Axis Bank is ranked as the third largest bank in India and is engaged in offering comprehensive financial products and services to its customers. Axis Bank offers business loans at an interest rate of 17% onwards with added benefits. Axis Bank’s business loans can provide cash-strapped or growing businesses with much needed capital. Whether it is expansion, purchase of machinery, business property or venturing into new avenues with the help of Axis Bank business loan you can always stay in the competition.
Axis Bank Business Loan Interest Rate – 2021
|Interest Rate||17% onwards|
|Processing Charges||Up to 2% of loan amount + applicable taxes|
|Loan Amount||Min. Rs. 50,000 & Max Up to Rs. 50 Lakh|
Note: The facts and figures provided above are illustrative and subject to periodic change
|Additional Fees & Charges|
|Penal Interest||2% p.m. on the amount of overdue instalment|
|Stamp Duty||As per applicable state laws|
|Cheque Bounce Charges||Rs. 500 per bounced cheque + applicable taxes|
|Renewal Processing Fee||NA|
|Non Due Certificate (NOC)||Rs. 150 + applicable taxes|
Axis Bank Business Loan Eligibility Criteria
|Eligibility Factors||Eligibility Criteria|
|Age of the Applicant||Min: 21 years and Maximum: 65 years (At the time of Loan Maturity)|
|Business Tenure||Min. 3 Years|
|Business Turnover||Min. Rs. 30 lakh|
Eligibility of any loan is determined by the below factors:
- Total Income of the business and other income of the business
- Age of the applicant
- Details of the assets and liabilities
- Qualification and professional qualification
- Value of the collateral
- Dependants of the applicants
- Current bank balances and other savings details of the applicants
- Applicant’s creditworthiness and repayment capability
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Documents Required for Loan Application
- Last 2 years ITR (Income Tax Return)
- KYC Documents (Driving Licence, Voters’ Identity Card, Aadhar Card, Passport)
- PAN Card / Form 60 for all applicant / Co-applicant / Guarantor
- Audit Report
Additional Documents Required:
- Proof of the business establishment, which can be obtained by Shop and Business establishment certificate / GST Certificate / Service Tax Certificate
- Acknowledged Income Tax returns, along with duly signed certified copies of the profit and loss account, as well as balance sheet.
- If there are any existing loans outstanding for the business, the loan sanction letter and bank statement will also have to be provided to check the repayment track record.
- Project report or profile of the business will also have to be provided on the company letterhead.
- Copies of Government issued identity and address documents as per current KYC norms. Along with documentary evidences, cheque for processing fee.
MSME and Corporate Finance
a) Axis Bank offers Corporate Loans to enterprises with annual Turnover more than Rs. 250 crore
Types of Corporate Loans that can be availed include Working Capital Loans, Structure Finance and Term Loans
b) SME Loans are offered to Small and Medium Enterprises with annual Turnover up to Rs. 250 crore
c) Under Small Business Banking, Axis Bank offers loans to enterprises with annual Turnover up to Rs. 15 crore
Types of loans offered under Small Business Banking are as follows:
d) Start-up Banking or Loans for Startups
Types: Term Loan, Structured Loan and Supply Chain Finance
Start-up Banking Toll Free: 1800-209-5577, 1800-103-5577
Overseas Transactions like Letter of Credit, Buyers’ and Suppliers’ Credit, Acquisition Financing, Loan underwriting and syndication, External Commercial Borrowings, etc. are offered to customers from Axis Bank’s Singapore bank branch.
Small Business Banking
|Loan Type||Cash Credit & Overdraft||Merchant Loan Overdraft||Business Loan||Secured Term Loan||Unsecured Dropline|
|Loan Amount||Min. Rs. 10 lakh & Max. Rs. 3 crore||Min. Rs. 5 lakh & Max. Rs. 2.5 crore||Min. Rs. 50,000 & Max. Rs. 50 lakh||Min. Rs. 5 lakh & Max. Rs. 5 crore||Min. Rs. 3 lakh & Max. Rs. 5 crore|
|Renewal/Repayment Tenure||Facility renewal at end of 12 months||Facility renewal at end of 12 months & availed for max. Up to 36 months||From 12 months up to 36 months||From 12 months up to 15 years||Availed for a tenure of 24 months up to 60 months|
Note: Both, Business loans and Unsecured dropline facility are Collateral Free
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Axis Bank Offers a Range of Customized Credit Services to its Patronized Customers
At times even after careful planning and financial management, there may be unforeseen and unexpected financial commitments that come up. This might put the entire business at risk by putting unexpected strain on the available business resources. Axis Bank business loan eases all these risks and pitches in to help the business in various ways.
