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Complete Guide For Axis Bank Loans

Enjoy a dream vacation, own a luxurious house or car or enroll your child in a course of her choice without worrying about the financial aspects. Axis Bank provides a home loan, personal loan, car loan, educational loan, and loans for purchasing commercial equipment at reasonable interest rates. Each of these loans can be obtained easily either by showing the proof of the regular income source or against a property, FD or the shares. The gold loan lets users obtain a loan against the gold. Applying for any of these loans is simple and quick. Eligibility for obtaining the personal loan is – the borrower should be above 21 years of age and below 60 years.  A personal loan is offered for salaried employees, doctors, employees of private and public limited companies, and government undertakings. Choose the loan type you wish to obtain, enquire about the details of interest rates, charges, and other associated expenses. Provide the required documents and forms appropriately filled with all the required details. Initiate the loan request online for a quick approval. Customers can also call the customer care executive or visit the nearest branch to apply for the loan.

Axis Bank Personal, Home & Car Loans

A personal loan is sanctioned for personal needs such as an extravagant wedding, memorable vacation, or for simple home renovation. The personal loan amount varies from a minimum of 50,000 to 15,00,000. Customers with the personal loan from other banks can transfer it to Axis Bank and save on interest paid. A personal loan can be availed to consolidate different types of loans into a single loan. The repayment tenure varies from 12 months to 60 months. Using the personal loan EMI calculator, users can find the easy to repay monthly EMI amount. Customers availing the Axis Bank personal loan can obtain eDGE Reward points depending on the loan amount. 150 points can be obtained for a loan amount of Rs. 3 lacs, 300 points can be obtained for a loan amount ranging from 3 lacs to 5 lacs and about 450 points for a loan amount above Rs.5 lacs. If in case you have any issues with loan accounts, for clarifying your query you can contact Axis Bank Customer Care.

Axis loan emiThe different types of home loans provided by Axis Bank include Pradhan Mantri Awas Yojna, Axis Bank Home Loan, Asha home loan, super save home loan, happy ending home loan, and the empower home loan. The loan amount, tenure, and the interest rates vary with the loan time. The interest rates can be either fixed or floating. Customers taking the home loan for their first house can save up to Rs. 2.67 lakhs. Under the Pradhan mantra Awas Yojna, the borrowers can obtain a subsidy on loan amount as per their financial status. SBI Loans also provides the home loans at low interest rate as Axis Bank. The minimum loan amount that can be obtained under the Axis Bank home loan scheme is about three lakhs and the maximum loan amount depends on the combined income. A minimum loan amount of Rs.1 lakh and a maximum amount of up to Rs.28 lakhs is offered for Asha Home Loan borrowers. Under the Empower home loan scheme, customers can get a minimum loan of 10 lakhs and a maximum of 150 lakhs. The super saver home loan is perfect for those requiring high amounts of loan ranging up to Rs.1 crore. The loan amount obtained through any of the above stated loans will be disbursed either partly or in full depending on the construction status of the property. You can check your status with Axis Bank Net Banking. Another interesting feature of home loans is that a top up loan can be availed on the existing home loan if the needs extend at a later date. The maximum amount of top up the loan that can be obtained is about 50 lakhs and tenure is same as that of the existing home loan.

Axis Bank provides three types of car loans. The new car loan that is generally offered online, starts from Rs.1 lakh onwards. The tenure for the new car loans is about 7 years. The pre-owned car loan that is offered on purchase of used cards starts from Rs.1 lakh onwards. The tenure for this type of car loan is about 5 years. The loan against a car that starts from about 10 lakh has a long tenure of about 15 years.You can also use secured Axis Bank Mobile App for Checking the loan status. Borrowers of car loans can obtain eDGE Reward points. About 350 points are awarded if the post disbursal documents are provided within 60 days of disbursing the first installment of the loan amount. A car loan is provided to every salaried and self-employed personnel. The documentation and online processing for car loans are simple, easy, and quick.

Axis Bank Loan Interest Rates & Loan Calculator

The interest rates for personal loans start from 15.50 percent and can be up to 24 percent which is in par with other banks such as Standard Charter Bank. Customers who fail to repay the loan amount should pay 24% of the overdue amount per year that is about 2 % of the overdue amount. Using the personal loan EMI calculator, customers can find the monthly installment to be paid and accordingly decide the loan amount and the tenure.

