As a business owner or entrepreneur, you can have various reasons for availing a business loan – from cash flow requirements to purchasing the latest machinery and from meeting the cost of business expansion to buying a new office or factory. A convenient and hassle-free Axis Bank Business Loan can meet your diverse requirements for funds. Whether you run a small business enterprise or work as a self-employed professional, this loan can be the bedrock of your business venture, and help it scale greater heights. The Axis Business Loan comes with multiple advantages, such as reasonable rates of interest and quick disbursal. Here’s a detailed look at the different aspects of Axis Bank Business Loan.

Axis Bank Business Loan Features & Benefits

An Axis Business Loan is personalised to suit your individual business requirements. Here’s a look at its features and benefits:

  1. Simple application: All you need is to make a simple application online. You are not required to physically make a branch visit and make multiple inquiries.

  2. Quick disbursal: The Axis Business Loan comes with the feature of quick approval and disbursal.

  3. Minimal documentation: To avail this loan, you don’t require cumbersome documentation or paperwork. You just need to submit a few basic documents.

  4. Reasonable interest rates: Starting from 17% per annum onwards, the Axis Bank Business Loan interest rate is among the most competitive in the market.

  5. Flexible repayment tenures: You can choose flexible repayment tenures, up to a maximum of up to 60 months, to repay the loan.

  6. High-value loan: The Axis Bank Business Loan can provide you with a high business loan amount of up to Rs. 50 Lakhs.

Axis Bank Business Loan Eligibility

Here’s a look at the eligibility conditions for availing an Axis Business Loan:

  • Nationality: You need to be an Indian citizen.

  • Age: Individuals between the age of 21 years and 65 years can avail this loan.

  • Income requirements: The business turnover, on an annual basis, should be at least Rs. 30 Lakhs.

Now that you know about the eligibility conditions, here’s a look at the different categories of individuals/business enterprises that are eligible for making a loan application:

  • Companies, both private and unlisted public ltd.

  • Partnership firms

  • Partnerships with limited liability

  • Self-employed individuals having business registration

  • Hospitals, educational societies etc. that are registered as trusts and societies

If you want to apply for an Axis Business Loan under the Mudra Yojana, here’s a look at the eligibility conditions:

  • Nature of business: Small and micro business enterprises engaged in non-agricultural sectors, such as trade, manufacturing or services can apply for the loan.

  • Maximum credit requirement: Under the Mudra Yojana, you can apply for a maximum business loan of Rs. 10 Lakhs.

Axis Bank Business Loan Interest Rates

Before applying for an Axis Business Loan, you must know the crucial aspects pertaining to its interest rates. Here’s a look:

Particulars

Details

Axis Bank Business Loan interest rate

Starting from 17% onwards

Requirement of collateral

No

Processing fee

2% of the total loan amount along with the applicable taxes

Foreclosure charges

  • 4% of the outstanding amount (on the principal component of the loan) for foreclosing the loan between 24 months and 36 months.

  • 3% of the principal outstanding amount for foreclosing the loan above 36 months.

Prepayment charges

Zero

Minimum loan amount

Rs. 50,000

Maximum loan amount

Rs. 50 Lakhs

Maximum repayment tenure

60 months

Minimum business age

5 years

*Interest rates and charges are subject to market conditions and bank’s discretion.

Did you know that along with the Axis Bank Business Loan interest rate, you can incur expenditure on some additional charges as well? Here’s a look:

Fees and charges

Details

Late payment charges

2% of the overdue amount

Cheque bounce charges

Rs. 339 for each cheque bounce along with the requisite taxes

NOC issuing charge

Rs. 150 along with the requisite taxes

CERSAI fee**

Nil

Loan renewal charges

Nil

Stamp duty

According to state laws

*Interest rates and charges are subject to market conditions and bank’s discretion.

**Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI)

Factors Affecting Axis Bank Business Loan Interest Rates

A wide range of factors impacts the Axis Bank Business Loan interest rate. Read on to know the important variables:

  1. Loan amount: Your total loan amount can impact the interest rate charged by Axis Bank. With a high loan amount, you can expect to pay higher interest.

  2. Credit Score: Having a good credit score can help you avail a business loan at reasonable rates of interest. On the contrary, having a poor credit score can result in the bank charging a higher interest rate.

  3. Debt to income ratio: This ratio reflects the ratio of your net income to the amount being spent on existing debts or EMIs. A high debt to income ratio can imply a credit risk and the bank can charge you an expensive interest rate. Conversely, an optimum debt to income ratio can help you avail a reasonable Axis Bank Business Loan interest rate.

