Axis Bank has developed a rapid business loan that can help your firm expand. This loan provides competitive interest rates, flexible payback terms, and an uncomplicated application process. Axis Bank business loans are an excellent solution for entrepreneurs looking to expand their enterprises.

Here’s a short look to see if it’s for you.

• This loan is available to entrepreneurs aged 21 to 65 who have been in business for at least three years.
• This company loan allows you to borrow up to 20 crore. (For an unsecured business loan of Rs.75 lakhs), interest rates range from 11.05% to 20%.
• Loan approval is simple and requires few steps.

Understanding Axis Bank Business Loans:

Business loans from Axis Bank are intended to give companies the money they need for a variety of goals, such as expanding their operations, buying equipment, building infrastructure, and meeting working capital needs. These loans enable business owners to fuel their ambitions and promote sustainable growth thanks to their flexible repayment options and affordable interest rates.

Features

The Axis Bank business loan has the following features:

1. The loan amount fluctuates between Rs.50,000 and Rs.50 lakh.
2. Additional benefits include speedy loan approval and minimal paperwork.
   Interest is calculated after considering the borrower’s credit history, income, business turnover, and profit, among other things.
3. No security is required.
4. Axis Bank charges a customary 2% processing fee for their loans.

Interest Rate for Axis Bank Business Loan

The interest rate on an Axis Bank business loan is determined by your business profile, financial status, historical performance, loan amount, and length. It provides numerous loan packages with varying interest rates for its business loans..

• The beginning interest rate is 11.05%, with a maximum rate of 20%.
• The reset period for loans with floating rates connected to the repo rate is every three months.
• The introductory interest rate for fixed-rate loans is 14.25 percent.

Who may apply?

The key benefit of this loan is that it is intended to help a wide range of businesses and professionals. The following entities can apply for Axis Bank business loans.

1. Individual (with business registration)
2. Proprietorship Firm
3. Partnership
4. Limited Liability Partnership
5. Pvt Ltd Companies
6. Unlisted Public Ltd. Companies
7. Trust & Societies (for educational institutes / Hospitals)

Eligibility Criteria for Axis Bank Business Loan

The following are some requirements for Axis Bank’s business loan eligibility:

• Business vintage – There should be at least three years of business experience.
• Turnover – The minimum business turnover is 30 lakhs.
• Age – Minimum 21 years at the time of loan application; maximum 65 years at the conclusion of loan term.
• Residence/Office Stability – An office or a residential property should be owned. In the event of rental housing, residence stability should last at least 12 months; however, this is not applicable if you move to an owned home. Office stability should last for at least 24 months.
• Minimum Income – Individuals’ minimum income is 2.5 lakhs as per ITR for the last two years. Non-individuals should have at least Rs 3 lakhs in cash profit over the last two years.

Documents Required

• KYC Documents
• Completed application form, signed by the customer
• Relevant financial documentation.
• Bank account statement over the last six months.
• PAN Card/Form 60
• Business Proof

How do I apply?

You can apply for this loan both online and offline. You can apply either at your nearest Axis Bank branch or online through their official website.

Conclusion:

In conclusion, business loans from Axis Bank provide entrepreneurs with access to growth and financial empowerment, allowing them to fulfill their ambitions and establish long-term success. Through the provision of adaptable financing options, competitive interest rates, and expedient processing, Axis Bank reiterates its dedication to promoting entrepreneurship and propelling economic growth nationwide. 

FAQs

Q. I’ve just launched my business. Am I eligible for this loan?
Ans: No, Axis Bank business loans require a minimum of three years of business experience.

Q. What is the interest rate for Axis Bank’s business loans?
Ans: It provides numerous loan packages with varying interest rates for its business loans. The beginning interest rate is 11.05%, with a maximum rate of 20%.

Q. Can I apply for this loan offline?
Ans: Yes, you can apply for this loan at your nearby Axis Bank branch.

Q. Does Axis Bank provide loans to the MSME sector?
Ans: Yes, Axis Bank gives loans to MSMEs.