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Axis Bank Business Loan

Axis Bank Business Loan

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11%

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Self-employed individuals, manufacturers, traders, and retailers often struggle to manage their finances while expanding their businesses. Axis Bank's business loan offers a flexible solution with collateral-free EMIs, starting from Rs. 50,000.

Axis Bank understands the financial needs of businesses and offers competitive interest rates, beginning at 11% per annum, to ensure affordable financing. The simplified loan application process with minimal documentation and the convenience of online applications enable quick access to working capital. This capital can be utilised to purchase inventory, pay suppliers, or meet other short-term business requirements.

By opting for easy EMIs, businesses can efficiently manage their cash flow and focus on growth.

Axis Bank Business Loans

Axis Bank Business Loan Eligibility Criteria

To qualify for an Axis Bank business loan, several factors come into play, including your business type, financial performance, and creditworthiness.

1. Business Type

Axis Bank offers business loans to a wide range of businesses, such as:

  • Proprietorships
  • Partnership firms
  • Private limited companies
  • Public limited companies
  • Self-employed individuals or professionals (like doctors, chartered accountants)

Your business must operate legally and adhere to Indian laws.

2. Business Age

Your business should have been operational for at least three years to demonstrate stability and consistency.

Startups or newer businesses may not qualify for unsecured business loans, but Axis Bank offers specific products tailored to their needs.

3. Annual Turnover

A strong turnover is essential to show your business's ability to repay the loan. Typically, a minimum turnover of ₹30 lakh per annum is preferred for unsecured business loans. Businesses with higher turnovers and profit margins may qualify for larger loan amounts.

4. Credit Score

A good credit score (750 or above) is crucial for loan approval. Both your individual credit history and your business's credit history will be evaluated.

Check your credit score for free here!

5. Financial Stability

Your business should have a history of profitability over the past few years, as evidenced by audited financial statements. Additionally, your debt-to-income (DTI) ratio should be within acceptable limits, indicating your business's ability to manage its financial obligations.

6. Loan Applicant's Profile

For proprietors or key partners in partnerships:

  • Age should typically be between 21 and 65 years.
  • You must possess relevant business experience and expertise.

Professionals like doctors and CAs applying for business loans must have the necessary qualifications and professional practice licenses.

Axis Bank Business Loan Interest Rates

  • Floating Rate Loans (linked to repo rate): Interest rates on these loans fluctuate based on changes in the repo rate. Currently, these rates range from 9% to 17.50% per annum.
  • Fixed Rate Loans: These loans offer fixed interest rates that remain unchanged throughout the loan tenure. The interest rate for fixed rate loans ranges from 14.25% to 18.50% per annum.
  • Loans with a Tenure Above 36 Months: For loans with a tenure exceeding 36 months, Axis Bank offers interest rates ranging from 14.25% to 18.50% per annum.

Axis Bank Business Loan Fees and Charges

Charge Type

Description

Processing Fee

Up to 2% of the loan amount + any taxes

Renewal Processing Fee

Up to 1% of the loan amount + applicable taxes

Stamp Duty & Other Statutory Charges

As per the state's law

ROC Filing Charges

Up to Rs. 1,200 + applicable taxes

Penalty for Not Submitting Stock Statement

Up to 2% of the outstanding loan amount from the default date + applicable taxes

Penalty for Not Submitting Property/Stock Insurance

Up to 2% additional interest rate on the outstanding amount

Cheque Bounce Charge

Up to Rs. 500 per instance + applicable taxes

Penal Interest

2% p.a. on overdue amount

No Dues Certificate Charge

Rs. 50 + applicable taxes

CERSAI Charges

Up to Rs. 100 + applicable taxes

Part Pre-payment Charge

Up to 2% + GST on the amount that is prepaid

Foreclosure Charges

2% to 4% of the principal outstanding + GST

Axis Bank Business Loan Features and Benefits

Benefit

Description

Quick Disbursal

Get your funds fast.

Simple Process

Easy application with minimal paperwork.

Affordable Rates

Pay competitive interest rates.

Flexible Terms

Choose a repayment plan that suits you.

