Axis Bank has come up with a quick business loan that can boost your business growth. Through this loan, they offer competitive interest rates, flexible repayment terms and an easy application process. Axis Bank business loan is a great choice for entrepreneurs who are planning to expand their businesses.

Here’s a quick glance to find out if it’s for you:

  • Entrepreneurs between the age of 21 to 65 with a business vintage of 3 years are eligible for this loan.
  • Through this business loan, you can get up to 20 crores. (Rs.75 lakhs for an unsecured business loan)
  • Interest rates will be between 11.05% to 20%.
  • Easy loan approval through minimal procedures.

They offer both secured and unsecured loans. There is no need for collateral in the case of an unsecured loan. You must provide an approved form of security for secured loans to receive funding.

Features

Some of the features of the Axis Bank business loan are listed below;

  • The loan amount varies between Rs.50,000 and Rs.50 Lakhs.
  • Additional benefits such as quick loan approval and little paperwork.
  • Interest is determined after evaluating the borrower’s credit history, income, business turnover, and profit, among other factors
  • No security is needed.
  • Axis Bank charges a standard 2% processing charge for their loans.
Interest rate for Axis Bank business loan

Axis Bank business loan’s interest rate is based on the evaluation of your business profile, financial situation, prior performance, loan amount, and duration. It offers various loan packages at various interest rates for its business loans.

  • The starting interest rate is 11.05%, while the maximum rate is 20%.
  • The reset time for loans with floating rates tied to the repo rate is every three months.
  • The introductory interest rate for loans with fixed rates is 14.25%.
Who may apply?

The main highlight of this loan is that it is designed to assist a wide range of business entities and professionals. Below is the list of entities that can apply for Axis Bank business loans.

  • Individual (with business registration)
  • Proprietorship Firm
  • Partnership
  • Limited Liability Partnership
  • Pvt Ltd Companies
  • Unlisted Public Ltd. Companies
  • Trust & Societies (for educational institutes / Hospitals)
Eligibility criteria for Axis Bank business loan

The following are some criteria for Axis Bank business loan eligibility:

  • Business vintage – There should be at least a minimum business experience of 3 years.
  • Turnover – Minimum business turnover of 30 lakhs is a must
  • Age – Minimum 21 years at the time of loan application; Maximum 65 years at the end of loan tenure.
  • Residence/Office stability – Either office or residential property should be owned. In the case of rented accommodation, residence stability should be for at least 12 months, not applicable if shifted to an owned house. Office stability should be for at least 24 months.
  • Minimum Income – In the case of individuals, the minimum income is to be 2.5 lakhs as per ITR for the last 2 years. In the case of non-individuals, the minimum cash profit should be Rs 3 lakhs for the last 2 years.
Documents Required
  • KYC Documents
  • Duly filled in application form signed by the customer
  • Relevant financial documents
  • Bank account statement for the last 6 months
  • PAN card/Form 60
  • Business Proof
How to apply?

You can apply for this loan through online as well as offline mode. Either you can visit your nearest Axis Bank branch or you can apply through their official site. To apply online Click here.

FAQs

Q. I have just started my business. Am I eligible for this loan?
Ans: No, Axis Bank business loans require at least 3 years of business experience.

Q. What is Axis Bank’s business loan interest rate?
Ans: It offers various loan packages at various interest rates for its business loans. The starting interest rate is 11.05%, while the maximum rate is 20%.

Q. Can I apply for this loan offline?
Ans: Yes, you can apply for this loan by visiting your nearest Axis Bank branch.

Q. Does Axis Bank offer loans to the MSME sector?
Ans: Yes, Axis Bank provides loans to enterprises under MSMEs.

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