- About Coverfox
Axis Bank, is the third leading private sector bank in India that specialises in an extensive range of new generation financial services customised for Large and Mid-Corporates, MSME, Agriculture and Retail Businesses. Established in the year 1994, it currently boasts of a robust network of 3,779 domestic branches, which includes extension counters, across 2,211 locations in India. Further, it boasts of as many as 12,834 ATMs across the country, as per 2018. Not solely restricted within India, it enjoys a global presence with 10 foreign branches at Hong Kong, Singapore, Shanghai, Dubai and Colombo. It also has representative offices at Dubai, Sharjah, Abu Dhabi and Dhaka, and a subsidiary branch at London, UK. Its asset value is estimated at INR 6,91,330 crores, as on 31st March 2018, and a record of 15% in Total Assets, 17% in Total Advances and 12% in Total Deposits between FY 2012 – 13 and FY 2017 – 18. These credentials make securing a personal loan from Axis Bank a wise decision for borrowers. Personal loans are tailor-made to meet their varied financial objectives. A good CIBIL score is one of the determining factors for securing a personal loan. There are certain guidelines that borrowers need to follow to maintain their CIBIL score for Axis Bank Personal Loan.
The following factors will help you understand why you need to maintain a good CIBIL score for Axis Bank personal loan:
The following will give you a comprehensive idea about Axis Bank Personal Loans.
The following are the most common factors for the rejection of an Axis Bank personal loan:
Inaccurate data in CIBIL Report: It is highly recommended that borrowers check their CIBIL score at regular intervals, especially before applying for a personal loan from Axis Bank. Inaccurate information about payment overdue, current balance, incorrect personal details, etc. may be the reason or one of the primary reasons behind the low CIBIL score, which has led to a personal loan rejection.
Low CIBIL score: If the score is low, despite every data in the report being accurate, here’s what you should do to prevent a loan rejection.
You can improve your CIBIL score by following these guidelines:
What is the personal loan rate of Axis Bank?
Rate of interest on Axis Bank personal loan varies between 15.75% p.a. and 24% p.a.
What are the eligibility criteria for getting Axis Bank personal loans?
An individual has to belong to one of the following to be eligible for an Axis Bank personal loan:
Will Axis Bank give me a personal loan if I have a low CIBIL score?
If you have a low CIBIL score, you should follow these guidelines to improve your CIBIL and then apply for an Axis Bank personal loan:
Does skipping Axis Bank personal loan payment affect my CIBIL score?
Yes, missing a personal loan payment within the pre-determined due date is one of the factors that adversely affects CIBIL score.
Will a loan settlement with Axis Bank affect my CIBIL score?
Yes, opting for a personal loan settlement with Axis Bank will affect your CIBIL score.
Can I get more than 3 Axis Bank personal loans if I have a good CIBIL score?
There are no restrictions regarding the number of personal loans that you can apply for at the same time. However, this will raise a red flag for prospective lenders, who will interpret this as your credit hungriness and, thus, reject your personal loan application(s). This will bring down your CIBIL score.