Axis Bank Limited, formerly known as UTI Bank, is an Indian banking and financial services company. The bank sells financial services to large and mid-size companies, SMEs and retail businesses. Its portfolio of SME loans include the Axis Mudra loans. One such SME focused loan is the Mudra loan under the Pradhan Mantri Mudra Yojana (PMMY).
The PMMY is a MSME welfare scheme initiated by the Government of India. This scheme was launched with the intention of facilitating the growth of non-corporate - small and micro enterprises in the non-farm sector by offering them funding.
The Mudra loan is extended for a variety of purposes which provides income generation opportunities. Additionally, these loans are aimed at employment creation in the manufacturing, trading and service sectors.
Nature of Facility
Quantum of Exposure
Up to ₹10 Lakhs
To help fund non-farm enterprises engaged in trading, manufacturing and
Rate of Interest
Based on applicant’s business profile, financial assessment, past track record, loan amount and tenure.
Up to 7 years (including a maximum moratorium period of 3 months)
Here are some of the features of the Axis Bank Mudra loan.
The interest rates for the Axis Bank Mudra loans are dependent on business profile, financial assessment, past track record, loan amount and tenure.
You may apply for an Axis Bank Mudra loan both online and offline.
The minimum loan amount offered under the Axis Bank Mudra loan is ₹10,000 while the maximum loan amount offered under this scheme is ₹10 Lakhs.
The Axis Bank Mudra loan is a collateral free loan facility. This means that you need not provide any security or collateral for availing Axis Bank Mudra loan.
The loan amount can be availed as term loans, overdrafts, cash credits or non-fund based facilities like letters of credit, bank guarantees, etc.
Small and micro entrepreneurs engaged in any non-farm sector are eligible to apply for this loan.
The Axis Bank Mudra loan is extended towards all small and micro entrepreneurs engaged in the non-farm sector who meet the following conditions:
Must be engaged in income generating activities
Must be engaged in trading, manufacturing, and services (including allied agricultural activities)
Credit needs must not exceed ₹10 Lakhs
Here are the documents required to apply for the Axis Bank Mudra loan:
Proof of Residence - recent utility bills including telephone bill and electricity bill; Voter’s ID card, Passport, property tax receipt, Aadhaar card, etc.
Recent photograph of the applicant (2 copies). Submitted photographs should not be older than six months.
Community proof, if applicable.
Proof of Identity and/or address of the business enterprise, if available.
Statement of Account from the existing banker for the last six months, if applicable.
Proof of Identity and/or address of the business enterprise, including copies of relevant registration documents, certificates, agreements and licences.
Any other documents related to ownership and identity of address of business venture(s).
Udyog Aadhaar Memorandum
Statement of Account from the current banker for the past six months.
Unaudited balance sheets of the existing business units for the past two years.
Income tax and/or sales tax returns (only applicable for loans of ₹2 Lakhs and above).
Projected balance sheets of start-ups/existing units for one year, in case of working capital limits and for the tenure of the loan in case of term loans only applicable for loans of ₹2 Lakhs and above).
Sales made up to the date of submission of application for the current financial year (for existing units).
Proforma Invoices and/or quotations for the assets to be purchased
estimates for the civil works, if any are to be undertaken.
Asset & Liability statement of the borrower including that of Directors & Partners.
Memorandum and Articles of Association of the company, Partnership Deed of Partners and/or other relevant documents, if applicable.
TThe SHISHU Mudra loan offers up to ₹50,000 in loan amount. Hence, this scheme is ideal for anyone that’s looking to start a new business and for micro entrepreneurs. This scheme requires minimal paperwork and is sanctioned very quickly.
Under the KISHOR Mudra loan, you can get a loan amount of up to ₹5,00,000. This loan is ideal for small and medium sized business owners that are looking to expand their business.
The TARUN Mudra loan offers loans of up to ₹10,00,000. This scheme is great for anyone that’s looking to make significant investment into their existing business and take it to new heights.
Here’s how you can apply for the Axis Bank Mudra loan:
Visit the Axis Bank Mudra loan homepage
Go to the ‘Start a Relationship’
Click on the ‘Small Business Banking Application Form’
You’ll be sent to a PDF document
Fill in all relevant fields
Contact an Axis Bank representative to proceed with your application
Here’s how you can contact Axis Bank customer care:
Toll-free Number: +91-22-24252525/43252525
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Entrepreneurs looking to fund their income generating non-corporate business are eligible to apply for an Axis Bank Mudra loan.
You can avail up to ₹10 Lakhs under the Axis Bank Mudra loan.
No, the Axis Bank Mudra loan is a collateral-free loan.
You can call Axis Bank’s customer care or you can visit your registered Axis Bank branch.
Yes, your application for a Mudra loan can be denied if your documents cannot be validated.