Axis Bank Business Loan: Highly Trusted and Useful

04 Apr 2020 7 min read
Business Loan: Apply Online and Get Hassle Free Business Loans 2019 - Afinoz

India is moving ahead, and the government is encouraging people to start their businesses with constructive government schemes. Schemes like Pradhan Mantri Mudra Yojana, MSME, Business Loan for Start-up in 59 Minutes, Credit Guarantee Scheme, Stand-Up India, etc. are making significant changes in the lives of people. In tune with Government constructive initiatives, major banks and NBFCs have launched business loan schemes at an attractive rate of interest. One such major bank is Axis Bank; it provides business loans at an interest rate of 14.25% with a low processing fee. 

Axis Bank business loan is one of the most trusted and useful loan options owing to a magnificent banking history. In this article, we will discuss about the features of Axis Bank business loan, how to apply for it, and what the requirements for it.

Why people trust Axis Bank?

Axis Bank is one of the premium and the most trusted banks in India with around 55,000 people. It had a market capitalization of ₹1.31 trillion (US$19 billion) as on 31st March 2018. Headquartered in Mumbai, the bank has set its footprints across the Indian Territory and also has established branches overseas. It follows ethical business policies. Among its various financial products, a business loan is widely demanded product. Doctors, medical practitioners, engineers, architects, chartered accountants are some of the professions for which an applicant can get the loan online with few clicks. One can apply for the business loan of up to Rs. 50 lakh at Axis Bank.

Axis Bank Business Loan under Pradhan Mantri Mudra Yojana

The bank provides a special type of loan known as Mudra loan under the Government of India’s Pradhan Mantri Mudra Yojana (PMMY) to non-corporate entities such as individuals, small and micro sector enterprises. 

The primary aim for this kind of loan is to provide income generation possibility and employment generation in various sectors such as manufacturing, services sector, trading industry, and others. Mudra loans are provided under three different categories. The three schemes are mentioned in brief below:

PMMY Loan Type

Amount Sanctioned

Shishu

Up to Rs. 50,000

Kishore

Rs. 50,001 – Rs. 5,00,000

Tarun

Rs. 5,00,000 – Rs. 10,00,000

Mudra loan is collateral-free, and the borrower does not have to provide security against the loan. He has to repay the loan in the form of monthly EMIs. Axis Bank provides Mudra loan in the form of fund-based services such as cash credit, overdraft as well as non-fund based facility like a line of credit, bank guarantee, etc.

What is the Axis Bank Business Loan Interest Rate?

Axis Bank Business Loan is provided for varied purposes, and the application and risk vary from one individual application to another. Thus, the bank has not set a single interest rate for the loan. However, to make it easier for applicants to compare, Axis Bank has provided a range for interest rates. The interest rates on Axis Bank Business Loan are as follows:

Loan Type

Axis Bank Business Loan Interest Rate

Business Loan (up to 36 Months)

14.25% - 18%

Merchant Loan (up to 36 Months)

15% - 18.2%

Business Loan (more than 36 Months)

17% - 20%

Merchant Loan (more than 36 Months)

15% - 18.2%

Overdraft

11.50% - 13.50%

Cash Credit 

11.50% - 12.50%

Unsecured Overdraft

14.25%

Quick Overdraft

17.75%

Merchant Loan Overdraft

14.45% - 17.35%

Secured Term Loan

12.1% - 13.65%

Note: The interest rates may vary without prior notice.

Who are all eligible for the Business Loan by Axis Bank?

Business loans are provided under two schemes – Axis Bank Business Loan and Mudra Loan. There are different eligibility criteria for each type. 

Axis Bank Business Loan Eligibility

  • There should be a business continuity of more than 3 years 
  • Annual turnover should be ranging between Rs. 30 lakh to Rs. 10 crore
  • The applicant/applicants should fall in the range of 21 years to 65 years of age

Axis Bank Mudra Loan Eligibility

The entity should be a small or micro sector enterprise involved in non-farming activities

  • The business should be engaged in income-generating activities
  • The business can also be from the manufacturing, trading or services sector including the allied agriculture activities
  • The credit requirement should not be more than Rs. 10 Lakh

How can you apply for the Axis Bank Business Loan at Afinoz?

  • Check your Axis Bank business loan eligibility with the online loan eligibility calculator at Afinoz.com. Simply visit Afinoz.com, fill in a few easy details and get an instant and accurate assessment of your personal loan eligibility
  • Check your Axis Bank business loan EMI with the business loan EMI calculator at Afinoz.com. This will help you to know the exact amount you need to pay every month towards the repayment of your loan
  • Check the documentation required for your Axis bank business loan application. Whether you are salaried or self-employed, applying with the proper set of documents will enhance your chances of getting your loan approved in the least possible time

What are the requirements for the loan?

One has to provide the following at the time of applying for the business loan:

  • Income Tax Returns filed during the last 2 years
  • PAN card/ Form 60 of all applicants and guarantors
  • Audit reports
  • KYC documents such as Aadhaar card, voter ID card, driving license, ration card, etc.

Bottom Line: It is not that difficult these days to arrange for funds and start your own venture. Axis Bank business loan can be one of the best and easiest options for you to develop or expand your business. So, explore the financing opportunities and make yourself self-reliant. 

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