Axis Bank Personal Loan

News About Axis Bank Personal Loan

• Axis Bank MCLR Rises 5 Basis Points From January

  India’s third largest private sector banking institution, Axis Bank, has recently informed the stock exchanges about a rise in Marginal Cost of fund-based Lending Rate (MCLR). It is claimed that the benchmark rate has been increased for the first time since its introduction in April 2016. The new MCLR will be 5 basis points higher than the previous one across all maturity, and will be put into effect from January 2018. Due to the increment in the MCLR, the interest rates of all the important products that the bank offers will also demonstrate an inflation. This move will impact new borrowers while the old debtors will continue to enjoy the old rates until the lock-in period of the scheme.

  

  24 January 2018

• Axis Bank share price increases due to steady MCLR rates

  According to a source, Axis Bank rose 0.19% to Rs 511.90 in its share price resulting from its decision not to change its MCLR rates from July 18, 2017. According to the bank, 35,286 shares were traded on the counter so far as against the average daily volumes of Rs.4.62 lakh shares in the past one quarter. The stock had hit a high of Rs.513 and a low of Rs.506.70 so far during the day. The stock had hit a 52-week high of Rs.638 on 7 September 2016 and a 52-week low of Rs.424.60 on 10 January 2017. They added by saying that the marginal cost of funds based lending rate (MCLR) for overnight loans will be 7.8%, the rate for one month will be 7.8% and for three months it will be 8%. The MCLR on 6-month loans will be 8.15% and for one-year loans the rate will be 8.25%.

  

  24 July 2017

• Axis Bank trims its base rate by 10bps

  Axis Bank has cut down its base rate by 10 basis points to 9.15%, followed by other banks such as SBI and HDFC Bank, who have also cut down on the bps. Despite the recent cuts in base rates, HDFC Bank has trimmed to the lowest base rate of 9%, which is equivalent to the highest one-year MCLR (Marginal cost of funds-based lending rate). The cut in base rates are being considered as efforts to restrict borrowers from moving to the MCLR system. Although the fresh loans being sanctioned post 1st April, 2016 are supposed to be MCLR-based, majority of them still remain linked to the base rates.

  

  11 April 2017

• Axis Bank inaugurates ninth branch in Nagaland

  Axis Bank inaugurated the GHS Road branch, which will be the ninth branch of the bank in Nagaland. The branch was officially inaugurated by Rovilatuo Mor, Deputy Commissioner of Kohima, IAS. The DC extended his congratulations to the bank, and requested that the bank's services reach the people living in the interiors of the state. He also urged bank officials to offer support to the public, while the public was also asked to co-operate with the bank officials in order to maintain smooth functioning of the bank. The GHS Road Axis Bank branch will offer various baking schemes such as personal loans, along with locker services for the public.

  

  5 October 2016

• Axis Bank launches Loan App

  Axis bank has launched a new mobile app called '24X7 Instant Personal Loan's for selected customers. The customers can avail personal loans that will be credited to their account through this app. The customer needs to log on to the app to view their pre-approved loan amount. The customer can use the slider scale on the app to decide on their loan amount and loan tenure. The app gives out information about EMI for the loan, interest rate and processing fee.

  Cash is instantly credited to the customer's account once they agree to the terms and conditions. They will get a verification message for the same. The maximum loan amount that one can avail depends on the applicant's credit history. Though the maximum loan amount is hinted to be around Rs.5 lakh while the minimum is somewhere close to Rs.1 lakh. The rate of interest to be charged will be about 12-17%.

  

  15 May 2015

• Suvidhaa Prepaid Card being launched by Axis Bank

  Axis Bank announced that it is partnering with Suvidhaa Infoserve and launching Axis Bank- Suvidhaa Prepaid Card. It leverages e-Know Your Customer platform for on-boarding, making cash deposits and withdrawing money at ATMs. The card complements Prime Minister's Jan Dhan Yojana programme. The launch ensures that it can attract new customers from sectors such as construction and migrant workers, who do not like availing banking services.

  Axis Bank is the 3rd largest private sector bank in India. It began its operations in 1994. They aim to become the preferred financial solution provider for the customers.

  

  23 April 2015

• Axis Bank To Strengthen Personal Loan Portfolio

  Axis Bank has decided to strengthen retail credit growth by enhancing its personal loan and credit card portfolios.

  The bank hopes to profit by focusing on unsecured advances given the high returns on these products vis-a-vis secured advances.

  The risk the bank is willing to bear is supported by positive economic growth indicators. They aim to cash-in on creditworthy customers with large personal funding needs thereby enhancing its asset-base while maintaining asset-quality.

  This move also comes on the back of stiff competition in the retail loan segment, which the industry turned to in the wake of stagnant/declining corporate credit growth. While secured advances like home and auto loans were prioritised to bring in business thus far, Axis Bank has zeroed in on opportunities in the personal loans space. Despite a general call to tighten credit disbursal norms, with increased business confidence, it can be assumed other financially sound players will also follow this leading private bank's initiative to tide over times of slow-growth.

  

  1 November 2014