Axis Bank Business Loan
Axis Bank is India’s third largest private sector bank, formerly known as UTI Bank (Unit Trust of India). The bank offers the entire spectrum of financial services to its customers. Axis Bank is one of the first new generation private sector banks in India to have begun operations in 1994.
| Name | Axis Bank Limited[1] |
| Type | Private Sector Bank |
| Industry | Finance |
| Headquarters | Mumbai, Maharashtra, India |
| Established | 3 December 1993 |
| CEO | Amitabh Chaudhary |
| Chairperson | Shri Rakesh Makhija |
| Website | www.axisbank.com |
Axis Bank Business Loan
Axis Bank offers business loans to both self-employed and salaried individuals, to trust and societies, individuals with business registration, etc. Axis Bank business loan comes with zero collateral. Apply business loan from Axis Bank and get all the needs for your business development.
Also Read: Axis Bank Gold Loan
Features and Benefits of Axis Bank Business Loan
- Simplified Access and Minimal Documentation
- Collateral free
- Flexible loan tenure
- Balance Transfer Available
Types of Axis Bank Business Loans
Axis Bank offers various types of business loans to its customers with attractive rate of interest and flexible loan repayment tenure. Some of the business loan schemes offered by Axis Bank are as discussed below:
Axis Bank MSME Samriddhi Loan
Axis Bank MSME Samriddhi Loan caters to the working capital, small and medium enterprises etc. Borrowers can avail this loan variant as overdraft, term loan, working capital and other facilities. One can avail loan amount up to Rs 10 lakh to 5 crores.
Axis Bank MSME Samriddhi Lite
Axis Bank MSME Samriddhi Lite is another version of Axis Bank MSME Samriddhi Loan, which offers the facility of cash credit and overdraft. One can avail loan amount up to 35 lakhs in this loan scheme.
Axis Bank Business Loan (Unsecured)
Applicants can avail Axis Bank Unsecured Business Loan for any of their business purposes, such to grow their business, expanding operations, upgrading technology, or simply meeting their cash flow needs etc. In this loan the applicants can avail loan amount up to Rs 75 lakhs with flexible loan repayment tenure of up to 5 years.
Axis Bank Medical Equipment Loan
Axis Bank Medical Equipment Loan is specially designed for doctors. Borrowers can avail this loan facility against the medical equipment purchased and use the loan proceedings to expand their business and enhance facilities. Moratorium facility up to 6 months is also available. One can avail loan amount up to Rs 7.5 crore with repayment tenure of up to 7 years.
Axis Bank Secured Term Loan
Borrowers can avail Axis Bank Secured Term Loan for purchase of machinery, property, or business expansion against their residential, commercial, industrial property, godown, fixed deposits. liquid collaterals etc. In this loan scheme you can get up to Rs 10 crore for tenure up to 15 years.
Interest Rate, Loan Amount, and Other Charges
| Interest Rate | 11.25% p.a. onwards |
| Fixed Rate of Interest | 14.25% to 20% per annum |
| Loan Amount | Up to 10 crore |
| Repayment Tenure | Up to 15 years |
| Processing Fee | 0.75% of the loan amount + GST |
| Prepayment/Foreclosure Charges | 2% to 4% + GST on the principal outstanding loan amount |
| Penal Interest | 2% per month |
| Bounce Cheque | Rs 500 pr cheque bounce + GST |
Floating Interest Rates of Axis Bank Business Loans
| Particulars | Floating Rate of Interest (per annum) |
| Overdraft | 12.25% to 13.25% p.a. |
| Cash Credit | 12.25% to 13.25% p.a. |
| Term Loan | 12.25% to 13.25% p.a. |
| Unsecured OD | 11.85% to 15.85% p.a. |
| Quick OD | 19.25% to 20.25% p.a. |
| CGTMSE | 13.75% to 14.75% p.a. |
| Unsecured merchant loan | 17.75% to 18.75% p.a. |
| Overdraft against FD | 11.25% to 12.25% p.a. |
Eligibility Criteria
- Ones’ age should be between 18 to 75 years of age
- Business Vintage: Should be in the same business for at least 3 years
- Business turnover should be minimum of Rs 30 lakh
- Partnership firms
- Individuals with business registration
- Private Limited Companies
- Proprietorship firms
- Trust and Societies
- Limited Liability Partnership etc.
Documents Required
- Id proof
- Address proof
- Business proof
- Audit report
- Passport sized photographs
- Dully filled application form
- Bank statement for the last 6 months
- Income Tax Returns for the last 2 years
- Other financial documents etc.
How to Apply for Axis Bank Business Loan
You can apply via both offline and online method. If you prefer for offline method of loan application you will just need to walk in to the nearest branch of Axis Bank where the banks official will guide you to the loan application process.
To apply online for Axis Bank Business Loan, you will have to follow the following steps –
- Visit the official website of Axis Bank
- Click on ‘Business Loa’ option
- Click on the ‘Apply Now’ button
- Fill up the business loan application form and fill your basic details such as name, email ID, mobile number, state, and city
- Click on the submit button
- Once you click on the submit button, you will be guided to the further steps.
FAQs
1. What is a business loan?
Ans: Business Loan is a loan which can be availed by any person who wants to start their own business or any individual who wants to expand their business.
2. How long is a business loan valid for?
Ans: Business loan repayment tenure is valid for 5 to 7 years.
3. What is the maximum loan amount I can avail form Axis Bank?
Ans: You can avail up to Rs 50 lakhs from Axis Bank.
4. Who can avail for business loan?
Ans: Self-employed individuals, professionals, non-professionals, individuals engaged in business can avail for business loans.
5. What are the documents required to avail business loan?
Ans: Documents such as id proof, address proof, passport sized photographs, bank statement etc., are required to avail for a business loan.
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