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Axis Finance Personal Loan Closure

Axis Finance Foreclosure Charges

Last Updated 08th Apr 2021

  • Axis Finance 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 Finance Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the Axis Finance 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 3 Months at Nil Part-Payment Charges
Foreclosure Fee Allowed After 6 Months at Nil Foreclosure Charges. 2% if foreclosure is done within the lock-in period
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Axis Finance Personal Loan Pre-Closure

You can avail foreclosure of Axis Finance 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 Finance allows part payment of personal loan after 6 Months at Nil Foreclosure Charges. 2% if foreclosure is done within the lock-in period

Steps of Axis Finance personal loan preclosure are as follow:

  • Visit the Axis Finance branch and carry all the necessary documents like identity proof, last EMI payment, and loan account number to the Axis Finance.
  • Pay the outstanding loan amount as well as the Axis Finance 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 Finance Personal Loan Part-Payment

Apart from foreclosing Axis Finance Personal Loan, you may also prepay your personal loan partially. This is called personal loan part payment. Axis Finance allows part payment after 3 Months at Nil Part-Payment Charges

Fees and Charges of Axis Finance Personal Loan Closure

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

  • Part payment is Allowed at Nil Part-Payment Charges after 3 Months
  • Foreclosure is Allowed at Nil Foreclosure Charges. 2% if foreclosure is done within the lock-in period after 6 Months

Axis Finance 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 Finance Personal loan are as follow:

  • Pay the last instalment of the Axis Finance 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 Finance 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 Finance Personal loan part payment. To reduce the interest burden, you can opt for Axis Finance foreclosure or part payment of the loan.

Required Documents for Axis Finance Personal Loan Closure

The documents required for Personal loan foreclosure from Axis Finance 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 Finance.

Check Prepayment Charges of Other Banks

FAQs

What is the Axis Finance 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 Finance allows part payment of personal loan after 3 Months at Nil Part-Payment Charges.

Can we close personal loans online for Axis Finance?

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

  • Visit the nearest Axis Finance 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 Finance will give the acknowledgement letter and NOC.

Does foreclosure of Axis Finance personal loan affect CIBIL?

Foreclosure of Axis Finance 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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