5 MinsDec 24, 2022
Ashwin Shetty has to carry out extensive repairs to his home that may cost about Rs. 3 lakh. When he talked to his Axis Bank Relationship Manager (RM), she said opting for an Instant Personal Loan would be Ashwin’s best option.
She explained why:
No end-use restrictions:
You can use the funds from a personal loan for any purpose. Want to buy a high-end home appliance, go on a vacation, renovate your home
or take care of wedding expenses? You can take a personal loan for any of these purposes or more. Your bank will not put any restrictions on how you use the money.
Collateral-free loans at affordable interest rates:
Personal loans are unsecured loans, meaning the borrower doesn’t have to pledge assets like property or shares. They also come at very affordable interest rates.
Axis Bank, for example, currently offers personal loans at interest rates starting at 10.99% p.a.
Simple documentation:
The documentation required to apply for a personal loan is also straightforward. You need to be an adult with a steady income. Most banks will advance you a personal loan if your net monthly income
exceeds ₹ 15,000. All you need is your ID, residence, bank and income proof. The last can be in terms of salary slips or income tax returns for three years.
If you are a customer in good standing, most banks will offer you pre-qualified
personal loans, which can be availed in minutes.
Flexible tenures:
Personal loans come with flexible tenures from 12-60 months. This way, you can choose a term and EMI that works best for you.
Flexible amount:
The amount you can borrow is also quite flexible. Axis Bank, for example, offers personal loans starting at Rs. 50,000 up to Rs. 40 lakh.
Boost credit score:
Personal loans are a great way to increase your credit score. Most financial planners recommend borrowing a small amount and repaying it on time. Do this a couple of times, and it will enhance your credit
score. This will help when you want to borrow a larger amount, like a home loan.
[Also Read: How Non Customers Can Get 24x7 Personal Loan ]
The RM also explained the features of Axis Bank Instant Personal Loan. It enables instant access to a loan, as funds are generally disbursed immediately. Some of the benefits of instant personal loans are:
- They can be applied from anywhere and at any time, even from the comfort of your bed.
- Your KYC and income documents can be uploaded online for instant processing.
- The processing time of these loans is shorter. Axis Bank, for example, can process an application in hours – if not minutes – and disburse the loan in the time it takes to watch a movie online.
- While applying, your physical presence is not required at the financial institution, making it highly convenient.
- The personal information provided during the application process is securely stored.
Axis Bank offers a range of Instant Personal Loans tailored to meet the needs of most borrowers. You can use Axis Bank’s personal loan EMI calculator online.
Step 1. Log in with your Axis Bank customer login (using a mobile number).
Step 2. Upload your personal and employment details verification using Aadhaar.
Step 3. Upload your income assessment using the Account Aggregator.
Step 4. Here, you can customise the loan amount and tenure of repayment.
Step 5. Verify bank account for fund transfer and monthly repayment.
Step 6. Verification using KYC.
Step 7. Upload Aadhaar-based e-signature.
Step 8. Your money will be credited on the same day if all goes well.
[Also Read: Applying for 24x7 Personal Loans is a breeze for non-Axis Bank customers too]
Tips for availing an easy digital personal loan in times of need:
Maintain a healthy credit score
A healthy credit score is the first step in getting a hassle-free instant loan. Financial institutions pay a lot of attention to your credit score. A healthy score above 760 is recommended
for easy availability of a loan. The lower the credit score, the lower the chances of getting loan approval.
Ask about loan prepayment
Borrowers are typically permitted to prepay their loans. Although you could choose a lengthier term, it’s a good idea to constantly look into the possibility of paying off your loan amount
early. Certain fees are associated with the option to prepay debt, but doing so will spare you from paying the high-interest rate you would otherwise have.
Keep your documents up to date
Your documents play a necessary role in acquiring an instant personal loan. Especially in an emergency, you must save precious
time in the documentation work.
Axis Bank’s Personal Loan is readily available with the help of an Account Aggregator network. It is the safest, fastest and the most convenient way to
have the money credited to your account. For seamless loan processing, contact Axis Bank or use our application.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
