Axis Bank provides business loans up to rs.50 Lakhs without collateral with affordable EMIs for tenure up to 36 months. It gives you a 24×7 online business loan service if you are already an axis bank customer.
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Features and Benefits
- 24×7 online business loan service for existing customers
- You can get a loan of up to Rs. 50lakhs without collateral.
- The loan tenure ranges up to 6-36 months
- The loan starts with Rs.50,000.
- Interest is applied according to your credit report and the amount of loan you required.
- You can apply offline as well as online.
- Balance Transfer Facility available
- Repayment in reasonable EMIs.
- You can use the loan amount to buy new machinery, in expansion, in working capital requirements, as your business requires.
- You are also covered under the government business loan scheme Pradhan Mantri Mudra Yojana (PMMY).
Eligibility criteria to apply for Axis Bank Business loans
- Self-employed individuals
- Sole Proprietorships
- Partnership firms
- Private companies
- Unlisted Public companies
- Educationals Institutions/ Hospitals
- The minimum age to apply is 21 years
- Business must be 3 years old.
- Minimum Turnover of Rs.30 Lakhs.
- Business must be Registered
- If you are existing axis bank customer minimal documentation only about your business is required.
- ID Proof (PAN card/Aadhaar card/voter ID card/voter ID/driving license)
- Address Proof( utility bills/rent agreement/any ID approved by GOI)
- Bank Statements
- Income Proof
- GST registration number
- Business Ownership Proof
- Partnership deed in case of Partnership
- AOA, MOA, Commencement of Business Certificate.
Fee and Charges
- Rate of Interest – As per the Bank and your credit report
- Penalty for late payment of EMI – 2% per month on remaining amount i.e, 24% per annum
- Foreclosure charges – 2-5% on remaining loan amount
- Stamp duty – As per state
How to apply for the Axis Bank business loan?
You can apply in two ways i.e., Online and Offline:
- Go to axis bank website
- Click on view all options
- A new page will be opened showing various kinds of loans available
- Select Business Loan and click on the ‘Apply online’.
- A new page will be opened asking you if you are a new customer or an existing customer.
- If you are an existing customer it will ask you for your Customer ID and Password.
- If you are a new customer you have to fill out all the information asked for and apply.
- After this, for both the customers their representative will call you to further guide you through this process.
Visit your nearest axis bank branch with all the information and documents. You will get an application form over there. Fill out that form. Their employees present over there will help you with the process.
Call – 860 419 5555 / 860 500 5555
Website – Axis Bank
1] What are the minimum and maximum loan amounts for axis bank business loans?
The minimum loan amount is Rs. 50,000. The maximum loan amount is Rs. 50 lakhs.
2] What are the interest rates for Axis bank business loans?
Interest rates are applied by the bank as per your loan amount, credit history, and bank norms no fixed rate is mentioned by axis bank.
3] What is PMMY?
PMMY represents Pradhan Mantri Mudra Yojana. This scheme provides loans to non-farm, non-corporate SMEs. To know more ‘click’ here.
4] Can I apply for a business loan if my business is 1 year old?
Sorry, you cant apply for the business loan. To apply for the business loan your business must be 3 years old or more.
5] What is axis bank business loan tenure?
The business loan tenure ranges from 6 months to 36 months.