Axis Bank Business Loan

 

About Axis Bank Business Loans

The third largest private sector bank in India, Axis Bank offers a good variety of financial products and services to the interested customers all over India, including insurance products, wealth management, mortgage loans, retail loans, business loans and more. The bank has a fairly big footprint in India, comprising of 4050 domestic branches, 4917 cash recyclers and 11,801 ATMs spread all over the country, as of March 31, 2019. Apart from that, it also has 9 international offices. With more than 55,000 people on its rolls, Axis Bank was found to have a market cap of ₹ 1.31 trillion as of March 31, 2018.

When it comes to business loans, Axis Bank offers EMI based and collateral free business loans to self-employed professionals like chartered accountants, engineers, and doctors in India. Medical practitioners or doctors can avail Axis Bank business loan for the renovation of their clinics or for purchase of new medical equipment. Chartered accountants can scale up their operations with such a loan product.

Business Loan Eligibility Criteria

As has been shared above, you need to be a self-employed doctor, engineer or chartered accountant in order to avail Axis Bank business loan. Your business constitution to be eligible for this loan product should be any of the following: partnership firm, proprietorship firm, individual (with business registration), private limited company, limited liability partnership, unlisted public limited company, trust or society (in case of hospitals or educational institutes).

Furthermore, your age should be between 21 to 65 years and your annual turnover must be anywhere from ₹ 30 lakh to ₹ 10 crore per annum. In addition, you should have been in the business for at least past 3 years. Please note, you will need to furnish your KYC documents, audit report, PAN card, Form 60 for all applicants / guarantors / co-applicants, apart from the last 2 years’ ITRs to prove your eligibility. More details on Axis Bank business loan eligibility criteria are provided below.

3

Years in currert business

₹ 50Lacs

Minimum Turnover

Axis Bank Business Loan Features / Details

One of the primary features of Axis Bank business loan is that you don’t need to pledge any collateral or security to avail this loan. It is competitively priced and you can take a business loan of up to ₹ 50 lakh. You can even avail the bank’s balance transfer facility to transfer an already running business loan with another lender, to Axis Bank, at a better interest rate. The interest rate normally offered by Axis Bank for its business loans is highly competitive, and is determined after factoring in the loan amount, business profile, tenure of the loan, past track record and overall financial assessment. Please note, Axis Bank doesn’t extend business loans to new businesses. More details on specific features of Axis Bank business loan can be found below.

17%

Interest Rate (Min)

1 – 3 Years.

Loan Tenure

₹ 3Lacs – 50Lacs

Loan Amount (Min – Max)

Axis Bank Business Loan Fees / Charges

As is the case with majority of such business loan products, Axis Bank business loan also involves certain fees and charges. The processing fees for their unsecured business loans is up to 2% of the loan amount plus taxes. Stamp duty and other statutory document charges are applicable as per the state laws. Other than that, various other charges might come into picture, including cheque bounce charges, penal interest, CERSAI charges, no dues certificate charges, foreclosure or prepayment charges etc., the details of which are provided below.

2% of Loan Amount.

Processing Fees

0% of amount prepaid.

Pre-payment Charges

No

Part Payment Facility

0%

Part Payment Processing Fees