Factors to Consider before Axis Bank Personal Loan Preclosure

15 Dec 2020 // 22 min read // Personal Loans
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There are times in life, when you may need some financial assistance in order to fulfil one or more obligations. In such a case, looking forward to something as quick and hassle-free as the Axis Bank Personal Loan is only obvious. You can avail this loan with incredible ease, thanks to the minimal need of documentation and quick approval and disbursal. Besides, you are absolutely free to choose the way in which you wish to use the disbursed loan amount.

Bank NamePre closure ChargesInterest RateProcessing Fees
Axis BankNIL10.75% to 22.50%1.5 – 2% of the loan amount + GST

That being said, you cannot deny the fact, that even something as readily available as a Personal Loan, is after all a debt, which attracts interest and needs to be repaid in an efficient manner. As a matter of fact, the interest rate for the Axis Bank Personal Loan usually varies from 10.75% to 22.50%. Considering that the interest rate is high, any smart borrower with ample financial resources and the required discipline, would wish to pay off the loan at the earliest possible. This process of paying off your debt, in part or full, before the end of its stipulated tenure is known as Preclosure.

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Axis Bank Personal Loan Preclosure – Part Payment

In order to make a part payment towards your Personal Loan amount, all you need to do is visit your nearest Axis Bank Loan Centre, and express your wish. Once you are there, all you will need to do is submit a prepayment request, which will be processed within a short duration of time. You can then submit your payment through cash, cheque or a demand draft.

One of the most interesting aspects of this quick and hassle-free prepayment process is that Axis Bank levies no penalty for part prepayment of Personal Loans.

Axis Bank Personal Loan Preclosure – Full Payment

If you are willing to pay off your entire Axis Bank Personal Loan in one go, you can do so with incredible ease.

Firstly, you must clear any outstanding dues, i.e., Delayed EMIs, Cheque Bounce Charges, Cheque/Instrument Swap Charges, Interest on Defaulted EMIs and so on.

Next, you must visit your nearest Axis Bank Loan Centre. Once you are at the centre, you should offer a letter of request for foreclosure of your Personal Loan.

Once your foreclosure request is processed, you can simply pay the outstanding principal amount, through cash, cheque or via a demand draft.

Fortunately enough, Axis Bank also does not levy any penalty for full prepayment of Personal Loans.

We hope that you are now aware of the various aspects that need your due consideration when opting for Axis Bank Personal Loan preclosure. So, wait no more and pay off this otherwise expensive debt and enjoy your life to the fullest. After all, who could possibly sleep better than a debt-free person!

Axis Bank Personal Loan Preclosure – FAQs

✅ Can I make part-prepayment for my Axis Bank Personal Loan?

Yes, Axis Bank allows making part-prepayment towards your Personal Loan.

✅ How can I foreclose my Axis Bank Personal Loan?

  • Before opting for foreclosure of your Axis Bank Personal Loan, make sure that all your outstanding dues are cleared. You can do so by requesting for a foreclosure statement from the nearest Axis Bank Loan Centre.
  • Once you have cleared all outstanding dues, you need to submit a foreclosure request at the Axis Bank Loan Centre, and the bank will begin processing your request for foreclosure.

✅ What are the charges applicable for prepayment of Axis Bank Personal Loan?

Foreclosure charges are applicable on loan outstanding and part prepayment charges are applied on amount of part payment.

The applicable charges are as follows:

  • 5% for prepayment done in 0 to 12 months
  • 4% for prepayment done in 13 to 24 months
  • 3% for prepayment done in 25 to 36 months
  • 2% for prepayment done after 36 months

✅ Are there any additional charges applicable on prepayment?

Yes. Only the applicable Goods & Services Tax (GST) is charged extra on all the charges and fees, including on prepayment charges.

✅ Are these prepayment charges fixed?

No. All the charges are subject to change as per Axis Bank’s discretion from time to time.

Also Read: Pre-Closure Procedure and Charges for ICICI, HDFC & SBI Personal Loan

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