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Tractorexcesscredit

The document outlines Axis Bank's process for credit adjustments on tractor loans when excess payments are made. It discusses how payments will be adjusted based on whether there are overdue amounts, the loan's payment frequency, and the amount of excess payment. Payments are first used to pay off overdues and then excess funds over ₹20,000 may result in early loan closure, while smaller amounts are applied to principal with options for full or partial principal adjustment. The document provides guidance on how customers can request adjustments if needed.

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108 views2 pages

Tractorexcesscredit

The document outlines Axis Bank's process for credit adjustments on tractor loans when excess payments are made. It discusses how payments will be adjusted based on whether there are overdue amounts, the loan's payment frequency, and the amount of excess payment. Payments are first used to pay off overdues and then excess funds over ₹20,000 may result in early loan closure, while smaller amounts are applied to principal with options for full or partial principal adjustment. The document provides guidance on how customers can request adjustments if needed.

Uploaded by

ash209606
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Axis Bank|Internal

Process of credit adjustment in your Tractor loan account

If you have made the payment towards your scheduled EMI, then it will be adjusted against the EMI due
(if there are no previous over dues in the loan account).

In case of pending dues in the loan account:


The amount paid will be adjusted in order of oldest overdue EMI / PEMI, penal interest and charges.

In case of no overdues in the loan account:


If there is no instruction / service request raised by the loan applicant(s), the excess payment made would
be adjusted / refunded as listed below. To enable us to expedite credit adjustment in your loan account,
kindly place a request for the same by calling our Phone Banking numbers.

Sr. Scenario Credit Adjustment Process


No.
a) If EMI frequency is monthly  Amount shall be adjusted towards the principal outstanding
as a part-payment after 60 days which will impact the
tenure

b) If EMI frequency is  Amount shall be adjusted towards the principal outstanding


quarterly as a part-payment after 90 days which will impact the
tenure

c) If EMI frequency is half  Amount shall be adjusted towards the principal outstanding
yearly as a part-payment after 180 days which will impact the
tenure

d) Excess / Unadjusted In case no instructions are placed by you at the Loan Centre /
amount is greater than or Phone Banking within 3 working days from the date of credit
equal to Foreclosure in the loan account and:
amount 1. Excess amount is equivalent (=) to the foreclosure amount,
loan account will be proactively closed by the Bank
2. Excess amount is greater than (>) the foreclosure amount,
adjustment in loan account would be as follows:
i) If excess amount is up to INR 20,000, loan account
would be closed by the Bank and after closure, excess
funds would be credited to the loan repayment account.
ii) If excess amount is greater than INR 20,000, Bank
would connect with you telephonically for verification of
payment. Alternatively, you may connect with the Bank
to confirm the credit adjustment in your loan account.

e) Excess / Unadjusted In case no instructions are placed by you at the Loan Centre /
amount is less than Phone Banking within 3 working days from the date of credit
Foreclosure amount in the loan account, then excess amount will be adjusted
against the outstanding principal, leaving an amount
equivalent to one EMI for forthcoming EMI presentation.
However, in case you would like the entire amount to be
adjusted against the outstanding principal, please place a
request at Phone Banking / Loan Centre at the earliest.
Axis Bank|Internal

Please note:

 If part payment is made before the first EMI payment, adjustment of part payment against the
principal amount would be done only after the EMI payment.
 Pre-payment / foreclosure charges as applicable would be deducted. Please visit www.axisbank.com
for schedule of charges.

O001716305_04_2022

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