Pre-Closure Procedure for Axis Bank Personal Loans

Axis bank is one of the premier institutions in India which is known to offer high end personal loan schemes to its customers. The best thing about the personal loan schemes offered by Axis bank is that they are quite convenient and flexible. They also come along with adjustable repayment options and so you’re able to save a lot of money on your personal loans from Axis Bank. The interest rates charged by the bank are also quite economical and this is one of the reasons why a lot of people opt for such loan advances offered by the banking institution.

Anyone could pre-close personal loan from axis bank much before the actual date. For this, you’ll have to follow a standard procedure and take a number of points into consideration. The process of pre-closure of Axis bank personal loans starts usually with the calculation that tells you the amount which is outstanding. Prepaying the personal loan can prove to be beneficial to you due to a number of reasons. Besides, the money savings you can make, you could even invest your money in other money making instruments when you don’t have the burden of a loan on your shoulders anymore.

The pre-closure procedure for Axis bank personal loans involves a lot of crucial things which are to be considered beforehand. Have a closer look at some of these things to make the process a smooth one.

The rate of interest

Everyone is aware of the fact that personal loans are loan advances which are the most expensive ones in the market as far as the interest rate goes. This is the reason why paying more installments could prove to be really costly for you. Therefore, it is better to prepay the entire sum of money at once so that you don’t have to pay the interest every month. 

Personal Loan from Axis Bank

Axis Bank Personal Loan

The default factor

There are a lot of people who don’t actually plan their EMIs up front. This can lead to a lot of trouble later on if you end up defaulting on one of your payments. It is advised to keep certain funds aside for paying the EMIs regularly so that any kind of an emergency situation can be avoided. However, anyone who wants to avoid this situation completely can consider pre-closing the loan by prepaying the entire sum at once. 

Taking help from other sources of revenue

Those with different sources of revenue need to make good use of them so that the pre-closure process can be easily completed. However, before you utilize any of your insurance policies or mutual funds for repaying the loan, you should take into consideration your financial health carefully. 

Documents

Important documents like ID proof, residence proof, and address proof must be submitted to the bank so that the pre-closure application can be approved by the bank authorities. Failure to produce such documents on time might result in rejection.

The pre-closure procedure for Axis bank personal loans is fairly simple and once you understand it, you’d be able to save your time and money both. Keep your savings intact and prepay your loan in the prescribed manner.

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How to get personal loans for medical emergencies?

A personal loan can be obtained for a variety of reasons. One of the most common reasons why people opt for personal loans is to fund medical emergencies. Withdrawing on credit cards or opting for other sources can work out to be more expensive than personal loans. It is for this reason that when one is short of funds for medical emergencies, he/she opts for a personal loan. Here is how one can get a personal loan for medical emergencies:

Evaluation of options: An important step while taking a personal loan is to research personal loans from different banks. Since time is of the essence while funding a medical emergency, the most important factor to be checked is how quickly the loan can be sanctioned and disbursed. Ask your existing bank, as the documentation is usually much simpler if you are already the bank’s customer. Also remember to check the interest rate and mode of computation of the interest (on fixed or reducing balance basis). Although EMI outflow is a crucial factor, quickness is getting the loan is more critical in this case.

Personal Loan for Medical Emergencies

Personal Loan for Medical Emergencies

Documentation:

A personal loan is much simpler than other loans. Nevertheless, in times of emergencies, it may look like it is very difficult to arrange even the simple documents. It is therefore always better to approach your existing banker, as the documentation requirements will be simpler. Even if this is not looking attractive, it is advisable to keep your basic documents like address proof and identity proof handy to meet such emergencies.

Transparency:

For any loan, you need to be transparent and disclose your details upfront. This is always important, as disclosing fraudulent details or hiding material information can lead to an adverse effect in your credit rating.

Read all terms and conditions carefully:

Reading the fine print before signing the dotted line is vital in any agreement. When you take a personal loan, there are chances that there may be hidden charges or some terms which are not very apparent on paper. This may work to your disadvantage. Although taking a personal loan in medical emergencies means you will not have much time, it pays to check out the minute details before signing the agreement.

Check prepayment terms:

When you prepay a personal loan, many banks impose a prepayment penalty. Some banks do not allow prepayment for a period of 6 to 9 months. Generally, a loan taken for medical emergencies is like a stop gap arrangement, and you may want to pay off the loan before the completion of the tenure. Therefore, it pays to check this factor before taking the loan. A bank which imposes a higher prepayment penalty or which is more stringent in its prepayment terms should ideally be avoided.

Maintain good credit rating:

A personal loan is riskier than other loans, since it is unsecured in nature. Lenders insist for a good credit rating, and always check your credit score before granting the loan. It is therefore always important that you maintain a good credit rating. Although this cannot be set right at the last minute, you must always keep in mind that maintaining a good credit rating means you can get the loan easily and also at better rates.

Check for flexibility in cost:

Personal loan interest rates are generally high, since there is no security required. However, you can ask the bank if they can reduce the rates if you offer a security or a guarantor for the loan. Check your financial situation and ask for flexibility in terms accordingly.

