Axis Bank 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:

1. Companies, both private and unlisted public ltd.

2. Partnership firms

3. Partnerships with limited liability

4. Self-employed individuals having business registration

5. 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.

• 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.

• 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.

• 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.

• 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.

• 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.

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

• 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.

• 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 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.

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