Axis Bank signs MOU with Indian Army for Retail Mortgage loans

Axis Bank signs MOU with Indian Army for Retail Mortgage loans

· All Army personnel can avail higher loans

· Extension of loan repayment period beyond retirement

Mumbai, 10th November 2021: Axis Bank, India’s third-largest private sector bank, today signed an MOU with the Army Insurance Group (AGI) to offer retail mortgage loans to the Indian Army. The bank will offer best-in-class products and services to the Defence personnel to cater to their home loan requirements.

The signing ceremony was represented by Major General S Kemparaj VSM,SM, MD- AGIF, Col PP Singh, Director (Loans); Lt Col Vikram Singh from the Indian Army and Axis Bank was represented by Ganesh Sankaran, Group Executive (Wholesale Banking), Sumit Bali, Group Executive and Head – Retail Lending and Vivek Bimbrahw, Group Head (Govt. Business North).

Through this partnership, the bank will exclusively offer higher loan amounts as well as facility to transfer the balance of their loans from AGI to Axis Bank. As all Army personnel are entitled to draw pension, the borrower can also extend its repayment period beyond their retirement thus enabling them to borrow higher loan.

Speaking on the occasion Sumit Bali, Group Executive and Head – Retail lending, Axis Bank said, “It gives us immense pride to partner with the Army Group Insurance which will enable us to connect with an entire force of 13 Lac troops and offer them best in class retail mortgage loans. This MoU reflects Axis Bank’s continued efforts to meet the financial requirements of the Defence personnel who are selflessly serving the nation.’’

Through this partnership, Axis Bank has reinforced its commitment to address the financial requirements of Defence personnel.

About Axis Bank:

Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,679 domestic branches (including extension counters) and 10,970 ATMs across the country as on 30th September 2021, the network of Axis Bank spreads across 2,658 centers, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation.

For further information on Axis Bank, please refer to the website: https://www.axisbank.com