Axis Bank Removes Home Loan Pre-Payment Penalty

Axis Bank, the third largest private sector bank by assets, has the lead in scrapping the practice over a home loan. The Bank has decided to no prepayment penalties on his home loan for free, even if customers a loan move to a competing bank.

Others, including State Bank of India, Housing Development Finance Corporation and ICICI Bank to impose prepayment penalties, if any of its customers to a home loan to refinance with new loans at lower interest rates Home Loan.

AXIS Bank removes fixed rate home loan scheme

In a clear indication of an increasing interest rate scenario, India’s biggest private sector bank, AXIS Bank said it has increased its car loan rates by up to 0.5% and removed its special home loan scheme offering loans at 8.25%.

An AXIS Bank spokesperson said, “Auto loans rack rates have been raised by 0.25-0.5 per cent depending on segment and tenor with effect from March 5″. While the bank officials did not give any reason for this move, industry sources say that the rate hike was mainly prompted by signs indicated by the RBI in its previous monetary review policy.

In order to flush out extra liquidity from the system, the apex bank increased the cash reserve ratio (CRR) by 0.75% to 5.75%. With this step, RBI has removed Rs 36,00-crore from the system. After this rate hike, auto loans will now have an interest rate of 9.75-11%.

AXIS Bank also removed its special home-loan scheme, in which it gave home-loans for 8.25% at fixed rate for 2 years, operative from March 1, the spokesperson said further.

Currently, AXIS Bank is giving home loans at 8.75% for amounts up to Rs. 30 lakhs. For sums between Rs 30-lakh to Rs 50-lakh, the rate is 9% and those exceeding Rs 50-lakh, at 9.50 %.

Axis Bank Offering Personal Loans Upto 50 Lakhs

Till yesterday axis bank had given personal loans to its customers upto 10 lakhs only but today axis bank have decided to give personal loans upto 50 lakhs to its customers without any security.

To get the 50 lakhs personal loan from axis bank the applicant must be aged a min of 21 years and need to earn atleast 3 lakhs per annum.

You can apply axis bank personal loans by going to the nearest axis bank branch office or can also apply the loan at axis bank website(www.axisbank.com).

AXIS Bank loans to become much cheaper

AXIS Bank has reduced its interest rate for home loans, personal loan and car loans of Rs 20-lakh and below to 11.5 per cent.

An AXIS Bank employee have said they have revised their interest rate by 1.5 per cent from 13 per cent to 11.5 per cent.

This is a good news for the people who have taken loans from AXIS bank. We can say that the axis bank loans have became much cheaper than ever.

Axis Bank Personal Loan Features

Axis Bank personal loans are loaded with attractive features and benfits. Below are few features which are included in Axis Bank persoanl loans.

• Online application for loans are entertained.
  
• Decision regarding loan approval is reached in 15 minutes
• The process is simple, affordable and fast
• It is a type of unsecured loan
• No collateral is needed
  
• No annual fee or application fee charged
• Consolidate debt can be taken

Axis Bank Personal Loans

Axis Bank Personal Loans have been designed by Axis Bank to suit personal requirements of individuals like marriage, holiday, education, purchase of any expensive commodity or any such anticipated or unanticipated monetary involvement.

Axis Bank Personal Loans are easy to get and absolutely hassle free. With minimum documentation you can now secure a personal loan for an amount upto Rs. 15 lakhs. Axis Bank Personal loan can be used for any purpose.

Axis Bank Personal Loans provide the following benefits:

• Pesonal loan up to Rupees one million for any purpose.
• Flexible Repayment Options ranging from 12 to 48 months.
• Repayment through Easy Monthly Installments (EMIs).
• Low Rate of Interest on Personal loans.
  
• Hassle free loans - No guarantor/security/collateral required
• Speedy loan approval
• Service at the customer's doorstep

Further, there are additional privileges for Axis Bank account holders like:

• Special rates of interest on loans.
• For existing Auto Loan customers with a clear repayment of 12 months or more from even any of the approved financiers of Axis Bank, a hassle free personal loan without income documentation can be obtained.
• For existing Axis Bank Personal Loan customer with a clear repayment of 12 months or more, personal loan can be enhanced.

Axis Bank Personal Loans can be availed by the following groups of professionals:

• Salaried Individuals
• Self Employed Individuals
• Self Employed Individuals in private companies and partnership firms in manufacturing,trading or services
• Each of the above groups of professionals encounter a specific set of criteria for sanction of Axis Bank Personal loan. Loan Applicants are also required to present a specific set of document.

The fees and interest charges on Axis bank personal loans are liable to variation from one individual to another according to parameters like:

• Financial Status of the person seeking loan
• His/her years of service left (in case of salaried individuals)
• Position of business (in case of self employed individuals)
• Valuation of Collateral Security provided by the loan seeker
• However, all the conditions mentioned above are subjected to the sole discretion of the concerned authorities of Axis Bank and are liable to vary from one person to another.

Axis Bank Personal Loans have risen in popularity over the years due to the less stringent criteria for approval.

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