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Axis Bank Business Loan

Apply Axis Bank Business Loan

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Overview

Axis Bank is the third largest private bank in India with a global presence to cater to its huge customer base. It offers many financial solutions to the retail sector as well as the corporate sector. The business loans of the Bank can be availed by the corporate, SME sector as well as the small business sector. Axis Bank is a renowned name in the banking sector and the loan solutions by the Bank are among the well thought and borrower friendly solutions that do not burn a huge hole in their pockets.

The details of the business loans offered by the Bank are mentioned here.

Axis Bank Business Loans

Eligibility for Axis Bank Business Loans

Axis Bank has detailed the list of eligible applicants as well as the eligibility requirements for its business loans to small business units that have a turnover of up to Rs. 15,00,00,000. Such list of eligible applicants includes

  • Individuals (with business registration)
  • Proprietorship Firm
  • Partnership Firm
  • Limited Liability Partnership (LLP)
  • Private Limited Companies
  • Unlisted Public Limited Companies
  • Trust & Societies (for educational institutes / Hospitals)

The various criteria set by the bank and the minimum requirements for each that the potential borrower is required to meet are mentioned below.

Age requirements

Axis Bank states that the minimum age to apply for the Bank’s Business loans is 21 years and the maximum age for the same cannot exceed beyond 65 years (at the time of maturity of the loan)

Minimum  Income

The minimum income requirement of the Bank for the purpose of this loan has been set by the bank in two categories namely, for individuals and non-individuals. The details of such requirements are tabled below.

Category

Requirement

Individuals

Minimum Income Rs. 2,50,000 (as per ITR for last 2 years)

Non-Individuals

Minimum Cash Profit Rs. 3,00,000 (as per ITR for last 3 years)

Turnover

Axis Bank requires the entities to have a minimum turnover of Rs. 30,00,000 in order to be eligible for the business loans of the Bank.

Business existence

The minimum period of existence required by an entity to be eligible for business loans is 3 years.

Residence or Office Stability

The bank’s requirements for the residential or office space is listed below.

  • Axis Bank requires either the office or residential property to be owned by the applicant.
  • If the applicant is in a rented space, the minimum residential stability should be at least 12 months. However, the requirement will be foregone if the applicant shifts to an owned house.
  • Bank requires the office stability to be at least 24 months.

Documents required for Axis bank Business Loans

The documentation process of the Bank for its Business loans has been made very simple to enable faster processing of the documents and thereby a faster disbursal of loans if sanctioned by the Bank. The list of documents required by the Bank include the basic KYC documents as well as a few additional documents to verify the existence of the business entity as well as the income/profit making capacity or potential of the business organization.

The documents required by the Bank are listed below.

  • Application Form duly filled and signed (by all the relevant parties in case of a company or partnership firm or trust)
  • Basic KYC documents
    • Identity Proof
    • Address Proof
    • Recent photographs (in case of individuals)
  • Relevant Financial documents
    • Balance Sheet
    • Profit and loss Account
    • Income Tax Returns
  • Bank account statement for the past 6 months
  • Business Proof
    • Partnership Deed
    • Trust Deed
    • Memorandum and Articles of Association

Features of Axis Bank Business Loans

Axis Bank Business Loans is a preferred destination for loans by the business community. Business loans of the Bank can be availed at minimal documentation and at attractive rates as well as comfortable repayment options. Some of the features of Axis bank Business loans are provided here.

Tenure

The tenure of the Axis Bank for business loans is for a minimum period of 12 months or 1 year to a maximum period of 36 months or 3 years.

These loans are flexible loans and the tenure can be extended depending on case to case basis.

Amount of Loan

Axis bank provides financial solutions to the small businesses. Such loans can be availed for a minimum amount of Rs. 3,00,000 to Rs. 50,00,000.

Rate of Interest

The rate of interest of the business loans depends on the tenure of the loan, amount of loan sanctioned, credit profile of the applicant, floating rate or fixed rate nature of the loan.

The loans that have a floating rate of interest have an interest in the range of 11.05% to 17.75% which is reset in 3 months. The loans that have a fixed rate of interest have the rate of interest from 14.25% to 20% per annum.

Collateral

The business loans of Axis Bank can be procured at zero collateral or security requirements. These loans are unsecured loans that can be easily accessible and availed promptly without any unnecessary delays.

Processing Charges

The processing charges for the business loans of the Bank are levied at a standard charge of 2% of the loan amount. This amount is excluding the applicable taxes.

Part payment charges

Axis Bank permits the part payment of the business loans anytime during the tenure of the loan. The part payment charges levied on the amount prepaid is to the extent of 2% of the amount prepaid. These charges are also excluding the applicable taxes.

Foreclosure charges

Axis Bank levies foreclosure charges on the business loans depending on the period in which such foreclosure or full closure of the loan is effected.

The charges levied by the Bank are tabled below.

            Period

              Charge

              Up to 24 months

4% of the principle outstanding at the time of such pre-payment + Applicable GST

            From 25 months to 36 months

3% of the principle outstanding at the time of such pre-payment + Applicable GST

              More than 36 months

3% of the principle outstanding at the time of such pre-payment + Applicable GST

Other charges

The other charges levied by the Bank on business loans are mentioned below.

            Particulars

              Charge

            Penal Interest

            2% per month on overdue installment

            Cheque Bounce Charges

            Rs. 500 per cheque bounce + Applicable taxes

Axis Bank Loan Application Process

Axis Bank provides an extremely easy application process and quick disbursal of loans to the business community. Customers can apply for the business loans of the Bank by any of the following means,

Online application

Applicants can download the application form available online and submit the same after duly filling and signing it along with the necessary document to complete the application process

Physical application

Another way of applying for the Bank’s business loans is by physically visiting the nearest branch of the Bank and directly applying for the loan there.

Connecting the customer care service

Application for the Bank’s business loans can also be made via the customer care service of the Bank. Customer care service of the Bank can be reached at,

Toll free number - 1860 419 5555 / 1860 500 5555 (Retail Phone Banking  Numbers) (charges as per service provider)

Postal address – Axis Bank Limited

   Corporate Office,

   Bombay Dyeing Mills Compound,

   Pandurang Budhkar Marg, 

   Worli,

   Mumbai – 400025

Phone – 022 – 24252525

FAQs – Axis Bank Business Loans

1. Does Axis Bank charge part payment charges?

Yes. Axis Bank levies part payment charges up to 2% of the amount prepaid excluding GST.

2. What is the maximum amount that can be availed as business loans?

Axis Bank provides business loans up to a maximum amount of Rs. 50,00,000

3. What is the maximum tenure of the loan?

The maximum tenure for Axis Bank Business loans is 36 months but may be extended depending on case to case basis.

4. When can a person foreclose the business loan taken from Axis Bank?

Axis Bank business loans can be foreclosed anytime after the payment of the first EMI.

5. Are the business loans of Axis Bank secured or unsecured loans?

Axis Bank business loans are usually without any collateral i.e., unsecured loans, however, the Bank may require collateral in case the applicant does not meet the income criteria or any other criteria of the Bank or depending on the Bank’s discretion.

Axis Bank Business Loan - Customer Reviews

4 / 5 (76 Reviews)
10 Dec 2018

Super app

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