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Information about Personal Loan from Axis Bank

admin — Mon, 21 Jul 2008 12:26:39 +0000

The lifestyle of urban Indian is rapidly changing. The burgeoning Indian middle class is now the target customers of the major multinationals. With the increase in disposable income in the hands of young India, changes have been noticed in the expenditure pattern. What was the luxury in the nineties, in the 21st century that becomes the necessity. With the increase of sales of brown, white and grey goods, the consumers appliances sectors is also witnessing an unprecedented growth. Needs and dreams come as a part of every-body’s life. You want to buy a refrigerator and you have to save for months to get it. You want to go for a holiday vacation, but then you don’t have enough money to reach your dream destination. You might feel the need to utilise all your savings in buying a new house and now there is nothing left for furnishing it. But nowadays financial institutions can fulfil all your needs by providing loans. Personal Loans in India alleviate most of the hassles that come with conventional loans – delay in sanctioning and disbursement, lots of paper work, necessity of a guarantor and hypothecation of the asset financed.

A personal loan is an all-purpose loan for one’s own personal use. In fact this kind of loans can be used for any legitimate purposes whatsoever. This type of loan is unique retail loan product offered by a number of banks. In India the personal loans can be of two forms – secured and unsecured. Both secured and unsecured loans are provided by banks to its esteemed customers. The main purpose of such a loan is to meet any kind of need or expenses.

Personal Loan from Axis Bank

Personal Power from Axis Bank
Axis Bank’s personal Loans. Go on your dream holiday, buy the latest lifestyle gizmo, gift your wife a lovely diamond ring, renovate your house or just squash a temporary cash crunch. Let us give you a helping hand. Our personal loans will meet all your personal requirements.

* Loans for salaried and self employed individuals
* Special loans for doctors, chartered accountants, engineers, architects, CS and ICWA
* Loans are available from Rs 1 lac to Rs 20 lacs
* Repayment tenures from 12 to 60 months
* Attractive interest rates
* Loans can be used for any purpose with no questions asked regarding the end use of the loan
* A balance transfer facility available for those who want to retire any higher cost debt
* Loans available against repayment track record of any existing auto, personal or home loan
* Loans available against proof of life insurance policy or premium receipts
* Zero balance SB account facility for personal loan customers
* Simple procedure, minimal documentation and quick approval

Eligibility

Salaried Employees Salaried doctors, CAs, employees of select MNCs, public and private limited companies, government sector employees including public sector undertakings and central and local bodies:

* Minimum age of applicant: 21 years
* Maximum age of applicant at loan maturity: 60 years
* Minimum employment: 2 years cumulative experience or 6 months for salaried professional
* Minimum net monthly income: Rs 7,000 per month
* Maximum loan available: Rs 10 lacs
* Special offer for salaried professional applicant

Self-employed Doctors Self-employed doctors include self-employed MBBS or BDS and doctors with higher qualification.

* Minimum age of applicant: 24 years to 65 years at the time of loan maturity
* Experience (doctors): 2 years continuous employment
* Minimum annual income: Rs 2.40 lacs per annum gross receipts (Rs 1.80 lacs per annum for select locations)
* Maximum loan available: Rs 20 lacs for self employed doctors

Self-employed Professionals Self-employed Professionals include self-employed chartered accountants, engineers, MBA consultants, architects, company secretaries, cost accountants.

* Age of applicant: from 24 years to 65 years at the time of loan maturity
* Minimum employment: 3 years continuous employment
* Minimum annual income: Rs 75,000 per annum (Rs 60,000 per annum for select locations)
* Maximum loan available: Rs 15 lacs for self-employed professional

Self-employed Normal Self-employed Normal include self-employed sole proprietors, partners and directors in the business of manufacturing, trading or services.