  4. Nature of business: If your business venture is risky, uncertain or unstable, the bank can charge you a higher interest rate. In sharp contrast, a business that is rapidly expanding or part of a thriving sector can help you get affordable business interest rates.

  5. History of credit defaults: If you have a history of credit defaults, you can be categorised as a high-risk customer. This, in turn, means a higher interest rate.

  6. Business experience: Having business experience of several years can help you get a business loan at reasonable rates of interest.

  7. Net annual income: Having a high annual net income proves your capacity to repay the loan. Hence, the bank can provide you with a business loan at lower interest rates.

  8. Relationship with the bank: If you have an existing business relationship with the bank, you can be offered a business loan at lower interest rates.

Axis Bank Business Loan EMI Calculator

To know your credit obligation in advance, you can use the Axis BankBusiness Loan calculator. This simple online tool, available on the bank’s official website, allows you to know the EMI amount instantly.

To use this calculator, you need to input three variables: the business loan amount, your preferred repayment tenure and the interest rate.

For instance, if you have availed a business loan of Rs. 20 Lakhs at 17% interest for a tenure of 60 months, the Axis Bank Business Loan calculator will show the EMI as Rs. 49,705.

How to Apply for Axis Bank Business Loan

You can make an application for the business loan online or make a physical visit to a branch and complete the application process offline. Read on to know about both the methods:

Axis Bank Business Loan application online

Here’s a step-by-step guide to help you understand the process of making an online application for an Axis Business loan:

Step 1: On the Axis Bank’s official web portal, select the option of ‘Business Loan.’

Step 2: You can now see the features of the business loan from Axis Bank.

Step 3: Once you scroll to the end of the page, you can select the option of ‘Apply Now.’

Step 4: You will now reach a page requiring you to provide personal details, like name, city, phone number, loan amount, and so on.

Step 5: You now have to select the option of ‘Submit.’

Step 6: Once you have submitted the online form, a bank representative or official will contact you shortly. Next, you will be asked to submit the mandated documents. The loan application will then be verified. Upon successful authentication, the loan amount will be disbursed.

Axis Bank Business Loan application offline

If you want to make an offline application, you can visit the nearest Axis Bank and contact the designated official. Do remember to carry a copy of your identity and address proof along with your PAN card.

Documents required for Axis Bank Business Loan

To avail an Axis Bank Business Loan, you have to submit various documents. Here’s a look:

  • Application form: You have to submit the form online or offline after filling in the requisite details.

  • Photographs: You have to submit copies of your recent passport-size photographs.

  • PAN details: You have to compulsorily submit a copy of your Permanent Account Number (PAN) card.

  • KYC documents: To complete the mandatory Know Your Customer (KYC) process, you can submit documents, like Aadhaar, Voter’s Id, Driving License, Passport, and so on.

  • Income proof: You have to submit the recent ITR and bank statement for the last 12 months. Also, you have to submit certified copies of your balance sheet and profit and loss account.

  • Proof of business establishment: You have to submit proof of your business establishment, such as a certificate of registration, partnership agreement etc. Also, the bank can ask to provide proof regarding the age and address of your business venture.

  • Miscellaneous documents: Axis Bank can also ask you to submit additional documents regarding your business enterprise.

**Disclaimer:Loans are subject to approval by the bank. The conditions for credit along with the interest rates and charges can change/vary, with or without notice, as per the bank’s discretion. **

FAQs

  • ✔️Does Axis Bank charge part payment charges?

    Yes, Axis Bank levies 2% part payment charges along with the applicable taxes on the outstanding amount.

  • ✔️Are the business loans of Axis Bank secured or unsecured loans?

    The Axis Bank Business Loan is an unsecured loan, requiring zero collateral.

  • ✔️Does Axis Bank offer loans to the MSME sector?

    Yes, Axis Bank provides business loans to medium, small and micro business enterprises.

  • ✔️What’s the interest rate for a term business loan?

    The Axis Bank Business Loan interest rate for an unsecured business term loan can start from 17% onwards.

  • ✔️Does Axis Bank offer business loan balance transfers?

    Yes, Axis Bank has a provision for the balance transfer of business loans. Opting for the balance transfer facility can help you receive affordable interest rates for your existing business loan.

  • ✔️Do I need to pay a processing fee to apply for an Axis Business Loan?

    Yes, you have to pay a processing fee of 2% on the loan amount along with the applicable taxes.

  • ✔️Are there any extra charges if I don’t pay EMI on time?

    You have to pay a penal interest of 2% per month along with the applicable taxes for defaulting on your EMIs.

  • ✔️How can I get in touch with Axis Bank customer care?

    You can reach out to the customer care team on 1860-418-5555/1860-500-5555.

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