Closing your personal loan successfully is just as important as managing it. If you’re an Axis Bank customer who has repaid your loan or wants to foreclose it early, understanding the correct closure process ensures you avoid any future complications—like credit report errors or unnecessary interest payments.
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In this article, we’ll walk you through the step-by-step process of closing a personal loan in Axis Bank, including documents required, charges, and FAQs.
Types of Personal Loan Closure in Axis Bank
Before jumping into the process, it’s important to understand the two primary types of loan closure:
1. Regular Loan Closure
This happens when you complete all EMIs (Equated Monthly Installments) as per the loan tenure and repay the entire loan amount.
2. Foreclosure / Pre-Closure
This refers to paying off the remaining loan amount in one shot before the end of the tenure.
How to Close Personal Loan in Axis Bank
Here’s how you can close your personal loan, depending on the type of closure:
✅ For Regular Closure
Step 1: Verify Final EMI Payment
Ensure that all your EMIs have been cleared and no dues remain.
Step 2: Request for Closure Letter / NOC
Once the last EMI is debited, visit the nearest Axis Bank branch and request:
- Loan Closure Letter
- No Objection Certificate (NOC) These documents act as proof that your loan has been settled.
Step 3: Collect Loan Closure Documents
You’ll receive:
- NOC (No Objection Certificate)
- Final statement of account (optional)
- Loan account status update confirmation
✅ For Foreclosure (Pre-Closure)
Step 1: Contact Axis Bank
Reach out to customer care or visit the branch to get your outstanding loan amount, including any foreclosure charges.
Step 2: Pay Outstanding Amount
Make the payment via:
- Net banking
- Cheque/Demand Draft
- Axis Mobile app (if applicable)
Step 3: Submit Required Documents
You may need to submit:
- Identity proof
- Loan account number
- Foreclosure request form (from the branch)
Step 4: Collect Foreclosure NOC
Once the bank receives full payment, they will issue:
- NOC
- Loan closure confirmation
Documents Required for Loan Closure
- Identity Proof (Aadhaar / PAN / Driving License)
- Loan Account Number
- Closure Request Letter (for foreclosure)
- Cheque/DD (if paying offline)
Charges for Loan Closure in Axis Bank
| Type of Closure | Charges |
|---|---|
| Regular Closure | ₹0 (No charges) |
| Foreclosure | 2% to 5% of outstanding principal (may vary by loan agreement) |
Tip: Check your loan sanction letter or contact customer care to confirm exact foreclosure fees.
Why Closing a Personal Loan Properly Matters
- Improves your credit score
- Prevents future legal/financial issues
- Ensures your loan account is officially closed in bank records
- Avoids unnecessary interest if foreclosing
How to Check Loan Closure Status
You can confirm the closure by:
- Checking your CIBIL report (should show loan status as “Closed”)
- Axis Bank’s mobile app or net banking
- Calling Axis Bank Customer Care
Frequently Asked Questions (FAQs)
1. How do I get the NOC after closing a personal loan in Axis Bank?
Visit the nearest Axis Bank branch with your ID and loan details. The bank will issue a No Objection Certificate once your dues are fully cleared.
2. Is there a foreclosure charge on Axis Bank personal loans?
Yes, foreclosure charges usually range between 2% to 5% of the outstanding principal. Charges vary depending on the loan agreement.
3. Can I close Axis Bank personal loan online?
Foreclosure payment can be initiated online, but you still need to visit a branch to complete documentation and collect the NOC.
4. How long does it take to close the personal loan account after full payment?
Typically, it takes 7–10 working days after payment for the account to reflect as closed.
5. Will I get a refund if I close my loan early?
No refund is provided. However, you save on future interest that would’ve been charged.
6. How to check personal loan status in Axis Bank after closure?
You can verify via Axis Mobile App, Internet Banking, or check your CIBIL report.
7. What happens if I don’t close my loan officially?
Your account may remain “active” in the credit bureau’s records, impacting your credit score and future loan approvals.
Final Thoughts
Whether you’re closing your Axis Bank personal loan after completing EMIs or through foreclosure, the key is proper documentation and confirmation. Always collect the NOC, check your credit report, and keep closure proofs safely stored.
