” CIBIL score for a better chance of personal loan approval from Axis Bank?
A score of 750 or above is often considered ideal, as it can improve your chances of loan approval, and the bank may also offer a lower interest rate depending on your CIBIL score.
- Does Axis Bank use other criteria aside from CIBIL for approving a personal loan?
Yes, Axis Bank does use other criteria apart from CIBIL scores, such as income, employment stability, existing liabilities (debt-to-income ratio), and work experience.
- How does CIBIL score impact on the interest rate offered by Axis Bank?
A higher CIBIL score helps you get a loan at lower interest rates, while a lower score (even if approved) may result in higher rates or stricter terms.
- Will Axis Bank reject my loan application outright if my CIBIL score is below 600?
Yes, your Axis Bank personal loan application may get rejected in some cases if your credit score is below 600. But you can strengthen your application by providing additional proof such as steady income, co-applicants, etc.
- Will applying for a personal loan multiple times affect my CIBIL score?
Yes, applying for a personal loan multiple times may affect your CIBIL score as it results in multiple hard inquires. This may also affect lenders’ perceptions.
- How can I improve my CIBIL score before applying to Axis Bank?
To improve your CIBIL score before applying for Axis Bank personal loan follow some of the strategies, such as timely payment of dues; low credit utilisation; check and correct errors on your credit report.
CIBIL Score Requirements for Loans
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