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Axis Bank offers several types of business loans to businesses and MSMEs. They have a section solely dedicated to MSME loan products which focuses on helping their MSME customers finance their monetary needs to scale businesses. Let us have a look at different Axis Bank loan products and how to apply for these loans.
Axis Bank business loan products
Axis Bank business loans can be divided into two main categories, generic business loans and MSME loans.
Axis Bank business loans – Generic
Have a look at the generic business loans offered along with its features and Axis Bank business loan eligibility criteria:
Business loans
Axis Bank business loan product is a collateral free EMI-based loan provided to businesses for upgrade, repair and purchase of machinery, expansion of business, improving cashflow and building inventory.
Axis bank business loan features
- Minimum loan amount ₹50000
- Maximum loan amount ₹75 Lakh
- Repayment tenure – 1 year to 5 years
- Interest 11% – 25%
Axis bank business loan eligibility
- The age of the applicant must be between 21 and 65 years
- Business should have been in existence for minimum of 3 years
- Minimum turnover of the business must be 30 Lakh
24*7 Business Loans
If you are a “pre-qualified Axis Bank customer” you can apply for 24*7 Business Loans. It has the same features and eligibility criteria as the Axis Bank Business loan product above. However, the unique feature of this loan is easy online application and instant credit of funds.
Axis Bank MSME loans
MSME loans are extended to businesses with a turnover of up to ₹30 Crore. The interest rate for loans under this category is determined based on assessment of your business profile, past track record, financial records, loan amount required and tenure of loan.
Here are some of the MSME loans extended by Axis Bank:
Medical equipment finance
Medical equipment loan offered by Axis Bank is a term loan to expand medical facility and is designed for doctors.
Features
- Minimum loan amount is ₹10 Lakh
- Maximum loan amount ₹7.5 Crore
- Repayment tenure is from 12 months to 84 months
- Collateral free up to ₹5 Crore
- Moratorium up to 6 months
- Loans can also be taken for refurbished equipment
Eligibility
- Business must be at least 2 years in existence
- Minimum business income of ₹5 Lakh
- Age of the applicant must be between 21 years and 65 years
- Either office or residential property must be owned by the applicant with the residence stability being at least 12 months and office being at least 24 months
Business loan basis banking conduct
As the name suggests, this business loan is sanctioned based on the banking conduct of the MSME which is summarised based on its bank statements.
Features
- Loan based on 12 months bank statements
- Maximum loan amount ₹35 Lakh
- No collateral required
- Quick loan sanction process
- No additional financials document required
- Flexible repayment options
Eligibility
- Business must be at least 3 years in existence
- Business turnover must be ₹1 Crore for applicants asking for more than ₹10 Lakh. For loan amounts below ₹10 Lakh there is no minimum turnover
- Age of the applicant must be between 21 years and 65 years
Business loan basis GST returns
Business loans are offered based on the GST returns to MSME customers of Axis Bank. This can be opted for by MSMEs looking for quick business funding.
Features
- Minimum loan amount ₹3 Lakh
- Maximum loan amount ₹20 Lakh
- Collateral free loan and no hypothecation is required
- Repayment tenure up to 3 years
Eligibility
- Business must be at least 3 years in existence
- Business turnover must be ₹3 Lakh and above for the past two years
- Age of the applicant must be between 21 years and 65 years
- Either office or residential property must be owned by the applicant
Business loan basis ITR
This business loan is provided to small businesses based on the Income Tax Return for the previous two years from the date of the application.
Features
- Minimum loan amount ₹3 Lakh
- Maximum loan amount ₹15 Lakh
- No collateral required
Eligibility
- Business must be at least 3 years in existence
- Business turnover must be ₹3 Lakh and above for the past two years
- Age of the applicant must be between 21 years and 65 years
- Either office or residential property must be owned by the applicant
Business loans for self-employed professionals
These are collateral free business loans specially designed for practicing and consulting doctors and other professionals including CA, CS, ICWA, engineers and architects to help them expand their businesses.
Features
- Doctors (MBBS and higher degree) can avail up to ₹75 Lakh
- CA professionals can avail loan up to ₹35 Lakh
- Other professionals (CS, ICWA, engineers and architects) can avail loan up to ₹20 Lakh
- Higher loan tenure up to 3 years (5 years for doctors)
- Collateral free loan
- Flexible repayment options
Eligibility
- Business must be at least 2 years in existence for doctors and 5 years for other professionals
- Business turnover must be ₹10 Lakh in the latest year from the date of application for all professionals. Doctors must have ₹10 Lakh turnover for the past three years.
