Description

Axis Bank business loan

Axis Bank loans in India are designed keeping in mind the self-employed, proprietorship/partnership firms/companies. A person can avail a business loan and use it for expansion of an existing business or start up a new venture. Axis Bank offers a hassle-free business loan application process with simplified documentation, flexible tenures and lower interest rates for businesses of all sizes. Axis Bank business loans can be availed against any collateral or security which has a good market value and is freely transferable. Axis bank provides you with a customized loan application process such that it suits an individual’s requirements. Afinoz.com have an exclusive tie-up with Axis bank. Therefore applying for an Axis bank business loan through Afinoz.com makes the process of application and approval of loans from Axis bank much easier and quicker. By availing the benefits of Axis bank business loans through Afinoz.com, business owners can achieve their dreams of business expansion.

Why to Apply for an Axis Bank Business Loan?

The Axis business loan offers easy funds for your business requirements with favourable  terms and conditions. You should choose an Axis Bank business loan due to the below-mentioned advantages associated with it-

  • Multipurpose loans: You can use the Axis business loan amount pretty much for any genuine business requirements such as working capital finance, trade finance, project finance, construction finance and so on.
  • Flexible repayment period: The Axis Bank business loan tenure ranges from 12 to 60 months as per the borrower’s convenience
  • No security /collateral:  You do not need to pledge a security /collateral to avail an Axis Bank business loan.
  • Multiple payment modes  Easy and multiple payment options such as  auto debit, ECS and PDC are available.

Interest Rates: Axis Bank Business loan

Axis Bank business loan interest rates 2019

TYPE CHARGES
Interest Rates

11.50 to 20%

Loan tenure 1 to 5 years
Processing Charges

Up to 1.25% of loan amount + Service Tax

Prepayment No prepayment permitted until the repayment of minimum 6 months EMI
Prepayment charges 5% of the Principal Outstanding + GST
No Dues Certificate/ No Objection Certificate(NOC) Rs. 150 + Service Tax
Penal Interest 2 % per month on the overdue installment amount

Axis Bank Business Loan Fees and Charges

  • The Axis Bank business loan interest rates start from 11.50 %
  • The processing fee charged for an  Axis Bank business loan is up to 2 % of the loan amount , plus the applicable taxes
  • No prepayment charge is levied if you want to make prepayments for an Axis Bank business loan
  • No foreclosure charge is associated with an Axis Bank business loan
  • Additional interest charged on late payment of an Axis Bank business loan emi is 2% per month
  • The Axis Bank business loan emi  cheque bounce charge is fixed at Rs 500 plus GST

Please note that the figures mentioned above are subject to periodic changes, as deemed fit to the bank.

Special Note: Rates are subject to periodic change. Business loan interest rates in Axis Bank & other fees and charges are subject to regular review and can vary from customer to customer depending upon a number of factors ranging from credit score, to existing loans, amount of savings, company with which you are currently employed, number of years of relationship with Axis bank etc.

Eligibility Criteria : Axis Bank Business Loan

Any Indian citizen having his own business and having residual income and the ability to repay the loan is eligible for Axis Bank business loans. Other parameters that a loan seeker must satisfy in order to be eligible for getting a business loan for their business are mentioned below:

  • Individuals whose businesses are constituted as any one of the following are eligible to apply for a business loan from axis bank:
    • Partnership Firm
    • Private Limited Company
    • Self-employed Professional/Non-Professional
    • Unlisted Public Limited Company
    • Proprietorship company
    • LLP(Limited Liability Partnership Company)
    • Trust, Societies and Section 25 Companies(mainly for hospitals or educational institutions)
    • Age: Minimum age at the time of application of loan should be 21 years; Maximum age at the time of maturity to be 65 years
  • Business Continuity: The business should have been well-established and should be up and running for more than 3 years
  • Turnover: The gross income of the company should range from Rs. 30 lakhs to Rs. 10 crores per annum
  • Work Experience: Minimum 2 years of experience in the current line of work for Self-employed individuals
  • Monthly Income: For self-employed borrower's their monthly salary should be at least Rs.25000/- per month
  • CIBIL score: Loan approval will be difficult if your CIBIL score is low. In some cases, even if your credit score is low, but your business is doing good then your loan application might get approved, but you might be asked to pay a high interest rate and will be offered many unfavorable terms and conditions on your loan.
  • Axis Bank business loan eligibility calculator: Using the business loan EMI calculator and business loan eligibility calculator at Afinoz.com you can easily calculate the exact amount of your monthly installment and your eligibility as per your potential.

