Tag Archives: individual
Avail the Benefit of Payday Cash Loan
Cash loan provide immense financial benefits. Cash loan is necessary for every individual to fulfill the financial need. It is simply not possible to avail the benefit of a specific product or service without the help of cash loans.
It is the ultimate desire of every individual to gain the benefit of quick cash loans to satisfy our wants. Cash loan is necessary in case of emergencies and when one is in the need of cash on an urgent basis. Gaining access to cash advance facility enables one to satisfy day-to-day demands like car-repairing bills and hospital bills as well.
Important Considerations
One needs to bear in mind that the pay limit of cash advances is not high. The automatic question that creeps in the mind of every individual is how one can gain the benefit of fast cash loan. It is an encouraging aspect that one does not have to pay a high rate of interest. It is also necessary to pay the interest within a short span of time. Most of the dealers willing to provide cash advance facility do not make it mandatory to submit many documents to avail the benefit. There is least doubt about the fact that quick cash loan is indeed the real need of time. It is the earnest desire of every individual to gain the benefit of payday loans online within a very short time.
Legal Documentation
Legal documentation assumes paramount importance if one desires to opt for cash loan facility. Legal documentation assumes paramount importance as companies can verify whether a loan seeker is eligible for the proposed loan. Legal documentation serves as a real testimony to the fact that the borrower can repay the loan at the appropriate time. Documents that can act as legal credentials include address proof, types of paper and income proof. It is an encouraging aspect that unemployed youths can also avail the facility of cash advance loan. It needs to be clearly understood that cash loans do not strive to sell products and services. Cash loans also assist an individual to gain the benefit of the best deals to make a better decision while surfing.
Eligibility Criteria for Axis Bank Home Loans
Given the current scenario of the housing market, purchasing a property that you could call your dream home is not easy by any stretch of imagination. The sharp rise in the prices of real estate is a cause of concern for many people who wish to buy a house of their own. If you are restricted by your budget, you can always get a home loan to buy that house you always wanted. However, you need to be eligible for the home loan. Here we describe the Axis Bank home loan eligibility criteria which is not that different from other Indian banks.
To be eligible for a home loan, you need to be a salaried individual or a professional or self employed.
In essence, you must have a source of regular income to meet the eligibility criteria. This is not difficult to understand since the bank expects repayment of the loan, and an earning individual is more likely to repay a loan. In other words, the risk involved in lending money to an earning person is less, and that is why most banks including Axis Bank offer loans to people with a steady income. Now let us discuss the above listed categories in detail.
1. Salaried Individual: You should be a permanent employee in a government based company or a reputed private company. Bank account details and salary slips can be produced in the form of documents. If you are a salaried individual, you can apply for a home loan. If your spouse falls under this category, the loan can be applied in his/her name.
2. Professional: Professionals; that is, doctors, engineers, dentists, architects, charted accountants, management consultants, company secretary, cost accountants only are eligible to apply for a home loan from Axis Bank.
3. Self Employed: If you are running a business or if you have a different source of income, and if you have been regular in filling your income tax, you can apply.
In addition to the above, there are several other factors that determine your Axis Bank home loan eligibility.
1. Income – How much you rake in each month determines the amount of loan you are eligible for. Axis Bank usually keeps the EMI to income ratio between 50% and 60
%2. Age – The applicant should be at least 24 years of age at the time of loan commencement and up to the age of 60 years or superannuation (up to 65 years or less in case of professionals and self-employed individuals) at the time of loan maturity.
3. Interest Rates – Loan eligibility is inversely proportional to the interest rate. If your applicable interest rate is low, your loan eligibility will be high and vice-versa
4. Loan Tenure – The longer your loan tenure, greater the loan amount you would be eligible for.
5. Existing Loans – As a standard, Axis Bank tries to keep the EMI to income ratio between 50 and 60 percent. In case you have any existing loans, the eligibility amount for the new loan will be reduced to maintain that EMI to income ratio.
6. Credit History – Axis Bank also checks your credit history from CIBIL (Credit Information Bureau India Ltd.), which is India’s first credit information bureau. They have a repository of information containing the credit history of consumer and commercial borrowers. This information is available in the form of credit information reports. To ensure that you meet the Axis Bank home loan eligibility criteria, you can access your own credit report by visiting the CIBIL website.