About Axis Bank Business Loan

About the bank

Axis bank 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. The Headquarter of the bank is in Mumbai. The bank was established in 1994 and has been promoted by one of the largest and most upright financial institutions of India, UTI. 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.

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 to 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 its suits any 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.

What is Afinoz.com?

Afinoz.com is India's foremost online financial marketplace for availing loans and investments. 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 +918795021552 or by emailing at info@afinoz.com. Afinoz.com provides solutions which are quick, reliable, transparent, confidential and above all free.

Features & Benefits

Features and benefit of 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 Axis bank business loan:

  • Online eligibility check and quick disbursal: Check your eligibility for availing 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
  • 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 eligibility and Axis Bank business loan interest rates can easily be evaluated through and seen on Afinoz’s website. If there is any query about Axis Bank business loan application, you can log on to afinoz.com or give us a call at +918795021552 or mail us at info@afinoz.com and get all the solutions at one go.

Eligibility & Documents Required

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

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 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 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 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 firm
  • Partnership deed copy
  • Last 2 yrs. Individual partner's ITR with computation of income (if more than 1 partner is acting as applicant or co-applicant, then ITRs of all are required) 
  • Last 2 yrs. ITR with complete financials of 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.

Interest Rates

Axis Bank business loan interest rates

TYPECHARGES
Interest Rates

17% ( Up to 50 lakhs )

22% ( Above 50 lakhs )

Loan tenure1 TO 5YEARS
Processing Charges

Upto2.00% of the total loan amount + Service Tax

Subject to a minimum of Rs 1000 and maximum of Rs.6000

Prepayment No prepayment permitted until the repayment of minimum 6 months EMI
Prepayment charges5% of the Principal Outstanding + GST
No Dues Certificate/ No Objection Certificate(NOC)Rs. 150 + Service Tax
Penal Interest2 % per month on overdue installment amount

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.

Why Afinoz?

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 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.

FAQs

Query- Can I repay the business loan early?

Reply-Yes, you can pre-pay your business loan after a period of 6 months or repayment of 6 EMIs whichever is earlier or as per the terms and conditions stated by Axis bank. In case you want to prepay your loan before 6 months, a small prepayment fee will be charged by the bank.

Query- How much time will it take to get the loan disbursed?

Reply-Once you fill in and submit the application form online on Afinoz.com, the bank will take 2-3 business days to process and disburse the business loan amount. The sole approval of the loan depends exclusively on the bank.

Query-How can I find out if I am eligible for the Axis bank business loan?

Reply- Afinoz.com provides you with an eligibility calculator called business loan eligibility calculator which you can use to determine your eligibility for the loan. It will also tell you the amount up to which you can avail this loan.

Query-What is the maximum amount of business loan that I can avail?

Reply- Axis bank provides a minimum amount of Rs. 1,00,000 (Rs. one Lac) up to the maximum amount of Rs. 50,00,000 (Rs 50 Lac) as per your needs and your eligibility.

Query-Do I need to provide any security for availing business loan from Axis bank?

Reply- No security is needed while applying for a business loan from Axis bank

Query-What is the maximum and minimum loan tenure for a business loan from Axis bank?

Reply- You can avail a business loan from Axis Bank for a period of 1 to 5 years.

Query-Will my information be safe online?

Reply-Afinoz.com is India’s most committed financial platforms which does not share any of its client data with third-parties other than the concerned financial institutions. All the data is sent online in an encrypted format making it safe and secure at all times.

Query- How do I repay my Axis bank business loan?

Reply-You can repay your loan in EMIs (Equated Monthly Instalments) in the form of post-dated cheques or if you have an account with the Axis bank, then by opting for direct debit from your bank account on the due dates.

Query- How can I track my loan application process?

Reply-You can log onto our website www.afinoz.com with the unique transaction ID provided to you at the time of signup and track your application. You can also track your application process through your registered mobile number and email-ID in real-time.

Query- What is the basis on which the loan limit is decided by Axis bank?

Reply-Loan amount is mainly decided based on your annual income/earnings and your credit history.

Query-What are the interest rates offered by Axis bank for a business loan?

Reply-Axis bank business loan interest rates currently range from 17% to 22% for partnership/ sole Proprietorship firms.

For any query about Axis Bank business loan application, you can log on to afinoz.com or give us a call at +918795021552or mail us atinfo@afinoz.com.