Yes, Axis Bank has a special personal loan product for business owners.
When business owners have a good credit standing, they can apply for an Axis Bank personal loan with these credentials and use the loan amount for their business needs.
The personal loan amount can be used to buy raw materials for your business, or to take care of daily petty cash needs to run your enterprise.
Axis Bank Personal Loan Features:
- Low interest rate
- No security needed
- Less paperwork
- Long tenure
- Lower Minimum Income Requirement
Documentary proof to be submitted by business owners to get an Axis Bank personal loan
Business owners have to show a stable income proof to get a personal loan.
- Address proof & ID proof
- Bank account statements for the past 3/6 months
- IT returns documents for the past 3 years
- Business account statements (if required by the bank)
Tips to get sanctioned for Axis Bank personal loan quicker
- Approach the Axis Bank branch where you already hold an account. If you hold your business account also in the same branch, much better chances of getting the loan approved.
- Show any and all income sources to better your chances of loan approval
- Add a salaried member of your family as a co-applicant on the to get faster approval
- You could choose to go with a secured personal loan too
Additional read: Personal Loans For Self Employed