Axis Bank offers exclusive rates for Personal loan external balance transfer
With a representative 10.50% APR based on a balance transfer of ₹ 10 lakhs and repayment over 60 monthly repayments, the EMI of ₹ 21494/- is to be paid monthly.
Enhanced Loan amount..
Nil Foreclosure charges
Apply Axis Bank Personal Loan Balance Transfer
Balance Transfer of a Personal Loan to Axis Bank.
Axis Bank today is recognised as one of the leading private sector Banks: Giving competition a run by the attractive features of the products & quality services the Axis Bank has become the preferred financial solutions provider.
As among other segments the Axis Bank has created a niche in the arena of Personal loans. Personal loans are provided to salaried & self employed segments at competitive rates of interest & convenient terms & conditions.
Axis Bank offers the unmatched features of its Personal loan to applicants running a Personal Loan from an alternate Bank via a Balance Transfer of the existing personal loan to Axis Bank.
Axis Bank Balance Transfer rates
| Net Salary | Rate Of Interest | Processing Fees | Tenure |
|---|---|---|---|
| <35K | 13.49% | 0.99% to a maximum of 5000/- | 12 to 60 months |
| >=35k to 50k | 11.99% | n/a | 12 to 60 months |
| >=50k | 10.49% | n/a | 12 to 60 months |
Offer: 3% lower than the existing rate with external financer or as per grid below whichever is lower
Log in from 1 st, oct to 31 st Oct disbursal till 9 Nov.
Example of savings incurred after Balance Transfer of a Personal Loan to Axis Bank.
Loan amount taken from external bank – ₹ 500000
Tenure of existing Personal Loan – 48 months
No of emi’s paid to the parent Bank – 15
Existing rate of interest – 14%
Profile details of the Applicant applying for a Balance Transfer of a Personal Loan to Axis Bank.
Net Income of applicant – 50k net per month
Current employer – Working with a Limited company listed in the Axis Bank company category list.
Current Instalment being paid for the Personal Loan – 13663.24
Post Balance transfer to Axis Bank
Current Rate of Interest applicable – 11.99%
Current Tenure post balance transfer -48 months
Reduced EMI post Balance Transfer to Axis Bank – 9806.39
The Process for Balance Transfer of a Personal Loan
A personal loan applicant has the option of transferring the principal balance of the existing personal loan to Axis Bank.
The best time to apply for a Balance Transfer of your Personal Loan to Axis Bank is at the beginning of the month, so that there is enough time to process the application & close the existing loan prior to the next installement date.
To initiate the Balance Transfer process the applicant will submit all relevant documents as for a fresh personal loan along with the track or amortization schedule & corresponding bank statement of the existing personal loan.
The loan application will then be processed as per the norms of Axis Bank.
The eligibility for the takeover of the loan amount will be ascertained: any extra amount applied for as a Top Up will be confirmed.
The applicant will be informed of the decision & the loan amount the applicant is eligible for.
A Loan agreement Loan agreement will be signed by the applicant, stating his understanding of all terms & conditions of the loan sanctioned.
A Bankers instrument will be sent to the applicant in favour of the principal amount outstanding of existing personal loan.
The applicant will clear deposit the principal balance due of the personal loan & obtain the closure letter. The closure proof closure of the existing personal loan once deposited with Axis bank, the process for the balance transfer is completed: any extra loan amount approved as a Top Up to the Balance transfer will then be transferred to the bank account of the applicant.
The EMI as per the tenure for the fresh Personal loan post the Balance transfer to Axis Bank will be presented to the applicants account.
Why Transfer an existing Personal Loan to Axis Bank?
The Balance transfer of a Personal loan to Axis Bank is filled with advantages. If not satisfied with the way the current personal loan is functioning, the Emi is becoming unaffordable or additional amount is required: a Balance transfer of your Personal loan to Axis Bank is the answer.
Get the best rate of interest of your personal loan
Why pay an inflated interest rate when Axis Bank offers special rates to applicants choosing to transfer their Personal loan. Lower the rate of interest for the current personal loan, via a balance transfer to Axis Bank.
Change of tenure for your existing Personal Loan.
