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Axis Bank Personal Loan Closure

Axis Bank Foreclosure Charges

Last Updated 17th Nov 2021

  • Axis Bank Personal loan pre-closure refers to a situation where the borrower pays back the loan before the end of a personal loan agreement either fully or partially.
  • Partial payment of Axis Bank Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the Axis Bank branch where you availed the loan.
  • Ensure collecting NOC and loan statements of your last paid EMIs once you prepay or part pay your personal loan.
Part Payment Fee Allowed After 1 Month at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%
Foreclosure Fee Allowed After 1 Month at For Loan Amt Approved of 10 Lacs and above-- 0% FC charges after 12 EMIs if closure through OWN FUNDS,1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%
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Axis Bank Personal Loan Pre-Closure

You can avail foreclosure of Axis Bank personal loan if you pay back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, you will have to pay the current month's EMI, any outstanding dues if there are and the foreclosure fees.Axis Bank allows part payment of personal loan after 1 Month at For Loan Amt Approved of 10 Lacs and above-- 0% FC charges after 12 EMIs if closure through OWN FUNDS,1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%

Steps of Axis Bank personal loan preclosure are as follow:

  • Visit the Axis Bank branch and carry all the necessary documents like identity proof, last EMI payment, and loan account number to the Axis Bank.
  • Pay the outstanding loan amount as well as the Axis Bank foreclosure charges.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that you have paid the loan amount and there are no further outstanding dues left.

Axis Bank Personal Loan Part-Payment

Apart from foreclosing Axis Bank Personal Loan, you may also prepay your personal loan partially. This is called personal loan part payment. Axis Bank allows part payment after 1 Month at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%

Fees and Charges of Axis Bank Personal Loan Closure

Fees and charges associated with preclosure of Axis Bank Personal Loan are listed as follows:

  • Part payment is Allowed at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2% after 1 Month
  • Foreclosure is Allowed at For Loan Amt Approved of 10 Lacs and above-- 0% FC charges after 12 EMIs if closure through OWN FUNDS,1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2% after 1 Month

Axis Bank Personal Loan Regular Closure

You can pay back your HDFC Bank Personal loan via regular closure, which involves repaying the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for closing Axis Bank Personal loan are as follow:

  • Pay the last instalment of the Axis Bank loan and contact the bank for closing the loan.
  • Provide all the relevant documents like identity proof, last EMI payment, and loan account number to the Axis Bank branch where you opted for the loan.
  • On checking all the documents and their authenticity, the bank will provide the NOC or No Objection Certificate. No objection certificate is proof that you have paid all the EMIs and there is no outstanding due.

However, in order to make the loan less expensive, you may opt for a Axis Bank Personal loan part payment. To reduce the interest burden, you can opt for Axis Bank foreclosure or part payment of the loan.

Required Documents for Axis Bank Personal Loan Closure

The documents required for Personal loan foreclosure from Axis Bank are:

  • Loan statements
  • Identity and address proofs such as Aadhar, Voter ID, Passport
  • Cheque or demand draft

After the loan has been closed, it is important that you collect the acknowledgement slip, NOC certificates and payment receipts from Axis Bank.

Check Prepayment Charges of Other Banks

FAQs

What is the Axis Bank pre-closure fee for a personal loan?

Pre-closure fee or foreclosure charges is a penalty levied when you prepay the personal loan before the end of the tenure. Axis Bank allows part payment of personal loan after 1 Month at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%.

Can we close personal loans online for Axis Bank?

No, you cannot close the personal loans online for Axis Bank. Individuals are required to visit the Axis Bank Branch to close the personal loan. Below are the steps to close the Axis Bank personal loan:

  • Visit the nearest Axis Bank branch.
  • Carry necessary documents like identity proof, address proof and bank statements mentioning the final clearance of the last EMI.
  • Once all the documents are successfully checked, the Axis Bank will give the acknowledgement letter and NOC.

Does foreclosure of Axis Bank personal loan affect CIBIL?

Foreclosure of Axis Bank personal loan may not directly affect your CIBIL score. However, your chances of creating a good credit history, which will result in an improved score, will be affected.

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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.
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