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December 18, 2024
A Personal Loan offers individuals relief from unexpected financial issues and shortcomings. It is a tool that provides applicants instant funds in an emergency or for personal use, such as for home renovation, weddings, or travel expenses. A Personal Loan is unsecured, and the Lender must ensure that the Loan is repaid on time.
To maintain quick processing and target the right customers, banks and NBFCs verify the customer’s profile using the years of data available to the lenders. To study customer behaviour, identify the segment best deserving of an Unsecured Personal Loan, and rule out which applicants will most likely fall behind on their repayments.
To this end, Prominent Banks such as AXIS Bank and IDFC Bank have devised a Scorecard method that is designed statistically. When you Apply for an AXIS Bank Online Personal Loan or by giving hard copies of your documents, your application first goes through the scorecard check. The online program enters all the personal, professional, and financial details and assesses them, finally deciding the score.
If the score exceeds the required benchmark, the request for a Personal Loan from AXIS Bank will be processed further otherwise, it will be treated as a denial. To educate our customers, listed below are the primary profile points of a Personal Loan Applicant that the AXIS Bank scorecard considers vital to judge and score.
CIBIL Score: Credit is issued as a Personal Loan based on an individual’s credit score and history compiled by CIBIL (Credit Bureau of India Ltd). Applicants must have a credit record and a CIBIL Score to Apply for a Personal Loan AXIS Bank. A robust credit score and history contribute much towards a scorecard evaluation, whereas a delayed payment track or settled loan will negate the score. Though there is no fixed AXIS Bank Personal Loan Eligibility CIBIL Score Requirement, an overall assessment of the credit history is done, which contributes towards the Axis Bank Personal Loan Score.
Income: An applicant’s monthly salary is a vital consideration for a scorecard. Applicants with a salary of 30k and above are eligible to Apply for an Axis Bank Personal Loan and activate the scorecard. An increased monthly income signifies the applicant’s capability to borrow higher loan amounts for lifestyle needs and repay them promptly. Axis Bank encourages applicants from the high-income segment, and the scorecard evaluates them favourably.
Approved List of Companies: The applicant’s employer must be featured in the AXIS Bank Company Category List. The scorecard assigns higher value to an applicant working in a Category A or Economic Times-listed company than to an applicant employed with a company listed as Cat C or Cat D in the AXIS Bank Company Category List. An applicant employed with a limited or government organisation that features high in the company category list ensures job stability and income.
Education: A higher education is the basis for a promising future the applicant must be a graduate to Apply for a Personal Loan with Axis Bank. Further, being professionally qualified or holding a degree from a recognised institution ensures good remunerations and job prospects. The Personal Loan scorecard endorses the value of being technically competent and having a degree from a premier institute. It issues a favourable score to well-qualified personal loan applicants.
Self-owned Residence: Living in a self-owned or family-owned residence adds much more value to the scorecard than an applicant residing in a rented house. An unsecured personal loan in AXIS Bank is issued for a tenure of 1 to 7 years, and lenders take comfort from the fact that the applicant is constantly contactable and has the freedom of not paying monthly rent, which also adds to the financial eligibility for the loan amount required.
Stability: A length of employment with an organisation featured in the Approved Company Category List and continuity of residence, living with your family, spouse, children, or parents in the same premises for several years, are signs of steadiness. The AXIS Bank scorecard favours applicants with a stable residence and employment profile compared to applicants who frequently change jobs and residence addresses.
AXIS Bank Relationship: If you are an account holder, hold a Credit Card, or successfully run a loan with AXIS Bank, the relationship adds bonus points to your scorecard. Further credit is offered to applicants as an AXIS Bank Personal Loan Top Up, Personal Loan Balance Transfer to AXIS Bank when required based on an existing relationship or a previous account held with a smooth track of timely repayments effectively.
The evaluation of a request via a scorecard allows the Bank to consider all the aspects of an applicant’s profile, leveraging features that enable the Bank to eliminate risk and make a complete assessment. Therefore, an applicant with a CIBIL of 700 points may be approved if the scorecard gives the go-ahead.
The scoring method adopted by AXIS Bank for processing Personal loans enables quick application processing. The system approves or declines a request in the first instance when the applicant’s details are entered into the scorecard. If the score issued is above the required benchmark, the application is then forwarded for verification and decision.
On the downside, if an application is a scorecard rejected, there is no provision for a reassessment or relook the applicant will have to accept the decision as final.
The details and workings of the AXIS Bank Personal Loan scorecard are system-generated, and the workings are best known to management authorities. They can be tweaked according to policy and the changing market scenario.
The information above is based on years of experience in the financial industry. It is an effort to inform our customers to take the utmost care when filling out the application form and impart complete personal information with the AXIS Bank Personal Loan documents that help them get scorecard approval and fulfil their loan requirements.
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