Tailored Solutions

Get the right loan for your business needs.

Online Convenience

Apply and track your loan online.

Collateral-Free Options

Access funds without pledging assets.

Additional Funding

Get more money when you need it.

Expert Advice

Get financial guidance from experts.

Personalised Service

Get dedicated support from your relationship manager.

Axis Bank Instant Business Loans

Axis Bank provides Instant Business Loans for businesses that need quick financial support without a lot of paperwork.

Key Features and Benefits:

  • Loan Amount: Up to ₹50 lakh, based on your creditworthiness and how well your business is doing.
  • Fast Approval: Quick approval and disbursement with minimal paperwork.
  • Unsecured Loan: No need for collateral.
  • Tenure: Take advantage of a flexible repayment schedule, usually lasting up to 36 months.

Who is Eligible?

  • Existing Axis Bank customers with a pre-approved offer can get instant loans.
  • Businesses with a good credit score and a strong banking relationship with Axis Bank are prioritised.

How Can You Use It?

  • You can use the loan for buying inventory, marketing, or short-term working capital needs.

Who is It Ideal For?

  • Small businesses that need immediate funds for operations or growth.

Axis Bank Startup Loans

Axis Bank provides Startup Loans to help new businesses or entrepreneurs in their early stages of growth.

Key Features and Benefits:

  • Loan Amount: Customised to fit the startup's financial needs and potential.
  • Collateral-Free Option: Some loans may not require collateral, depending on the business profile.
  • Support Services: Advisory services to help with business plans and financial management.
  • Interest Rates: Competitive rates based on the applicant's creditworthiness and business plan.

Who is Eligible?

  • Startups must have a well-defined business plan.
  • Promoters should have the necessary qualifications and experience.
  • A good personal credit score and co-applicants (if applicable) increase the chances of approval.

How Can You Use It?

  • Ideal for business setup, equipment purchases, marketing, or expansion.

Who is It Ideal For?

  • Entrepreneurs and startups in various industries, especially those in technology, manufacturing, or services.

Axis Bank SME Loans

Loans help small and medium-sized businesses (SMEs) meet their financial needs for growth and efficiency.

Key Features and Benefits:

  • Loan Amount: Varies depending on the business size and turnover (up to ₹50 crore for larger SMEs).
  • Types of SME Loans:
    • Term Loans: For business expansion or equipment purchases.
    • Working Capital Loans: For day-to-day operations.
    • Overdraft Facility: To manage short-term liquidity issues.
  • Collateral: Both secured and unsecured options are available.
  • Interest Rates: Competitive rates with fixed as well as floating rate options.

Who is Eligible?

  • Businesses must have been functional and operating for at least 3 years.
  • Annual turnover should be ₹30 lakh or more.

What Documentation is Required?

  • GST returns, audited financials, and business KYC.
  • Bank statements for the past 6-12 months.

Who is It Ideal For?

  • Small and medium-sized businesses that need growth capital or funds for equipment and operations.

Axis Bank Working Capital Loans

Axis Bank offers Working Capital Loans to finance day-to-day business operations.

Key Features and Benefits:

  • Loan Amount: Customised to fit the business's needs and cash flow.
  • Purpose: Fund immediate needs like raw materials, inventory, salaries, or receivables.
  • Credit Types:
    • Cash Credit: Helps meet short-term working capital needs.
    • Overdraft Facility: Allows businesses to overdraw within a limit for flexibility.
    • Bill Discounting: Financing against unpaid invoices.
  • Collateral: Can be secured or unsecured.

Who is Eligible?

  • Businesses must have been operating for at least 2-3 years.
  • Consistent cash flow and profitability are required.

What is the Tenure?

  • Typically up to 12 months, renewable annually.

Who is It Ideal For?

  • Businesses facing cash flow gaps due to delayed payments or seasonal demand fluctuations.

Axis Bank Commercial Loans

Axis Bank offers Commercial Loans to help larger businesses and corporations meet their significant financing needs.