- Age of the applicant must be between 21 years and 65 years
- Either office or residential property must be owned by the applicant
- ITR income should be ₹3 Lakh for 2 years each and ₹2.5 Lakh for doctors
Instant business loans
This is a “24*7 MSME digital lending program” offered by Axis Bank that provides pre-approved loans to cater to your business and financial needs. Since it is a pre-approved loan, the bank has already checked your eligibility and offered you a loan based on your track record with the bank.
Features
- Pre-approved amount up to ₹20 Lakh
- Instant online application
- Quick loan approval process
- Loan tenure up to 2 years
Unsecured dropline overdraft
This is an overdraft facility extended to MSME customers to help meet immediate working capital requirements. Interest is charged only for the amount utilised.
Features
- Minimum loan amount ₹3 Lakh
- Maximum loan amount ₹50 Lakh
- Loan can be availed for a tenure of 2 years to 5 years
- Collateral free
Eligibility
- Business must be at least 2 years in existence doing the current profession
- Minimum business turnover should be ₹30 Lakh
- Age of the applicant must be between 21 years and 70 years
- Either office or residential property must be owned by the applicant
- In case of individuals, minimum income must be ₹2.5 Lakh as per ITR for last 2 years
- In case of non-individuals, minimum cash profit should be ₹3 Lakh for last 2 years
Industrial equipment loan
Industrial equipment Loans are designed specifically for MSME manufacturers of construction equipment. This product provides long-term funding against the industrial equipment purchased.
Features
- Minimum loan amount ₹10 Lakh
- Maximum loan amount ₹5 Crore
- Loan can be availed for a minimum tenure of 1 year to 5 years
- Collateral free up to ₹3.5 Crore
- Moratorium up to 6 months available
- Loans for refurbished equipment is also provided under this policy
Eligibility
- Business must be at least 3 years in existence doing the current profession
- Minimum business turnover should be ₹3 Lakh
- Age of the applicant must be between 21 years and 65 years
- Either office or residential property must be owned by the applicant, and it must have been the business address for the last two years
Long term secured term loan
Secured term loans can be used for purchase of machinery, property or business expansion. This is a long-term finance option involving higher loan amounts as compared to unsecured loans. Business assets or residential/commercial property can be used to fulfill collateral requirement of the loan.
Features
- Minimum loan amount ₹5 Lakh
- Maximum loan amount ₹5 Crore
- Loan can be availed for a maximum tenure of 15 years
- Funding against the residential, commercial, industrial property, godown, fixed deposits, liquid collaterals etc.
- Flexible repayment options
Eligibility
- Business must be at least 3 years in existence doing the current profession
- Minimum business turnover should be ₹30 Lakh
- Age of the applicant must be between 21 years and 70 years
- Either office or residential property must be owned by the applicant, and it must have been the business address for the last two years. In the case of rented accommodation, residence stability should be at least 1 year.
- In the case of individuals, minimum taxable income to be of ₹2.5 Lakh as per ITR for last 2 years and in the case of non-individuals, minimum taxable income should be ₹3 lakh for last 2 years
Documents required for Axis Bank business loans
Some of the Axis Bank business loan documents required are specific to each loan policy, however, most of the documents remain the same. Have a look at documents required for MSME loans and business loans mentioned above:
- KYC documents
- Business proof
- ITR, P&L, Balance Sheet for the period specified
- Bank account statements for the period specified
- PAN Card/Form 60
- Proforma invoice/Quotation of equipment or machinery being purchased (in case of equipment loans)
How to apply for an Axis Bank business loan?
To apply for any of the loans above you can either contact the customer care centre using Axis Bank customer care number. You can also find the nearest Axis Bank branch to enquire about details.
To apply for loan products online, you must:
- Visit the official website of Axis Bank
- Navigate to the option labelled ‘Business’ on top of the homepage
- Click on ‘SME’
- Navigate to option labelled ‘Debt and Working Capital’
- Click on ‘MSME – SBB (Turnover upto 30 Crs)’ for MSME loans
- Choose a loan category from the list that appears
- Go through the loan products from another list that appears. Click on ‘Explore more’ option given below the title of each loan product for more details on the loan
- Click on ‘Apply now’ option given below the title of each loan product to apply for the loan.
Filling up the Axis Bank business loan application form and submitting the relevant documents online will send your application to the Axis Bank business loan department for scrutiny and approval/rejection.
If you are looking for MSME loans visit Tata nexarc. We can get loan offers that match your requirements from multiple lenders across the country. Explore now.
Priyanka is a seasoned content marketing professional with more than 6 years of experience crafting various forms of business and technology sector content. Her insightful writing tackles critical issues faced by small-scale manufacturing businesses. Priyanka’s clear and concise communication empowers businesses to make informed decisions and thrive in today’s dynamic business environment.