The current tenure of your personal loan could be unsuitable: the tenure being too short the current EMI may be unaffordable or too long a tenure will make the repayment tedious & the loan a costly one. With a Balance transfer of your Personal loan to Axis Bank, an applicant can re work the tenure of the Personal loan to a more convenient one.
Reduce your Personal Loan current installement or EMI.
Feeling the strain of managing the monthly budget? Reduce the current EMI of your Personal Loan with a Balance Transfer to Axis Bank. With a reduced Rate of Interest & a suitable tenure your Personal Loan EMI will be easy to pay.
Get a Top Up amount on the reduced rate of Interest.
The rate of interest for the Balance Transfer of a Personal Loan is the best in the industry: when taking a personal loanBalance Transfer to Axis Bank it is also possible to get an additional amount if required. The rate of interest charged will be the same as for the Balance Transfer & the amount required will be directly credited to the account.
Club all existing Personal Loans under a Single Loan.
Axis Banks accepts the Balance Transfer of more than one personal loan: so applicants running multiple Personal loans from various Banks can now transfer all their loans to Axis Bank, which will be clubbed together under a single loan. Thereby availing the benefit of a discounted rate of interest for all the loans post the Balance Transfer , & being saved the hassle of paying numerous installement & managing numerous loans with separate banks.
Get the Star Benefits of the Axis Bank Personal Loan.
With the Balance Transfer of your Personal loan to Axis Bank experience the unmatched, customer friendly services of the Axis Bank. The freedom of conducting your personal loans as per your convenience: by making a part payment towards your principal loan amount & fore closing the Personal loan whenever surplus funds are available at your disposal. Most Banks apply pre closure charges for the pay back of a Personal Loan ranging from 2% to 5% per annum on the principal loan amount due to the Bank .With Axis Bank pay back your Personal loan whenever you wish & with no extra charges to be paid: All payments can be made through online transfer to the personal loan account number.
Eligibility features for the balance Transfer of a Personal Loan to Axis Bank.
Axis Bank offers all individuals with an existing Personal Loans from external Banks to transfer their loans to Axis Bank. The existing Personal Loan should be eligible for a Balance Transfer as per the following criterion:
Pre closure clause
To transfer the balance of the Personal Loan the applicant needs to first apply for the permission to close the existing Personal Loan. The parent Bank will allow the applicant to pre close the personal if the fore closure norms of the Bank are fulfilled: the applicant must have completed paying a minimum of 6 /12 EMI’S of his current loan personal loan: as per the pre close terms of the parent bank.
Minimum loan amount for Balance Transfer
The minimum principal balance of the existing personal loan with the external Bank should be 50k & above. To make the Balance Transfer manoeuvre feasible, Axis Bank permits the minimum loan amount to be transferred should be above 50 k.
Axis Bank company category list
The applicant should be working in a company which features in Axis Bank company category list. All applicants seeking a Balance Transfer of a Personal loan to Axis Bank should meet the Personal Loan eligibility criteria eligibility criteria of Axis Bank.
CIBIL Score
The CIBIL score of the applicant should be above the minimum required benchmark, the repayment of the Personal Loan to be transferred should be regular & not have any default or delayed payments. All dues of other credit facilities being used by the applicant should show a clear history of timely payment.
For additional loan amount as a Top Up.
An applicant needing extra funds as a Top Up Top Up with the balance transfer should have the financial eligibility to repay the monthly installement. If the applicant has overused credit facilities & the current dues are not affordable, the request for a Balance Transfer /Top Up may be declined.
Primary Features of the Axis Bank Personal Loan
The applicant should be Indian citizens over 21 years of age fulfil the basic eligibility features for a Personal loan applicant from Axis Bank:
The maximum age limit for the repayment of the Personal Loan is 60 years.
Axis Bank transfers loan amount starting from ₹50k to ₹20 lakhs.
Tenure for the Balance Transfer of a Personal Loan is from 12 months to 60 months.
The minimum salary required for a Personal Loan Balance Transfer is ₹25k & above.
Documents required for a Personal Loan Balance Transfer to axis Bank.
List of Documents required self attested copies to be submitted for Personal Loan balance Transfer for (salaried applicants):
Application form duly filled & signed.
2 passport size photos.
Documents for Income Proof:
Salary slips for the last 3 months.
