Axis bank business loan is a type of loan that is designed to help individuals fund the expansion of their business. Whether you are a doctor who wants to grow their clinic or purchase medical equipment, or a Chartered Accountant who is planning to take ahead their own practices, the Axis business loan is there to help you make your goals and planning manifest. The bank brings this loan for proprietorship firms, private ltd. companies, trusts and societies etc. Doctors, Chartered Accountants and Engineers can also apply for Axis bank business loans at affordable rates and flexible tenure.
|
Loan Amount |
Up to Rs 30 lakh |
|
Interest Charges |
11.50% to 20% |
|
Processing Fees |
2% of the loan amount + Applicable taxes |
|
Tenure |
Up to 5 years |
|
Prepayment Charges |
2% of the principal outstanding |
Axis bank business loan comes with various features including attractive rates, easy tenure and an option to transfer the balance. Here are some attractive features and benefits of Axis bank business loans that you can definitely count on:
Whether you want to give your small business bigger wings, or you are a doctor or a medical practitioner who wants to grow practices in their profession, Axis bank business loan is there making sure your dreams come true. This loan is catered to the individuals in order to help them practice and take business to a whole new level without any financial obstacles.
You can avail the minimum loan amount of Rs 50,000 and it goes up to Rs 50 lakh. However, Axis bank business loan amount is determined based on various factors. If you are applying for an Axis business loan, then know that the bank will take key points such as your experience, income, age, credit history etc. into account. With the help of such factors, the bank will be able to decide the loan amount that has to be availed to you.
Axis bank business loan interest rates come at a competitive pricing. The Axis business loan is offered at both types of rates, fixed and floating. The rates for the business loan also rely on some factors like repayment tenure, credit score, repayment capacity etc. The bank offers business loans at interest rates starting at 11.05% and it goes up to 20%.
You can transfer your existing business loan to Axis bank and save up on interest charges. The bank offers a balance transfer facility to help move an existing business loan from another bank that is charging interest to the bank with lower interest rates.
Axis bank business loan features Pradhan Mantri Mudra Yojana (PMMY) that is a scheme launched by Indian Government that offers affordable business loans to the small and micro businesses in the non-farm sector.
The PMMY scheme offers loans to three different categories- Shishu, Kishore and Tarun. These categories are divided based on the loan amount. The Axis bank business loan PMMY can be enjoyed by individuals from income generating business, manufacturing and trading.
You can prepay your Axis bank business loan and foreclosure it. If you have enough funds to pay the loan in full before the tenure and you can do it. Axis bank business loan foreclosure charges go up to 4% depending the type of loan and the tenure in which you are prepaying the loan.
You can also opt to make business loan part-prepayment. Up to 2% plus applicable taxes are charged by the bank as business loan part-prepayment fees. It is recommended to enquire about the Bank’s terms and conditions about the prepayment and part-prepayment of Axis bank business loan.
You can apply for an Axis bank business loan online or offline. The bank offers quick services and demands minimum documentation when it comes to the loan application. The Axis bank loan application procedure is fast, simple and hassle free.
Before moving ahead and hitting the application process, it is crucial to know if you are eligible for an Axis bank business loan. Here is the eligibility criteria for Axis business loan:
You will be required to submit some documents when applying for an Axis bank business loan. These documents include address and ID proof and financial documents.
Here are the documents required for Axis bank business loan application:
|
Documents |
Self Employed Individuals |
|
Identity Proof |
Aadhar Card, Passport, Driving Licence, Voter ID Card |
|
Address Proof |
Passport, Voter ID Card, Recent Utility Bill such as Electricity Bill, Water Bill, Telephone Bill |
|
Income Proof |
IT returns, Bank Statements, Balance Sheet and Profit & Loss Account, Challans Showing Payment of Advance Income Tax |
|
Other Required Documents |
Certified copy of Partnership Deed, Certified copy of Memorandum & Articles of Association, Passport-size Photographs, Application Form, Proof of Continuation |
Compare With Other Bank Business Loan Interest Rates
|
BANKS |
INTEREST RATE |
|
15.65% to 21.20% |
|
|
16.25% to 19.99% |
|
|
12% to 16% |
|
|
10.65% to 16.25% |
|
|
8.30% |
You can calculate the Equated Monthly installments (EMI) and know the amount you will have to pay every month for the repayment of your Axis bank business loan. You can use the Axis bank Business Loan EMI Calculator to calculate your Axis bank business loan EMI.
Here is what you need to do to use the Axis bank Business Loan EMI Calculator:
The payable EMI will appear next to the calculator now.
Here is how to apply for Axis bank business loan:
Apply for Axis bank business loan offline
You can visit the nearest Axis bank branch in order to apply for an Axis business loan. Make sure you have all the necessary documents that you need to submit with the business loan application when visiting the bank. The bank official will give you the assistance with the Axis bank business loan application procedure.
Apply for Axis bank business loan online
Here are the steps to apply for Axis bank business loan online:
If something is confusing you or you have any complaint to make, then you can contact the Axis bank customer care.
Here are the Axis bank customer care numbers:
Contact Number - 1-860-419-5555, 1-860-500-5555
FAQs On Axis Bank Business Loan
The Axis bank business loan is a collateral-free loan. Thus, you need not offer any security or collateral in order to get the Axis bank business loan.
You can repay your Axis bank business loan using the following payment channels:
If you prepay the Axis bank business loan amount and foreclose it, you will be charged up to 4% of the principal outstanding plus GST applicable. The foreclose charges vary among the type of business loan and the tenure in which you prepay the loan.
The maximum loan amount you can avail under Axis bank business loan PMMY scheme is Rs 10 lakh.
No. To get an Axis bank business finance, the individual must have the ownership of the business for at least 3 years.
Here is how you can track your Axis business loan application:
You can also check the status of your Axis business loan application from the mobile application of Axis bank.
Last Updated on : 07/Apr/2021Know More About
You're eligible for a Axis Bank Business Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Business Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Axis Bank Business Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 11.5% - 20% |
| Processing Fees | 2% of the loan amount |
| Loan Tenure | year to years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Business Loans EMI Calculator