Key Features and Benefits:

  • Loan Amount: Substantial amounts based on the business size and turnover.
  • Purpose: Financing large-scale operations, infrastructure projects, or expansion.
  • Collateral Requirements: Typically secured, with options for mortgages or hypothecation of assets.
  • Customised Solutions: Tailored financing options, including term loans, project financing, and structured credit solutions.

Who is Eligible?

  • Businesses with strong financials and creditworthiness.
  • A history of successful operations coupled with a solid turnover.

What is the Tenure?

  • Long-term repayment options, typically up to 10 years, depending on the loan type.

Who is It Ideal For?

  • Established companies in sectors like manufacturing, infrastructure, and services that need substantial financial support.

Axis Bank Loan Documentation Requirements

Axis Bank requires the following documents for a business loan application:

1. Duly Filled and Signed Application Form: Complete and sign the business loan application form provided by Axis Bank.

2. KYC Documents: Submit necessary Know Your Customer (KYC) documents, which may include:

  • Identity Proof: Aadhaar, Passport, Voting ID, or Driver’s License
  • Address Proof: Utility bills (electricity, water, or telephone), rental/lease agreement, or property documents

3. Recent Photographs: Provide two recent passport-sized photographs of the applicant.

4. Bank Statements: Submit your bank statements for the past 6 months.

5. Financial Documents: Provide relevant financial documents, such as:

  • Income Tax Returns (ITRs): ITRs of the business and promoters for the last 2-3 years
  • Audited Financial Statements: Balance sheet and profit & loss statements for the last 2-3 years
  • GST Returns: GST returns for the previous year

6. PAN Card or Form 60: If you do not possess a PAN Card, kindly submit Form 60 instead, along with a copy of your PAN Card.

7. Proof of Business: Provide documents to verify your business existence and operations, such as:

  • GST Registration Certificate
  • Certificate of Incorporation or Partnership Deed
  • Udyam Registration Certificate (for MSMEs)
  • Shops and Establishments Act registration or trade license
  • Memorandum of Association (MOA) and Articles of Association (AOA)

Axis Bank Business Loan Application

Online Application:

1. Visit the Axis Bank Business Loan Page or their official website.

2. Go to the business loans section and select the specific loan type (e.g., working capital loan, SME loan, startup loan).

3. Hit "Apply Now" and enter your business and personal information, along with your loan requirements, in the online application form.

4. Upload the scanned copies of the required documents.

5. Submit the application and wait for confirmation.

Offline Application:

1. Visit the nearest Axis Bank branch.

2. Consult with a loan officer to discuss loan options and suitability.

3. Submit the completed application form along with hard copies of the documents.

Through a Relationship Manager:

1. Existing Axis Bank customers can contact their relationship manager for assistance with the application process.

2. Pre-approved offers for eligible customers may require minimal documentation and faster processing.

Axis Bank Loan Repayment Terms

Loan Tenure

  • Business Loans: Typically range from 12 months to 60 months (1-5 years). Working capital loans may have shorter tenures, usually 12 months, with a renewal option. With secured loans, term loans for business expansion can be structured for up to 10 years.
  • Flexibility: Borrowers can choose a tenure that suits their repayment capacity.

Repayment Modes

Axis Bank offers multiple options for loan repayment:

  • Equated Monthly Instalments (EMIs): Fixed monthly payments that combine principal and interest. Auto-debit from a linked Axis Bank account is the most common method.
  • Bullet Repayment: Available for specific loan products, where you repay the entire principal at the end of the loan term, with periodic interest payments.
  • Prepayment or Foreclosure: You can pay off the loan early, either partially or fully, to reduce interest costs. The prepayment terms, along with any fees, differ by loan type.

Axis Bank Loan Calculator

As an example, a business loan of Rs. 10,00,000 at a 12.5% annual interest rate for 5 years would result in an EMI of Rs. 22,498.

You can calculate your loan amount EMI by entering the details here:

Loan Calculator

Axis Bank Business Loan Offers

Axis Bank features several attractive business loan solutions to accommodate the diverse needs of businesses. Here are the key highlights:

Unsecured Business Loans:

  • oans are provided without requiring collateral, making them accessible to SMEs and startups.
  • These loans are ideal for working capital, expansion, or other operational needs.

