Axis Bank Business Loan

Axis Bank offers business loans starting at an interest rate of 10.75% per annum for amounts up to Rs 10 crore. You can repay the loan over a period of up to 15 years. Additionally, Axis Bank provides services like letter of credit and bills of exchange.

Axis Bank Business Loan Highlights
Interest Rate 10.75% p.a. onwards
Loan Amount Up to Rs 10 crore
Repayment tenure Up to 15 years

*Terms and conditions apply.

Table of Contents
Axis Bank Business Loan Interest Rates
Fees & Charges
Types of Axis Bank Business Loan
Eligibility Criteria
Documents Required

Axis Bank Business Loan Interest Rates

Product Interest rate (p.a.) (floating)
Overdraft 10.75% – 11.75%
Cash credit 10.75% – 11.75%
Term loan 10.75% – 11.75%
Unsecured OD 12.10% – 16.10%
Quick OD 19.50% – 20.50%
CGTMSE 15% – 16.75%
Unsecured merchant loan 18% – 19%
Overdraft against FD 11.50% – 12.50%

Comparison Table of Business Loan Interest Rates offered by MybankingTips Partners:

Bank/NBFC/Fintech Interest Rate  
SBI Bank 9.10% p.a. Apply Now
HDFC Bank 10.00% - 22.50% p.a. Apply Now
Kotak Mahindra Bank 16% p.a. onwards Apply Now
RBL Bank 14%-26% p.a. Apply Now
ICICI Bank Up to 17% p.a. Apply Now
Axis Bank 10.75% p.a. Apply Now
IDBI Bank 8.05% to 13.45% p.a Apply Now
Bank Of Baroda 10% to 15% p.a Apply Now
Ujjivan Small Bank Up to 2.50% Apply Now
Bajaj Finserv 9.75% - 25% p.a. Apply Now
IIFL Finance 12.75% - 44% p.a. Apply Now
FlexiLoans 1% per month onwards Apply Now
ZipLoan 1% - 1.5% per month (Flat) Apply Now
Indifi Finance 1.5% per month onwards Apply Now
Five Star Business Finance Up to 2% Apply Now
Lendingkart Finance 1.25% per month onwards Apply Now
Tata Capital Finance 12% p.a. onwards Apply Now
NeoGrowth Finance 15% p.a. onwards Apply Now
Hero FinCorp Up to 26% p.a. Apply Now
Aye Finance Up to 2.5% Apply Now
Clix Capital Up to 3% Apply Now
Protium Finance Up to 1.5% Apply Now
HDB Finance 8% - 26% p.a. Apply Now
U GRO Capital Up to 9% p.a. Apply Now
Mcapital Business Up to 2% p.a. Apply Now

Also read: Best Business Loan Interest Rate

 

Fees and Charges of Axis Bank Business Loan

Here are the fees and charges associated with availing ICICI Bank Business Loans:

Particulars Concessions
Processing Fees 0.75% of the loan amount + GST
Login fees Rs 5,000 + taxes
Foreclosure charges 2% of sanctioned limit
Penal interest Additional 2% on the existing interest rate
Cheque bounce charges  Rs 500 per instance + GST
Prepayment/Foreclosure charges

For cash credit/overdraft facility:

  • NIL if the loan is closed from Own Funds
  • 2% + taxes on sanctioned limit if the loan is closed from borrowed funds

For term loan:

  • NIL if the loan is closed from Own Funds
  • 2% + taxes on principal outstanding if the loan is closed from borrowed funds
Account service charges (only performing assets)
  • Sanctioned limits up to Rs 0.25 lakh: NIL
  • Sanctioned limits above Rs 0.25 lakh and up to Rs lakh: Rs 300
  • Sanctioned limits above Rs lakh and up to Rs 3 lakh: Rs 600
  • Sanctioned limits above Rs 3 lakh and up to Rs 10 lakh: Rs 800
  • Sanctioned limits above Rs 10 lakhs and up to Rs 1 crore: Rs 2,000
  • Sanctioned limits above Rs 1 crore: Rs 4,000
Penal interest
  • Delay / non-submission of stock /book-debts statements: 6% p.a. on the outstanding amount in fund-based working capital credit facilities from the date of default
  • Non-payment of interest /installment on due date /non-adherence to sanction terms & conditions: 6% p.a. on the amount of overdue instalment /interest / charges /drawings over the limit
  • Expiry of working capital limits: 6% per annum on the outstanding amount of Fund-Based credit facilities.