Documents Required: Axis bank business loan

A business loan entails the simplest form of documents which can vary slightly for different types of companies like self-employed individual proprietorship firms, private limited companies, and partnership firms. Thus, for obtaining the maximum amount of loan, a borrower should produce the documents according to their business profiles as follows:

Documents for Self-employed Proprietorship Companies

Identity/Age proof of all directors (Anyone) Copy of Aadhaar Card/PAN card/Passport/Voter's ID/Driving license
Financial Documents Copy of returns/P&L and balance sheets of the last 3 years as documented and verified by CA
Bank statement Last 6 months bank statement
Existing Loans If you have any existing loan, then the sanction letter of that loan/loans along with its repayment records or account statement
Proof of business ownership Certified copy of Proprietorship deed/ Service tax certificate/Tax bill/Certificate of Shop and establishment

Documents for Private Ltd. Companies

  • KYC (id & address proof) of all directors (as they stand as co-applicant)
  • Last 2 yrs. Individual ITR + COI(certification of incorporation) of all directors
  • Any electricity or water bill of residence or office of ownership
  • 1 photograph of each director
  • KYC of the company (pan card and address proof)
  • Last 3 yrs. ITR with Complete financials
  • Landline/Postpaid phone bill
  • MOA(Memorandum of Association)
  • List of director & shareholders
  • Registration proof of the company
  • Last 1-year bank statement (all major accounts)
  • Limit letter, if any
  • All running loan schedules, if any
  • Form 20B (annual return)
  • Current year vat and service tax return

Documents for Partnership Firms

  • PAN card of firm
  • PAN card of all partners
  • Photos of all partners
  • In case if there are multiple partners in a firm, ample number of co-applicants must be made part of the loan application such that total ownership of all loan applicants exceeds 51%
  • Residence address proof of all partners (electricity bill, water bill, house tax receipt)
  • Office address proof of firm (latest phone bill not older than 2 months)
  • Any registration proof in the name of the firm
  • Partnership deed copy
  • Last 2 yrs. Individual partner's ITR with computation of income (if more than 1 partner is acting as an applicant or co-applicant, then ITRs of all are required) 
  • Last 2 yrs. ITR with complete financials of the firm
  • Any 3 yr. old continuity proof (if incorporation date mentioned in registration proof then not required)
  • Last 1 Year bank statement of the main account
  • OD/CC letter if there is a running limit from any bank or NBFC
  • All running loan schedules and their statements
  • Last 4 quarters of Vat or service tax return whichever is applicable.

Features & Benefits : Axis Bank Business Loan

Axis Bank has attractive benefits from quick approval of loans, to attractive interest rates along with longer loan tenures. Quantum of business loans offered by Axis bank customers depends on a lot of factors (profits generated by the business in the last 3 years, amount of tax paid and occurring in ITR filed over the past 2-3 years, credit history, etc.) including their requirements and repayment history. Here are some features and benefits of the Axis bank business loan:

  • Online eligibility check and quick disbursal: Check your eligibility for availing a business loan online as per your requirements within a minute. Loans are usually disbursed within 2 to 3 days of approval based on your credit history and your ability to repay the loan.
  • Axis bank offers collateral-free business loans based on EMI’s.
  • You can avail a business loan up to 50 lakhs without providing any collateral/security/guarantor.
  • The maximum amount of business loan that can be sanctioned depends on the quality and size of your business including the profits being generated.
  • Flexible tenure: Axis bank provides flexibility to its customers in the form of loan tenures which can range from 1 year to 5 years.
  • Provides a high level of transparency to its customers about the charges involved at each stage of the loan process.
  • Very low processing fee of around 1 to 1.5% of the loan amount is charged while taking a business loan from Axis bank
  • The easy and speedy documentation process
  • No hidden charges
  • Zero foreclosure charges
  • Attractive Interest Rates: If you are an existing Axis Bank customer, then you can avail special offers, attractive interest rates, and loan tenures. It is always advisable to calculate your cost versus benefit ratio, before availing any business loan.
  • Very low pre-payment charges
  • Transfer of the loan balance: -You can enjoy lower EMIs with the added benefit of getting extra finance by transferring your existing business loan to Axis Bank and saving on your interest payments.
  • Quantum of borrowing under Axis Bank business loan ranges from Rs. 1 lakh to Rs.50 lakhs

