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Axis Bank Business Loan
Axis Bank Business Loan is catered into two parts: Solution for Corporates and Solution for Small & Medium Enterprises (SMEs). As a solution for corporates, Axis Bank offers working capital finance by way of overdraft, cash credit or working capital loans. These are structured suitably to the corporate needs and the risk profile as a part of a consortium or as a sole banker. The main aim is to improve the liquidity of your business and also speed up all the process with internet banking and phone banking etc. Particular demands related to the expansion of business and up gradation of facilities can increase pressure on the finances of a company and hence Axis Bank helps to structure the credit solution to meet the specific long term or short term financial requirements.
The MSMED ACT, 2006 of Reserve Bank of India defined the Medium, small and micro enterprise in both manufacturing and service sector. But Bank also selectively classifies particular business segments as part of SME lending. Irrespective of the obligor the channel funding or vendor financing is part of SME.
Axis Bank Loan against Property
As the name suggests, here Axis bank provides loan against your property. Also, this loan can be availed to acquire new property. A takeover of existing loan with refinancing is also available here.
Under loan against property following four products can be availed:
1) Loan against property – Residential
2) Loan for the purchase of commercial property
3) Loan against property – Commercial
4) Take-over of existing loan with additional refinance (Balance Transfer).
Features & Benefits
• Attractive interest charges
• Balance Transfer facility offered with extra finance
• Doorstep facility
Terms & Conditions of Axis Bank Business Loan against Property
• Repayment: Repayment period is maximum 15 years.
• Security: Equitable Mortgage of the goods to be funded, by way of payment of title deeds.
• Insurance: Client can gain Property & Personal Accident insurance cover as per the guidelines and schedules with the insurer/underwriter. This is discretionary.
• Processing Charges or Admission Fee: Minimum login charges of Rs 4000 will be charged plus a processing fee equal to 1% of the loan amount approved (taxes as applicable).
• The penalty for early closure: 2% will be charged if the sum surpasses 25% of the principle unsettled during a quarter, otherwise no penalty.
• Other Conditions:
o Bank reserves the right to scrap any request without assigning explanations thereof
o The aspirant will undertake to notify the Bank as and when there is an alteration in address or employment
Axis Bank offers a wide range of opportunities for SME businesses and businesses in the growth phase that includes Micro & Small Enterprises (MSE) so that there is timely availability of credit as it is an integral ingredient needed for any business to keep growing. As such Axis Bank offers a variety of services ranging from Funded to Non-Funded, from Short Term to Long Term and from Credit to Trade Services, just to ensure that you get finance the way it is best suited for your business.
Axis Bank offers Cash Credit services to meet your day-to-day working capital needs. Interest is charged not on the authorised amount but the used amount.
Working Capital Demand Loan
Axis Bank also offers working capital facilities in the form of Working Capital Demand Loan in its place of cash credit facility. The primary or collateral security will be as stated in cash credit facility.
Axis Bank provides finance for export activities in the form of Pre-Shipment Credit alongside firm order Post shipment credit Finance and or Letter of Credit is delivered in Indian or foreign currency subject to the need of the borrower.
Short Term Loan
You may like Working Capital services to come across your day-to-day working capital requirements and Term Loan for your CapEx.
Given the growing opportunities, your business appreciates, you may need long-term assets for CapEx or capacity expansions or plant transformation and so on. Keeping these requirements in mind they provide term loans up to suitable tenor with the appropriate moratorium if required, and repayment opportunities structured by your projected cash flows.
Clean Bill Discounting
Axis Bank provides clean bill discounting services to supply your receivables. This service is provided for 3-6 months dependent upon the tenor of the bill.
LC Backed Bill Discounting
Axis Bank discount trade bills drawn under Letters of Credit supplied by reputed banks to fund your receivables. This capability is provided for 3-6 months conditional upon the tenor of the bill or Letter of Credit.
Co-Acceptance of Bills
Axis Bank also offers co-acceptance of trade bills liable upon the necessity of the borrower.
Credit Facilities against Guarantee or Stand by Letter of Credit allotted by Foreign Bank
Various foreign firms set up a subsidiary in India. Axis Bank offers to fund to such companies against guarantees or SBLCs of suitable foreign banks.
Letter of Credit
Apart from the fund based working capital facilities we offer a variety of Non-Fund Based services such as Letter of Credit, Bank Guarantees, Solvency certificates, etc. Such LCs are for contract ranging from 1-3 years depending upon the need of the borrower.
Axis Bank offers Bank Guarantee on behalf of their customer to various other bodies such as Government, quasi-govt agencies, corporate and so on.
Axis Bank also offers solvency certificate depending upon the necessity of the borrower.