Also read: Best Business Loan EMI Calculator

Types of Axis Bank Business Loan

Axis Bank MSME Samriddhi Lite 

Purpose: Axis Bank MSME Samriddhi Lite is a simpler version of MSME Samriddhi Loans. It provides options like cash credit and overdraft facilities.

Loan Amount: Rs 10.1 lakh to Rs 35 lakh

Axis Bank MSME Samriddhi Loans

Purpose: Axis Bank MSME Samriddhi Loan helps micro, small, and medium enterprises with their working capital, non-fund based, and capital expenditure needs. Borrowers can choose from options like overdraft, term loan, working capital, and other facilities to meet their requirements.

Loan amount: Rs 10.1 lakh to Rs 5 crore

Collateral:  Registered or Equitable Mortgage of Residential, Commercial and Industrial Properties, FD & LIC Policy

Axis Bank SME (Small and Medium Enterprises) Loans (Commercial Banking Group)

Axis Bank provides a range of customized loans for small and medium enterprises (SMEs) with turnovers of up to Rs 250 crore. Here are some of the loans offered under Axis Bank’s SME Commercial Banking Group:

Axis Bank SME Plus

Purpose: Axis Bank’s SME Plus is a customised program for all business units. Borrowers can pledge their residential, commercial and industrial property as collateral and use the loan proceedings to meet their capital expenditure and working capital requirements

Amount: Up to Rs 10 crore

Axis Bank Power OD

Purpose: Axis Bank Power OD is an overdraft facility designed for working capital needs. The limits offered through this program cannot be combined with any other program from the Commercial Banking Group.

Amount: Up to Rs 5 crore

Product Offerings: Overdraft Facility, Bank Guarantee & Letter of credit

Collateral: Residential, Commercial and Industrial property and Fixed Deposit

Axis Bank LCBN Power

Purpose: Borrowers can get a usance bill with a Letter of Credit. The limits from the Axis Bank LCBN Power program can be combined with any other program from the Commercial Banking Group, but the total limit can't exceed Rs. 10 Crore.

Amount: Up to Rs 5 crore

Axis Bank Zero Collateral Loans (CGTMSE)

Purpose: Borrowers can get Zero Collateral Loans from Axis Bank for trade, working capital, and term needs, helping them with their financial requirements for both day-to-day operations and long-term investments.

Amount: Up to Rs 2 crore

Axis Bank MPower

Purpose: Borrowers can avail Axis Bank's MPower program for various business needs, such as repairs, renovations, expansions, and addressing working capital shortages. They can also use the loan for purchasing property for business purposes or for owner/management occupancy. The program allows combining limits with other programs from the Commercial Banking Group, up to a total limit of Rs. 10 Crore.

Amount: Up to Rs 10 crore

Product Offerings: Loan Against Property, OD against Property, Dropline OD, Property Purchase 

Collateral: Residential, Commercial and Industrial property acceptable

Axis Bank Small Business Banking

Here are the loan variants offered under Axis Bank's Small Business Banking facility for businesses with a turnover of up to Rs 30 crore:

Axis Bank Cash Credit and Overdraft

Purpose: Businesses can get Axis Bank Cash Credit and overdrafts by putting up their homes, shops, fixed deposits, or other valuable things as security. They can use the loan to help with their day-to-day expenses and ongoing operations.

Amount: Rs 10 lakh to Rs 10 crore

Tenure: Loan renewal at end of 12 months from the date of availing this facility

Axis Bank Secured Quick Overdraft 

Purpose: Borrowers can get the Axis Bank Secured Quick Overdraft by using their residential, commercial, or industrial property as security. This helps them manage their cash flow and cover ongoing expenses for their business.

Amount: Rs 10 lakh to Rs 1.5 crore

Tenure: Renewal at the end of 12 months from the date of availing this facility

Axis Bank Merchant Loan Overdraft

Purpose: Axis Bank's Merchant Loan Overdraft is a hassle-free overdraft facility that doesn't require collateral. It's determined by the average monthly transactions made through Axis Bank terminals. Merchants can utilize this to grow their business and meet daily working capital requirements. Interest is only charged on the amount actually used.

