To pre-close your loan, please visit your nearest Axis Bank Loan Centre along with your cheque book and valid Photo ID cum signature proof. Please ensure to follow the below points:
a. Remit the exact amount as per the date of the foreclosure letter as excess payments will not be accepted
b. Your cheque/draft must be in favor of AXIS BANK LTD; Loan Account No. XXXXXXXXXX. Outstation cheques will not be accepted.
c. Full and final settlement of the loan will be subject to realization of the cheque/draft and payment of all charges that have accrued on the date of the pre-payment.
d. In case you are approaching closer to the due date for loan closure and the EMI gets paid upon presentation, the excess amount will be refunded through a pay order or direct credit (through NEFT) to your repayment account within 10 days of realization of your excess EMI payment.
e. In case there are Post Dated / Security Cheques that are not encashed and you wish to have them returned to you, please place a request at the loan centre within 45 days from the date of loan closure. If there are no requests received within the stipulated time frame the same will be cancelled and destroyed.
f. For accounts opened on or after 1st Feb 2019. Foreclosure charges are applicable if closure is done as below:
• within 24 months of account opening - 4% of the principal outstanding
• between 25-36 months - 3% of the principal outstanding
• after 36 months - 2% of the principal outstanding