1. Working Capital Finance: For seamless operation of the business, finances should be readily available at all levels of business decision-making and execution, there are some fund-based facilities like cash credit & overdraft facilities that can cover the short term needs of the business like purchase of raw materials and finished goods as well as meeting any and all recurring business expenses.
2. Trade Finance (Bill Discounting): Invoice or Bill discounting is the short term working capital finance for the seller of the goods on credit. Even when the buyer is within the country or outside the country, payment terms can be long and hard to manage. In such cases, the process of bill discounting can help out to a great extent. A business loan helps sellers recover the invoiced amount from the financial intermediaries before the invoiced date charged against the service, which ensures business liquidity is available.
3. Export Finance: This is a specific and customized facility offered to export establishments in order to meet the cash flow of the business. This financing option is offered in either local or the respective country’s currency for the pre & post shipment finance of international trade. This Axis Bank business loan is tailored to suit the financial demands of companies so that they can easily expand their business overseas. The basic criteria of funding, apart from the business performance is the quality of the debtor rather than credit worthiness of the country and the level of the economy.
4. Lease Rental Discounting: If the business has owned the property and rented the property out, future rent earning from this property can be used to finance the short term business expenditures. Lease rental discounting is a term loan offered against future expected rental receipts derived from lease contracts.
5. Term Loans: Apart from the regular expenditure, term loan facility is available for capital expenditure, acquisition of fixed assets as well as research and development costs and upgrade activities. Term loans usually feature tenure between one and ten years. In some cases, it can extend over a longer time period.
6. Construction Finance: Real estate industry is booming and has as huge scope for further development. This industry needs a constant stream of capital till the handover stage. Prior to handover there is little or no inflow of cash in case of construction projects. For such businesses, Axis Bank offers long term loans which have a minimum tenure of 5 years.
7. Project Finance: Project finance loans are obtained mainly for long term projects of infrastructure and industrial projects. These are financed on the basis of the projected cash flow of the organization. Start-ups often require additional capital for ambitious projects that are either new or include those related to expansion, diversification, modernization, etc.
Apart from the regular and conventional financing, there are fast track products which are introduced by the Axis Bank from time to time. These are designed to provide swift credit delivery to the individual which is subjected to the fulfilment of the eligibility criteria for these unique loan products.
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Axis Bank Customer Care
|Toll Free Numbers for Indians|
|Retail Phone Banking||1860-419-5555, 1860-500-5555|
|Agri and Rural||1860-103-5577|
|Toll Free Numbers for NRIs|
|USA||1855 205 5577|
|UK||0808 178 5040|
|Singapore||800 1206 355|
|Canada||1855 436 0726|
|Australia||1800 153 861|
|Saudi Arabia||800 850 0000|
|UAE||8000 3570 3218|
|Qatar||00 800 100 348|
|Bahrain||800 11 300|
With the help of these Toll Free numbers you can reach banks’ customer care professionals from anywhere, anytime to raise any query, report an issue or discuss any concern.
Axis Bank Corporate Office Address
Axis Bank Limited, ‘Axis House’,
C-2, Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai – 400 025
Axis Bank Registered Office Address
Axis Bank Limited, ‘Trishul’,
3rd Floor, Opp. Samartheshwar Temple, Near Law Garden, Ellisbridge, Ahmedabad – 380 006
Frequently Asked Questions
Q1. What is the Axis bank business loan interest rate?
Ans. The business loan interest rate offered by Axis Bank starts from 17% per annum.
Q2. What is the turnaround time for Axis Bank business loan disbursal?
Ans. The turnaround time varies from case to case and majorly depends on the applicant’s loan amount, business requirements and other related factors.
Q3. Does Axis Bank offer business loan balance transfer?
Ans. Yes, Axis Bank does offer business loan balance transfer features.
Q4. How can I check Axis Bank business loan status?
Ans. To check loan status you will have to visit the official website or click on the below link and fill in all the details to get the loan application status. https://www.axisbiconnect.co.in/axisbankloanstatusenquiry/web/retail/getloanaccountnumber.aspx
Q5. Are there any extra charges if I don’t pay EMI on time?
Ans. Yes, there are additional 2% of penal charges on the amount of overdue instalment.
Q6. What does zero foreclosure charges for Axis Bank business loan mean?
Ans. Foreclosure means if you want to close the loan by paying the full outstanding amount at one go to avoid further EMIs, Axis Bank does not charge any additional charge for this activity.