Axis Bank Business Loan EMI Calculator -

The Axis bank business loan EMI calculator will assist you if you want to calculate your Axis Bank business loan emi accurately. This useful tool will help you to calculate the business loan EMI, the breakup and the amortization table accurately. An evaluation of these important parameters will provide a transparent picture to you and will empower you to make an informed decision regarding the affordability of your Axis Bank business loan. By feeding the inputs (loan amount, loan tenure and Axis Bank business loan interest rate) properly on the Axis bank business loan EMI calculator, you can even decide on an exact EMI amount that you can repay comfortably over your loan tenure.

  • This exercise will save you from straining yourself financially and will help you to avoid financial distress later on. With the Axis bank business loan EMI calculator, you can be sure of getting error-free results at your convenience. Here, you are at liberty to try out your own permutations and combinations regarding tenure, loan amount and business loan interest rates and choose the perfect Axis Bank business loan product for yourself.

Why Afinoz?

Afinoz.com is one of the leading online marketplace for availing loans and investment poducts. Our main objective is to make the process of getting a loan or making an investment safer, convenient and hassle-free for individuals. We work with public and private banks, NBFCs and mutual fund houses across the entire country and offer an unbiased quotation on financial products. You can contact our team to get more information or apply for a loan or investment by calling on 0120-411-0376 or by emailing at info@afinoz.com. Afinoz.com provides solutions which are quick, reliable, transparent, confidential and above all free.

Why should you apply for an Axis bank business loan through Afinoz?

Afinoz.com is India's leading personalized financial marketplace. We have created a business loan platform which lets you choose the best business loan that meets your requirements from the multiple options that are available to you.

  • Instant Approval – Once you fill in and submit the application form along with the mentioned documents, you will get your e-approval within 2 to 3 business days.
  • Real-time application tracking–Keep track of your application’s status in real-time with a unique transaction id which is generated at the time of loan application submission on our website. We ensure that all the applicants are kept informed about their application process at each step via SMS and emails.
  • Online eligibility check - Do all your dealings with the bank online. You have to provide your basic information and our online business loan eligibility calculator will let you know the amount of loan you are eligible to borrow from Axis bank for financing your business.
  • Secure Environment - Afinoz.com has built-in security for your personal information which is stored in a secure environment on our system with your consent. This information is then sent to the bank in an encrypted format digitally and is very secured and scripted.
  • 24/7 Customer Service - At any stage of the process if you have any query or seek any financial advice, our experienced and well-trained customer service team will offer the best financing/investment solutions to your problems. So there's no need for you to waste time and make multiple trips to any bank, NBFC or financial institution to discuss the various terms and conditions.
  • No third-party agent Afinoz.com online loan application process is free of any unwanted expenses and delays. One can approach a bank online directly through Afinoz without approaching any agent.
  • Free quotations – Get the best online deals on Axis bank business loans and free unbiased quotes on business loan interest rates. All you have to do is to select the loan amount you want to borrow and the tenure you want it for. You will get a targeted online quote within minutes of application.

How to apply for Axis bank business Loan on Afinoz?

Axis Bank has an exclusive tie-up with afinoz.com. If you are looking for a business loan then you can simply log on to Afinoz.com to check your business loan eligibility and apply for a loan.

Business owners can apply for a loan in Axis bank through Afinoz.com in the following three simple steps:

  1. Check your eligibility for the loan: - Firstly, you need to make sure you meet Axis bank’s business loan eligibility criteria on Afinoz.com. For that, you have to submit some basic details relating to you and your business such as the employment type, business turnover, city, mobile number, email id on our business loan eligibility page. Once you submit these details, our system intelligence then runs an algorithm and gets you a quick quotation on the best business loan options available to you immediately.
  2. Select the loan amount and tenure: - Once you meet the eligibility criteria, select the loan amount and tenure as per your eligibility and submit.
  3. Upload and submit documents:-In the next step, fill out the application form along with details of the KYC documents and submit your application for processing from Axis bank. The bank then verifies the applicant's information and starts processing the loan for disbursement.

