As an Axis Bank credit cardholder, one can meet his or her urgent financial needs by opting for the Instant Loan facility. This facility offers everything that one looks for in obtaining instant financial solution such as minimal documentation, immediate loan disbursal, direct loan transfer, and a suitable loan tenure.
Considered to be the third largest among the private sector banks in the country, Axis Bank offers a wide range of financial services to varied customers from retail and MSME to corporate and agriculture. Given that the bank began its operations in the year 1994, it has a widespread presence in India with 3,779 branches in 2,211 cities.
Axis Bank offers different types of loans to suit the varying needs of its customers. Among the offered loan types is the Axis Bank Instant Loan which can be used to meet your emergency financial requirements. Instant Loan can be obtained easily and quickly against one's Axis Bank credit card.
The following are the features and benefits of the Instant Loan facility offered by Axis Bank:
The eligibility criteria for the instant loan facility depends on the Axis Bank policy guidelines. Axis Bank customers will be eligible for certain offers for a specific time period. To find out about the offer and check one's eligibility and quantum of loan, customers can contact the bank directly via the following methods:
The Instant Loan facility is available only on the primary card. The credit cardholder can request for a loan amount up to the eligible limit as decided by the bank. The approval of the requested loan amount is subject to the customer's card transactions and available credit limit at the time of application for the instant loan facility.
The following fees and charges are applicable to Axis Bank Instant Loan:
|Processing fee||1.5% of the loan amount or Rs.500, whichever is higher.|
|EMIs||Equated Monthly Installments shall be determined at the applicable interest rate and the calculation is on a monthly reducing balance.|
|Foreclosure fee||3% of the principal outstanding amount when the loan is foreclosed or Rs.300, whichever is higher, plus tax.|
|Interest rate||The rate of interest charged for the instant loan is usually between 15% and 21% p.a. The interest rate will be determined based on various factors.|
The Instant Loan will be repaid in EMIs. To calculate one's instant loan EMI, the bank offers an easy-to-use online tool called the Instant Loan on Credit Cards Calculator. This calculator can be used to find out how much the loan will cost you on a monthly basis which includes the interest, tax, and processing fee.
Enter the proposed loan amount, tenure, and interest rate into the tool and click on the 'calculate' button. The result includes the total interest payable, processing fee, tax on interest, tax on processing fee plus the loan amount. Furthermore, the loan repayment schedule will be represented in the form of an amortisation table for easy understanding. Depending on the EMI results, one can make an informed decision when choosing the loan amount and loan tenure.
The credit cardholder can cancel the instant loan within 15 days from the date of loan disbursal and repay the funds within 3 days of submitting the cancellation request. In such a case, the interest, processing fee, etc. shall be reversed. However, if the cardholder fails to repay the funds within 3 days then the processing fee will be levied. The cancellation can be initiated by contacting the 24-hour customer care department of Axis Bank.
If the EMIs are not paid on the specified due date, it shall be considered as loan default by the cardholder and he or she will have to pay the outstanding amount along with the applicable late payment charges. The Instant Loan facility cannot be used in part or whole for investment purposes, purchase of gold or small savings instruments, or for repaying the outstanding amount on an Axis Bank Credit Card.