Business Loans offered by Axis Bank are categorised to suit every individual business requirement. Apart from that, they are known for:
Individual banks have guidelines to determine the eligibility of the customer for Business Loan. The guidelines set by Axis Bank to assess the eligibility for Business Loans are as follows:
The main factors affecting the eligibility of Axis Bank Business Loan are age, income, repayment capacity, and the credit score of the applicant. The guidelines for eligibility may differ from bank to bank. For Axis Bank Business Loan, the following are the main eligibility criteria:
You can contact on the below-mentioned numbers to speak to the Axis Bank representatives:
1800-419-5959 OR 1800-419-6969
Axis Bank has various categories for Small Business Loans, Corporate Loans, and SME Loans. The features of each loan are mentioned below.
This facility is mainly for companies involved in exports. This is offered either as pre-shipment credit or post-shipment credit of international trade. It is designed to suit the financial demands of the company to spread its business overseas. It will either be extended in local currency or in the currency of a particular country. In this scheme the quality of debtors is given more weightage than the creditworthiness and economy of a particular country.
This financing as the name suggests is project based. It could be long-term infrastructure or industrial projects. Finance is based on the projected cash flow of the company. Start-ups generally require additional capital if the project is an ambitious one.
In the case of construction projects there is not enough cash flow till the handover stage. There will be a constant requirement of finance during the progress of the project. Since there is a good scope for real estate industry Axis Bank has designed long term loan schemes which have flexible repayment tenure up to 5 years.
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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.
Age: The applicant's age must be between 21 years to 65 years.
Business stability: business must have been in continuity for at least 3 years.
Business Turnover: turnover must be in a range from 30 lakhs to 10 crores. Salaried individuals/Independent professionals (Chartered Accountants, Engineers, and Doctors) /self-employed individuals are eligible to apply for a business loan.
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 upto 50 lakhs, offered at a competitive pricing structure, Simplified Access and Minimal Documentation required.
You need to submit the various documents for business loan 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, Audit Report.
Yes, you can get a business loan easily if you are having a credit score of 700, but it depend on other factors stable business, income etc.
Axis Bank offers a competitive interest rate of 14.25% on its business loan. The interest rate will be decided according to the assessment of your business profile, past track record, financial assessment, loan amount and tenure.
The maximum tenure is between 48 months and 10 years depending on the category of loan you wish to avail.
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.
Axis Bank typically conveys its decision within 2 weeks for credit limit of up to 5 Lakhs and 3 weeks for credit limit above 5 Lakhs and up to 25 Lakhs (for micro & small enterprises borrowers) and 30 working days (for other borrowers) from the date of receiving the application. The application should be completely filled and is submitted along with all the required documents as per the checklist of the bank.