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  • Axis Bank Business Loan

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  • If you are an engineer, doctor, or a chartered accountant and wish to avail a business loan, Axis Bank offers collateral-free business loans that can be repaid in easy equated monthly instalments (EMIs).

    Axis Bank offers business loans in the range of Rs.50,000 to Rs.50 lakh at interest rates that are determined on the basis of your business profile, loan amount, financial assessment, loan tenure, and past track record.

    You can also avail business loans from Axis Bank under the Pradhan Mantri Mudra Yojana (PMMY).

    Axis Bank Business Loan Details

    Loan Amount Rs.50,000 to Rs.50 lakh
    Interest Rate 11.50% to 20%
    Collateral Not Required
    Processing Fee
    • Cash Credit/Overdraft/Secured Term Loan – Up to 1.25% plus applicable taxes
    • Merchant Loan Overdraft/Unsecured Business Loan – Up to 2.00% plus applicable taxes

    Other Charges Associated with Axis Bank Business Loan

    Login Non-Refundable Processing Fee Rs.5,000 plus applicable taxes for cash credit/overdraft/secured term loan
    Renewable Processing Fee Up to 1.00% plus applicable taxes for cash credit/overdraft/merchant loan overdraft
    ROC Filing Charges Rs.1,200 plus taxes for cash credit/overdraft/secured term loan/merchant loan overdraft
    Cheque Bounce Rs.500 per instance plus applicable taxes
    Penal Interest
    • 2.00% p.a. additional on existing interest rate for cash credit/overdraft/secured term loan/merchant loan overdraft
    • 2.00% per month on the amount of overdue instalment for unsecured business loan
    Prepayment/Foreclosure Charges
    • 2% of sanction limit for cash credit/overdraft/secured term loan/merchant loan overdraft
    • 2% to 4% of principal outstanding at the time of prepayment plus applicable GST
    Part-Prepayment Charges
    • Nil for cash credit/overdraft/secured term loan/merchant loan overdraft
    • 2% charge plus GST on the amount prepaid

    How to Get a Business Loan from Axis Bank

    You can avail a business loan from Axis Bank in two ways – online and offline.

    To avail a business loan from Axis Bank online, you can follow the below-given steps:

    • Visit the official website of Axis Bank.
    • Click on the ‘Business Loan’ tab.
    • You will be redirected to a page where all the features of the loan have been given.
    • Go through the information given on the page and click on the ‘Apply Now’ button once you decide to avail the loan.
    • A new page will open in a different tab wherein you will have to fill your basic details such as name, email ID, mobile number, state, and the city.
    • Once you click on the submit button, you will be guided to the further steps.

    If you prefer the offline method of loan application, you can walk in to the nearest branch of Axis Bank where the bank officials will inform you of the loan application process.

    Eligibility Criteria for Axis Bank Business Loan

    To avail a business loan from Axis Bank, you need to fulfil the below-given eligibility criteria:

    Business Vintage Should be in the same line of business for at least 3 years
    Business Turnover Rs.30 lakh to Rs.10 crore
    Age 21 years to 65 years

    The following entities/individuals are eligible for availing a business loan from Axis Bank:

    • Partnership firms
    • Individuals with business registration
    • Private Limited Companies
    • Proprietorship Firms
    • Limited Liability Partnerships
    • Trust and Societies (for hospitals/educational institutes)
    • Unlisted Public Limited Companies

    To avail business loans under the Mudra Yojana, the eligibility criteria are as follows:

    • The small and micro enterprises should be engaged in activities that generate income.
    • The activities should fall under the manufacturing, trading, and services sector which includes agricultural activities.
    • The credit needs of the business should be within Rs.10 lakh.

    Documents Required

    When you apply for a business loan from Axis Bank, you will be required to furnish the below-given documents:

    • Income Tax Returns (ITR) for the last 2 years
    • Form 60 and PAN Card of all applicants/co-applicants/guarantor
    • Know-Your-Customer (KYC) documents
    • Audit Report

    FAQs on Axis Bank Business Loan

    1. I have just started my business. Will I be eligible for a line of credit?
    2. Unfortunately, no. To avail a line of credit from Axis Bank, your business should be under current ownership for at least 3 years.

    3. Does Axis Bank offer loans to the MSME sector?
    4. Yes, under the Micro, Medium, and Small Enterprise (MSMED) Act, 2006, Axis Bank extends loans to the MSME sector through 41 dedicated cells/centers spread across the country.

    5. Can I avail a Mudra loan from Axis Bank?
    6. Yes, Axis Bank offers Mudra loans wherein you can avail a loan of up to Rs.10 lakh to start your own income-generating business.

    7. I wish to avail a MSME loan from Axis Bank. How long will it take for me to get the loan amount in my account?
    8. All loans sanctioned by Axis Bank to the MSME sector will be disbursed within 2 working days provided all terms and conditions are fulfilled. The bank is able to provide prompt loan disbursement because of its dedicated credit operations team.

    9. Will I get a business loan from Axis Bank to start a greenfield project?
    10. Yes. Axis Bank offers business loan to start a greenfield project for the establishment of expansion projects.

        

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