MSME Loans:

  • Tailored for small and medium enterprises (SMEs) with a turnover up to ₹250 crores.
  • Offers include MSME-specific schemes and collateral-free loans under CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises).

Specialised Loan Products:

  • Options like Quick OD (Overdraft), Merchant Finance, and SME Plus provide customised financing.
  • Focused offers are available for professionals such as doctors and self-employed individuals.

Flexible Interest Rates:

  • Interest rates start from 11.05% and change on the basis of loan type, amount, duration, and the applicant's credit profile.

Digital and Quick Loan Approvals:

  • 24x7 loans and overdraft options are available online with quick disbursement.
  • Users can apply via the bank’s website or physically visit a branch.

Other Offers:

  • Axis Bank supports loans for specific needs such as vendor and dealer financing, factoring for quick receivable conversion, and funding solutions for startups and growing businesses.

Axis Bank Credit Assessment

Axis Bank assesses a business or individual's creditworthiness to determine if they qualify for a loan. This helps the bank understand if the borrower can repay the loan and manage financial risks.

How Axis Bank Assesses Credit:

1. Reviews Financial Documents:

  • The bank examines balance sheets, profit and loss statements, and bank statements.
  • This helps assess cash flow, profitability, and debt levels.

2. Checks Credit History:

  • The bank reviews the applicant's credit score from agencies like CIBIL.
  • A good credit score improves approval chances and terms on which loan is provided.

3.Analyses Business Performance:

  • For businesses, the bank evaluates turnover, growth, and industry performance.
  • Key factors like revenue, profit margin, and debt-to-equity ratio are considered.

4. Assesses Collateral (if applicable):

  • The bank evaluates the value and type of collateral (property, equipment, etc.).
  • The collateral must meet bank standards.

5. Verifies Loan Purpose:

  • The bank checks the reason for the loan (working capital, expansion, asset purchase, etc.).
  • The loan must align with the borrower's business goals.

6. Evaluates Borrower's Background:

  • The bank reviews the applicant's business history, leadership, and management skills.
  • For individuals, employment and financial discipline are considered.

7. Analyses Risk:

  • The bank assesses internal and external risks, considering the borrower's creditworthiness, industry, and economic conditions.
  • Sustainable and promising businesses are favoured.

8. Evaluates Guarantor or Co-applicant (if applicable):

  • The bank assesses the financial and credit details of the guarantor or co-applicant.

9. Checks Market and Regulatory Compliance:

  • The bank ensures the business meets all legal and regulatory standards.

10. Approves and Sets Terms:

  • Based on the assessment, the bank decides on loan approval, amount, tenure, and interest rate.

Disclaimer:All the features, interest rates, steps, and other information specified above are sourced when this page was written and are subject to change. For exact information, refer to the Axis Bank’s website or contact them.

Axis Bank Business Loan FAQs

1. What is the minimum loan amount for an Axis Bank Business Loan?

Axis Bank offers business loans starting from as low as ₹50,000.

2. Will I need collateral to apply for an Axis Bank Business Loan?

No, Axis Bank provides collateral-free business loans for eligible applicants.

3. What are the eligibility criteria for an Axis Bank Business Loan?

Your business must be operational for at least three years, have a minimum turnover of ₹30 lakh per annum, and a credit score of 750 or above is preferred.

4. What is the interest rate for Axis Bank Business Loans?

Interest rates range from 9% to 18.50% per annum, depending on the loan type and tenure.

5. How can I apply for an Axis Bank Business Loan?

You can apply online through the Axis Bank website, offline by visiting a branch, or via your relationship manager if you are an existing customer.

6. What documents are required for an Axis Bank Business Loan application?

Key documents include KYC, bank statements, GST returns, audited financials, and proof of business operations.

7. Can I prepay or foreclose my Axis Bank Business Loan?

Yes, you can prepay or foreclose the loan, subject to a fee of up to 4% of the outstanding amount.

Disclaimer:This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.

Axis Bank Business Loan - Customer Reviews

4 / 5 (103 Reviews)
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