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Personal Loan Balance transfer to Axis Bank

Refinance Axis Bank Personal Loan

Last Updated 20th May 2021

Interest Rate 10.40%
Processing Fee Upto 1.75%,Min Rs.4,999
Lowest EMI per lakh ₹ 2,144
Loan Tenure 5 years
  • 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.
  • Now apply for Axis Bank personal loan balance transfer at 10.40%.
  • 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..
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 an individual transfers outstanding principal of personal loan from one account 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 10.40% to 16.75%, while the repayment tenure ranges between 12 Months to 60 Months.

Axis Bank Personal Loan Balance Transfer Calculator

The decision to transfer the personal loan to Axis Bank must be taken 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. Individuals should proceed with the Axis Bank balance transfer only when the gains due to balance transfer are greater than the cost incurred due to the same.

Axis Bank Personal loan balance transfer calculator is the online calculator which helps borrowers to determine the savings on his or her EMI as well as interest payable. Borrowers 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 compared to your existing personal loan rates.

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 the borrower to reduce the interest burden.
  • Axis Bank Balance transfer provides the borrower the opportunity to negotiate the tenure of the loan according to their requirement. longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provide the borrower the facility to avail the top up facility and fulfil their cash requirement.
  • There are chances that the borrower might not be satisfied by the services offered by their existing bank in that case they can transfer their 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 dynamics.

Axis Bank Eligibility Criteria and Documents required

Eligibility criterion of the Axis Bank is mainly dependent upon the repayment history , CIBIL Score and income dynamics. Some basic Eligibility criterion of the Axis Bank Personal loan balance transfer are mentioned below:

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

Documents required for Axis Bank Personal loan balance transfer 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 personal loan balance transfer of the different banks is given below:

Bank Name Minimum Rate Maximum Rate Processing Fees
ICICI Bank 10.75% Nil Upto 2.25% of Loan Amount
SBI 9.60% Nil 1.00%
Kotak Bank 10.45% Nil Starting from Rs.999
Standard Chartered Bank 11.50% Nil 1.00%
Bajaj Finserv 12.99% Nil Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% Nil 2%, Min Rs. 250
Yes Bank 10.70% Nil Upto 2.50%
IDFC First Bank 10.49% Nil 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 personal loan balance transfer to Axis Bank are mentioned below:

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

Which bank is best for personal loan balance transfer?

The decision to transfer the personal loan should be based on the current interest rate on your personal loan, the cost involved in the balance transfer, interest rate on the loan of the bank to be transfered the personal loan and saving due to balance transfer. Currently, Axis Bank charges lowest interest rate on personal loan balance transfer.

How do I check my Axis Bank personal loan balance?

You can check your personal loan balance of Axis Bank by below mentioned ways:

  • By visiting the Axis Bank branch.
  • By calling the customer care of the Axis Bank.
  • By logging on into the Axis Bank mobile application and checking the personal loan status.
  • Via internet banking.

How do I know my Axis Bank loan application?

You can get update about Axis Bank loan application via the ways mentioned below:

  • 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.
  • 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 - Jun 2021
  • 2021-04-07 : Axis Bank becomes the new promoter of Max Life
    Axis bank along with its subsidiary Axis Capital and Axis Securities became the new promoter of Max life. The Bank has a stake of 12.99% on Max Life.
  • 2021-03-05 : Axis Bank launches WhatsApp banking
    Axis Bank launched banking services on WhatsApp. The new facility will enable its retail customers to seek information regarding their account balance, recent transactions, credit card payments, fixed and recurring deposit details, besides getting their queries answered in real-time.
  • 2021-02-26 : IRDAI gives approval for Axis Entities-Max Life Insurance deal
    The Insurance Regulatory and Development Authority of India has given its approval to acquire up to 12% stake in Max Life Insurance by Axis Bank and its subsidiaries, Axis Capital and Axis Securities. The IRDAI approval was an important venture transaction that was first announced in April 2020
  • 2021-01-28 : Axis Bank Q3 net profit down 36%
    Axis Bank reported a 36% drop in its net profit in the December quarter. Profit declined to Rs 1,116 crore from Rs 1,757 crore in the same period last year. Provisions in the quarter increased 33% to Rs 4,604 crore against Rs 3,470 crore in the year-ago period . Net interest income (NII), the difference between the interest earned and that paid on deposits which includes FD and RDs rose 14% to Rs 7,372.7 crore
  • 2020-10-30 : Axis Bank reported a net profit of ₹1,623 crores in Q2
    Axis Bank reported a net profit of ₹1,682.67 crores in the Q2 of FY21, as against a loss of ₹112 crores in the same period last year. The net interest income increased 20% y-o-y to ₹7,326 crore and its net interest margin (NIM) stood at 3.58%. Further, retail loans which include home, personal, gold, two-wheeler, gold and car loan grew 12% y-o-y to ₹3.05 trillion, accounting for 53% of the net advances of the bank.
*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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