Description

Axis Bank business loan Details

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 has 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 favorable 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 of an Axis Bank business loan.
  • Multiple payment modes  Easy and multiple payment options such as auto-debit, ECS and PDC are available.

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Axis Bank Business loan Interest Rates 2020

Axis Bank business loan interest rates 2020

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.

Axis Bank Business Loan Eligibility Criteria

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.

Axis bank business loan Documents Required

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.

Axis Bank Business Loan Features & Benefits

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:

  • 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.
  • It 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 EMI calculator for Axis Bank Business loan is a tool through which one can calculate and anticipate the amount to be paid against the loan repayment at equal intervals, also known as Equated Monthly Installments (EMI). The computed EMI includes the loan amount and the interest charged on it, and the value remains unchanged throughout the tenure of the loan as the fixed rate of interest. 

 

Various amount of loan taken @ 14.25% p.a. for tenure of one year;

Loan Amount

ROI @ 14.25%

Tenure (Months)

Repayment

EMI

Interest

₹ 5,00,000

0.012

12

₹ 5,39,428

₹ 44,952

₹ 39,428

₹ 1,000,000

₹ 1,078,857

₹ 89,904

₹ 78,857

₹ 1,500,000

₹ 1,618,286

₹ 1,34,857

₹ 1,18,286

₹ 3,000,000

₹ 3,236,572

₹ 2,69,714

₹ 2,36,572

₹ 4,000,000

₹ 4,315,429

₹ 3,59,619

₹ 3,15,429

Various amount of loan taken @ 14.25% p.a. for tenure ranging from 12 months to 60 months;

Loan Amount

ROI @ 14.25%

Tenure (Months)

Repayment

EMI

Interest

₹ 2,00,000

0.012

12

₹ 2,15,771

₹ 17,980

₹ 15,771

₹ 5,00,000

24

₹ 5,77,572

₹ 24,065

₹ 77,572

₹ 10,00,000

36

₹ 12,34,770

₹ 34,299

₹ 2,34,770

₹ 15,00,000

48

₹ 19,76,547

₹ 41,178

₹ 4,76,547

₹ 20,00,000

60

₹ 28,07,767

₹ 46,796

₹ 8,07,767

Axis Bank Business Loan Customer Care

All the customers and prospective applicants of Axis Bank can avail the executive services on a toll-free number 1800-419-5959, where customer service executives are present Monday to Saturday, from 8 AM in the morning to 8 PM, to solve all the queries and concerns with solution-based approach. Here, all the executives are highly trained and equally supportive for all that a customer needs regarding their grievances.

Toll-Free Numbers for Indians

Agri and Rural

1860 103 5577

Retail Phone Banking

1860 419 5555, 1860 500 5555

Toll-Free Numbers for NRIs

UK

0808 178 5040

USA

1855 205 5577

Canada

1855 436 0726

Singapore

800 1206 355

Saudi Arabia

800 850 0000

Australia

1800 153 861

Qatar

00 800 100 348

United Arab Emirates

8000 3570 3218

Bahrain

800 11 300

More: Axis Bank Customer Care Helpline Number

Why apply for your Axis Bank Business Loan through Afinoz

Afinoz.com is one of India's highly trusted personalized financial marketplaces and has been rewarded leading researchers in the market. The platform has designed a diversified platform which lets you choose the best business loan from the plenty of options available in the market.

Secure Environment – Afinoz.com has a built-in security mechanism in place for all of your personal information which is shared with our platform; we store stored it in a secure environment within our servers. The information is then sent to the bank in an encrypted format and is processed through a secure channel.

Instant Approval – After you choose the product suitable to your needs, and you fill in and submit the application form along with the mentioned or required documents, you will get your e-approval within 2 to 3 days of your application.

Real-time application tracking – One can also track their application status in real-time with a unique transaction Id which gets generated once the loan application is submitted successfully. Afinoz ensures that all the applicants are informed about their application process at each step via SMS and emails.

24/7 Customer Service – At any stage of the process if in case you have a query or you seek any financial advice, our experienced and well-trained customer service team will offer the best financing/investment solution to your problem. So, there's no need for you to waste time and make multiple trips to the bank to discuss loan specifications with the bankers.

No third-party agent – Through its platform, the online loan application process availed through Afinoz.com is absolutely free. Through Afinoz.com, one can directly approach multiple banks online without involving any agent and therefore avoiding unnecessary delays and additional costs.

How to apply for Axis bank business Loan on Afinoz?

While you do your Axis Bank Business loan application through Afinoz, one needs to follow the procedure given below:

  1. Go to Business Loan check eligibility
  2. Select the desired loan amount
  3. Fill up the required details like city, income, incorporation date of firm, turnover, etc. 
  4. When you complete the form, you will get the multiple options to choose from
  5. Choose your option and click on “Apply Now”
  6. On successful disbursal of your loan, you may win amazing cashback of up to ₹ 5000 at Afinoz platform

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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