Personal Loan

Personal Loans can be utilised for a wide range of purposes, including medical emergencies, wedding expenses, travel costs or even debt consolidation.

Personal Loans involve banks or lenders providing a lump sum for your personal use. You then repay the loan in fixed monthly instalments, known as EMIs (Equated Monthly Instalments), over a predetermined tenure. Each EMI includes both the principal amount and the interest charged by the lender.

Consider opting for a Personal Loan to meet your immediate financial needs, such as home renovations, unexpected travel expenses, education costs or consolidating existing debts.

No, it is not necessary as Axis Bank also offers Unsecured Personal Loans. This means you do not need to provide any collateral or assets to secure a Personal Loan.

The maximum Personal Loan amount differs across banks and depends on factors such as your eligibility, income, credit score and the lender’s policies.

At Axis Bank, you can avail of a Personal Loan of up to ₹25 lakh. If you already have an existing relationship with the bank, you may be eligible for a higher loan amount of up to ₹40 lakh.

You can apply for a Personal Loan online or visit a branch, submit the necessary documents or complete the entire process digitally and get quick approval.

Online applications offer convenience, quicker processing and simple comparison options and require minimal documentation.

Online loan applications can be approved within minutes to a few hours, whereas traditional applications may take several days for approval.

A strong/high credit score demonstrates your creditworthiness, increasing your chances of getting a loan and securing better loan terms.

Axis Bank offers Personal Loans with flexible tenures of up to 5 years. However, the actual repayment period may depend on the loan amount you avail of.

Personal Loans generally do not offer tax benefits, unlike home loans, which have specific exemptions for principal and interest payments.

Personal Loan repayments are made via Equated Monthly Instalments (EMIs), which cover both the principal and the interest amount.

Approval times can vary, with online applications often getting approved within minutes while traditional applications may take a few days.

When applying for a Personal Loan from Axis Bank, you will typically need to provide documents such as identity proof, address proof, income proof, and bank statements. These include your Aadhaar card, PAN card and Voter ID and tax returns.

For income proof, salaried individuals are usually required to submit recent salary slips and bank statements, while self-employed or non-salaried applicants need to provide bank statements.

You can also complete income and KYC verification online through a 100% digital process, making it convenient to submit the required documents without visiting a branch.

To learn about various online methods for repaying your overdue Personal Loan, click here

A Personal Loan can be used for various personal expenses, whether it is a medical emergency, a wedding, travel, education or home renovation.

In contrast, Business Loans are specifically designed for business-related expenses like expanding operations, purchasing equipment or managing working capital. These loans also involve different eligibility criteria and terms.