How can Airtel users apply for Axis Bank Personal Loan?

In the fast-paced digital era, the alliance between Airtel and Axis Bank brings forth an effortless way for Airtel users to secure a personal loan. The Airtel Axis Bank Personal Loan, available through the Airtel Thanks app, provides users with a swift and secure solution for their financial needs. In this guide, we will delve into the step-by-step process, required documents, and key features of this innovative financial offering.

How to Apply for Airtel Axis Bank Personal Loan

The Airtel Axis Bank Personal Loan process is designed to be user-friendly, leveraging the Airtel Thanks app. Here’s a concise step-by-step guide:

Download the Thanks app on your smartphone: Begin by downloading the Airtel Thanks app from your respective app store.

Fill in the details: Once the app is installed, input the necessary details to set up your account.

Navigate to Airtel Finance: Head to the ‘Shop’ tab within the app and click on ‘Airtel Finance.’

Select Airtel Flexi Credit: Within the financial services section, choose ‘Airtel Flexi Credit’ to initiate the personal loan application.

Follow on-screen instructions: The app will guide you through the application process. Provide the required information and follow the on-screen instructions diligently.

Receive loan approval: Upon completing all formalities, await approval. In most cases, approval is granted within minutes.

Instant disbursal: Once approved, your personal loan amount will be disbursed within 24 hours.

Airtel Axis Bank Loan Process Application & Documents Required

Understanding the Airtel Axis Bank online loan process is crucial. Once you’ve logged in to the Airtel Thanks app, and visited the Airtel Finance section under the Shop tab, here’s a detailed overview of the steps involved:

Provide consent and information: Give consent, input your PAN, and specify your employment type before clicking on ‘Continue.’

Fill the application form: Complete the application form with the required details.

Decision by Lending Partner: The lending partner reviews the application and generates an offer within 1 minute.

Final offer and additional information: The final offer is displayed based on the partner’s decision. After selection, provide any additional information requested.

OKYC completion: Complete the online Know Your Customer (OKYC) process.

Selfie submission: Submit a selfie as part of the verification process.

Set up e-mandate: Set up the electronic mandate for automated EMI deductions.

Review and sign loan agreement: Review the loan details and digitally sign the loan agreement.

Disbursal: After completing all steps, the loan amount is disbursed to your account.

Documents Required

To facilitate a smooth Airtel Axis Bank loan disbursement process, ensure you have the following documents:

• Aadhar card
• PAN card

Note: Document requirements may vary on a case-to-case basis.

Also Read: What are the tax benefits for Personal Loans?

Airtel Axis Bank Personal Loan Eligibility Criteria

To obtain the Airtel Axis Bank Personal Loan, below are the eligibility criteria-

• Applicant’s age needs to be between 21-60 years.
• Applicant must hold an Indian citizenship.
• Applicant’s monthly earnings must be above Rs. 15,000.
• Applicant can be either salaried or self-employed.

Loan Repayment & EMI Payment Process

To ensure seamless repayment, maintain sufficient balance in your preferred bank account. The lending partner will use the Electronic National Automated Clearing House (ENACH) for automated EMI debits.

Loan Pre-Payment Guidelines

Customers have the flexibility to reach out directly to lending partners for loan pre-payment.

Loan Cancellation Process

For loan cancellation, users can contact the lending partners directly.

What Happens if You Miss an EMI?

Missing EMI payments can have repercussions, including:

• Reminder and legal recourse: The lending partner will remind you through various channels, and legal actions may be taken.
• Additional interest: Non-payment incurs additional interest as per the loan agreement, increasing your loan balance.
• Credit score impact: Missing payments lowers your credit score, affecting future credit applications.

Penalty & Late Fee Charges

Standard charges include a processing fee (one-time fee as part of disbursal amount) and late payment fees if the EMI is overdue. Consult the Key Fact Statement (KFS) for a comprehensive understanding of applicable fees.

Axis Bank Personal Loan: Key Features

• • Age Limit: 21 to 60 years
  • Loan Limit: Rs. 15,000 to Rs. 500,000
  • Employment Type: Salaried or self-employed
  • Interest Rates: Starting at 11.75%
  • Monthly Income: Rs. 15,000 or more

• Extra/Hidden Fees- There are no extra or hidden fees associated with the Airtel Axis Bank Personal Loan.

Also Read: What is the maximum and minimum tenure for a personal loan?

USPs and Benefits of Airtel Finance

Airtel Finance offers a secure and trusted digital platform for financial transactions. The key benefits include secure, 100% digital processes and personalized flexibility in terms of loan tenure, amount, and EMI options.

Applicable Offers, Cashback & Rewards

Users can avail personal loans up to Rs. 9 Lakh, with the freedom to choose the loan amount, EMI, and tenure.

In conclusion, the Airtel Axis Bank Personal Loan offers a seamless and convenient way for Airtel users to meet their financial requirements. By leveraging the Airtel Thanks app, individuals can enjoy a swift application process, transparent terms, and the backing of Axis Bank’s reputable financial services. Always review the terms and conditions and ensure timely repayments to maintain a healthy credit score and financial well-being.