Different Benefits of ICICI Personal Loans

ICICI bank has become an integral part of Indian banking industry with its wide range of products and other banking services. It is credited to be the largest bank of the country with a net asset of 5,946.42 billion as of March31, 2014. Amongst its large bouquet of products and services, ICICI bank offers an excellent service of offering personal loans with attractive interest rates to the customers in order to suffice their important needs and requirements.

Whether it is for an ideal dream vacation or a home renovation; a wedding celebration or just an electronic gadget you’ve been waiting to have since a long time; ICICI bank brings to you personal cash loans that allows you to have cash at your disposal to satisfy all your needs.

  • Customized Personal Loan option

ICICI bank offers customized personal loan option that aims at targeting individual requirements. The cash needed may differ from person to person and with personal loan from ICICI, an individual can avail from a small amount of Rs 20,000 to a whopping amount of Rs15 lakh as a personal loan. The loan amount is further increased for self-employed professionals up to Rs 30 lakh. If you’re a doctor, you can further get up to Rs 40 lakh as a personal loan from ICICI bank. The amount can be repaid for a flexible repayment period ranging from 12 months up till 60 months.

Attractive Personal Loan Interest Rates

ICICI bank is known to be a bank of all classes. Right from the top crème-de-la-crème to the lower middle income group, ICICI personal loans comes with attractive interest rates that fit the repayment capacities of almost every one. With ICICI bank one can easily avail a personal loan on a low interest rate of 13.49% (subject to conditions) too.

  • Easy & Fast Documentation
ICICI Personal Loan

Apply for ICICI Personal Loan

ICICI bank believes that banking on the whole should not be a lengthy and time taking process and when it comes to personal loans where minimum documentation is required; the time taken should be all the more less. This is exactly why availing a personal loan from ICICI bank is easy, fast and super convenient. With a smooth navigation on its website, you can now apply for an ICICI bank personal loan online as well through BankBazaar.com. Not only do you have an exclusive customized EMI calculator to give you a fair idea but also an online form that can help you apply for the personal loan with just a few clicks; making the disbursal fast and hassle-free.

  • Loan coverage available

ICICI bank offers an “All Safe” insurance that covers the liability of the loan taken against unforeseen circumstances. Not only does it allow you to be relaxed but also safe-guards your interest in the event of an unfortunate incident like theft, disability and death.

ICICI bank personal loans offers the advantage of instant e- approval online itself to expedite your personal loan process even before you visit its nearest branch. Once you get that, there’s a facility for the company personnel to come at your doorstep to collect all the forms and documents and process your loans in as soon as just 2 days. Go ahead and enjoy the benefit of convenient banking & loan availability with ICICI bank personal loans.

How to Calculate Personal Loan EMI Manually?

Personal loans have become really popular across the country due to the amazing advantages they offer. Whenever you’re in need of some extra cash for fulfilling an emergency requirement, you could opt for a personal from a reputed institution in India. However, one of the major things that bother the individuals taking up a loan is the heavy cost involved in the procedure. Moreover, there is a high rate of interest involved that results in high monthly installments. This is the reason why you should calculate your personal loan EMI manually so that you can determine the right amount of money to be reimbursed every month on your own.

A personal loan EMI calculator can easily help you in calculating the rate of EMI. However, the best way to assess the total cost is to do all the calculations manually. The personal loan calculator you choose should be a reliable one so that you can get accurate results without much effort. Before you start calculating the total EMI to be paid, it is important for you to go through each and every aspect regarding this procedure. 

Why calculate personal loan EMI manually?

Even though it’s quite tempting to use a personal loan EMI calculator, you should try and do all the calculations manually so that you can avail plenty of advantages. Some of these benefits are discussed below.

  • With manual calculations, the results tend to be accurate, even though the process takes time. Manually calculating the EMI allows you to get first hand information regarding the total amount of money you’re required to pay every month.
  • You are able to put your best foot forward while submitting the loan application. You are also in a very good position to get your application approved.
personal loan emi calculator

Know Your EMI

 

Calculating Personal Loan EMI manually

With the improved technology, you don’t have to approach the different banking institutions to lend their personal loan EMI calculator anymore. You can easily calculate the entire sum on your own just by following a few simple steps. You just have to keep three things in mind: the personal loan tenure, interest rate and the given amount. You will have to take your repayment capacity into consideration while calculating the EMI. Several varied factors also need to be taken into consideration and you should even include things like processing charges while carrying out the assessment. You’ll be able to get really quick results once you apply the formula given by the bank. 

Assumptions

  • The rate of interest remains the same during the entire loan tenure.
  • The rate of interest is compounded on a monthly basis.

So, one can easily conclude the fact that using a personal loan EMI calculator is worthless if you know the right way to do all the calculations yourself. For a detailed analysis, you could ask an expert to help you with the assessment and you will surely be able to get the desired results. Once you’ve determined the total EMI which is to be paid monthly, you should apply for the loan immediately. In case an error occurs, you could talk to the bank authorities and get the issues rectified immediately.

How to Calculate Your Personal Loan Eligibility?

