Monthly Debit Order
Your repayment is automatically debited from your bank account on your agreed payment date each month. The debit order amount is fixed — it does not fluctuate with the repo rate because your interest rate is locked in at the time of signing.
How the debit order is set up:
- When your loan agreement is signed, you consent to a recurring debit order
- Your bank confirms the debit order amount and date via SMS or banking app
- The debit runs monthly for the agreed term (24–72 months)
Changing your debit order date: If you need to change the debit order date (e.g. to align with your salary date), contact DirectAxis on 086 102 0304 well in advance. Changes to banking details must be requested on 021 764 3404.
Early Settlement
You can settle your DirectAxis loan early at any time. Steps:
- Call 086 102 0304 to request a settlement quotation
- DirectAxis will calculate your remaining balance (outstanding principal + interest accrued to date + any applicable fees)
- You arrange a once-off EFT payment for the settlement amount
- DirectAxis confirms settlement in writing and cancels the debit order
There are no early settlement penalty fees. However, the initiation fee already paid is non-refundable.
What Happens If You Miss a Payment
Warning: Missing a repayment is serious. Under the National Credit Act, DirectAxis is required to follow a specific process:
| Stage | What Happens |
|---|---|
| Missed debit order | DirectAxis will re-present the debit order. Bank charges may apply for a returned debit. |
| After 20 business days | DirectAxis sends a Section 129 notice (NCA required), advising you of arrears and your right to dispute, apply for debt review, or seek debt counselling. |
| Continued non-payment | Legal action may be initiated, a judgment may be obtained, and your credit record will be adversely affected. |
If you anticipate payment difficulties, contact DirectAxis before the payment date. Early contact gives you more options.
Repayment Best Practices
- Set your debit order date to your salary date — this ensures funds are available when the debit runs
- Keep sufficient balance in your account — returned debits incur bank charges and mark your account as irregular
- Monitor your loan balance via the online portal — know exactly how much you owe at all times
- Consider early settlement if you receive a windfall — reducing the outstanding balance saves interest over the remaining term
- Contact the call centre immediately if your financial situation changes — proactive engagement opens more options than default
FAQ — Repaying a DirectAxis Loan
Can I make additional payments to reduce my balance? Yes. You can make additional payments towards your loan by contacting DirectAxis to arrange a once-off payment. This reduces the outstanding principal and the interest charged going forward.
Will my monthly instalment decrease if I make an extra payment? Typically, extra payments reduce your outstanding balance and the remaining term of your loan rather than changing the fixed monthly instalment. Confirm the exact effect with DirectAxis when making the payment.
What is the penalty for missing a payment? There is no penalty charge as such, but returned debit fees from your bank apply. More importantly, missed payments are reported to credit bureaus, negatively affecting your credit score, and DirectAxis will initiate recovery action under the NCA after the statutory notice period.
Can I request a payment holiday? DirectAxis does not publicly advertise payment holiday facilities as a standard product feature. Contact 086 102 0304 to discuss your circumstances — options may be available on a case-by-case basis.