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This process is quick, and the result will be displayed immediately without any delay. Then go to the ‘Contact Us’ segment where you will get the following toll-free numbers. On your phone, download the Mobile Banking app from your Google Play Store or App Store.
Usually, the tenure for a home loan ranges from 15 years to 30 years. You can now view your active applications on the Fincity dashboard. The loan-to-value ratio and the benchmark rate of lending are other factors that affect the interest rate and EMI for a borrower. To replace the base rate system, the Reserve Bank of India mandated a new method for computing lending rates.
What are the Factors Affecting Axis Bank Personal Loan Application
A borrower must know about these factors as they affect how soon they can repay the loan. In addition, the effect of these factors is seen on your EMI as well because a change in interest rate leads to a change in the instalment amount you need to pay. After you fill out the required details in the fields provided, click on ‘Calculate.’ You will see a detailed breakup of your loan mentioning the amount payable towards interest. Applicants above 21 years of age at the time of home loan commencement and up to 65 years or less at the time of home loan maturity meet our home loan eligibility criteria. Applicants should be above 21 years of age at the time of loan commencement and up to the age of 60 or superannuation, whichever is earlier at the time of loan maturity. You can check the amount you need to pay as EMI with the Home Loan EMI Calculator.
Whatsoever the status you will be intimated through SMS, Email, or by registered post by the bank. If your loan is rejected you will be provided with the details of why your loan is not approved. Mixed interest rates are a combination of fixed and floating rates. At the beginning of the home loan, the borrower opts for a fixed interest rate and converts it to a floating interest rate depending on market conditions. An increase in RBI’s repo rate or key policy and market competition increases the housing loan interest rate and vice versa. The home loan rates of interest are influenced by several factors.
Ways to Check Axis Bank Personal Loan Status
These articles, the information therein and their other contents are for information purposes only. All views and/or recommendations are those of the concerned author personally and made purely for information purposes. Nothing contained in the articles should be construed as business, legal, tax, accounting, investment or other advice or as an advertisement or promotion of any project or developer or locality.
After April 2016, this method, known as the Marginal Cost of Funds based Lending Rate , was implemented. To check your eligibility online, please click here for check your eligibility online. Get additional financing on the same property for personal or business requirements. Where are the details of the loan available on Axis Mobile app? These details can be found on the ‘Account Summary’ screen under the tab ‘Other Accounts’. Yes, you can make a partial pre-payment or a complete pre-payment provided that you have cleared all past installments and meet the terms and conditions for foreclosures as set by Axis Bank.
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The users should exercise due caution and/or seek independent advice before they make any decision or take any action on the basis of such information or other contents. Unregistered users have to click on ‘Login’ if they are using an Android device and an SMS will be sent to their registered mobile number. Apple phone users have to click on ‘Send’ in the message inbox which will then send an SMS to your device.
Yes, Axis Bank charges a processing fee between 1.5% and 2% of the loan amount as the processing fee even for online applications. On the resulting page, you must enter your loan application ID and mobile number. Before applying for a personal loan one should check what are the criteria you have to fulfill in order to get a personal loan easily.
Fincity offers Home Loan for amounts as low as Rs. 30 lakhs to as high as Rs. 5 Crores. Loan amount– This is the amount you want to borrow to fulfil your home needs. Home loan amount mainly depends on value of the property for which the loan is availed. For Axis Bank Home Loans, the tenure ranges from 60 months all the way up to 360 months or 30 years. You can view which stage your application has reached on the top-right section of the page. Click ‘View Application’ under the one whose status you wish to check.
Once you are done with all the formalities of loans and then you can check the status of the loan through any of the following methods as mentioned ahead in the article. Many banks use mobile numbers as a point of reference to track personal loan applications. This method is hassle-free and simple to use because customers do not need to remember any unique reference number. Some of the banks ask for a date of birth with the reference number. The details required for this are your name as per your account or card, email address, mobile number, and your customer ID. Write your message enquiring about your home loan application status and the customer care team will get back to you.
A fixed interest rate on home loans helps to combat fluctuations in the economy. Therefore, it is suitable for periods when the interest rate can increase in the future. However, you can be at a loss if the circumstances indicate the chance of a decreasing trend in home loan interest. Axis Bank reassesses the BR and MRR from time to time after considering numerous factors including the cost of funds, cost of operations, prevailing interest rates, and provisioning requirements. We'll ensure you're the very first to know the moment rates change.
You must provide your application ID received at the time of applying for the loan. Visit the bank personally, fill the loan application form properly and clearly with the requisite documents. Generally, this process takes a maximum of 30 days to process your application. To know your loan application status by calling the customer care number.
The Axis Bank personal loan status can be directly checked using the tracking tools available on the bank’s official website. You can either check the status with the reference number, loan form number or registered mobile number. While checking to ensure to enter the correct details as mentioned in your Axis Bank personal loan application to get the updated information.
Axis Bank offers a variety of personal finance products to its customers. One of the products you can avail yourself of as a customer is a personal loan. You can apply for Axis Bank Personal Loan by visiting the official website of Axis Bank or visiting the nearest branch of the bank. Customers who have applied for Axis Bank Personal Loan can easily check the status of their application through various options provided by the bank.
Loan Tenure– Loan tenure is the duration over which a Home Loan is repaid. In practice, a shorter tenure results in higher EMIs, but helps you save on the total interest payout of the loan. Longest loan tenure available across banks and NBFC’s in India for buying a home on a loan is around 30 years, subject to borrower’s current age and retirement age. In this formula, P refers to the principal, r is the home loan interest rate, and n refers to the loan tenure in months or the number of instalments the borrower has to pay.
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