Everything You Need to Know About Settling Your IndianOil Axis Bank Premium Credit Card
IndianOil Axis Bank Premium Credit Card Settlement
Credit card settlement means negotiating with the bank to pay less than your total outstanding due. It often happens when you’re unable to repay your dues fully.
What Is Credit Card Settlement?
- Severe financial hardship - Job loss or medical emergency - Continuous missed payments - High-interest accumulation
When to Consider Settlement?
- Negative impact on CIBIL Score - "Settled" status stays on credit report - Affects future loan eligibility - Extra scrutiny by lenders
Risks of Settlement
- Contact Axis Bank customer care - Explain your financial situation - Request for one-time settlement or EMI plan - Ask for a written settlement offer
How to Start the Settlement Process
- Be honest about your income - Ask for a waiver on interest & penalties - Negotiate a lower lump sum payment - Get a payment timeline you can manage
Negotiating the Settlement
- Make payment via official channels - Keep proof of payment (receipt or acknowledgment) - Do not pay in cash to agents without a receipt
Pay the Settlement Amount
After payment: - Ask Axis Bank for a No Dues Certificate - This confirms you’ve settled the account - Protects you from future recovery actions
Get a No Dues Certificate (NOC)
- Pay other loans/credit card bills on time - Monitor credit reports regularly - Avoid multiple loan/credit inquiries - Wait 6-12 months for improvement
How to Improve Your Credit Score After Settlement
- Settlement is a last resort - Try to convert dues into EMIs first - Always get written proof of settlement - Rebuild your credit slowly and responsibly
Final Thoughts