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Axis Bank Loan

Axis Bank was the first new private bank to be instituted in 1994, when the erstwhile restrictions were removed and the Indian Government permitted new private banks to be set up. It was collectively promoted by four major public sector insurance companies and the executive of the assigned undertaking of the Unit Trust of India (UTI), General Insurance Corporation of India (GIC) and Life Insurance Corporation of India (LIC). By the end of June 2011, Axis bank had capitalized more than Rs.400 crores with the public issues at the rate of 52.87%. Axis bank has its registered office at Ahmedabad while its headquarters are situated in Mumbai. The Bank has an expansive network comprising above 1280 branches and over 6270 ATM’s, with the latter rendering round the clock convenience of banking alternatives to its customers.

The Bank deals both in retail as well as corporate banking and its quest for excellence is backed by its espousal of the best industrial practices worldwide. Axis bank strives to become the most favoured fiscal solvent supplier surpassing all its competitors in customer satisfaction via brainstorming, empowerment of employees and technological dexterity.

The different kinds of loans offered by Axis bank are:

Axis Bank Home Loan

Low-cost and customized home loan solutions are given by Axis bank to assist their customers buy the house they intend to turn into a home.

Features of Axis Bank Home Loan are:
  • The bank offers attractive housing finance interest rates, transparency in loan processing and swift servicing of loans.
  • The customer is given the option of deciding between opting for fixed or floating interest rates according to his/her whims.
  • Clientele can get their loan transferred to Axis bank from another financial institution in case they’re dissatisfied.
  • The customer can get the loan sanctioned from the comfort of his/her residence.
  • Exemption from prepayment charges and processing fees is kept to the minimal.
To be eligible for home loans from Axis bank, an individual needs to be an employee of an esteemed private firm or the Government. The customer should be aged between 24 to 60 years of age at the time of beginning and due date of the loan.

The documentation required for getting a home loan from Axis bank is:
  • Identity Proof
  • Form 16 and current salary corroboration
  • Proof of current residential address or current house rent accord.
  • Financial statement showing the transfer of the income of the previous half year.
Serial No.TypeLoan amount (Rs.)Base Rate + Mark UpEffective Rate Of Interest
1Floating RateLess than 25 lakhsBase Rate + 0.75%10.75% p.a.
Loans greater than Rs.25 lakh - Rs.75 lakhBase Rate + 1.00%11.00% p.a.
Loans greater than Rs.75 lakhBase Rate + 1.25%11.25% p.a.
Top Up - All loans, RenovationsBase Rate + 2%12.00% p.a.
2Fixed RateAll Loan Category-14% p.a.

The bank makes EMI calculators available to its customers to make them self-assess their capability to take a loan.

Axis Bank Car Loan

The bank provides car loans to deserving customers who meet its eligibility requirements. The interest rates vary from 12.50% to 15.00% while the processing fee ranges from Rs.3500 to Rs.5500. Loans are offered from 12 to 60 months with a least possible availed amount of one lakh rupees. The customers can calculate their monthly expenditure towards the loan repayment in anticipation by availing the benefits of EMI calculator given by the bank.

Axis Bank Personal Loan

This loan has a lucid procedure aimed to assist clientele achieve their financial goals. Interest rates for this loan span from 14.50% till 21% which is rapidly sanctioned, keeping corroboration to the minimum. Loans are available for employed and self-employed people from a minimum of Rs.1 lakh. Repayment tenures straddle from a year to half a decade.

Loan against Shares by Axis Bank

This loan is intended to give the customer an overdraft facility sans requirements of EMI’s and cheques of any sort. Indian individuals aged over 21 years are only eligible to go for this scheme. Till the amount of Rs.10 lakhs, the interest rate is 11.75% and falls to 11.50% for a sum above that. From the approval date, the scheme is restored in a new form every year.

Loan against Property by Axis Bank

This can be serviced against residential or commercial property as well as for buying a commercial estate. The borrower should be aged between 24 and 65 years of age amongst the beginning and due date of the loan. The bank renders loans against property for a maximum of Rs.150 lakhs and gives generous margins of as 20 - 30% for commercial and 40 - 55% for debt against residential property.

Loan against Security by Axis Bank

This scheme is rendered to individuals till three-fourths of the pledged value of the security. This loan is exempt from any EMI’s, prepayment charges and post-dated cheques. Interest rate is calculated only for the overdraft exacted in lieu of security by the customer. The interest rate is 13% for a sum up to Rs.10 lakhs which comes down to 12.75% if the borrowed amount is more than that.

Axis Bank Education Loan

This loan is rendered to students having enrolled in a professional course in India or abroad. The loan is granted to the maximum sum of Rs.10 lakhs for studying in India while the cap on the amount for studying in a foreign nation is Rs.20 lakhs. The loan is secured or guaranteed by the student’s parents’ or guardian who functions as the chief borrower. The interest rates differ on the basis of the quantum of the loans and are concessional for females.

Axis Bank Customer Care

The bank has a dedicated and thorough customer service network having its tentacles throughout the length and width of the country. The address of its corporate office is:

Axis Bank Limited,
Corporate Office,
Bombay Dyeing Mills Compound,
Pandurang Budhkar Marg,
Worli, Mumbai - 400 025
Tel: (022) 2425 2525

The toll free numbers of the bank can be contacted at the instance of a lost credit card on 1800 209 5577 or 1800 103 5577 or 1800 233 5577. To register complaints, give feedback and redressal of grievances, clientele can login on to the website of the bank www.axisbank.com , check their loan application status and also login to their accounts.

Last Updated On: 2011/09/11