Looking for a Loan Against Securities to consolidate your debts from Axis Bank?
You have landed at the right place. This page contains all the information you will need on Axis Bank’s Loan Against Shares.
Axis Bank Loan Against Securities
This loan helps borrowers get access to funds by pledging their securities to the bank. While this secured loan can be used to meet any financial needs such as a child’s wedding, overseas travel, child’s education and so on, it can also be used to consolidate high-interest debts.
Features of Loan Against Securities from Axis Bank
Why this Loan?
- The Axis Bank Loan Against Securities is meant for borrowers who want to avail financial assistance by pledging securities such as shares, mutual funds, bonds, life insurance policies, etc. to meet their financial needs
- Borrowers can also avail this scheme as a consolidation loan to pay off their debts
- This loan can be availed as an overdraft or demand loan
- The maximum loan amount sanctioned by the bank under this loan is up to 85% of the value of your securities
- The applicable interest rate on this loan is defined as the sum of two factors namely, Marginal Cost of Funds based Lending Rate (MCLR) and Spread. As of October 2020, the interest rate applicable to this loan may range from 10.50% to 12.75%
Repayment & Margin Money
- At the time of writing, this information is not mentioned on the bank’s website. Please talk to a bank representative before applying for this
Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, you will have to contribute 20% which comes to Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.
- The bank accepts pledging of securities for this loan
- The bank charges 0.10% of the loan amount with a minimum of Rs. 1,000 for processing this loan
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
- Axis Bank Website: www.axisbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1860 419 5555, 1860 500 5555