Axis Bank Business Loan

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Axis Bank Business Loan
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All about Axis Bank Business Loan

• A person can avail a business loan and use it for
  expansion of an existing business or start up a
  new venture.
• Axis Bank offers a hassle-free business loan
  application process with simplified
  documentation, flexible tenures and lower
  interest rates for businesses of all sizes.
• Axis Bank business loans can be availed against
  any security which has a good market value and is
  freely transferable.
• It provides you with a customized loan
  application process such that it suits an
  individuals requirements.

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Why to Apply for an Axis Bank Business Loan?

• Multipurpose loans You can use the Axis Bank
  business loan amount pretty much for any genuine
  business requirements such as working capital
  finance, trade finance, project finance,
  construction finance and so on.
• Flexible repayment period Loan tenure ranges
  from 12 to 60 months as per the borrowers
  convenience.
• No security or collateral required.
• Multiple payment modes Easy and multiple
  payment options such as auto debit, ECS and PDC
  are available.

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Features Benefits of Axis Bank Business Loan

• Online eligibility check and quick disbursal
  Check your eligibility for availing a business
  loan online as per your requirements within a
  minute. Loans are usually disbursed within 2 to 3
  days of approval based on your credit history and
  your ability to repay the loan.
• Axis bank offers collateral-free business loans
  based on EMIs.
• You can avail a business loan up to ? 50 lakhs
  without providing any collateral/security/guaranto
  r.
• The maximum amount of business loan that can be
  sanctioned depends on the quality and size of
  your business including the profits being
  generated.
• Flexible tenure Loan tenures which can range
  from 1 year to 5 years.
• Provides a high level of transparency to its
  customers about the charges involved at each
  stage of the loan process.
• Very low processing fee of around 1 - 1.5 of the
  loan amount is charged while taking a business
  loan from Axis bank.

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Features Benefits of Axis Bank Business Loan

• The easy and speedy documentation process.
• No hidden charges.
• Zero foreclosure charges.
• Attractive Interest Rates If you are an existing
  Axis Bank customer, then you can avail special
  offers, attractive interest rates, and loan
  tenures. It is always advisable to calculate your
  cost versus benefit ratio, before availing any
  business loan.
• Very low pre-payment charges.
• Transfer of the loan balance You can enjoy lower
  EMIs with the added benefit of getting extra
  finance by transferring your existing business
  loan to Axis Bank and saving on your interest
  payments.
• Quantum of borrowing under Axis Bank business
  loan ranges from ? 1 lakh - ? 50 lakhs.

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Eligibility Criteria

• An individual should be Indian citizen.
• Partnership Firm
• Private Limited Company
• Self-employed Professional/Non-Professional
• Unlisted Public Limited Company
• Proprietorship company
• LLP (Limited Liability Partnership Company)
• Trust, Societies and Section 25 Companies (mainly
  for hospitals or educational institutions)
• Age Minimum age at the time of application of
  loan should be 21 years Maximum age at the time
  of maturity to be 65 years.

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Eligibility Criteria

• Business Continuity The business should have
  been well-established and should be up and
  running for more than 3 years.
• Turnover The gross income of the company should
  range from ? 30 lakhs - ? 10 crores per annum.
• Work Experience Minimum 2 years of experience in
  the current line of work for Self-employed
  individuals.
• Monthly Income For self-employed borrower's
  their monthly salary should be at least ?
  25000/- per month.
• CIBIL score Loan approval will be difficult if
  your CIBIL score is low. In some cases, even if
  your credit score is low, but your business is
  doing good then your loan application might get
  approved, but you might be asked to pay a high
  interest rate and will be offered many
  unfavorable terms and conditions on your loan.
• Axis Bank business loan eligibility
  calculator Using the business loan EMI
  calculator and business loan eligibility
  calculator at Afinoz. One can easily calculate
  the exact amount of your monthly installment and
  your eligibility as per your potential.

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Documents Required for Self-employed Proprietorshi
p Companies
Identity/Age proof of all directors (Anyone) Copy of Aadhaar Card/PAN card/Passport/Voter's ID/Driving license
Financial Documents Copy of returns/PL and balance sheets of the last 3 years as documented and verified by CA
Bank statement Last 6 months bank statement
Existing Loans If you have any existing loan, then the sanction letter of that loan/loans along with its repayment records or account statement
Proof of business ownership Certified copy of Proprietorship deed/ Service tax certificate/Tax bill/Certificate of Shop and establishment
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Documents Required for Private Ltd. Companies

• KYC (id address proof) of all directors (as
  they stand as co-applicant)
• Last 2 yrs. Individual ITR COI(certification of
  incorporation) of all directors
• Any electricity or water bill of residence or
  office of ownership
• 1 photograph of each director
• KYC of the company (pan card and address proof)
• Last 3 years ITR with Complete financials
• Landline/Postpaid phone bill
• MOA(Memorandum of Association)
• List of director shareholders
• Registration proof of the company
• Last 1-year bank statement (all major accounts)
• Limit letter, if any
• All running loan schedules, if any
• Form 20B (annual return)
• Current year vat and service tax return.

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Documents Required for Partnership Firms

• PAN card of firm
• PAN card of all partners
• Photos of all partners
• In case if there are multiple partners in a firm,
  ample number of co-applicants must be made part
  of the loan application such that total ownership
  of all loan applicants exceeds 51
• Residence address proof of all partners
  (electricity bill, water bill, house tax receipt)
• Office address proof of firm (latest phone bill
  not older than 2 months)
• Any registration proof in the name of the firm
• Partnership deed copy
• Last 2 years Individual partner's ITR with
  computation of income (if more than 1 partner is
  acting as an applicant or co-applicant, then ITRs
  of all are required) 
• Last 2 years ITR with complete financials of the
  firm
• Any 3 years old continuity proof (if
  incorporation date mentioned in registration
  proof then not required)
• Last 1 year bank statement of the main account
• OD/CC letter if there is a running limit from any
  bank or NBFC
• All running loan schedules and their statements
• Last 4 quarters of VAT or Service Tax return
  whichever is applicable.

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Interest Rates as per 2019
TYPE CHARGES
Interest Rates 11.50 - 20
Loan Tenure 1 - 5 years
Processing Charges Up to 1.25 of loan amount Service Tax
Prepayment No prepayment permitted until the repayment of minimum 6 months EMI
Prepayment Charges 5 of the Principal Outstanding GST
No Dues Certificate / No Objection Certificate (NOC) ? 150 Service Tax
Penal Interest 2 per month on the overdue installment amount
EMI Cheque Bounce Charge Fixed at ? 500 GST
Foreclosure No foreclosure charge
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Thank You !!!