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Unsecured Loan
Unsecured Loans can come in handy when dealing with urgent financial needs. Life can be unpredictable, and it is important to know your options when you need quick financial assistance. Unsecured Loans, unlike Secured Financial Loans, are quicker, have less paperwork, and provide you with a loan in no time, saving you from any such financial burdens. But how do these loans work, and how do you apply for an unsecured loan? Let us understand.
Features and Benefits of an Unsecured Loan
High value Unsecured Loan
Unsecured Loans that do not require you to pledge collateral. This gives you access to higher loan amounts without worrying about the loan sanction limit, which would otherwise depend on the collateral value.
Flexible repayment plans
Unsecured Personal Loans usually offer a longer repayment tenure, which gives you the flexibility to manage your finances and plan according to your affordability. Axis
Read MoreOnline account
You can track the EMIs, other progressions, and details of your unsecured loans online by visiting your customer portal. This gives you 24x7 access to the information
Read MoreLower EMIs with flexi options
Unsecured loans allow you to pay interest-only EMIs at the initial part of your tenure, which lowers your monthly payments. However, it is important to check these charges
Read MoreLarge loan amounts
If you have high credit scores, a stable income, and a strong loan repayment history, you might be eligible for unsecured loans of up to ₹40 lakh with Axis Bank.
Instant approval
Since there is minimal paperwork involved, unsecured loans provide you with a quick approval process, so the loan amount gets credited to your bank account within hours.
Loan of your choice
If you already have a pre-approved offer, you can explore your opportunities by simply entering your basic details on the Axis Bank website and sanctioning a loan of your choice.
Pre-approved offers
You can streamline the application process by providing your name and contact information to your bank and accessing pre-approved offers.
Read MoreTypes of Unsecured Loans
A Revolving Loan allows you to borrow, repay, and borrow again within a preset credit limit. You can partially or fully use your limit, and it gets restored after repayment. An example of a Revolving Loan is your Credit Card.
With a Term Loan, you receive a lump sum at a fixed interest rate that you repay in regular instalments over a set period. This is ideal for major purchases that require higher funds.
A Consolidated Loan helps you combine multiple debts into one, easing payments and potentially lowering interest, offering relief during financial crunches.
High-value unsecured loan :
Unsecured Loans that do not require you to pledge collateral. This gives you access to higher loan amounts without worrying about the loan sanction limit, which would otherwise depend on the collateral value.
Flexible repayment plans:
Unsecured Personal Loans usually offer a longer repayment tenure, which gives you the flexibility to manage your finances and plan according to your affordability. Axis Bank's unsecured Personal Loans offer loan tenures ranging from 12 months to 84 months, so you can choose what is best for you.
Online account:
You can track the EMIs, other progressions, and details of your unsecured loans online by visiting your customer portal. This gives you 24x7 access to the information you need without visiting or contacting your bank for updates.
Lower EMIs with flexi options:
Unsecured loans allow you to pay interest-only EMIs at the initial part of your tenure, which lowers your monthly payments. However, it is important to check these charges beforehand to ensure affordability. Click here to check your loan EMIs with Axis Bank.
Pre-approved offers:
You can streamline the application process by providing your name and contact information to your bank and accessing pre-approved offers. This simplifies the procedure, enables quicker access to various services or products, and saves you time and effort in the process.
Types of unsecured loans:
Revolving Loan
A Revolving Loan allows you to borrow, repay, and borrow again within a preset credit limit. You can partially or fully use your limit, and it gets restored after repayment. An example of a Revolving Loan is your Credit Card.
Term Loan
With a Term Loan, you receive a lump sum at a fixed interest rate that you repay in regular instalments over a set period. This is ideal for major purchases that require higher funds.
Consolidated Loan
A Consolidated Loan helps you combine multiple debts into one, easing payments and potentially lowering interest, offering relief during financial crunches.
Application process for an unsecured loan
- 01
Visit Axis Bank’s unsecured Personal Loan page and click on the ‘Apply Now’ tab
- 02
Fill in your contact number, and date of birth or PAN to log in
- 03
Enter the OTP received on your contact number
- 04
Consent to sharing your personal details in order to verify your documents
- 05
Upload your salary slips and bank statements from the last six months
- 06
Finalise your loan application by completing the eKYC and video KYC procedures
Great plans start with well-calculated decisions
Personal Loan EMI Calculator
A Personal Loan EMI calculator is an important tool that helps borrowers know the exact amount they are required to pay as an EMI every month to repay their Personal Loans. The online Personal Loan EMI calculator uses parameters such as loan amount, tenure and interest rate to calculate the EMI details for borrowers who have taken a Personal Loan from a bank or a financial institution or are looking for a Personal Loan.
₹
10K
40L
%
9% 22%
Mos
384
Your EMI*₹ 1,14,678
Get instant funds*Equated Monthly Installment'
Note: To see amortization schedule, please click here.
Total Amount Payable
1,37,621
Personal Loan Eligibility Calculator
A personal loan eligibility calculator comes in handy when you need an instant idea of the maximum amount of loan you are eligible for. Personal loan provides you financial support when life takes an unexpected turn or when you need some extra funds to fulfill your goals and ambitions. Whether planning a wedding or giving your home a new interior, personal loan can ease your financial burden. However, checking all the boxes on the personal loan criteria is crucial to getting your application approved. These criteria determine what amount can be sanctioned to you.
That is where a personal loan eligibility calculator helps you. How, you ask? Let us understand.
You are eligible for up to
₹ 15,00,000
Understanding Unsecured Loans
Unsecured Loans are loans that do not require any collateral for loan approval. A collateral means pledging assets such as jewellery, vehicles, real estate property, or any other valuable possession where the amount of the loan depends on the market value of that asset. However, Unsecured Loans do not require you to pledge your assets, giving you access to higher loan amounts.
How does an Unsecured Loan work?
- Since there are no collaterals, these loans are lent depending on factors such as your credit score, net income, existing loans, and repayment capacity. You can be eligible for a loan amount higher than your requirement or sometimes lower, depending on your financial history.
- You can apply for an Unsecured Personal Loan to fund a home renovation project, pay an education fee, cover wedding expenses, or even medical expenses. However, since Unsecured Loans do not require collateral, the interest rates tend to be higher than Secured Loans. Some examples of Unsecured Loans are Credit Cards, Personal Loans, and small Education Loans.
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Track NowFrequently Asked Questions
You can use an Unsecured Loans for any personal expenses ranging from weddings to education, home interior decoration, and medical emergencies.
The minimal paperwork makes Unsecured Loans approvals quick, and you get your loan amount credited to your bank account within 24 hours.
Yes, you can prepay your loan amount early by paying the pre-payment or foreclosure charges applicable.
Axis Bank offers Unsecured Personal Loans of up to ₹25 lakh for existing customers and up to ₹40 lakh for existing customers and up to ₹25 lakh for new customers.
If you pay all your EMIs on time and prevent defaulting on any payments, Unsecured Loans can positively affect your credit scores and enhance them further.
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