MUMBAI, NOV 10, 2021
India’s third-largest private sector bank Axis Bank on Wednesday 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 defence personnel to cater to their home loan requirements,” it said in a statement.
Through this partnership, the bank will exclusively offer higher loan amounts as well as the facility to transfer the balance of their loans from AGI to Axis Bank.
“As all Army personnel are entitled to draw pension, the borrowers can also extend the repayment period beyond their retirement, thus enabling them to borrow higher loans,” it further said.
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.