What are the advantages of a Personal Loan Balance Transfer to Axis Bank?
The balance transfer of a personal loan to Axis Bank has many advantages. Suppose you are dissatisfied with how the current personal loan is functioning, the Emi is becoming unaffordable, or an additional amount is required. In that case, a Balance transfer of your Personal loan to Axis Bank is the answer.
Get A Better Interest Rate:
Why pay an inflated interest rate when Axis Bank offers special rates to applicants who opt for a lower interest with a transfer of their Personal Loan?
Choose a convenient Tenure:
If the current Tenure of your Personal Loan is unsuitable, a shorter Tenure results in a higher instalment, whereas a longer tenure will make the loan repayment a tedious and costly affair. The applicant can request a suitable repayment tenure after the Balance transfer of a Personal Loan to Axis Bank.
Reduce your EMI:
Are you feeling the strain of managing the monthly budget? Reduce the current EMI of your Personal Loan via an Axis Personal Loan Balance Transfer. With a reduced Interest Rate & suitable Tenure, your Personal Loan EMI will be easy to pay.
Consolidate Multiple Personal Loans:
Club Personal Loans under one umbrella with the Balance Transfer of multiple Personal Loans to Axis Bank. Axis Bank accepts the Balance transfer of numerous Personal Loans to consolidate them into a single loan. The applicant can thus reduce obligations and get better terms with the convenience of paying a single EMI.
Top Up your Loan Amount:
Axis Bank offers applicants the opportunity to get extra funds if required as a top-up with the transfer of existing Loans with alternate Banks. The funds as a Top-Up are granted at the reduced interest rate offered for the
Balance Transfer. The Balance transfer process also increases the eligibility for an additional loan amount.
Transfer Credit Card Outstandings.
Axis Bank, through its subsidiary Axis Finance Limited, allows the applicant to transfer Credit Card Loans and dues simultaneously with the transfer of Personal Loans. Thus, the applicant can clear credit card payments with an exorbitant interest rate and repay the amount conveniently over a suitable tenure.
Personalised Services with Online Operations.
Post an AXIS Bank Personal Loan Transfer, Customers can comfortably monitor their loan status online from their home or office premises with the online facilities offered by Axis Bank. With round-the-clock customer services available, the customer can be assured of getting help when required.
What are the eligibility criteria for a Personal Loan Balance Transfer to Axis Bank?
Axis Bank offers all individuals with existing personal loans from external banks the option to transfer their loans to Axis Bank. The eligibility criteria required for a successful transfer include the following:
- All Indian citizens above 23 years of age are eligible to apply.
- The applicant's current salary should be 30k per month and above.
- A work experience of 24 months or more is required.
- The applicant must be gainfully employed continuously without a break.
Pre-closure clause of the parent Bank.
To initiate a transfer of the existing Personal Loan, the applicant must fulfil the fore-closure clause of the parent Bank. The mandatory lock-in period for a
Personal Loan Applied by most lenders is 12 months or the payment of 12 EMI.
Minimum Amount Accepted for Transfer.
The amount accepted for a Personal Loan Balance Transfer to Axis Bank is ₹ 50k and above. The principal balance of the applicant's existing loan must be above ₹ 50k to apply for the Balance transfer of the Personal Loan.
Company Category List of Axis Bank.
The Axis Bank has published an exhaustive list of companies to source Personal Loans. The employer the applicant is working with must be included in the approved list to process a Balance Transfer of an existing loan to Axis Bank.
CIBIL SCORE
The CIBIL score Axis Bank requires to process a Personal Loan transfer is 720 points and above. The track of the Loan or Loans must have an on-time payment record with no bounces or delayed payments.
Financial Eligibility
The applicant should be able to repay all the current credit obligations. The credit card bills must be cleared timely, and the EMI for other loans, including other secure loans, should have a clear repayment history.
What are the key features of a Personal Loan Balance Transfer to Axis Bank?
The primary features of the Axis Bank Balance transfer policy are as follows:
The applicant's profile must meet the essential eligibility criteria as required by Axis Bank.
The Minimum amount processed as a Personal Loan is ₹ 1 lakh, and the maximum issued post a Balance transfer is ₹ 25 lakhs.
The repayment tenure applied is from 12 to 60 months, depending on the loan amount approved and the ability of the applicant to pay the EMI.
The financer with whom the loan is currently running must be approved per the Axis Bank policy for transferring the Personal Loan.