Amount: Rs 5 lakh to Rs 50 lakh

Tenure:

  • Renewal at end of 12 months from the date of availing this facility
  • Drop line overdraft facility can be availed for maximum tenure of 3 years

Axis Bank Business Loan (Unsecured)

Purpose: Borrowers can access Axis Bank's unsecured business loan to meet various business needs such as expanding operations, upgrading technology, stocking inventory for seasonal demands, or managing cash flow requirements.

Amount: Rs 50,000 to Rs 75 lakh

Tenure: 1 year to 5 years

Axis Bank Unsecured Dropline Overdraft

Purpose: Axis Bank's Unsecured Dropline Overdraft is a facility created specifically for doctors and CA professionals. It doesn't require collateral and can be used to fulfill their immediate financial requirements.

Amount: Rs 5 lakh to Rs 50 lakh

Tenure: 2 years to 5 years

Axis Bank Medical Equipment Loan

Purpose: Axis Bank offers a Medical Equipment Loan specifically for doctors. They can use this loan to buy medical equipment and improve their practice. The loan can help them expand their business and upgrade their facilities. Plus, they have the option to delay payments for up to 6 months.

Amount: Rs 10 lakh to Rs 7.5 crore

Tenure: 1 year to 7 years

Axis Bank Industrial Equipment Loan

Purpose: Axis Bank's Industrial Equipment Loan is made for manufacturers. They can use this loan to buy industrial equipment and enhance their business. The loan supports business growth, and borrowers have the option to delay payments for up to 6 months if needed.

Amount: Rs 10 lakh to Rs 5 crore

Tenure: 1 year to 5 years

Axis Bank Secured Term Loan

Purpose: Borrowers can get Axis Bank's Secured Term Loan to buy machinery, property, or expand their business. They can use residential, commercial, or industrial property, as well as fixed deposits or other assets, as collateral for the loan.

Amount: Rs 5 lakh to Rs 10 crore

Tenure: 1 year to 15 years

Axis Bank Business Loan Eligibility Criteria

To qualify for a business loan from Axis Bank, you must meet the following eligibility criteria:

  • Age-21 years to 65 years
  • Business Turnover- Minimum of Rs.30 lakh
  • Business Vintage- Should be in the same line of business for at least 3 years
  • Partnership firms
  • Individuals with business registration
  • Private Limited Companies
  • Proprietorship Firms
  • Limited Liability Partnerships
  • Trust and Societies (for hospitals/educational institutes)
  • Unlisted Public Limited Companies

To avail business loans under the Mudra Yojana, the eligibility criteria are as follows:

  • The credit requirements of the business should not exceed Rs. 10 lakh.
  • Small and micro enterprises must be involved in income-generating activities.
  • Eligible activities include those within the manufacturing, trading, and services sectors, including agricultural activities.

Also read: Best Business Loan Eligibility

Axis Bank Business Loan Documents Required

When you apply for a business loan from Axis Bank, you will be required to furnish the below-given documents:

  • Application form
  • Financial statements
  • Business licence
  • KYC documents
  • Audit Report
  • Proof of business
  • Application form duly filed and signed by you
  • Income Tax Returns (ITR) for the last 2 years
  • Form 60 and PAN Card of all applicants/co-applicants/guarantor
  • Know-Your-Customer (KYC) documents
  • Other financial documents as required
  • Statement of your bank account for the last 6 months

Also Read :  Best Business Loan Documents Required

Frequently Asked Questions

Yes, it's possible to get your bike financed even as a student if you meet the specific eligibility criteria set by the lenders.

The best loan for financing your bike or scooter is the one with the lowest interest rate. This way, you'll have to pay less in monthly installments (EMIs) throughout your loan term.

To get financing for your motorcycle, bike, or scooter, you can easily apply for the loan online from home. Or, if you prefer, you can go directly to a bike shop and apply for the loan there by giving them the documents they need

You can check your loan status online through internet banking. Another option is to visit the closest branch of the bank or financial institution that's providing the loan.

Many lenders consider a credit score of 620 and above to be good when giving out loans for motorcycles, superbikes, or scooters. However, if your credit score is lower than 620, you can still find lenders who may be willing to give you a loan, although they might charge a higher interest rate.

Banks allow you to make prepayments after successfully paying 3-6 EMIs. Depending on the number of EMIs you've already paid, there might be a small fee applicable on the outstanding amount when you choose to prepay.

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