How can I prepay my axis personal loan?

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.

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Additionally, can I close loan amount early?

Repaying your entire loan before the tenure ends is called pre-closure or prepayment. Some lenders levy a penalty for pre-closing the loan. However, pre-closure will help you lower your interest rate and debt burden. … You need to visit your bank from where you have taken the personal loan.

Correspondingly, does prepayment of loan affect cibil score? No, your credit score will not reduce if you prepay your loan.

Beside this, does prepayment reduce interest?

A lower principal amount means lower interest and EMI payments. Home loan prepayment: If there is an opportunity to prepay a part of the home loan before the end of its tenure, then it can reduce the overall interest payments.

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 do I close a personal loan early?

What to do:

  1. Visit bank with the complete set of documents (as mentioned above).
  2. You may be required to fill a form or write a letter requesting pre-closure of the Personal Loan account.
  3. Pay the pre-closure amount.
  4. Sign the required documents, if any.
  5. Take acknowledgement of the balance amount you have paid.

How much is a prepayment fee?

Prepayment penalties typically start out at around 2% of the outstanding balance if you repay your loan during the first year. Some loans have higher penalties, but many loan types are limited to 2% as a maximum.

How much personal loan can I get if my salary is 40000?

Multiplier Method

Salary Expected Personal Loan Amount
Rs. 20,000 Rs. 5.40 lakhs
Rs. 30,000 Rs. 8.10 lakhs
Rs. 40,000 Rs. 10.80 lakhs
Rs. 50,000 Rs. 13.50 lakhs

Is it good to pre close personal loan?

The pre-closure facility reduces your debt burden; hence it would be a good option for your financial health. No impact on your credit score: Foreclosure or pre-closure of the Personal Loan does not affect your credit score.

Is part prepayment of a personal loan allowed?

Borrowers may be allowed to foreclose or prepay their loan 6 months after the date it has been disbursed, without any prepayment penalty. A charge of 2.5% + GST will be levied on any prepayment amount that is over 25% of the principal due. Part prepayment can only be done once in a year.

Is prepayment of loan good?

It is always a good idea to make part-prepayments in addition to regular EMIs whenever feasible during the loan tenure to cut down the total interest obligation and become debt-free faster. This becomes all the more beneficial as lenders do not levy prepayment charges for floating rate home loans.

What are the pre payment charges for Axis bank personal loan?

Axis Bank Personal Loan Foreclosure Charges and Other Processing Fees

Particulars Charges
Preclosure/ Foreclosure Charges 1-12 Month- 5% 13-24 Months -4% 25-36 Months -3% >37 Months -2%
Part Prepayment Charges 1-12 Month- 5% 13-24 Months -4% 25-36 Months -3% >37 Months -2%
Processing Fee Up to 1.5% of the loan amount

What is prepayment fee?

What Is A Prepayment Penalty? A mortgage prepayment penalty is a fee that some lenders charge when you pay all or part of your mortgage loan term off early. The penalty fee is an incentive for borrowers to pay back their principal slowly over a full term, allowing mortgage lenders to collect interest.

What is the maximum tenure for an Axis bank personal loan in months?

Axis Bank personal loans can be granted within 48 hours or at times even the same day of application. Flexibility of amount and time: You can get a personal loan for amounts ranging from Rs. 50,000 to Rs 15 lakh for any period between 12 and 60 months.

Which bank is best for personal loan interest rates?

Current Interest Rate on Personal Loans

Bank Interest Rate (p.a.) Processing Fee
ICICI Bank 10.5% p.a. – 19% p.a. Up to 2.25%
HDFC Bank 10.5% p.a. – 21.00% p.a. Up to 2.50%
Yes Bank 13.99% p.a. – 16.99% p.a. Up to 2.50%
Citibank 9.99% p.a. – 16.49% p.a. Up to 3%

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