Axis Bank business loan offers flexible loan repayment tenure, competitive pricing and interest rates. Axis bank provides Collateral-free loans for anyone who wishes to start a business. The business can be of any stream- you could be a doctor, medical professional, etc. You can fund buying equipment or renovating your place of business, plan for new expansion and growth, etc.
The Axis bank business loan offers some great interest rates. It starts at 15%. Mentioned below are the minimum rate of interest and the maximum rate of interest.
|Interest Rates||15% onwards|
|Loan Amount||Rs. 50,000 to Rs. 50 Lakhs|
|Processing Fees||Up to 2% of loan amount+ Taxes|
|Charges for late payment of EMI||2% on the amount of overdue instalment|
Note- The details in the above tables are subject to periodic change
One of the main features of this scheme is that it is a collateral-free loan. There is no requirement of a guarantor or collateral for the same.
You can avail a loan amount of from Rs. 3 lakhs up to Rs. 50 lakhs.
Axis bank’s loan amount and interest rates are updated with Market pricing.
Axis bank offers competitive interest rate for a loan Facility. The interest rate will be based on evaluation of your business profile, financial assessment, past track record, loan amount and tenure.
The loan amount repayment period is from 12 months up to 36 months.
The minimum establishment for a business to avail the loan is a minimum of 3 years.
In order to avail the loan, a business needs to have a yearly turnover of Rs. 30 lakhs.
The candidate wanting to apply for the loan should be a minimum of 21 years of age and a maximum of 65 years of age at the end of the loan tenure.
One of the requirements is that the candidate should have an office or a residential property should be owned. The candidate should have office stability for at least 24 months. If it is rented accommodation, the residence stability should be at least 12 months.
Individuals applying for the loan should have a minimum Income of Rs. 2.5 lakhs as per ITR for last 2 years. In the case of non-individuals, minimum cash profit has to be Rs. 3 lakhs for the last 2 years.
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Mentioned below are the documents required for Business Growth Loan:
Axis bank Mudra Loan service is a great option to opt for. It comes under the Pradhan Mantri Mudra Yojana (PMMY) which was launched in April 2015. This was to facilitate funding to non-corporate i.e. small and micro-enterprises in the non-farm sector. This loan can be availed for various purposes that provides income generation and employment creation in Manufacturing, service and trading companies. It also includes allied agricultural activities.
Three different categories of Mudra Loans are explained below:
Under this category, you can apply for a loan of up to Rs. 50,000. This is targeted toward small start-ups. You have to present your business idea while applying for this loan. This will decide whether you would be eligible for the loan sanction.
Under this category, you can avail a loan of Rs. 50,000 to Rs. 5 lakhs. This is targeted toward those with an established business and a desire to set a strong foundation financially. You will have to present all the relevant documents to showcase the current position of their company.
Under this category, you can apply for a loan of up to Rs. 10 lakhs. This targeted toward those with an established business, but are looking for expansion.
Axis bank Mudra loan offers collateral-free facility. You don’t need to provide any security for availing the loan.
You can avail the loan on nature-based facilities like a term loan, overdraft, cash credit or non-fund based facility like credit, bank guarantee, etc.
The following documents are required while applying for Mudra loan.
Axis Bank business loan and Axis bank Mudra loan are good options to consider if you are looking for financial assistance for your business. Read all the loan related documents carefully before applying.