Axis Bank launches QuikPay Home Loan; a Monthly Instalments Plan
Axis Bank, the country’s third largest private bank, today launched ‘QuikPay Home Loan’, a home loan offering that will let home buyers save the interest amount component of the loan. 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.
Thus an equated principal amount combined with reducing interest amount component will lead to reducing monthly instalments. As a result, there will be an overall reduction in total interest amount component paid over the entire tenure of the home loan, thereby benefitting the customer.