Axis Bank Ltd. reserves the right to retain the photographs and documents submitted with this
application and will not return the same to the applicant.
I/We authorize Axis Bank to verify and authenticate my/our Aadhaar number during processing my/our application for legitimate Business purposes.
I/We further authorise the Bank to share my Aadhaar related details/information with regulatory /
statutory bodies as and when required.
I / We agree to repay the principal amount of loan on maturity of loan and the interest amount as and
when applied. I / We also confirm that the above deposits would not be withdrawn till the time the loan is
repaid. I / We also understand and agree that:-
- All auto closure FDs will be converted to auto renewal mode and I / We have no objection to the
same
- That my OD account will be mapped to all QIC / MIC type FD lien marked and payout of FD interest
will be made only to my OD account
- OD account will be auto renewed
I / We hereby confirm that Overdraft Facility would not be utilised for the purpose of:-
- Relending
- Acquisition of small savings instruments (including KVP & NSC)
- Purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of
gold Exchange Traded Funds (ETF) and units of gold Mutual Funds.
Borrower/s must utilise borrowed funds solely for the purpose for which the loan is granted and that it
cannot make any material transfers to its group entities, from such funds, without the consent of the
Bank.
- The interest debited in the account is a demand in itself and should get repaid within 7 days of interest debit failing which the bank will have the right to debit the SB account maintained with the Bank or may liquidate the FD linked with the account to make out the overdue amount.
- However, if Borrower fails to make the payment of above said amounts in default for payment or the penal interest and other charges levied by the Bank within 90 days from the due date of such payments, in that case said loan/drawal account shall be classified as Non Performing Asset (“NPA”).
- In order to regularise the said loan/drawal account, the Borrower shall be liable to pay all the above mentioned amounts in default and/or penal interest and other charges, as the case may be, [on immediate basis]
- "The Fair Practice Code for the Lenders as published on the Axis Bank's website, shall apply to the Loan. Copy of the Fair Practice Code for lenders as available on the Bank's website https://www.axisbank.com/docs/default-source/default-document-library/fair-practice-code-for-lenders.pdf
