How to Apply Online for a Personal Loan?

A personal loan is an unsecured loan that the world’s population has been making use of for more than half a century. And the need for it is only growing like five or even two decades ago, people are no longer required to travel miles and negotiate terms with a banker to sanction money. With the tremendous growth of technology and the ever-present 4G internet, you can avail of this loan online with no trouble at all. The terms and conditions with the factors and eligibility criteria are provided on the official website of the bank or NBFC you want to avail loan on. Online processing of a personal loan 

• Open the official website of the bank or NBFC and select a personal loan application online from the menu bar.
• The option leads you to an application page that asks for your name, age, phone number, address, Pincode, mail id with other basic details.
• The second page asks for your monthly income, banking details, CIBIL score, loan amount required, tenure period, and using that the page displays your monthly interest amount 
• After that the screen for documents is presented, where the basic documents of you are asked like ID proof, residence proof(PAN card, Voter ID, aadhar card, passport, driving license(any one can be submitted)), income proof(ITR, form 16, salary slips), employment proof(employee id). Bank statement(account book). You have to scan and upload all the original documents properly.
• After that submit your application.
• Upon receiving the application, the bank verifies all your credential and approves if it has complete trust and satisfaction.
• After the approval, the finance sends you a digital document detailing the loan and specifying the additional charges like preclosure fee, processing charge, and taxes and requests for your digital signature.
• After the signing, the money is then disbursed within several hours or at the most in 2 days.

Axis Bank personal loan details 

Axis bank is a reputed bank that has branches all around the world with millions of customers availing of personal loans regularly. The bank is a private company with high-end people in the business as account holders. The ratings of the bank are impeccable and the loan offers are affordable.

Eligibility criteria

• The age requirement to avail of this loan is a minimum of 21 years with a maximum age of 60 at the time of maturity of the personal loan.
• The applicant must be a salaried professional (private or public sector).
• The minimum salary of the applicant must be Rs15,000per month.

Axis Bank loaning details

Axis Bank offers personal loan both online and offline services. The loan amount the bank offers for a personal loan is a minimum of Rs 50,000 up to Rs 15 lakh. The tenure of the loan lies in the range of 1 year to 5 years with minimal documentation. The interest rate of the personal loan varies from 10.49% per annum to 21% per. The bank also charges various other taxes and other charges. The processing fee is one among them, that is charged for the processing and approval of the application. The fee in Axis Bank is Rs 500 plus GST. Preclosure or foreclosure is another such charge that is incurred if the applicant closes the loan before the end of tenure. The charge is 5% for 0 to 12 months, 4% for the second year, 3% for the third year, and 2% for the last two years.

Conclusion  

The personal loan although easy to avail still needs the loan to be paid back by the applicant. The CIBIL score of the applicant depends gravely on the monthly instalment of the loan, if the bank or NBFC sees regular on-time payments the credit score increases else the credit score decreases hindering the possibility of availing of loans in the future. For any further information, the contact details of the bank are on the official website.    

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