If you are looking for a loan against your property, you can look for a pre-approved mortgage loan. You may also consider taking out a loan against your property and getting a partial repayment. However, you should be aware of the penalties and other terms and conditions of such loans.
Pre-approved loans
Axis pre-approved loans offer quick funds to those who qualify. They are a https://loanonlines.co.za/amount-loan/55000/ great deal if you are in a hurry to pay off debt or fulfill an emergency. But there are some things you should know about the offer.
First, a pre-approved loan is not always a guarantee of disbursement. Your bank might decide not to give you the money because your financial situation worsens. Also, you might be charged different rates than what you were originally quoted.
The best part about pre-approved loans is that they’re usually free of documentation. You just need to fill in some basic information on the bank’s website and submit your documents.
While you’re at it, you can also check out your loan’s status online. Most lending institutions offer this option.
Loan against property
If you want to purchase a property, you can apply for Axis loan against property. This loan can be availed by residential or commercial property owners. However, the maximum amount is restricted to 50% of the total value of the property.
In order to apply for a loan against property, you have to provide some documents. You can choose to fill in an online application form, or you can call up the bank. When you apply online, you have to enter your name, city and mobile number. The lender will then contact you.
Before you apply, you have to decide how much you can set aside from your salary every month. You should also have a good credit score. Having a good credit score helps you get approved for a loan quickly.
Mortgage loan
Taking an Axis mortgage loan can help you with a number of financial needs. The loan can be used for renovation of your home, for a new vehicle or for your kids’ education.
Axis Bank offers a wide range of mortgage loans to both salaried and self-employed individuals. The bank offers competitive interest rates on its home loan, and offers flexible tenures. Applicants can opt for a floating rate or a fixed rate loan.
Axis Bank also provides the option of prepayment. You can make partial prepayments after six months. But you should be aware that you will have to pay a processing fee. It varies from 0.25 to 1 percent of the approved loan amount.
Before you apply for an Axis Bank mortgage loan, you must ensure that you are eligible for the loan. If you are not, the bank might charge a higher interest rate. Also, your credit rating and monthly income play an important role in your eligibility.
Partial repayment
If you have an Axis loan, you can pay back some of your outstanding amount through part payments. This helps you save money on interest and helps you plan your financial future.
To make part payments, you can do so either online or by visiting the branch. You will need your bank account number and your personal loan details. Then, you can request the bank to pre-pay a certain amount on your behalf.
Depending on the moneylender, the turnaround time for a partial payment may vary. For existing Axis Bank customers, the process is faster. It takes about 48 hours for the advance to be disbursed.
To check the status of your loan, you can use Axis Bank’s online facility. You can login using a versatile number or your User ID.
Penalties
Axis Bank has been penalised by the Reserve Bank of India for non-compliance with certain regulatory directions. The action was taken for violating banking services, cyber security, and fraud classification and reporting guidelines.
As part of the monetary penalty, Axis Bank is barred from issuing term credits for a period of one year. This is to ensure that borrowers do not take loans for unnecessary purposes.
In addition, the bank has been penalised for non-compliance with certain Know Your Customer (KYC) and fraud classification and reporting guidelines. It has also been imposed with penalties for non-maintenance of minimum balance in savings accounts.
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 25 lakh on Axis Bank for its failure to comply with various directives. These include fraud classification and reporting, cyber security, and basic savings bank deposit account.
