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  • Personal Loan BYTES FROM OUR KITCHEN

    Axis Bank Personal Loan Preclosure

    Axis Bank is the third largest privatised bank in India focused on providing top-notch banking assistance to every citizen. It comes with a hoard of comprehensive financial solutions for people belonging to both retail and corporate sector. This bank has branches in almost every city in India and also successfully operating overseas. You can approach it whenever you are in need of any kind of banking services or solutions.

    Personal Loan is one of the most successful products of this bank and you can anytime avail this loan to fulfil your urgent financial requirements. Axis Bank provides affordable personal loans at low-interest rates and minimum paper work for the longest loan tenure. Its super-fast loan processing time and easy pre-payment procedure are the vital reasons why you should go for it to back up your financial needs.

    What Does Preclosure or Pre-payment of Personal Loan Mean?

    Pre-payment or preclosure is a facility provided by the banks which enables the borrowers to close their personal loan account by paying the outstanding amount much before the due date. The final amount that the borrower has to pay is specified by the bank in the Preclosure Statement and right after its payment, the loan account is closed. Preclosure of your personal loan before the due date is a good idea as this will help you to save a lot of money on the interest.

    But, before taking a loan preclosure decision, one must ensure that the amount should not be on the higher side. It is obligatory to calculate both the present as well as future expenses before considering pre-payment of a personal loan. This is because the decision of foreclosure might affect the financial stability of the borrower if he or she doesn’t have good back up to meet the future expenses. If you have sufficient funds in hand, only then you can enjoy the benefits of pre-payment.

    Axis Bank Personal Loan Preclosure or Pre-Payment

    Axis Bank personal loan preclosure is as simple as the process of loan application. You can close your personal loan account by paying the remaining amount as calculated by the bank. To initiate the process, you need to call the Axis Bank personal loan customer care and know when you can close the account.

    You also have to arrange all the documents mandated by the bank for pre-payment and then get in touch with an Axis Bank loan centre near your location. The rest of the procedure will be conducted by the cordial bank representatives. It is wise to preclose your Axis Bank personal loan account only when you have enough money to repay the entire amount before the end of the loan tenure.

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    Axis Bank Personal Loan Preclosure Requirements

    Axis Bank is highly flexible in its terms when it comes to preclosure of a personal loan. The process is very simple and easy with no hard-core paperwork. Here are the basic requirements that you need to fulfil to preclose your personal loan account in Axis Bank:

    • You have to clear all the outstanding Axis Bank personal loan dues to become eligible for initiating a preclosure request.
    • You must request for a Preclosure or Foreclosure Statement from the bank before submitting the loan closure application, otherwise it will get rejected.
    • In order to close your personal loan account, you need to submit your Preclosure Statement, cheque book and a photo ID such as Driving License, Voters ID, Passport or PAN Card. Failure to produce the required documents might lead to rejection.

    Axis Bank Personal Loan Preclosure or Pre-Payment Fees and Charges

    Axis Bank is currently not levying any fees or charges for preclosure or foreclosure of a personal loan account. This means, the borrower needn’t pay any extra amount other than the outstanding payable amount towards his or her personal loan. They can any time approach the bank and request for a preclosure as per their convenience. However, when you decide to close your loan you have to pay the full preclosure amount calculated by the bank in one-go. Once you prepay the entire amount, the bank will start processing your preclosure request.

    Points to Note while Pre-closing Your Axis Bank Personal Loan

    While you request for a personal loan preclosure with Axis Bank, you need to be careful about a few things to complete the process within short time period that too without any hassles:

    • Must have your Account Number at hand as without it the process can’t be initiated. If you don’t have the number, get it from the customer care executives after verifying your personal details.
    • Get the preclosure statement from the nearest Axis Bank Loan centre to know exactly how much you need to pay for the preclosure.
    • Don’t forget to carry your cheque book, preclosure statement and valid Photo ID along while visiting the bank as these are the mandatory documents.
    • After the completion of the process, don’t forget to collect the acknowledgement receipt as this is the proof that you have completed all the formalities properly.
    • Usually, the account is pre-closed within 15 days of placing the loan account closure request. In case of delay or any other problem, follow up with the bank using the acknowledgement receipt.
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    How to Preclose or Foreclose Your Axis Bank Personal Loan?

    In order to pre-close your Axis Bank personal loan, you have to follow the given procedure step by step:

    • Locate the nearest Axis Bank Loan Centre using the ‘Loan centre Locator’ on the official website.
    • Visit the loan centre and request for a personal loan preclosure statement to know how much outstanding amount you need to pay.
    • When you get the preclosure statement, pay the remaining amount through cash or cheque as per your accessibility.
    • Once you clear the outstanding dues, submit a loan preclosure or foreclosure request at the concerned Axis Bank loan centre.
    • Follow-up with the bank if the request is not processed within 15 days from the time of placing the request.

    Steps to locate the nearest Axis Bank loan centre for preclosure

    You can foreclose your personal loan only by visiting one of the Axis Bank Loan centres as there is no online facility for pre-payment. You can locate the nearest loan centre by using the online tool provided on the website. Here is how you can use the tool:

    • Visit the official website of Axis Bank and go to the ‘Locate Us’ tab on top of the page.
    • Select ‘Loan Centres’ from the drop-down list under ‘Centres and Networks’.
    • Select your State, City and Area from the given options in the specific boxes.
    • Double-check and click the ‘Submit’ button when you are done.
    • The tool will show detailed address of the loan centre nearest to your place.

    The process of Axis Bank personal loan preclosure is simple and the best thing is that the bank is currently not charging any fees for the same. However, consider pre-closing your personal loan only if you are sure that it will be advantageous for you in the long run. Educate yourself well about all the advantages and disadvantages of preclosure before taking the final call.

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