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Axis Bank Personal Loan Closure

Axis Bank Foreclosure Charges

Last Updated 20th May 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 Allowed at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%
Foreclosure fee Allowed Allowed at 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

Foreclosure of Axis Bank personal loan refers to a situation where the borrower pays back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, the borrower 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 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%

Steps of Axis Bank personal loan pre closure 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 foreclosure charges of the bank.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that the borrower has paid the loan amount and there are no further outstanding dues left.

Axis Bank Personal Loan Part-Payment

Apart from foreclosing of 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%

Fee and Charges of Axis Bank Personal Loan Closure

Fees and charges associated with personal loan closure for Axis Bank Personal Loan are listed in the table below:

Part Payment Fee Allowed Allowed at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%
Foreclosure fee Allowed Allowed at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%

Axis Bank Personal Loan Regular Closure

Usual way of closing the loan is Regular closure. Axis Bank Personal loan Pre-closure is the situation where the borrower repays the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for the Pre-closure of 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 the borrower has 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, borrowers opt for foreclosure or part payment of the loan.

Required Documents for Axis Bank Personal Loan Closure

The documents required for Personal loan closure 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, payment receipts from Axis Bank.

FAQs

What is the pre-closure fee for personal loan?

Pre-closure fee or foreclosure charges is a penalty levied on a borrower when he prepays the personal loan before the end of the tenure. Pre-closure helps the borrower in reducing the interest burden. 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 loan affect CIBIL?

Foreclosure 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 - 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.
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