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Axis Bank Business Loan

Updated on April 20, 2024 , 18636 views

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.

Axis Bank Business Loan

Axis Bank Business Loan Interest Rate and Other Charges 2024

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.

Features Description
Interest Rates 15% onwards
Loan Amount Rs. 50,000 to Rs. 50 Lakhs
Processing Fees Up to 2% of loan amount+ Taxes
Collateral No Collateral
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

Features of Axis Bank Business Loan

1. Collateral-free

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.

2. Loan Amount

You can avail a loan amount of from Rs. 3 lakhs up to Rs. 50 lakhs.

3. Competitive Pricing

Axis bank’s loan amount and interest rates are updated with Market pricing.

4. Interest Rate

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.

5. Tenure

The loan amount repayment period is from 12 months up to 36 months.

Eligibility for Axis Bank Business Loan

1. Business Age

The minimum establishment for a business to avail the loan is a minimum of 3 years.

2. Turnover

In order to avail the loan, a business needs to have a yearly turnover of Rs. 30 lakhs.

3. Age

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.

4. Stability

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.

5. Income

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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Documents Required for Axis Business Loan

Mentioned below are the documents required for Business Growth Loan:

1. Identity Proof

2. Address Proof

  • Aadhar Card
  • Passport
  • Voter’s ID Card
  • Driving License

3. Income Proof

  • Bank statement of previous 6 months
  • Latest ITR along with computation of income, Balance Sheet and Profit & Loss account for the previous 2 years, after being CA Certified/Audited
  • ·Other Mandatory Documents

Axis Bank Mudra 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.

Types of Mudra Loans

Three different categories of Mudra Loans are explained below:

1. Shishu Loan

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.

2. Kishor Loan

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.

3. Tarun Loan

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.

Features of Axis Bank Mudra Loan

1. Collateral Free

Axis bank Mudra loan offers collateral-free facility. You don’t need to provide any security for availing the loan.

2. Nature of Fund

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.

Documents Required to Apply for Mudra Loan

The following documents are required while applying for Mudra loan.

1. Identity Proof

  • Aadhaar Card
  • PAN Card
  • Voter’s ID card
  • Passport
  • Driving license
  • Business license
  • Passport size photos

2. Address Proof

  • Aadhar Card
  • Telephone Bill
  • Voter’s ID card

3. Income Proof

Axis Bank Business Loan Customer Care Number

  • 1-860-500-5555 (Charges applicable as per the service provider)
  • Customers can access Phone Banking services from outside India by dialling +91 22 67987700
  • For blocking of Debit / Pre-paid cards, you can also Call our 24-hour Emergency Helpline Number +91 22 67987700

Conclusion

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.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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Sushil Kumar Choudhary , posted on 7 Jul 22 12:44 PM

Business is life

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