Axis Bank Business Loan
Axis Bank Business Loans are designed to help businesses at every stage of their growth, with maximum loan amounts of up to Rs 75 lakh available without the need for collateral or security. The interest rates start at 15% per annum, and repayment terms range from 12 to 48 months.
Axis Bank offers the flexibility you need to manage your company’s financial needs effectively. Whether you’re starting a new business or expanding operations, Axis Bank provides customized options to help you achieve your objectives without the stress of offering assets.
Axis Bank Business Loan Interest Rate, Fees & Other Charges
| Particulars | Charges |
| Maximum Loan Amount | Rs. 75 Lakhs |
| Interest Rate | 15% to 20% p.a. |
| Processing Fee | 2% of the loan amount |
| Repayment Tenure | 12 to 48 Months |
| Foreclosure Charges | 5% + Tax |
| Delayed EMI payment charges | 24% p.a on the outstanding overdue amount calculated on a daily basis |
| ECS/Cheque Dishonor Charges | INR 300 |
| Swap Charges (ECS to ECS) | INR 500 |
| Swap Charges (Post-dated cheques to ECS) | INR 500 |
Business Loan – Explained
A business loan is a loan product provided by Banks and NBFCs to fund the financial needs of businesses. Whether you want to start a new business, expand your existing business, or require funds for any other business-related expense, business loans are the correct option for you.
While providing a business loan, lenders usually analyze the creditworthiness of the borrower by accessing the credit score of the business entity along with the credit score of the promoter and business turnover. Check your credit score for free here.
Both secured and unsecured business loans can be provided to the borrower based on the creditworthiness, the loan amount, and the repayment tenure.
Features & Benefits of Axis Bank Business Loan
The Axis Bank Business Loan is designed to assist self-employed individuals in scaling up their businesses. Covering everything from marketing and increasing working capital to purchasing inventory the tailored solution provides immediate financial support for business growth or establishment.
Some of the benefits and features of Axis Bank Business Loan are listed below:
- Collateral-Free Loans: Get up to Rs 75 lakh without providing any collateral or asset as security.
- Flexible Repayment Tenures: Choose a repayment tenure between 12 and 48 months to suit your business needs.
- Easy Application Process: There is no need for much documentation and applicants can apply either to the nearest bank branch or through the Internet with fast approval.
- 24×7 Business Loan Access: Qualified customers can take loans through AXIS mobile or net banking app any time they want.
- Best Rates to Suit Your Business: With several solutions at your disposal, cost-effective interest rates satisfy your business objectives seamlessly.
- Repay through EMIs: The repayment of the amount borrowed from the institution for a particular purpose is simply repaid through easy EMIs without straining at all.
Documentation Required for Axis Bank Business Loan
The following is a list of the documents required for your business loan application:
KYC Documents:
- Passport-sized photograph (not older than 6 months)
- PAN card of both the business and the applicant.
- Identity Proof (Driving License/Passport/Voter’s ID Card/Aadhaar Card)
- Address Proof of the applicant (Driving License/Passport/Voter’s ID Card/Aadhaar Card)
- Address proof of the business
Bank Statements: Bank and GST statements (last 6 months)
Income Documents:
- ITR along with Computation of Income (last 2 years)
- Profit loss statements (last 2 years)
- Audited balance sheet
Proof of Business Continuation:
- Establishment Certificate
- Sales Tax Certificate
- ITR
- Trade License
Other Documents:
- Certified copy of Partnership deed or Sole Proprietorship Declaration
- Certified copy of MoA & AoA, and Board Resolution
Eligibility Criteria Required – To acquire Axis Bank Business Loan
The eligibility requirements to avail Axis Bank Business Loans are:
- The age range of the loan applicant must be at least 22 years and a maximum of 65 years at the time of maturity of the loan.
- For individual applicants, 3 years of engagement in the current business and a minimum of 5 years of business experience are required.
- Entities including Partnership Firms, Sole Proprietors, Trusts, and Private Ltd. Companies associated with the business of Trading/ Manufacturing/Services are qualified for Fullerton Business loans.
- The company must be profitable for at least 2 years.
- The annual minimum turnover of a business must be INR 10 lakhs
- Minimum annual income should be INR 2 lakhs
How to apply for a Business Loan in Axis Bank?
You can apply for a Axis Bank Business Loan, by either visiting their nearest branch or going to the website and applying for the loan online.
1. Online Application Process
- Online Application: Visit Axis Bank Website and instantly apply by clicking the “Apply Now” button for an instant business loan online.
- Enter your required details in the form and click on the submit button. An Axis Bank representative will contact you shortly.
2. Offline Application Process
Download the loan application form from the website, fill it out and submit it at your nearest Axis Bank branch for further processing.
Also Read: Small Business Loans for Women
Axis Bank Business Loan EMI Calculator
What are the Factors Responsible for business Loan
Axis Bank provides business loans at an interest rate starting from 15% per annum. Securing a business loan with favorable interest rates and a flexible repayment period is crucial for applicants.
Given the typically substantial loan amounts associated with business loans, various factors come into play in determining the interest rates for Axis Bank Business Loans.
These are:
- The Credit Score of the business owner or the company. Check your credit score for free.
- Category of the business
- Business Vintage
- Profit and Annual Turnover of the business
Frequently Asked Questions
Q. What is the Axis Bank business loan interest rate?
Axis Bank offers business loans with interest rates starting from 15% per annum. The exact rate depends on various factors such as your credit profile and business performance.
Q. What are the documents required for Business Loan?
To apply for an Axis Bank Business Loan, you’ll need:
- KYC Documents: Recent passport-sized photograph, PAN card, and valid identity and address proofs (Driving License/Passport/Voter’s ID/Aadhaar Card).
- Bank Statements: Last 6 months of bank and GST statements.
- Income Documents: Income Tax Returns (ITR), Profit & Loss Statements, Audited Balance Sheet.
- Proof of Business Continuation: Establishment Certificate, Sales Tax Certificate, Trade License.
- Other Documents: Certified copy of Partnership Deed or Sole Proprietorship Declaration, MoA & AoA, and Board Resolution.
Q. What is a Business Loan EMI calculator?
A Business Loan EMI calculator is an online tool that helps you estimate your monthly EMI (Equated Monthly Installment) based on the loan amount, interest rate, and repayment tenure. It provides an overview of how much you’ll need to pay each month, aiding in better financial planning.
Q. How to apply for a Business Loan?
You can apply for an Axis Bank Business Loan in two ways:
Online: Visit the Axis Bank website, fill out the application form, and submit it. An Axis Bank representative will contact you shortly.
Offline: Download the application form from the website, fill it out, and submit it at the nearest Axis Bank branch.
Q. Which bank is best for a business loan?
The best bank for a business loan depends on your specific needs and preferences. Factors to consider include interest rates, loan amount, repayment terms, and additional benefits. Axis Bank is a strong contender with competitive rates and flexible terms, but comparing options from various banks can help you find the best fit for your business.
Some best Banks for Business Loan are:-
- SBI Bank
- HDFC Bank
- ICICI Bank
- Citibank
- IDFC Bank
Q. How to get a 15 lakh business loan?
To secure a Rs.15 lakh business loan from Axis Bank, ensure you meet the eligibility criteria and have the necessary documents. Apply online through the Axis Bank website or visit a branch to start the process. The approval will depend on your creditworthiness, business performance, and documentation.