The terms and conditions of the Balance transfer are applied as per the Balance transfer Personal loan Axis Bank policy.
Key Points to note before applying for an AXIS Bank Balance Transfer Personal Loan
- The customer should do a financial analysis of the costs and savings with the transfer. A transfer at the beginning of the loan tenure is most suitable as a minimum of interest has been paid. With the increase in the term, a significant part of the interest is repaid, so a transfer is not advantageous.
- Before processing the application, the customer should apply for the Loan statement of the existing loan to check the principal balance; there must be no delayed payments or defaults. The Loan should be eligible for the transfer, and the terms of foreclosure of the parent Bank should met.
- The applicant's CIBIL must be above the required benchmark. The income must comfortably support all the existing obligations, including credit card dues, which must be cleared. The applicant's total obligations are considered for eligibility calculation for the Balance transfer and any top-up requirement.
Process
What is the procedure for a Personal Loan Transfer to Axis Bank?
- When applying for a Personal Loan Balance transfer to Axis Bank, the customer must first retrieve the loan statement for transfer to check the current principal outstanding and if the minimum number of EMI has been paid.
- As required for the Balance Transfer process, documents should be completed before initiating the process, as any discrepancy could delay processing.
- Application Process: The application must be completed with Personal and Professional details and Loan requirements: the form represents the customer profile therefore, the information given should be authentic. The form is submitted to the Bank with legible copies of documents self-attested by the applicant.
- CIBIL: A CIBIL score of 720 points and above is a primary requirement of an Axis Bank Personal Loan Bt to proceed further with processing. A healthy CIBIL denotes that the applicant has been paying dues timely and can handle further credit given successfully.
- Verification: A physical verification is conducted at the home and office premises of the applicant to confirm details as per the documents submitted. A neighbour or colleague can verify verification if the client is absent.
- Underwriting: The underwriter then compiles all the information and checks the details of the CIBIL and verification reports. If the eligibility criteria for the transfer are met, the request for the transfer and top-up are approved.
- The initial process is similar to a fresh Personal loan; the variation is in the disbursal process. Upon loan approval, an agreement is forwarded to the customer to accept the terms and conditions, including the interest rate and tenure applied.
- Disbursal and Transfer: A banker's instrument is made out in the parent bank's or bank's name for the principal balance of the loan amount and given to the client. The top-up amount is transferred directly to the applicant's bank. account
- The customer has to foreclose the external loan with the amount received on behalf of Axis Bank; any penalty, if imposed, has to be paid by the customer and can be included in the transfer cheque.
- The proof or closure receipt will be deposited with Axis Bank, which completes the process. The EMI for the transfer amount and the top-up are presented to the applicant's account on a designated date every month.
What are the Personal Loan Balance Transfer charges from Axis Bank?
| SALARY |
INTEREST RATE |
PROCESSING |
FORECLOSURE |
| 50,000 + |
11.99% |
1% |
5% |
| 35,000 - 50,000 |
13.49% |
1% |
5% |
| Loan amount above ₹ 10 lakhs |
10.49% |
Nil |
NIL |
| For Credit Card Transfer |
14% - !6% |
1% |
5% |
- Interest Rate: Axis Bank offers a reduced interest rate of 2% to 3% per the existing rate with an external bank. The minimum AXIS Personal loan Balance transfer interest rate is 10.49% and onwards, depending on the company category and the loan amount required. Customers are offered 14% to 16% at a monthly reducing balance to transfer credit card dues and App loans.
- Processing fees: The processing charge for the personal loan transfer levied by Axis Bank is 1% of the loan amount approved; no funds are to be given upfront when applying. The fees are charged on approval and deducted from the loan amount transferred to the account. Discounts are applicable on Loan amounts of 10 Lakhs and above.
- Foreclosure: Axis Bank permits the Foreclosure of a Personal Loan Balance Transfer after paying 12 instalments. A finance charge of 5% is applicable on the principal balance repaid to close the loan. A waiver is offered to applicants borrowing a loan amount of ₹ ten lakhs and above after completing the lock-in period of 12 months.
What are the Documents required for a Balance Transfer Personal loan to AXIS Bank?
The list of Documents required includes self-attested copies of 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 three months.
Bank Statement of Salary account showing salary credits for the last three months.
Form 16 for the previous financial year.
KYC Documents Include:
Pan Card Copy.
Identity proof (Driving License/Aadhaar Card/Passport/Voter ID)
Current residence proof (Driving License/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.
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