Axis Bank Business Loan

Are you willing to expand your business or investing in dream office, factory space, expanding inventories? Because of the financial issues are you set back? Axis bank is helping your dreams to put their track. For any entrepreneur, the foremost priority is the growth of their company. Axis bank business loan stands you like the backbone of your business with an affordable interest rate. Yet, getting a business loan isn’t simple; it takes a ton of paperwork and time. So Axis bank made it basic, you can apply for a Axis bank business loan online with less documentation.

The third-greatest bank of India is offering business loan with the moderate loan cost starts from 14.5% with less documentation. The interest rate will be varied based on different parameters like business profile, past loan track, loan amount and tenure. Axis bank is offering security free business loans. Even charted accountants, doctors, engineers can also apply.

The processing charges based on the sanctioned loan amount and other basic factors also. For business loans, banks will charge 1.25% to 1.5% as processing fees. They do have an option of foreclosure also. You can check the complete details with bank people during the loan sanction time, as it depends on the offers which the bank offer at that time.

Axis Bank Business Loan Eligibility

  • Interest rate: depends on loan amount and tenure
  • Min. Tenure: 36 months [3years]
  • Processing fees: 1.25% -1.5%
  • Type of loan: Unsecured
  • Cheque bounces charges: 500Rs
  • Penalty rate: 2% p.a. additional on the existing rate of interest
  • Loan amount: min 50,000Rs – 50, 00,000Rs
  • Foreclosure charges: Not specified
  • Business vintage: min 3 years
  • Turn over: 30Lahks – 10Cr
  • Age: 21yrs – 65 yrs

Document Required For Axis Bank Business Loan

  • Last 2 years ITR
  • PAN Card/Form 60 for all applier / Co-applicant / patron
  • Audit Report
  • KYC Documents

Key Factors

  • Total Income of the business and other income of the business
  • No collateral is required
  • Low process fee of 1.25% – 1.5% is charged
  • Online application facility
  • Details of the assets and liabilities
  • It does not require any security or collateral.
  • Flexible loan amount, tenure and repayment methods

Who Can Apply For Axis Bank Business Loan?

  • Societies, trusts, and organizations regarding hospitals or academic institutions.
  • Partnership firms
  • Private limited companies
  • Partnership type with limited liability
  • Proprietorship firm
  • Individuals possessing business registration
  • Self-employed individual/professional
  • If you are a doctor or medical practitioner you can get a business loan to purchase medical equipment or to renovate to your hospital/clinic.

Tax Advantages

Under the IT Act, the profit percentage used for loan repayment is exempted.

Additional Documents Requirement

  • Proof of the business establishment/GST Certificate / Service Tax Certificate.
  • Acknowledged Income Tax returns, along with duly signed certified copies of the profit and loss account, as well as a balance sheet.
  • Copies of Government issued identity and address documents as per current KYC norms. Along with documentary evidence, a cheque for processing fees.

Features Of Axis Bank Business Loan

Fixed Interest Rate: Most of the banks offer a commercial loan fixed rate. This means the entire loan tenure is going to be on an identical rate. The commercial loan rate is obtainable by banks starts at 14. 5% onwards, looking at the loan amount & applicant’s requirement.

Loan Amount: Axis bank business loan amount depends on the applicable financial capability. Generally, financial institutions decide the eligibility of the applicant before sanctioning the loan. It also depends on your previous loan history/score, Id proof, business location & income details.

Collateral Free Loan: From axis bank, you can get the Collateral Free Loan which is an unsecured loan. In some specific business loans, you need to provide raw material or machinery as collateral.

Flexible Repayment Tenure: You get 5 years of tenure for repayment, which makes business loans more flexible. The applicant also has an option of loan pre-payment in which he/she can foreclose the loan by paying some additional charges defined by the respective bank or NBFC.