Bank Statement of Salary account showing salary credits for the last 3 months.
Form 16 for the last financial year.
KYC Documents include:
Pan Card Copy.
Identity proof ( Driving Licence/Aadhaar Card /Passport/Voter ID)
Current residence proof ( Driving Licence/Aadhaar Card /Passport/Voter ID/Utility bill/Rent agreement)
Proof for Balance transfer:
Request letter for transfer of Loan from the External bank to Axis Bank.
Track of the existing personal Loan.
Pre closure letter or application copy for closure request of the current personal loan.
Implications of common terms used in balance transfer.
Balance Transfer
Balance Transfer of a Personal Loan involves the taking over the outstanding loan amount of an existing loan. An external financer can offer to transfer the principle loan amount balance: if the terms of the personal Loan running adhere to its policy.
Principal amount of a Personal loan
The Principal loan amount refers to the Original Loan amount which has been borrowed from the Bank. The principal loan amount reduces with the payment of the monthly EMI.
The balance outstanding of the principal loan amount will be taken over when affecting the Balance Transfer of a Personal Loan.
Re payment Schedule of a Personal Loan:
The re payment or amortization schedule is a chart or table depicting the pattern of repayment of a personal loan to the Bank or financer. It also shows the breakup of the EMI as per the following;
The Total loan amount.
The number of EMI’S to be paid/ tenor.
The principal & interest quotient of each EMI.
The principal amount balance after the payment of each EMI.
The Loan Track:
The applicant can request for the Loan Track of the existing personal loan from the concerned Bank. The track of a Personal loan gives details of the status of the Personal Loan:
The loan amount disbursed
The Loan tenure
The number of EMI’S paid to the bank successfully/pending/bounced
The total loan amount paid back to the Bank.
The principal balance outstanding
Equated Monthly Installement (EMI):
The monthly installement or EMI as is commonly known, is the instrument for paying back the Personal Loan .To recover the loan amount, a Bank or financial institution will deduct from the Bank account of the applicant equated monthly instalments (EMI) comprising of the interest & principal every month as per the tenure. The EMI for a personal loan is calculated @ monthly reducing balance & remains constant for the entire tenure.
Electronic Clearing System (ECS)
The ECS is offered by the Reserve Bank of India as a system for faster collection collections & payments. To recover the monthly EMI due through the ECS mandate, an authorisation form is signed by the applicant as part of the Personal Loan agreement. Henceforth the EMI is debited at a fixed date month on month for the Tenure of the Personal Loan.
Tenure
The tenure is the duration for the pay back of the Personal Loan. The tenure for a Personal Loan ranges from 12 months up to 60 months: It is finalised at the time of the Loan disbursal & cannot be altered. The EMI is deducted from the Bank account of the applicant for the duration of the tenure.
It is fixed by the Bank as per the customer requirement & the payback capacity.
Top Up Amount
Requirement for any additional amount can be applied for with the request for Balance Transfer, this amount is known as a Top Up. Thus the loan amount applied will include the principal balance of the previous loan amount & the additional amount required. The Rate of interest & other terms & conditions applicable for a Balance Transfer will be valid for the total loan amount.
Pre Closure
If a personal loan holder wants to return the loan amount borrowed from a Bank or a financial institution before the completion of the loan tenure it is called a pre closure.
The pre closure of a Personal loan is governed by the Pre closure terms of the Personal loan agreement, signed between the applicant & the lending institution .The policy for pre closure varies as per the rules & regulations of different Banks. The condition being of a minimum number of EMI, S to be paid before the applicant can pay back the Loan amount. The applicant should make note of the Pre Closure & other terms & conditions of the Bank when signing the Personal Loan agreement.
Personal Loan Eligibility
The eligibility for a Personal Loan is the Loan amount the applicant can get as a Personal Loan from a financial institution. Each financial organisation has their own method of calculating the loan amount which they are willing to lend to the applicant: the broad guidelines being that the applicant should be comfortable in paying the monthly instalment or EMI after bearing the monthly expenses & other obligations, credit card dues or other loans.
Personal Loan Agreement
The Personal Loan Agreement is the legal document signed between the Financer & the applicant.