* Age of applicant: from 24 years to 65 years at the time of loan maturity
* Minimum employment: 3 yrs continuous employment
* Minimum annual income: Rs 1,00,000 per annum
* Maximum loan available Rs 10 lacs for self employed applicant

Documents for Salaried Individuals
Identity proof Passport or voter’s card or driving licence or PAN card and photograph
Income proof Latest salary slip showing all deductions or Form 16 along with current dated salary certificate (for salaried) or ITR (last 2 years) and computation of income (last 2 years) certified by a CA, balance sheet, profit and loss statement (for self-employed)
Residence proof Ration card or passport or latest electricity bill or latest telephone bill or latest credit card bill bank statements, last 6 months bank statements
Proof of telephone Latest bill of landline or mobile or WLL stating name of borrower or address of borrower employment proof or business continuity proof
Employment proof or Business continuity proof

* Qualification or registration proof required for doctors, architects, CA, CS, ICWA, MBA consultant, engineers

Sources : http://www.axisbank.com/

Personal Loans India : Personal Loan from Axis Bank

admin — Tue, 18 Dec 2007 09:32:53 +0000

Personal loans can broadly be categorised into secured as well as unsecured loans. Secured loans necessitate the presence of collateral for availing finances. With this loan type, you may avail a lower interest rate and a flexible repayment term. This may help you in getting a lower monthly outflow.

On the other hand, with an unsecured loan, you may avail finances without putting your property as collateral. The major benefit with this loan type is that there is no threat of repossession of the property.

The other major advantage with this loan type is that the processing of loans is done faster. This is due to the fact that the valuation of collateral is not involved. The turnaround time gets reduced and hence loans get processed faster. Apart from this, less paper work is involved, which in turn helps in reducing the hassles of getting loans.Information about Personal Loans from Axis bank is given here

Axis Bank’s personal Loans. Go on your dream holiday, buy the latest lifestyle gizmo, gift your wife a lovely diamond ring, renovate your house or just squash a temporary cash crunch. Let us give you a helping hand. Our personal loans will meet all your personal requirements.

* Loans for salaried and self employed individuals
* Special loans for doctors, chartered accountants, engineers, architects, CS and ICWA
* Loans are available from Rs 50,000 to Rs 20 lacs
* Repayment tenures from 12 to 60 months
* Attractive interest rates
* Free personal accident insurance cover with personal loan
* Loans can be used for any purpose with no questions asked regarding the end use of the loan
* A balance transfer facility available for those who want to retire any higher cost debt
* Loans available against repayment track record of any existing auto, personal or home loan
* Loans available against proof of life insurance policy or premium receipts
* Zero balance SB account facility for personal loan customers
* Simple procedure, minimal documentation and quick approval

Sources : http://www.axisbank.com/

Personal Loans India : Borrow money from your bank

Contributor — Mon, 19 Nov 2007 14:31:45 +0000

If you need some extra money, then borrowing from your bank might be the answer. If you use a bank simply for savings and a current account, then perhaps it is time to look at other financial products that your bank can offer. If you want to borrow from your bank, here are some of the possible options and benefits.

Why borrow money?

People borrow money for all sorts of reasons, and in all different ways. If you are finding it hard to make ends meet at the moment then getting a credit card or loan may help you out over the next few months. Also, if you need to make a large purchase but you need to spread the cost, then borrowing from your bank is a good option.

Credit cards

Perhaps the most common way to borrow from your bank is to get a credit card. A credit card gives you a certain amount of money or credit that you can spend, which you have to pay back with interest. Bills are paid monthly and you can choose to pay the full amount or just the minimum payment each month. Borrowing money on a credit card is expensive, but for short-term purchases they can be great if you pay the balance back in full each month.

Loans

Loans are another common way to borrow from your bank. Your bank is likely to have a variety of loans on offer, ranging from small personal loans to much larger loans for business or home improvements. If you need to pay off high interest debts or make a large purchase and pay it back slowly, then loans might be the right option for you.

