Yes, Axis Bank Personal Loan will help you meet your wedding expenses. We all know weddings can be expensive with a long list of activities, such as pre-wedding rituals, parties, ceremonies, reception, etc, to ensure. And sometimes, things get out of budget, something which many of us experience during a wedding. So, in situations like these, Axis Bank Personal Loan comes to your help. The bank allows you to apply for a loan online. Let’s read this page and know more about the Axis Bank personal loan.
How Much Does Axis Bank Disburse as a Personal Loan?
INR 15 lakh is the maximum you can get from Axis Bank for your wedding expenses. Plus the bank won’t require any collateral of yours. It just needs an assurance that you’re capable of repaying the loan. And they get the surety by checking how much you earn and whether the pattern has been regular or not. The bank requires documents like salary slips, bank statements, a copy of your passbook, etc. The bank will verify the documents you submit to them and approve the case after successful authentication. Beware, if the bank finds anything suspicious in your application, it won’t hesitate to reject your case either.
How to Get a Low Rate of Interest?
Axis Bank charges an interest rate starting at 10.49% per annum onward for personal loan seekers. It is an affordable rate and to get the same, you need to show your credibility. And the same can be done if you have a default-free credit record. Your previous credit card bill payments or loan EMIs depict how good you’re with your repayment.
An applicant with a spotless credit record earns the right to negotiate for a lower rate. Otherwise, you may have to settle for a higher rate from Axis Bank. You can still afford the EMIs given the rate the bank fixes.
What Options are Available for Axis Bank Personal Loan Payment?
The loan repayment in equated monthly installments makes for a smooth experience for customers. But what if you can compute the same before taking a loan? Yes, it’s possible to do that using the online tool of Axis Bank. When you enter the loan amount, interest rate and tenure, your EMI will be displayed. This is an easy-to-use tool to help you in repayment.
Once you choose the tenure, select your payment method from ECS or a post-dated cheque. The ECS allows you to pay the EMI automatically. What happens in this is the EMI amount will be debited from your bank account on the scheduled date. So, all you need to do is maintain the required balance in the bank account.
Whereas, in post-dated cheques, you have to write the cheque for each month’s EMI and submit the same at the bank branch. And if the cheque bounces, the penalty will apply to your next EMI payment.
Am I Eligible to Apply for Axis Bank Personal Loan?
Yes, you’re if you have to meet the below criteria of Axis Bank –
Age – Are you 21 years old? If the answer is yes, you can apply for a personal loan. The maximum age to apply for a personal loan is 60 years. After that, you won’t be eligible for the same.
Income – You need at least INR 15,000 of monthly income to borrow money from Axis Bank.
Employment type – Both salaried and self-employed applicants are eligible to apply for a loan basis a good income and a solid credit history.
So, if you tick all the boxes, apply for a personal loan to meet your wedding expenses.
Can I Borrow Axis Bank Personal Loan Jointly?
Yes, you can and this will increase your eligibility. As there will be two persons liable for the repayment. In such cases, the loan default risk remains less and thus makes banks sanction debts with confidence. To apply jointly for a loan, check the eligibility criteria, and axis bank personal loan emi calculator and ensure your co-borrower is financially strong to repay the loan.
Because if the co-borrower defaults, it will reflect both on your and his/her repayment record.