Axis Bank Business Loan
Axis Bank caters to self employed individuals with collateral free business loans with minimal documentation and easy repayment facilities. Axis Bank assists you in mitigating your expeditious liquidity requirements while maintaining your business appropriately funded to grow while you decide whether to utilise the amount for the complete duration or to pre close it sooner. You can apply for the loan and get it online, then pay it back in handy instalments.
Features and Benefits of Axis Bank Business Loan
- Availability of collateral free business loans.
- Minimal documentation and assessment.
- Flexible repayment tenure upto 60 months.
- Business loan upto 75 lakhs
- Loans are available for doctors, engineers, and CA for scaling their practises.
- Relaxed eligibility requirements to offer utmost customer convenience.
- Availability of Balance transfer
- Competitive interest rates
Axis Bank is ranked third among India's largest private sector banks. SMEs, large ventures, agriculture as well as retail businesses are among the bank's diverse customer base.
Axis Bank caters to self-employed individuals with collateral-free business loans with minimal documentation and easy repayment facilities. Axis Bank assists you in mitigating your expeditious liquidity requirements while maintaining your business appropriately funded to grow while you decide whether to utilise the amount for the complete duration or to pre-close it sooner. You can apply for the loan and get it online, then pay it back in handy instalments.
- Axis Bank offers collateral free business loans
- Minimal Documentation
- Flexible repayment tenure from 12 months to 60 months
- Loan amount starting from 50,000 upto 75 lakhs
- Availability of balance transfer
Axis Bank Business Loan Eligibility
|Business Vintage||Business must be operational for at least 3 years.|
|Turnover||Annual turnover of the business should be at least 30 lakhs.|
|Applicants’ Age||1. Loan applicants must be above 21 years while applying for a business loan.|
|2. At max applicants can be 65 years old at the end of business loan tenure.|
|Residence and Office Stability||1. Applicant must own business office or the residential property. (any one)|
|2. In the event of a rented accommodation, applicants must have residence stability of minimum 12 months. FResidenc stability is not vital in case of owned house.|
|3. Applicant must have office stability of minimum 24 months.|
|Applicants’ Income||1. For an employed individual, minimum income is limited to INR 2.5 lakhs and Income Tax Returns of the last two years.|
|2. In the event of a non-individual, the minimum limit for cash profit is INR 3 lakhs. This must be clarified through the ITR of last two years.|
Who is Eligible For Axis Bank Business Loan?
|Individuals who have a registered business.||Private Limited Companies|
|Proprietorship Firm and Partnership Firm||Unlisted Public Limited Companies|
|Limited Liability Partnership (LLP)||Trust & Societies associated with educational institutes and hospitals.|
Axis Bank Business Loan Fees and Charges
|Business Loan Processing Charges||Maximum 2 percent of the loan amount in addition to applicable taxes will be charged as processing fees.|
|Part Pre-payment Charges||2 percent of the part-prepayment amount in addition to GST.|
|Foreclosure Charges or Prepayment Charges||In case loan foreclosure is initiated within 24 months of loan tenure, then 4 percent of the outstanding amount in addition to applicable GST will be charged as prepayment fees. When prepayment is initiated within 25 to 36 months of loan repayment tenure, 3 percent of the outstanding loan amount in addition to GST will be charged. After 36 months, 3 percent of the outstanding loan amount in addition to GST will be charged as foreclosure charges.|
|Penal Interest||2 percent of the overdue instalment|
|Cheque Bounce Charges||INR 339 per cheque bounce in addition to applicable taxes.|
Axis Bank Business Loan Interest Rates
Axis Bank offers competitive business loan interest rates. To determine applicable Axis Bank
business loan interest rate get in touch with the bank executive through in-person visit or by calling on toll-free numbers. Based upon certain factors, such as credit score, financial stability, business stability, applicable, interest rates will be determined.
The Interest rate will be accessed through
- Business profile
- Financial assessment
- Past business track record
- Applied loan amount
- Repayment tenure
- Credit history
Factors Affecting Axis Bank Business Loan Interest Rates
There are various factors that take hold on Axis Bank Business loan interest rates. To get approval for Axis Bank Business Loan with utmost ease, take the following factors into consideration.
Nature of Business
Ventures with a positive as well as profiting nature get approval for business loans with utmost ease at lower interest rates. At the same time,blacklisted ventures or businesses with negative reviews might have to pay a higher rate of interests. Either the loan application will be rejected or you will get approval at higher interest rates.
CIBIL score or Credit score is said to be the key factor when it comes to loan approval and interest rates. The lenders scrutinise applicant’s credibility through their credit history and CIBIL score. A good credit rating allows banks to offer business loans at lower interest rates, whereas a bad rating will result in higher interest rates.
Business Stability and ExperienceBusinesses with better stability have more chances to get loan approval at lower interest rates.