The decision of taking up a personal loan is an extremely difficult one due to the complex terms and huge interest rates associated with it. However, when you really need money, then a personal loan could come to your rescue. This is why you need to stay attentive and calculate your personal loan eligibility for securing the best possible deal. Using a personal loan eligibility calculator , you will be able to do complex calculations and make your work simpler. The total amount of loan you opt for or you’re eligible for, depends entirely on your annual income. If you’re a salaried individual, the banking institution will ask you for your annual income. You could easily take up a loan which is up to 60 times your total income on a monthly basis.

The calculation of your personal loan eligibility usually starts when the bank starts looking at your current loan commitments and subtracts the entire amount of EMIs from the net available income. The bank authorities will then start looking at your tax returns, salary slips and bank statements. They will basically assess your entire monthly income by adding up your interest income, salary and rental income, in case of any. They get all these details from your latest bank statements.

The Steps Involved to Calculate your Personal Loan Eligibility

Personal Loan Eligibility

Calculate Your Personal Loan Eligibility

The process of calculating personal loan eligibility of an individual involves certain steps and they are as follows:

  • After assessing the total income of the borrower, the bank then calculates the amount of savings he/she has. Your lifestyle and income level will be taken into consideration for a detailed analysis. It is usually assumed that you save a higher sum if you’re earning some good money.
  • If you’re already repaying some other loan, then the amount of EMI you pay every month will be deducted from your monthly savings for further calculation and assessment of your eligibility.
  • Based on all the information that the bank has, they calculate the total amount of EMI you have to pay every month and if you’re eligible for the loan in the first place.

 Ways to improve your personal loan eligibility

Not many people know that you could easily improve your personal loan eligibility for securing a personal loan quite easily. Some of the best tips that you could follow here are:

  • The first step that you could take here is to improve your credit score and credit rating. You could easily go through your credit history given on the CIBIL’s official website. Once you get rid of all your outstanding debts and credit card bills, you would be able to improve your score significantly.
  • Increasing the loan tenure could also help you in improving your personal loan eligibility. You just have to ensure that you ask the bank authorities to offer you a deal which is flexible yet convenient as far as repayment goes.
  • Negotiation is another important factor that could help you in improving your personal loan eligibility. For this, you’ll have to talk directly to the bank regarding your loan rates so that you could make things easier for yourself.

These are some of the crucial things that could help you in calculating your personal loan eligibility. Acquire a quick loan to fulfill your emergency requirements.

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How to Close a ICICI Bank Personal Loan

In India, the borrowing habits of every person are dictated by his or her needs and requirements. Everybody tries to organize their finances first to overcome a monetary crunch. However, if the crunch is too high, it is definitely feasible to look for a personal loan.

The main reasons for acquiring an ICICI bank personal loan are:

  • Family emergency: There are numerous family emergencies like the higher studies of children, house renovation, purchase of household items and many others, which propel an individual to apply for a personal loan.
  • Health and medical: You might need extra cash for various types of health and medical emergencies, which occur without any notice. An ICICI Bank personal loan can help you overcome the financial burden in no time.
  • Marriage: This is one more basic reason for acquiring a personal loan among many Indians.

There might be numerable other reasons for people to apply for a personal loan, but these are some of the basic ones according to the borrowing trends.

ICICI Bank Personal Loan

ICICI Bank Personal Loan 

Why ICICI  bank personal loan?

  • The features that an ICICI bank personal loan offers are better than most other banks. They include:
  • The loan amount is decided as per your income and stability in the current profession. Moreover, different slabs have been rolled out for different income groups.
  • The repayment tenure is flexible to ensure the comfort and ease of the customer.
  • The interest rates on ICICI personal loan has been kept as low as 13.5%.
  • An ICICI bank personal loan is provided to you without any guarantor or collateral security.
  • Minimum documentation is required from the customer’s side.
  • ICICI personal loan, once approved, is disbursed within 72 hours of application.
  • You can insure your ICICI bank personal loan liability with the help of “All Secure” insurance plan. 

ICICI bank personal loan closing procedure

  • Once you have paid for the full term of the loan, your loan account will automatically be closed by the bank, unless you have applied for a top-up. The other way of closing your ICICI bank personal loan is by prepayment method.
  • If you pay the entire amount of your ICICI personal loan before its tenure is over, it is known as prepayment. In order to get the prepayment process going, you will need to know the following details:
  • You can apply for prepayment of ICICI personal loan after paying 6 EMIs.
  • 5% of the principle loan amount or outstanding interest for the unexpired tenure of the loan, whichever is lower, will be charged as a prepayment fee.
  • You will need to visit the branch for prepayment of your ICICI bank personal loan.
  • You will need to carry your bank statement, showing the payment of last EMI, request letter duly signed by the loan applicant, PAN card and payment amount.
  • You will need to carry your prepayment statement for ICICI personal loan when you visit the branch.
  • The payment can be done through cash, cheque or demand draft.
  • In case you are not able to visit the branch, you can send your representative with the above mentioned documents, the main applicant’s ID proof and an authorization letter signed by the loan applicant.

It is always better to analyse your financial position before prepaying your ICICI bank personal loan. However, in case you have decided to do so, a proper research about the prepayment procedure will help you be prepared for any kind of bank formality.