How to Close Axis Bank Personal Loan?

Loan closure (or foreclosure) refers to paying off the entire outstanding amount before the scheduled tenure ends. Partial payments (part-payments) reduce the principal but don’t fully close the loan. Closing early can save on future interest charges, but there are some charges and formalities to complete. I have shared how to close personal loan in Axis Bank below.

How to Close the Personal Loan in Axis Bank?

• Visit the nearest Axis Bank Loan Centre in person (it cannot be done completely online). 

• Request a personal loan foreclosure, or pre-closure statement. This document will show the outstanding principal, accrued interest to date, and any foreclosure or pre-payment charges.

• Along with the foreclosure statement, you’ll need to provide KYC identity proofs (e.g., Aadhaar, PAN), your loan account details, and possibly statements of your last EMIs.

• Once you know the full outstanding amount plus applicable foreclosure charge (and GST, etc.), you make payment via cheque, demand draft, or online transfer. Clearing all dues is necessary.

• Fill out and submit the formal foreclosure application form at the Loan Centre after making the payment.

• After payment and verification, Axis Bank will issue closure documents.

Make sure that Axis Bank reports the loan as closed/foreclosed to credit bureaus and that your credit report reflects this closure. This is important for your credit history.

Many debtors only require this emergency money for a brief period of time. It doesn't make sense in these circumstances to keep making personal loan payments for years. By choosing prepayment to terminate a personal loan earlier than planned, interest expenses might be greatly decreased. So, if you want to know how to close Axis Bank personal loan, you must visit the bank branch.

How to Close Personal Loan in Axis Bank?

To close your Axis Bank personal loan in India, you need to follow the below steps.

1. Locate the nearest Axis Bank Loan Centre using the bank's official website. Personal loan foreclosures can only be processed at these centres.​

2. Upon arrival, request a foreclosure statement. This document will detail the exact outstanding principal, applicable interest, and any foreclosure charges.​

3. Provide necessary documents, including:

4. KYC documents (Aadhaar, PAN, passport-sized photographs)

5. Bank account details for refund of any excess payment

6. Loan account number and related paperwork​

7. Clear the total outstanding amount as specified in the foreclosure statement.​

8. After payment, submit a formal foreclosure request at the Loan Centre. The bank will initiate the closure process.​

Axis Bank applies foreclosure charges based on the loan tenure:

1. 5% of the outstanding principal if foreclosed within 12 months

2. 4% between 13 to 24 months

3. 3% between 25 to 36 months

4. 2% after 36 months​

I hope you understand how to close the personal loan in Axis Bank.

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Axis Bank Personal Loan PreClosure Charges Explained 

Wondering, how to close the personal loan in Axis Bank? Let me tell you that there are 3 important types of personal loan closure in Axis Bank, regular personal loan closure, personal loan pre-closure, and personal loan part payment.

How to Close Axis Bank Personal Loan Online?

I’d like to say that to close your Axis Bank personal loan, you must visit the nearest branch, as this cannot be done online. At the branch, fill out and submit the application form along with the required documents. The bank will verify the documents and calculate the outstanding loan amount, including applicable taxes and foreclosure charges. 

Once you receive and review the foreclosure statement, clear the dues. After payment, the bank will initiate the closure process, and you will receive the closure documents.

I hope this clarifies your query on how can I close my Axis Bank personal loan online.

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Hi Dinesh, Last year, I obtained a personal loan from Axis bank as there was a family emergency and I required money. However, after a few months, when I regained my financial stability, I decided to foreclose the loan. It was during this time that I asked my bank’s relationship manager about how to close personal loan in Axis Bank. I’ll be happy to share the steps with you all.

How Can I Close My Axis Bank Personal Loan Online?

My relationship manager informed me that the Axis Bank personal loan closure online process is not at place, so I was required to visit the nearest bank branch for the same.

• It was necessary for me to complete and submit the application form together with the necessary paperwork.

• After confirming my documentation, the bank computed the balance owed on my personal loan, including all applicable taxes and foreclosure costs.

• I obtained and checked the foreclosure statement that included the amount and due date of the payback.

• Paid with a cheque to settle the debt. Alternative possibilities included internet transfer and demand draft.

• The bank started the procedure as soon as they received money. I got the closure documentation when everything was finished.

• Personal loan details

• PAN or Aadhaar card

• Bank statements as an evidence of last EMI payment

I hope this information helps you!

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I wanted to close my personal loan at Axis Bank but did not know how to close Axis Bank personal loan. I therefore decided to visit the bank and seek help from the officials. I learned that there is no online process as of now but you can do it offline. So let me share how to close Axis Bank personal loan online step by step, offline.

How to Close my Personal Loan in Axis Bank?

Here is what you need to do to close your personal loan offline in Axis Bank

• Visit your nearest Axis bank

• Submit the foreclosure form filled with relevant details

• Attach all the documents as asked for, like bank account statements, KYC documents and more

• Let the bank verify the documents next

• The bank will next send a foreclosure statement with the amount and repayment date

• Pay the outstanding amount with foreclosure charges by cheque, demand draft or by other methods

• Let the bank start the foreclosure facilities

Once these are done, the bank will issue the following documents after the foreclosure process is done:

• Payment receipt

• Personal loan closure certificate

• NOC for personal loan foreclosure

Make sure the credit rating agency updates all the entries and get them reflected in your new credit score.

You can know about them in their official website here:

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