AXIS Bank was one of the few private banks to have begun operations in 1994, after the government of India allowed new private banks to be established . They have established 2400 branches and more than 12922 ATMs.
AXIS Bank provides Loan Against Securities with the flexibility of liquidity along with access to cash without selling off your securities. It is available as an overdraft facility against your shares/ bonds/ mutual funds and life insurance policies. AXIS Bank loans against securities provide a high loan value upto 85% of the value of your securities with an attractive interest rate starting at 10.50% per annum.
1. High loan value upto 85% of the value of your securities
2. Attractive interest rate starting at 10.50% to 12.75% per annum.
3. It avail of overdraft facilities against your shares/ bonds/ mutual funds and Life insurance policies
4. Provides cheque book facility
5. Any individuals are eligible to apply
6. No prepayment and foreclosure charges
7. Easy documentation process
To apply for a loan against securities you have to pay fees and charges applied by the AXIS Bank. It covers all charges and fees made by an AXIS bank to their customers.The following charges are taken from AXIS Bank loan against securities i.e processing fee, late payments of EMIs, cheque dishonour charges, prepayment / foreclosure charges etc.
|
TYPE |
CHARGES |
|
Processing fee |
0.15% of the sanctioned loan amount or Rs.1000 whichever is higher plus GST |
|
Loan amount |
Upto 85% of the value of you securities |
|
Penal interest |
24% p.a. or 2% p.m. |
|
Loan against equity mutual funds |
Rs.1000 plus GST |
|
Loan against debt mutual funds |
0.1% of the sanctioned loan amount or Rs.5000 whichever is lower |
|
Loan against listed boards / non convertible debenture |
0.1% of the sanctioned loan amount or Rs.5000 whichever is lower |
|
Loan against LIC |
0.1% of the sanctioned loan amount or Rs.5000 whichever is lower |
|
Loan against equity shares |
0.1% of the sanctioned loan amount or Rs.5000 whichever is lower |
|
ATM Issuance charges |
Rs.100 plus GST |
|
ATM annual maintenance charges |
Rs.100 plus GST |
|
Repayment instruction / instrument return charges |
Rs.500 plus GST per instance |
|
Cash deposit charges |
(Home branch) :Rs.3 plus GST as a applicable for per Rs.1000 (Non home branch) : Rs.3 plus GST as a applicable for per Rs.1000 |
|
Cash withdrawal charges |
(Home branch) : FREE (Non home branch) : Rs.2 plus GST as a applicable for per Rs.1000 |
|
Account statement charges- By post and e-mail |
FREE |
|
Account statement duplicate statement from branch |
Rs.100 per statement plus GST as applicable |
|
Pledge charges |
As applicable |
|
NEFT |
Upto Rs.10000 = 2.50 per transaction plus GST as applicable From Rs.10000 to Rs.1 lakh = Rs.5 per transaction plus GST as applicable From Rs.1 lakh to Rs.2 lakh = Rs.15 per transaction plus GST as applicable Above Rs.2 lakh = Rs.25 per transaction plus GST as applicable |
|
RTGS |
Rs.2 lakh to Rs.5 lakh = Rs.25 per transaction plus GST as applicable Rs.5 lakh and above = Rs.50 per transaction plus GST as applicable |
Before applying for a loan against securities from AXIS bank, you should fulfil all basic eligibility criteria as prescribed by the bank. You will get your loan amount very soon if you meet all the required eligibility criteria once the documentation is done.
1. Eligibility conditions for this loan, any individuals are eligible to apply. The applicant should be above the age of 21 years at the time of application. And also meet the below criteria for specified securities.
2. Loan against Mutual Fund – Resident Indians & NRI
3. Applicant should be above 18 years of age at the time of application
4. Loan against Debt Mutual Fund – Resident Indians, NRI, HUF, Sole
5. Proprietorship, Partnership firm, Pvt. Ltd. Company
6. Loan against Listed Bonds / NCD
7. Loan against Life Insurance Policy – Resident Indians only
Any applicant who is going to avail for a loan against securities must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.
1. KYC
2. Latest statement of holding for mutual funds
3. Pledge form for the creation of pledge
4. Income proof = Latest salary slip showing all deductions or FORM 16 along with recent salary certificate
5. Last 2 years ITR
6. Last 6 month Bank Statement
7. Optional - Guarantor form (Mandatory in case of joint holdings)
|
BANKS |
INTEREST RATE |
|
10.50% to 12.75% |
|
|
9.25% to 13% |
|
|
8.20% to 12.50% |
|
|
9.50% to 12% |
There are two ways to apply for AXIS Bank loan against securities :
1. Online Method
Today, almost every bank in India provides you with the option of availing loan against securities online. The whole process is fast and hassle-free. You can visit the official website of the bank from whom you wish to avail the loan and click on the ‘Apply Now’ button. You will have to enter the details required by the lender and upload the necessary documents. Once the bank has verified the details and documents submitted by you, the loan amount will be disbursed to your bank account.
2. Offline Method
You can visit the nearest branch of the lender from whom you wish to avail the loan along with the necessary documents. An official from the bank will then further assist you with the process of applying for a loan against securities scheme.
AXIS Bank Loan Against Securities Customer Care
Contact number : 18604195555 / 18605005555
Email id : loans@axisbank.com
The mathematical formula to calculate EMI is :
EMI = P × r × (1 + r)n/((1 + r)n - 1)
Where,
P= Loan amount,
r= interest rate,
n=tenure in number of months
Financials products offered by Bank
Loan against security is an overdraft facility that you get in return for pledging securities, such as mutual funds, bonds, shares and life insurance policies. It provides the benefits of a current account while letting you pay interest only on the amount used.
The AXIS Bank loan against securities provided a high loan amount upto 85% of the value of the securities.
The repayment tenure provided by Axis Bank loan against securities is upto 1 years..
The interest rate provided by Axis bank loans against securities starts at10.50% to 12.75% per annum.
The processing fee charged by Axis Bank loan against securities is up to 0.15% of the sanctioned loan amount or Rs.1000 whichever is higher plus GST..
You can apply online or offline by visiting the nearest bank branch.
Know More About
You're eligible for a Axis Bank Loan Against Securities if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Loans Against Securities is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Axis Bank Loan Against Securities Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 10.5% - 12.75% |
| Processing Fees | 0.15% of the sanctioned loan amount or Rs.1000 whichever is higher plus GST |
| Loan Tenure | 1 year to years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Loans Against Securities EMI Calculator