Things to consider while applying for a Personal Loan

It is a good idea to interact with those who have already applied for personal loans to gauge their first-hand experience in dealing with various banks. These may either be people you know or through online sites which allow you to not only find reviews on various banks but also find and compare personal loan offers available in the market.

Besides the EMIs (Equated Monthly Intallments) that you will be repaying, you also have to take into account all charges and fees you will incur on the loan. A long-term loan takes a longer time to pay off and any disruption in your income can lead to late/non-payment of EMIs. The shorter the loan tenor, the sooner you can pay it off and reduce your debt outstanding.

Remember that if it is an unsecured loan, it ranks higher in terms of risk to the bank. The interest rates are therefore generally higher on personal loans. Be sure to first look at all your options to finance your requirement. If you can take a personal loan against an asset you own e.g against your bank deposits, at lower interest rates, it might be more prudent not to opt for a personal loan.

It is never advisable to take on debt unless absolutely required. Your needs should, as much as possible, be financed by own funds rather than creating debt, unless unavoidable, or if your own funds are tied up in investments that will earn you more returns even after taking a loan (instead of liquidating sound investments and rebuilding your corpus from scratch).

Whether applying for a personal loan to watch the Commonwealth Games makes complete financial sense depends on one’s perspective. While it may not be the most financially prudent decision to create debt to fund a vacation, personal loans are definitely a useful way to overcome financial constraints to fulfil your dreams.

Find out your eligibility for a Axis Bank Personal Loan

Axis Bank, one of India’s most popular private sector banks offers various personal loan schemes catering to individual belonging to various domains and various income levels. From self employed individuals to working professional and salaried individuals, Axis Bank has developed different personal loan products with varying interest rates and documentations.

Axis Bank offers a flexible tenure for personal loans ranging from 12 months to 60 months. Axis Bank is one of the few banks in India offering personal loans up to a maximum limit of Rs. 20,000,000. Applying for a personal loan from Axis Bank has been made simple as Axis Bank in active collaboration with BankBazaar.com and is offering online loan facilitation. BankBazaar.com, India’s largest financial marketplace with its state of the art personal loan eligibility calculator tool allows applicants to seek their personal loan eligibility instantly online.

Gone are the days when personal loan applicants would need to submit their documents with the nearest bank branch and wait for their eligibility test results while the banks ran a background check along with a credit report test. BankBazaar.com’s personal loan eligibility tool allows a real time eligibility checking tool seeking details from the individual borrower. This personal loan eligibility calculator seeks the net monthly income of the loan seeker in case of a salaried employee along with the name of his or her organization and other details. Bankbazaar.com loan eligibility tool then checks for the personal loan eligibility criteria and provides and instant result of various personal loan options of various banks and non banking financial companies.

For users seeking a personal loan from Axis Bank, there are some basic eligibility criteria that they need to fulfill. Of course one must be above the minimum stipulated age of 18 years along with a good CIBIL credit score. Usually a higher credit score is considered to be good making the person eligible for various loans.