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‘QuikPay Home Loan’ launched
Axis Bank, the countrys third largest private bank, has launched QuikPay Home Loan, a firstofitskind home loan offering that will let home buyers save big on the interest amount component of the loan, said Rajiv Anand, Executive Director Retail Banking, Axis Bank on Wednesday
Vijayawada: Axis Bank, the country’s third largest private bank, has launched ‘QuikPay Home Loan’, a first-of-its-kind home loan offering that will let home buyers save big on the interest amount component of the loan, said Rajiv Anand, Executive Director (Retail Banking), Axis Bank on Wednesday.
He said essentially, as against the industry norm, QuikPay Home Loan will offer an alternative repayment structure, wherein the customer repays an equal amount of principal every month along with interest on the outstanding balance.
Instead of EMIs (equated monthly instalments), the customer will pay reducing monthly instalments.
While the initial instalments will be higher (than the EMI on the same loan amount for the same tenure), the instalment amount keeps reducing throughout the loan tenure.
