- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
Credit Information Bureau India Limited or CIBIL is the first company to be set up in India, in 2009 that provides credit information of loan applicants to lending firms like banks and financial institutions who raise requests for the same, this information is also provided to individuals directly upon such request being raised by the individuals.
AXIS bank also sources CIBIL score of its loan applicants from CIBIL. Alternatively, if an individual seeking a personal loan has his/her CIBIL score and report ready, then he/she can easily avail the many discounts and benefits that are offered by Axis Bank on its various personal loan offers.
AXIS Bank Personal Loans and CIBIL Score
Personal loans of Axis Bank fall into the category of easy loans and do not require any collateral backup or assured, individuals with a good CIBIL score can avail AXIS Bank personal loans with ease.
CIBIL score is a three digit score ranging from 300 to 900 that is arrived at by using algorithms to freeze credit information of individuals into a simple score. CIBIL also provides credit reports of individuals which are a description of an individual’s creditworthiness status. A score above 750 is considered a good score.
A score of zero implies that an individual has no loans and this does not necessary mean a high credit worthy status and his/her loan application may even be rejected by AXIS Bank for no information being available on the applicant’s credit payability.
Personal Loan Offers by Axis Bank
Axis Bank personal loans are unsecured loans; they do not need a collateral backup. If the applicant has a good credit score and good repayment history and has a regular income, then that individual can easily avail personal loans from AXIS Bank. Personal loans can include home renovation loan, education loan, holiday loan, car loan and much more. Salient features of Axis Bank personal loan includes:
- Axis Bank offers personal loans to people with regular income
- Personal loan offers by Axis bank ranges from Rs 50,000 to Rs 15,00,000
- Personal loan repayment tenure ranges from 1 to 5 years
- Personal loan interests ranges from 15.5 % to 24 % per year
- Processing charges ranges from 1.5% to 2 % excluding service taxes
- Axis banks accepts loan transfer from other banks
- Simple and easy loan processing
- Borrowers can earn points on accessed loans.
Eligibility for Axis Bank Personal Loan
- Applicant should be minimum 21 years of age
- Age should not exceed 60 years at the time of loan maturity
- Applicant should be earning at least Rs 15,000 per month
- Applicant’s CIBIL score should depict creditworthiness.
Life Planning, Financial Planning and Credit Planning
Personal loans are not generally the traditional types of loans also called hard loans. People take personal loans to finance purchases not because they lack the money but to pay for purchases requiring bulk payment in monthly instalments out of their salaries. Within a short time, these monthly instalments mitigate their entire loan.
Suppose a salaried person with a salary of Rs 40,000 per month wishes to renovate his/her house the estimated expenses of which can be Rs 5, 00,000. Then the person can either save so as to afford the expenses sometime in future or break fixed deposits to finance the expenditure or take up a home renovation personal loan from Axis Bank. In which case the bank pays the for the entire expenditure and the borrower repays the loan to the Bank in small monthly instalments out of his/her salary within a short tenure.
A Winning Situation for All
Personal loans are not anymore perceived as loans in the traditional sense but rather as planned expenses for purchases requiring bulk payment. Personal loans are beneficial for borrower, bank and sellers. By offering personal loans, banks mobilize more businesses; they create demand which would not otherwise exist in the absence of personal loans.
Advantages of Personal Loans to Borrower
- Personal loans are life-improving opportunities
- Enhances quality of life
- Pressing purchases need not be deferred
- Can be serviced through easy instalments
- Well serviced loans increases credibility
- Loans repaid on time enhance future loan raising capabilities
- Personal loan planning is part of financial and life planning
- Can be availed based on credit scores
- No collateral backup required
- Simple and easy processing
- Attractive discounts/points and other benefits.
Advantages of Personal Loans to Banks
- Banks are able to mobilize funds
- Banks are able to raise higher interests
- Personal loans fill up the gaps in the Bank’s loan product range.
Advantages of Personal Loans to Sellers
- Creation and generation of greater demand
- Realization of timely payments
- No need to manage credits
- Greater cash flows
- Better innovation and customizability.
How to Maintain a Good CIBIL Score?
A good CIBIL score is a major determinant whether an applicant’s loan application would be approved by AXIS Bank or not. A good CIBIL score can make the loan process easier and swifter with lesser need to convince. Individuals can maintain a good CIBIL score by:
- Taking up well-planned loans based on financial and life planning
- Servicing and repaying loans, credit cards on time
- Reviewing self-credit reports and ensuring correctness
- Discontinuing/shifting losing loans.
Advantages of a Good CIBIL Score
- Better accessibility to loan offers
- Swifter loan approval
- Greater negotiability
- Greater chances to avail discounts and benefit features
- Greater chances to access attractive loan terms
- No need for backup or collateral.
Planning Credit Consumption
This is the age of planning credit consumption and maintaining best credit scores instead of shying away from loans totally and to include available opportunities in life span timely. Individuals can avail credit based services from our web portal CreditSeva. With us, your financial planning will be at your fingertips through effective credit planning.
We offer free joining and by joining us you can:
- Avail analytics for your credit scores and reports
- Identify and discontinue losing loans and shift these easily
- Identify errors in credit reports and correct these
- Be always prepared to raise new loans
- Avail opportunities timely
- Avail discount and benefit offers
- Guard against frauds and thefts
- Receive timely alerts
- Ensure data security during transactions.
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