At each step of the application process, Afinoz.com allows it's an applicant to keep track of the status of their application in real-time via SMS as well as through emails. Due to such simplified and fast processing, Afinoz.com has become the most popular option for many business owners.

About the bank

There is no full form of Axis Bank. Earlier it was known as an UTI Bank, and later the name changed to Axis Bank. It is the third largest private bank in India and one of the most preferred loan providers with a network of over 2400 branches and over 12,900 ATMs across India. Headquartered in Mumbai, the bank offers a host of retail & corporate banking, lending, investments, advisory & treasury services. It also undertakes to lend to SMEs, besides providing agriculture loans, and micro-financing services.

FAQs
Q1 How much I can avail as a business loan from the Axis Bank?
Axis Bank offers a maximum business loan amount of ₹ 50, 00,000 based on the business profile, repayment capacity, respective location, and other factors.
Q2 How do I repay the business Loan?
The Axis Bank business loan can repay through equal monthly installments (EMIs).
Q3 What are the benefits of having an existing relationship with Axis Bank regarding the business loan?
If a borrower has an existing relationship with the bank, then he/she can enjoy the extra benefits on the axis bank business loan. A borrower can get a comparatively low-interest rate than non- existing customers of the Axis Bank. The documentation process also gets simpler for existing customers.
Q4 Can I pre-pay my business loan on parts?
Yes, Axis bank facilitates its customers with the part pre-payment option. It may include part pre-payment charge based on the type of credit that is availed.
Q5 How long will it take for me to get the loan amount?
Once the loan application and supporting documents are submitted, the bank shall disburse the loan amount in a short period provided everything is in order. All business loan approvals are at the sole discretion of the Axis bank.
Q6 Is there any pre-payment option for Axis Bank’s business loan?
Yes, Axis Bank provides the prepayment option for the business loan. Please note this may include certain prepayment/ foreclosure charges based on the type of credit is availed.
Q7 What are the documents required to acquire the Axis Bank business loan?
The list of required documents varies based on factors like business profile, loan amount, etc. But the necessary documents required for the Axis Bank business loan are: • KYC documents • Last 2 years ITR • PAN Card • Audit Report
Q8 What is the rate of interest for Axis Bank business loan?
Axis Bank business loan starts from 11.50% p.a. However, interest rates determine based on the various factors like business profile, financial assessment, credit history, loan amount, repayment tenure, and others.
Q9 Is Axis Bank business loan can be availed for the new business?
To avail the Axis Bank business loan, the business should have current ownership for at least 3 years.
Reviews
Saurabh
Invalid date
I have a business loan with AXIS BANK. I had applied for a loan amount of Rs. 7 lakhs and was offered the same amount. Rate of interest is affordable and the processing fee is nominal. Bank’s customer service is up to the mark, they follow up throughout the process to ensure a customer faces no problem in the meantime.
Rajiv
29 Aug 2019
I have got a pre approved business loan from Axis Bank. The loan amount was 8 lakhs for the tenure of 4 years. Axis bank gives the business loan at competitive interest rate; rate of interest I was charged was 15.75%. The online loan application process is very smooth and got the loan on time and it was sufficient as well.
Tara
29 Aug 2019
I took a business loan from AXIS bank. Applying for a loan from Axis Banks is really easy. Its rate of interest is a bit higher, however, documentation process and disbursal method are very smooth. I got the same amount I had applied for. Although I took the loan for 4 years, I was told that I could close the loan whenever I wish.
Harsha
29 Aug 2019
Hi guys, thanks! I have received my business loan today i.e. within 3 days. It was niece experience applying for a hassle free business loan from Axis Bank. I used Axis Bank EMI calculator to assess the instalments for my loan.
Kavish
29 Aug 2019
I applied for a business loan from Axis bank because I am an existing customer of the bank. But i am happy that it was really an easy and fast loan; my loan was disbursed in just 2 days without any complications. Axis Bank business loans comes the low interest rate and processing fee is nominal and loan is offered for a flexible tenure.
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