Axis Bank computes the offerable rate of interest for a business loan, through overall business experience. Individuals with reliable business backgrounds together with a long-running venture usually get business loans at lower interest rates. Defaulted financial records will directly result in declined loan application.
The annual turnover of the venture is the foremost factor that affects the offered business loan interest rate. Venture with high turnover and good revenue makes you more credible which results in loan approvals at lower interest rates. On the other hand, ventures with poor turnover might get approval but at higher interest rates resulting in higher EMI amounts.
Having good relationships with bank executives somehow increases the chances of loan approval. Additionally, you get the opportunity to have conversion to get reasonable interest rates. Thus, it is recommended to maintain a good relationship with teg existing bank to increase your chances of loan approval at lower interest rates.
Repayment history generates effects on your overall credibility as well as credit score. So, always pay your debts and associated payments on time to eliminate negative remarks from your repayment history. Better the repayment history, more the credibility. This will positively affect your loan approval chances and accessibility to lower interest rates.
Documents Required for Axis Bank Business loan
|2||Duly filled business loan application form signed by the applicant.|
|3||Financial documents to prove business stability.|
|4||Bank account statement ( last six months)|
|5||PAN card or Form 60|
|6||Business address proof and residence proof.|
|7||Income tax return for past 2 years|
How Does the EMI Calculation Works for Axis Bank Business Loans?
The loan applicants can easily compute the monthly instalment for the applied Axis Bank Business Loan through EMI calculator. Business Loan EMI Calculator is a handy tool which allows you to determine monthly instalment by substituting three values i.e. business loan amount, repayment tenure and rate of interest.
Person A applied business loan of amount INR 15 Lakhs
Applicable business loan interest rate: 9 percent per annum
Repayment tenure: 4 years
Substituting these values in EMI calculator, the resulting value INR 47,700. The total payable interest component will be INR 2,17,186. Overall repayment amount will be INR 17,17,186 (principal component + interest component).
|Year||Opening Balance||Amount Paid (Monthly Instalment *12)||Interest Component to be Paid During the year||Principal Component During the year||Closing Balance|
|1||INR 15,00,000||INR 2,86,198||INR 63,358||INR 2,22,839||INR 12,77,161|
|2||INR 12,77,161||INR 5,72,395||INR 95,595||INR 4,76,800||INR 8,00,360|
|3||INR 8,00,360||INR 5,72,395||INR 50,868||INR 5,21,528||INR 2,78,833|
|4||INR 2,78,833||INR 2,86,198||INR 7,365||INR 2,78,833||0|
Axis Bank Business Loan Customer Care Number
|For Indian Residents|
|Retail Phone Banking||1860-419-5555 1860-500-5555|
|For Agri and Rural||1860-103-5577|
|For Non Resident Indians|
|The United States (US)||1855-205-5577|
|The United Kingdom (UK)||0808-178-5040|
|United Arab Emirates (UAE)||8000-3570-3218|
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Axis Bank's Calculators
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Axis Bank's IFSC Codes
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- Axis Bank Dadra and Nagar Haveli
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- Axis Bank Delhi
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- Axis Bank Himachal Pradesh
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- Axis Bank Jharkhand
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- Axis Bank Mizoram
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- Axis Bank Odisha
- Axis Bank Puducherry
- Axis Bank Punjab
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- Axis Bank Sikkim
- Axis Bank Tamil Nadu
- Axis Bank Telangana
- Axis Bank Tripura
- Axis Bank Uttarakhand
- Axis Bank Uttar Pradesh
- Axis Bank West Bengal
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From refinancing to reducing your interest, we have the answers right here.
Is part payment allowed in Axis Bank?
Yes, Axis Bank allows loan applicants to make part-prepayments. However, you might have to pay the associated fees and chargers in order to make partial prepayments.
How can I speed up my loan approval?
To speed up the Axis Bank business loan approval, prepare the required documents beforehand. Additionally, count on the online application procedure with minimal documentation to get approval in minimal time.
What is loan foreclosure?
When an applicant decides to make a complete payment towards the borrowed amount, it is termed as loan foreclosure.
What is the interest rate of business loans in Axis Bank?
Axis Bank offers competitive business loan interest rates based upon certain factors such as business stability, CIBIL score and financial stability.
What are the documents required in Axis Bank for a business loan?
To avail Axis Bank business loans seamlessly, prepare the following set of documents beforehand. Prepare hard copies and soft copies of documents associated with residence proof, business proof, identity proof, business registration along with other documents which authenticate the financial stability.
What is the minimum age requirement to apply for an Axis Bank business loan?
The applicant must be at least 21 years old at the time of loan application.
Does Axis Bank check for CIBIL score for business loans?
Yes, Axis Bank takes CIBIL and credit score into consideration to determine the credibility of the loan applicant. Additionally, it allows the bank executive to determine the interest rate at which business loan can be sanctioned.
What is the maximum and minimum business loan amount I can get from Axis Bank?
Axis Bank offers business loans ranging from INR 50,000 to INR 75 lakhs.
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