Axis Bank offers collateral-free EMI-based Business Loans for professionals or entrepreneurs who are looking to grow their business. Now Chartered Accountants, Engineers, or Doctors can apply for a business loan online. You can take your business to greater heights with a Business Loan.
Axis Bank Business Loan is both secured and unsecured. For unsecured loans, you do not have to submit collateral. For secured loans, you need to submit an acceptable form of security to avail funds. The maximum loan amount to borrow is up to Rs. 20 crores (Rs. 50 lakhs for an unsecured business loan). The bank offers a competitive interest rate, flexible repayment tenure, and additional assistance on the loan account.
What are the Features for Axis //Bank Business Loan?
Below-mentioned is some of the Axis Bank business loan features.
- The loan amount ranges from Rs. 50 thousand to Rs. 15 lakhs/50 lakhs only.
- Added facilities assured are speedy loan sanctioning and minimum paperwork.
- The amount for repayment is determined by the credit period, money lent, and rate of interest.
- The percentage of interest charged depends on the bank’s concern after judging the borrower’s credit history, income, business turnover, and profit, etc.
- No collateral is required.
- The loan amount is up to Rs. 50 Lakh
- Competitive interest rates are offered.
Business Loan – Eligibility
| Business Vintage | Minimum of 3 years |
|---|---|
| Turnover | Minimum 30 lakhs |
| Age | Minimum 21 years at the time of loan application Maximum 65 years at the end of loan tenure |
| Residence/Office Stability | Either office or residential property should be owned In case of rented accommodation, residence stability should be of at least 12 months, not applicable if shifted to owned house Office stability should be of at least 24 months |
| Minimum Income | In case of individuals, minimum income to be of 2.5 lakhs as per ITR for last 2 years In case of non-individuals, minimum cash profit should be Rs 3 lakhs for last 2 |
Which constitutions are Eligible to apply?
- Individual (with business registration)
- Proprietorship Firm
- Partnership
- Limited Liability Partnership
- Pvt ltd Companies
- Unlisted Public Ltd. Companies
- Trust & Societies (for educational institutes / Hospitals)
What is the Interest rate for Axis Bank Business Loan Facility?
We offer competitive Interest rates for our loan facilities. The interest will be determined based on the assessment of your business profile, financial assessment, past track record, loan amount, and tenure.
The business loan interest rates by Axis Bank are different for different loan schemes.
- The interest rate starts from 11.05% and goes up to 20%.
- For floating rate loans linked to the Repo Rate, the reset period is after every 3 months.
- For loans with fixed rates, the starting rate of interest is 14.25%
What are the Documents required for Axis Bank Business Loan?
- KYC Documents
- Duly filled in application form signed by the customer
- Relevant financial documents
- Bank account statement of last 6 months
- PAN card/Form 60
- o Business Proof