Advantages of using your bank

The main advantage of using your bank to borrow money is that they know what sort of spending patterns you have, and if you have built a rapport with them they are likely to be more generous than other lending institutions. It may also be convenient to use the same bank that you do now, as all your accounts are in one place and you can manage your money more easily.

Disadvantages

There are also a number of disadvantages to using your own bank. Although your bank may give you a good deal, it may not be the best deal you can possibly find. Although speaking to your own bank is a good idea, you should shop around and look at other lenders in order to get the best possible terms. You should also make sure that borrowing money is right for you, and that you can make any repayments that are required.

Personal Loans India : Diwali offer by various banks on interest rates for personal loans

admin — Wed, 07 Nov 2007 10:49:03 +0000

Diwali offers on loans can fulfil your dream home may just be within your reach. The slash in retail asset growth and competitive pressure have forced banks to reduce rates on retail loans.

ICICI has cut rates marginally by 25-50 basis points on home, car and personal loans, as part of its festive offer. On home loans, the rate cut is only for floating loans. But it has not cut rates on deposits.

As for SBI, it has slashed the interest rate from 10.75% to 10% for home loans up to Rs 20 lakh with a tenor of up to five years. For loans between five and 15 years, the rate cut is at 10.25% from the earlier 11.25%.

For 15-20-year tenors, the rate has dropped from 11.25% to 10.5%. For loans over Rs 20 lakh, the rate cuts are 25 bps lesser on comparable tenors.

Similarly, SBI’s new car and two-wheeler rates have been slashed by 1%, depending on the loan’s amount and maturity. Car loans are now available at 11-12%, depending on the amount, maturity and type of loans. And personal loans are now cheaper by 0.50-1%. Also, the bank is offering a 50% concession in processing charges on all personal loans.

Meanwhile, Dena Bank has decided to cut its lending rates for fresh home loans, by 50 basis points from October 10.

The discount on lending rates, fixed as well as floating rate options, will be applicable till December 31, 2007. Canara Bank has also slashed its home loan rates by 50 basis points across tenures for fresh loans.

Kotak Mahindra Bank has reduced its floating home loan rates by 50 basis points. ICICI Bank, the largest private sector bank in the country, last week cut its retail loan rates, except for home loans, by 50 basis points.

HDFC has also reduced floating home loan rates by 50 basis point, it is now the turn of Axis Bank, which has reduced its floating home loan rates by 50 basis points to 10.50 per cent for existing and new customers.

Personal Loans India : Personal Loan From Axis Bank

Contributor — Sat, 23 Jun 2007 11:36:51 +0000

Axis Bank offers personal loan the product name is Personal Power we have compiled the Information about personal loan of Axis Bank.The Information about the Personal loan is given below:
Personal Loan for your needs

Axis Bank’s personal Loans. Go on your dream holiday, buy the latest lifestyle gizmo, gift your wife a lovely diamond ring, renovate your house or just squash a temporary cash crunch. Let us give you a helping hand. Our personal loans will meet all your personal requirements.
Eligibility for Personal Loan Product “Personal Power”

Self-employed Doctors Self-employed doctors include self-employed MBBS or BDS and doctors with higher qualification.

Self-employed Professionals Self-employed Professionals include self-employed chartered accountants, engineers, MBA consultants, architects, company secretaries, cost accountants.

Documentations

Documents     Salaried Individuals
Identity proof     Passport or voter’s card or driving licence or PAN card and photograph
Income proof     Latest salary slip showing all deductions or Form 16 along with current dated salary certificate (for salaried) or ITR (last 2 years) and computation of income (last 2 years) certified by a CA, balance sheet, profit and loss statement (for self-employed)
Residence proof     Ration card or passport or latest electricity bill or latest telephone bill or latest credit card bill bank statements, last 6 months bank statements
Proof of telephone     Latest bill of landline or mobile or WLL stating name of borrower or address of borrower employment proof or business continuity proof
Employment proof or Business continuity proof

For detail Information Log on to:
http://www.axisbank.com