Direct Axis Plus Loan: This is an unsecured personal loan that is taken against a home, property or any other item of value. These loans are normally paid out in range up to R50 thousand up to a maximum of R150 thousand. When you apply for these loans you must meet certain eligibility criteria. In order to qualify for any such loans you must be of legal age and have a sound financial history. Also, if you qualify you will only be required to pay back the loan over a specified period of time, usually four to five years.
The very first criterion applied to direct axis loans is your ability to pay back the money. For this you direct axis loan are required to present convincing evidence to the bank officer that you have enough money saved in your bank account to pay back the loan. In order to do so you will have to earn at least R5200 every month.
The next factor is your credit rating. Banks and financial services providers will consider your credit rating before approving your loan application. A poor credit rating will certainly result in you being rejected. You can improve your credit rating by paying off all existing debt. If possible you should pay off the smallest loan first and then move on to the larger ones.
The bank officer will also check that you meet all the eligibility requirements. The direct axis loans come with varying repayment terms and conditions. These repayment terms and conditions can vary depending on the amount of the loan, your income and the repayment term agreed. For example, the repayment term can differ from six to ten years in some cases. You will need to present proof to the financial services provider that you can meet these requirements before they approve your application.
The loan calculator tool in the direct loans website will help you to calculate your monthly outgoings and monthly savings. This tool is very useful because it will allow you to calculate how much interest you will accumulate over the term of your loan and how much it will cost you to repay. If you have a good relationship with your bank then you may be able to get an extension. This extension will usually depend on your credit rating and ability to repay the loan. Financial services providers often offer personal protection insurance for their clients. Personal protection insurance costs a monthly premium but will protect you against unexpected shocks such as redundancy or accident injuries.
Once you have found the direct axis loans that you want to apply for you can fill out an application form and submit it to the bank. The bank will contact you with details of their preferred lender and your application will be processed immediately. The bank will usually send you a quote via email and a general agreement will be reached on your behalf by the chosen lender.
Direct loans are now available from a variety of companies across the country, including some of the top names in finance such as HSBC and Cap Gemini. The amount of interest that you will pay on the money that you borrow is based on your income and your credit rating. You can make changes to your circumstances at any time by visiting one of the direct loan websites and making further adjustments to your budget. You do not have to close any bank accounts or stop making any payments. Your salary will still be contributing towards your total expenses until the personal loan has been fully repaid.
If you are thinking of applying for direct loans for the first time, it is important to read the terms and conditions associated with the loan. Before you sign up for any loans for that matter it is important to understand precisely what it is you are agreeing to. It is important to note that different financial services providers use slightly different terminology to describe their products. A key example of this can be found when comparing the interest rates that are offered by various lenders. If you find confusing the information on the various websites and call up the individual lending companies on the phone, you are better off using the contact details that you have established with the relevant authority. Direct loans are a great way to consolidate your debt and get back on track financially, however it is important to remember that you need to repay the loan as agreed.