Can we change the tenure of personal loan in Axis Bank?

The tenure can vary from 12 to 60 months. Also, you can transfer your existing high interest Personal Loan to Axis Bank as well. To apply for an Axis Bank Personal Loan, click here. To calculate your EMI on an Axis Bank Personal Loan, click here.

Can I reduce my personal loan tenure?

Yes, you can reduce your personal loan EMI by using several ways. The lesser EMI amount will decrease the overall interest outgo provided you are not increasing the tenure to decrease the installment amount. So, it’s clear how you should go about tenure when looking to reduce the EMI.

How can I restructure my loan in Axis Bank?

Salaried applicants applying for the COVID-19 loan restructuring plan offered by Axis Bank need to submit the following documents:

1. KYC documents (Aadhaar, Passport, etc.)
2. Previous 12 months’ bank statement of applicant(s)
3. Salary slips for the past 6 months with banking details.
4. Income Tax returns for the previous 2 years.

How can I change my personal loan EMI date in Axis Bank?

Yes, you can change the EMI date on your personal loan. There is no set procedure for doing this. You must notify your lender of the EMI date change required. This can be accomplished by visiting a nearby branch, calling your lender’s customer service, or submitting a request form addressed to the branch manager.

How can the burden of a personal loan be reduced?

Opting for a longer repayment tenure on your personal loan reduces your EMI burden. This is because your loan repayment tenure is inversely proportional to the EMI amount of your loan. When you increase your repayment tenure, you repay your loan over a longer duration and hence the EMI amount reduces.

Can I reduce my personal loan repayments?

If you have a personal loan with a variable interest rate, you may be able to alter your repayment amounts. The less you’re owing the less interest you’ll be charged, so every bit counts.

Can I close my HDFC personal loan before 1 year?

If you have taken a personal loan from HDFC Bank, the bank will allow you to make prepayment or pre-closure ahead of the tenure. The bank has a lock in period of one year within which you can neither pre-close your account nor make prepayments.

Can I restructure my personal loan?

Yes, Personal Loans can be restructured. However, the current Covid situation has put immense pressure on borrowers in repaying personal loans. Restructuring your personal loan can be a prudent way to avoid loan defaults. You can approach your bank and submit an application for loan restructuring.

How do I opt for loan restructuring?

Here are the basic eligibility criteria for loan restructuring:

1. The applicant must have not been more than 30 days overdue on EMI/Interest payment as on Mar 01, 2020.
2. Applicant must have been impacted financially in terms of loss or reduction of income / cash flows due to the COVID-19 pandemic.

What is the interest rate for Axis Bank personal loan?

The interest rate for Axis Bank personal loan varies between 12-24\%. The exact rate of interest applicable can depend on various factors like client profile, loan amount, loan tenure, etc. Q5. Who can take a personal loan from Axis Bank?

Can I make a part-prepayment on my Axis Bank home loan?

Yes, you can make a part-prepayment towards your Home Loan at your nearest Axis Bank Loan Center. If you are on a floating interest rate, no charge will be applicable. If you are on a fixed rate of interest, please check the charge applicable by clicking here If you are on a fixed rate of interest, please check the charge applicable .

How do I reassess my EMI on my Axis Bank home loan?

Each Home Loan applicant’s EMI is decided upon his/her repayment capability. In order to enable us to reassess your EMI, you will need to submit the following documents at an Axis Bank Loan Center: Last 3 months’ salary slip. Last 6 months’ bank statements reflecting your salary. Your photo identity and address proof.

What is residual tenure waiver under Axis Bank EMI?

Under this product, if the residual EMIs are less than 6 EMIs, then the residual tenure will be waived off. (subject to no other dues pending) On account of rising interest rates, Axis Bank has increased my EMI from Rs 24,959 per month at the time of disbursement to the current Rs 30,070 per month.