The interest rates on home loans vary from 8.35% to 8.70% depending on the loan amount. The interest rate on top up home loan is same as that of the existing home loan. The Axis Bank home loan interest rates are low compared to the other banks such as the Standard Chartered Bank and Punjab National Bank. The interest rates on car loans range from 11 to 12 percent which is close to that offered by HDFC Bank. Additional documentation charges of 500 should also be paid. Customers who fail to make the monthly installment have to pay a penalty of 2 percent of the loan amount. Compare Oriental Bank Of Commerce Interest rates and Loans with Citibank Loans and Dena Bank Loans  for more savings.

FAQ’s Related to Axis Bank Loans

  1. How long does it take to obtain the approval for the personal loan after completing the application process and submitting the required documents?

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The confirmation or denial of the application can be known within 30 days of applying for the loan. To prevent further delay customers are suggested to provide the required documents at the time of applying for the loan.

2. What are the determinants for deciding the loan amount?

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The loan amount to be disbursed is identified based on the requirement and eligibility of the borrower. The income and the repayment capacity of the borrower are also considered before deciding the loan amount. The borrower has to provide the previous salary statements or the income details according to the amount declared in the loan application.

3. What is the tenure for Axis Bank personal loans?

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The tenure of the Axis Bank personal loan varies from 12 months to 60 months. Customers can choose the tenure as per their repayment capacity. With larger monthly EMI customers can go for short tenures.

4. What is the processing fee for applying for a personal loan?

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To obtain a personal loan, customers have to pay a one-time processing fee that is non-refundable. The processing fee is based on the loan amount. A fee of about 1.5% to 2% plus the associated taxes have to be paid. There are no other hidden charges.

5. What is the process for foreclosure of the personal loan?

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To foreclose the personal loan, the borrower should repay the outstanding dues. So, it is recommended for the customers to check the dues before submitting a foreclosure request. The bank executives will process the foreclosure request. There is no penalty for foreclosure or the processing fee for processing the foreclosure request.

6. What are the two different types of interest rates available on home loans?

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The two different types of interest rates available on home loans are the fixed interest rate and the floating interest rate. In the case of the fixed interest rate, the interest rate remains the same throughout the loan period. In the case of floating interest rate, the interest rate changes with the changing interest rates as defined by RBI.

7. What is the process of processing a home loan?

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As the first step of loan processing, the customers have to provide the required documentation and home loan request form. After receiving the application, the bank will determine the eligibility of the candidate by verifying the documents submitted by the borrower. The decision on sanctioning the home loan is conveyed to the customer in a period of about 30 days. The number of days is calculated from the day of submitting the documents.

8. What is the fee for the processing of home loan request?

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The processing fee for home loan approval is about 1 percent of the loan amount.

9. From when can the customer start paying the monthly EMI?

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The customer can choose to pay the EMI right from the beginning even if the loan amount is partly disbursed in which case the interest rate is low only on the amount disbursed.

10. What are the different modes for repayment of the home loan?

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To make the monthly EMI payment convenient for the customers, Axis Bank provides different ways of loan repayment. Customers can provide a standing instruction for deducting the EMI from the savings account, current account, or the salary account at the end of every month. Customers without an Axis bank account can choose to repay the EMI with the Electronic clearing service (ECS) and by providing the post-dated cheques. It should be noted that the post dated cheques are accepted only in regions where there is no ECS service.

11. What is security to be presented at the time of taking the auto loan from Axis Bank?

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No security is required for applying for the car loan. The vehicle itself is considered as the collateral. The vehicle will continue to remain the property of Axis Bank during the loan period.

12. Is it possible to put the car for sale before repaying the loan?

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No, the car cannot be put for sale before repaying the loan. The car owner must obtain a no objection certificate from the Axis Bank before involving in any transaction. The NOC will be provided only upon repayment of the existing car loan.

13. What is the processing fee for car loans?

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Like other types of loans, borrowers of car loans should pay a processing fee. The charges range from Rs.3500 to 5500 plus. Additional service taxes should also be paid by the customer.

14. What is the interest rate on car loans?

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Fixed type of interest rates is applicable on car loans. Axis Bank is providing car loans in association with the majority of the car dealers and manufacturers.

15. How to remove the hypothecation from the car registration documents after repaying the loan?

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To get the hypothecation removed from the car registration documents, the customer has to collect the NOC provided by the Axis Bank to the Regional Transport Office and to the auto insurance company. The NOC has to be provided to the local RTO and a small fee has to be provided to remove the hypothecation.

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