Once the Personal Loan is approved, details of the Loan such as the rate of interest, the processing fees, pre closure, part payment terms & other salient terms & conditions are presented to the customer as part of an agreement between the applicant & loan provider. The applicant should read the agreement carefully to know all the charges applicable & the monthly installement to pay for repayment of the loan, on which date the EMI will be presented to the salary account for the tenure of the loan.
CIBIL SCORE
The CIBIL score of an individual is generated by the Credit Bureau of India Ltd or CIBIL as is popularly known. The CIBIL is a private agency that receives & maintains the records of all credit transactions done by Individuals with all the Banks, NBFC’S & private financial agencies. Be it a secured or an unsecured credit transaction in the form of a Home Loan, Personal Loan, Vehicle Loan, Loan against property or Gold; a Credit card or utility loan the CIBIL maintains an exhaustive record of all receipts & payments. A score is generated on the basis of the credit history of an Individual & intimated to the banks & credit agency on request.
FAQ’S for the Balance transfer of a Personal Loan to Axis Bank.
Q - Why is it preferable to apply for a Personal Loan Balance Transfer to Axis Bank?
Axis Bank offers the Balance Transfer Facility to all existing Personal Loan holders running a successful Personal Loan with an external Bank: with the transfer of the Loan the applicant will benefit from the umpteen advantages & savings offered by Axis Bank.
Q - What are the exclusive Personal Loan features offered by Axis Bank, that no other financial institution offers?
Axis Bank offers its esteemed customers the choice & freedom to conduct their Personal Loan as per their convenience, by repaying a part or the complete loan amount without any extra charges whenever surplus funds are available. This scheme is offered by no other loan provider.
Q - What are the major benefits of the Personal Loan Balance transfer to Axis Bank?
An applicant avails major savings in the rate of Interest, beneficial terms & conditions coupled with efficient customer care services by transferring an existing Personal loan to Axis Bank.
Q - Existing Personal Loan holders of which Bank or Axis, can avail the Personal Loan balance transfer facility offered by Axis Bank?
Applicants running a Personal Loan with all government Banks, private Banks & registered NBFC’S can apply to transfer the principal balance of their existing personal loan to Axis Bank.
Q - What are the eligibility conditions to be met for the Balance Transfer of a Personal Loan to Axis Bank?
The existing personal loan proposed for a Balance Transfer should be fulfilling the pre closure terms laid down by the parent Bank before initiating a Balance Transfer to Axis Bank. The applicant should be eligible to apply for a Personal loan as per the eligibility criteria of Axis Bank
Q - What is the CIBIL score required for the successful transfer of a personal loan to Axis Bank?
The CIBIL score of the applicant should be above 720 basis points: with a timely repayment track of the existing Personal loan.
Q - Can an applicant process a Balance transfer of more than one Personal Loan to Axis Bank?
Axis Bank permits the transfer of all currently existing Personal loans to be clubbed together under a single loan: the rate of interest applied will be @ 11.49% to the total loan amount.
Q - What are the perquisites to a Balance transfer approval from Axis Bank?
For the Balance transfer of a Personal Loan to Axis Bank the applicant should have a clear repayment track of the existing Personal Loan: the profile of the applicant should be as per the terms & conditions of the Axis Bank.
Q - Can the applicant get a Top Up or an extra loan amount if required?
Extra loan amount is sanctioned along with the Balance Transfer if the applicant has the financial eligibility & can pay the total EMI conveniently.
Q - Will the tenure of the loan be affected by the Balance Transfer?
The applicant can ask for a reduced or increase in tenure of the new loan as per the requirement.
Q - What is the minimum loan amount that will be accepted for a Balance Transfer?
The existing personal should have a Principal balance of 50k or more to be accepted for a Balance transfer by Axis Bank.
Q - How much time does it take to process the Balance transfer of a Personal Loan from Axis Bank?
Axis Bank takes 7 working days to process the Balance transfer of a Personal Loan.
Q - How will the Parent Bank be repaid the balance of the Loan amount?
Post approval of the Personal Loan Balance Transfer application, a Demand Draft will despatched to the customer: the value of the Draft will be the existing balance of the Personal Loan. The customer will have to deposit the daft in the parent Bank & acquire a closure letter, post which the transaction will be completed. The applicant will need to submit the proof of closure to Axis Bank.