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Axis Bank Personal Loan Balance Transfer

Online Personal Loan Balance Transfer to Axis Bank

Last Updated 17th Nov 2021

  • Axis Bank Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to Axis Bank.
  • Avail top up from Axis Bank at the time of loan balance transfer to fulfil additional fund requirements.
  • Axis Bank offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare Axis Bank Personal Loan Balance Transfer offers with different banks to choose the right option.
Interest Rate 10.25% Check Best Offers
Processing Fee Upto 1.75%,Min Rs.3,999
Lowest EMI per lakh ₹ 2,137
Loan Tenure 5 years
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Axis Bank Personal Loan Balance Transfer

Axis Bank Personal loan balance transfer is a situation where you can transfer transfers outstanding principal of personal loan from another bank to Axis Bank to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and various other features.

Balance transfer is also referred to as refinancing. The interest rates on Axis Bank balance transfer ranges from 10.25% to 16.75%, while the repayment tenure ranges between 12 Months to 60 Months.

Axis Bank Personal Loan Balance Transfer Calculator

You must take the decision of transferring the personal loan to Axis Bank keeping in mind the interest rate of the current Bank and Axis Bank. Further, the balance transfer charges, EMI paid and the profit incurred due to the balance transfer must be considered. Therefore, you should proceed with the Axis Bank balance transfer only when the gains due to balance transfer are higher than the cost incurred due to the same.

Axis Bank Personal loan balance transfer calculator is an online calculator that helps you determine the savings on your EMI and interest payable. You are required to enter the information such as the entire loan amount, interest rate in current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender to calculate the savings on EMIs. You can also calculate balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates in comparison to current rates you are paying.

Benefits of Transferring Personal Loan to Axis Bank

The benefits of transferring the Personal loan to Axis Bank are as follow:

  • Axis Bank offers a lower interest rate on personal loan balance transfer. Lower interest rates will help you reduce the interest burden.
  • Axis Bank Balance transfer offers you the opportunity to negotiate the tenure of the loan according to your requirements. A longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provides you the facility to avail the top-up facility and fulfil your cash requirement.
  • There are chances that you might not be satisfied by the services offered by your existing bank. In that case, you can transfer your personal loans to the Axis Bank and avail better facilities.
  • Axis Bank offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income.

Axis Bank Eligibility Criteria and Documents Required

The eligibility criterion of the Axis Bank is mainly dependent upon the repayment history, CIBIL Score and income. Some basic eligibility criterion is mentioned below:

  • Any salaried and self-employed professional above the age of 21 years.
  • Your Maximum age must not exceed 65 years.
  • You should have a personal loan in another bank.
  • Your minimum work experience must be of 2 years.
  • CIBIL score must be at least greater than 700.

Documents required are as follow:

Salaried Individuals
  • Identity proof : Aadhar, Driving license, Passport
  • Address proof : Electricity bill, Aadhar, Voter ID
  • PAN Card
  • Salary slips for past 6 months
Self Employed
  • Last 3 years balance sheet
  • P and L account statements
  • TAN Card
  • Last 6 months current account statements
  • Applicant’s savings account statements

Compare Axis Bank Personal Loan Balance Transfer with Other Banks

Comparison on the basis of interest charged on balance transfer of the different banks is given below:

Bank Name Minimum Rate Processing Fees
ICICI Bank 10.75% Upto 2.25% of Loan Amount
SBI 9.60% 1.00%
Kotak Bank 10.45% Starting from Rs.999
Standard Chartered Bank 11.50% 1.00%
Bajaj Finserv 12.99% Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% 2%, Min Rs. 250
Yes Bank 10.70% Upto 2.50%
IDFC First Bank 10.49% Upto 2.00%

Compare Axis Bank Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to Axis Bank?

Steps for the balance transfer to Axis Bank are : (i) Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender. (ii) Start the Axis Bank personal loan transfer process and submit all the relevant documents and repayment history of the loan. (iii) After getting the sanctioned letter from the Axis Bank, sign the loan agreement with the bank. (iv)Take a disbursement of the outstanding loan amount from Axis Bank in favour of the earlier lender. (v) Once the previous lender receives the outstanding loan amount, it will cancel all the cheques and close your personal loan account.

How do I check my Axis Bank personal loan balance?

You can check your personal loan balance of Axis Bank in below-mentioned ways: (i) By visiting the Axis Bank branch. (ii) By calling the customer care of the Axis Bank. (iii) By logging on to the Axis Bank mobile application and checking the personal loan status. (v) Via internet banking.

How do I know my Axis Bank loan application?

You can check the status of your Axis Bank loan application in two ways. (i) Net banking: You are required to login into Axis Bank net banking and visit the loan status segment. The loan status segment will update about the loan application. (ii) Visiting the Axis Bank: You can also visit the Axis Bank branch to track your loan application process. The bank will ask for some basic documents before disclosing the loan application details.

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Axis Bank Personal Loan News - Nov 2021
  • 2021-10-27 : Axis Bank Reports A Growth Of 86 percent
    Axis Bank has reported a growth of 86 percent in net profit at Rs 3,133 crore in the second quarter ended Septe­mber 2021, predominantly on robust growth in fee income and sharp fall in provisions. Last year the bank posted a net profit of Rs 1,683 crore in Q2 of FY21.
  • 2021-10-12 : Axis Bank Has Launched Open API For Customers
    Axis Bank unveils open APIs (Application Programming Interface), these APIs will help retail and corporate customers/ partners to use banking services integrated across partner platforms. This banking portal has retail as well as corporate products like loans, accounts, deposits, payments, trade, collections and bills.
  • 2021-09-22 : Axis Bank Introduces Festive Offer on Personal Loan
    Axis Bank offers the lowest personal loan rate of 10.25% as a festive offer. The rates are applicable for a loan amount of 15 Lakhs and above.
  • 2021-09-02 : Axis Bank Personal Loan Rates Changed
    The personal loan rates for Axis Bank have changed for new and BT offers. The Bank is now offering personal loans for new & BT cases starting at 10.25% & 10.49%, respectively.
  • 2021-07-09 : Axis Bank Q1 Net Profit seen up 95.2% YoY to Rs. 2,171.1 crores
    Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects Axis Bank to report a net profit of Rs. 2,171.1 crores up 95.2% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Two-wheeler Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 12.4% Y-o-Y to Rs. 7,851.8 crores.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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