|Rate of Interest||Starting at 9% p.a.|
|Loan amount||Rs. 50,000 – Rs. 50 Lakhs|
|Repayment tenure||12 - 36 months|
|Processing fee||Up to 2% + applicable taxes|
|Foreclosure charges||2% - 4% + GST|
|Age||21 - 65 years|
|Minimum turnover||Rs. 30 Lakhs|
Axis Bank has various categories for Small Business Loans, Corporate Loans, and SME Loans. The features of each loan are mentioned below.
Business Loans to Doctors, Engineers and Chartered Accountants
Business loan to engineers is given to take the business to the next level, business loan to doctors is given for the purchase of medical equipment or to renovate clinic premises, and business loan to chartered accountants is given to scale up their practice.
MSE Power (For Manufacturing MSEs)
MSE Power is designed especially for Micro and Small Manufacturing Enterprise (MSE) for all fund based and non-fund based working capital and term loan requirements.
Services Power (For Service and Trading MSEs)
This loan can be utilised for all fund based and non-fund based working capital and term loan requirements of service and trading MSE owners.
The purpose of this loan is similar to MSE Power and Services Power.
Business MPower Overdraft
It is basically a loan against immovable property to meet general business requirements.
Business MPower Term Loan
This loan provides a term loan facility required to take business the to the next level.
It is a term loan facility against the lease/rent receivables.
This loan provides short term liquidity by discounting bills backed by a letter of credit issued by any bank.
Zero Collateral Loan
It is a loan without collateral to facilitate MSME sector borrowers to avail both working capital and term loan facilities. New and existing Micro and Small Enterprises are eligible to avail the loan.
Business Loan for Property
Offers a convenient way to acquire office space for business
It offers working capital facilities to current account customers based on the dealings in the current account.
This financing, as the name suggests, is project based. It could be long-term infrastructure or industrial projects.
This loan is for construction projects when there is not enough cash flow till the handover stage. There will be a constant requirement of finance during the progress of the project.
Business Loans offered by Axis Bank are known for the following benefits:
You can calculate the EMI of your proposed Axis Bank Business Loan using MyMoneyMantra's EMI Calculator. To begin with, visit MyMoneyMantra, select the Business Loan EMI Calculator under the Financial Tools, and fill in the required loan parameters, viz. loan amount, tenure, and interest rate.
Here is an example:
Loan amount to be availed: Rs. 15 Lakhs
Applicable interest rate: 9% p.a.
Tenure chosen: 3 years
In this case, your monthly EMI would be Rs. 47,700, the total interest cost would be Rs. 2,17,186 and the total amount to be paid to the bank would be Rs. 17,17,186 (principal + interest).
Here is the complete amortization schedule for the above example:
|Year||Opening Balance||Amount Paid (EMI*12)|
|1||Rs. 15,00,000||Rs. 2,86,198||Rs. 63,358||Rs. 2,22,839||Rs. 12,77,161|
|2||Rs. 12,77,161||Rs. 5,72,395||Rs. 95,595||Rs. 4,76,800||Rs. 8,00,360|
|3||Rs. 8,00,360||Rs. 5,72,395||Rs. 50,868||Rs. 5,21,528||Rs. 2,78,833|
|4||Rs. 2,78,833||Rs. 2,86,198||Rs. 7,365||Rs. 2,78,833||Rs. 0|
Business Loan EMI Calculator is a tool to arrive at the EMI (equated monthly instalment) one has to pay on a certain amount. By using the EMI calculator and on trying various combinations, one can decide the loan amount to avail. While deciding the EMI, one should consider how fast one wants to repay the loan, how much one can afford towards EMI and what is the interest rate one is comfortable with. In the case of project finance and construction finance, one should have the estimates of the project ready and should always anticipate 20% to 25% enhancement in the project cost on completion and plan the loan amount accordingly.
The guidelines set by Axis Bank to assess the eligibility for Business Loans are as follows:
Availing the Business Loan from Axis Bank involves the following charges apart from interest rate:
|Type of Charge||Description|
|Processing fees||Up to 2% + applicable taxes|
|Login non-refundable processing fee||Up to Rs. 5,000 + taxes|
|Renewal processing fee||Up to 1% + taxes.|
|Stamp duty & other statutory document charges||As per applicable law of the state|
|Charges for ROC filing||Up to Rs. 1,200 + applicable taxes|
|Non-submission of stock statement||Up to 2% of the outstanding loan amount from the default date + applicable taxes.|
|Non-submission of property or stock insurance||Up to 2% additional interest rate on the outstanding amount.|
|Cheque bounce||Rs. Up to 500 per instance + applicable taxes|
|Penal interest||2% p.a.|
|No dues certificate or no objection certificate charges||Rs. 50 + applicable taxes|
|CERSAI charges||Up to Rs. 100 + applicable taxes|
|Part pre-payment charges||Up to 2% + GST on amount prepaid|
|Foreclosure Charges||2% to 4% of the principal outstanding + GST|
Axis bank business loan interest rates are as below:
You can contact on the below-mentioned numbers to speak to the Axis Bank representatives:
1800-419-5959 OR 1800-419-6969
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Sole Proprietorship Firms, Partnership Firms, Private Limited Companies, Unlisted Public Limited Companies, Professionals like doctors, engineers, chartered accountants, and so on can avail Axis Bank Business Loans.
Eligibility of Axis bank business loan depend on many factors.
Axis Bank offers special benefits on business loans to its customers. No collateral security is required to avail a business loan, Business loans can be extended up to Rs. 50 Lakhs, offered at a competitive pricing structure, Simplified Access and Minimal Documentation required.
You need to submit the KYC documents (Voter's Identity Card, Driving License, Passport, Aadhaar Card, PAN Card), last 2 years ITR (Income Tax Return), PAN Card/ Form 60 for all applicant/ Co-applicant/ Guarantor, and audit report.
Yes, you can get a business loan easily if you are having a credit score of 700, but it depends on other factors stable business, income etc.
Axis Bank offers a competitive interest rate starting from 9% on its business loan. The interest rate will be decided according to the type of loan chosen, assessment of your business profile, past track record, financial assessment, loan amount and tenure.
The maximum tenure is between 36 months. Tenure may change for different business loan schemes.
Fresh loans against unencumbered property/ties to be used for business purposes, balance transfer and top-up loans against existing encumbered properties, and purchase of commercial property.
Residential, commercial, and industrial properties will be accepted as collaterals for SME Secured Loan.
Loan quantum ranges from Rs. 50,000 to Rs. 50 Lakhs for Small Business and for Corporate Loans, and from Rs. 5 Lakhs to Rs. 20 Crores for SME Loans.
Axis Bank typically conveys its decision within 2 weeks for credit limit of up to Rs. 5 Lakhs and 3 weeks for credit limit above Rs. 5 Lakhs and up to Rs. 25 Lakhs (for micro & small enterprises borrowers), and 30 working days (for other borrowers) from the date of receiving the application.