SME Fast Track
For SMEs, Axis Bank offers fast track loans under the following schemes, with approval subject to fulfilment of terms and conditions including risk analysis on the Management, Business, Financial parameters etc.
Types of Loans offered
Axis Bank offers fast track loans for SMEs under the following structures.
• Financing to Non-Priority Sector Entities
• Term Loan against Property
• Overdraft against Property
• Zero Collateral Loans to SSI Units (ZCL)
• Lease Rent Discounting
• Smart Swipe Credit Line
• Business Loan for Property (BLFP)
Features & Benefits
• Loans up to INR 50 millions.
• Fast processing and quick disbursement
• Attractive market-related interest rates
• Flexible repayment options of up to ten years
Why should you choose Axis Bank Business Loan?
There are various features offered by Axis Bank for the corporate house and also for SMES. The few of the reasons are as follows: They provide structured financing solution for project funding, real estate, infrastructure and other corporate purposes. The business loans are structured to enhance the profitability by scheduling the repayment of interest in such a manner that it matched with the cash flow available. Advisory services are also provided to companies for syndication of the required term loans to a comprehensive spectrum of financial institutions. Also there is a “Code of Bank’s Commitment to Micro and Small Enterprise” to provide a confident drive to the MSE sector by providing easy access to competent and suitable banking services; advance our understanding of MSE’s business through active communication; boost market forces, through rivalry, to accomplish higher operating standards; and to ensure timely and rapid response to your banking needs.
How to apply online for Axis Bank Business Loan?
One of the simplest and fresh ways to apply for a business loan on the online platform is Finance Buddha, a one-stop solution provider for all business investment necessities is Finance Buddha. Here are the details essential for knowing more about your request:
• Borrower name
• Entity Name
• Year of Incorporation /VAT/Service Tax
• Loan amount
• Turnover (For the year 2014-15 & 2015-16)
• Net profit after tax (For the year 2014-15 & 2015-16)
• Depreciation (For the year 2014-15 & 2015-16)
• Director/Partner Salary (Not Applicable For Proprietorship Firm) (For the year 2014-15 & 2015-16)
• Choose the city
• Mobile number
• Email ID
Just fill up these required details and click on Apply button and that is it. Once we receive your application we will take it from there onwards until you get the loan disbursed in your account.
Axis Bank Loan against Property
Subject to the income profile, following are the eligibility criteria for this product:
• Salaried Individuals
o Any person who is in permanent service in a reputed company or government
o The applicant should be more than 24 years of age at the time of loan origination and up to the age of credit retirement
o Professionals (i.e., doctors, dentists, architects, engineers, chartered accountants, company secretary, cost accountants, and management consultants only) can apply
o The applicant should be more than 24 years of age at the time of loan origination and up to 65 years or less at the phase of loan maturity
• Self-employed Individuals:
o Any person filing Income Tax returns can apply
o The applicant in all the cases should be more than 24 years of age at the time of loan commencing and up to 65 years or less at the phase of loan maturity
Axis Bank Loan against Property
• Proof of Identity
o Salaried Applicants: Voter's ID card or driving license or PAN card or photo credit card or employee's ID card, or defense or police or government department ID card
o Other Applicants: Voter's ID card or driving license or PAN card or photo credit card
• Proof of Income
o Salaried Applicants: Latest salary slip showing all deductions or Form 16 along with recent salary certificate
o Other Applicants: IT Returns for the last two years and computation of income for the last two years certified by a CA
• Proof of Residence
o Salaried Applicants: Bank account statement or latest credit card statement or latest electricity bill or telephone or mobile bill or latest LIC policy or insurance premium receipt or employers message certifying the current mailing address or latest NSC or another similar type of instruments indicating the address or current house lease agreement
o Other Applicants: Bank account statement or latest credit card statement or latest electricity bill or telephone or mobile bill or latest LIC policy or insurance premium receipt or latest NSC or another similar type of instruments indicating the address
• Bank statement or passbook where salary or income is credited
o Salaried Applicants: Last six months
o Other Applicants: Last six months
• Guarantor form
o Salaried Applicants: Optional
o Other Applicants: Optional
• Lease Agreement
o Salaried Applicants: Copy of rental agreement required for all lease rental discounting cases
o Other Applicants: Copy of rental agreement necessary for all lease rental discounting cases
SME Fast Track
• Entity Profile
• Financials of the entity for the latest two years
• Profile of the group concerns
• Bank statements of the entity for the last 12 months
• Copy of title deeds of the assets with Municipal Tax Receipts and Sanction Plan
• Office Proof of the entity
• Copies of all lease and sublease agreements in connection with the property
• MOA and AOA in case of Company or Partnership Deed in case of partnership firm
• Bank statements of the directors or partners for the last six months
• Latest two years ITRs of the directors or partners and Personal Balance Sheets
• Residential Proof of all the directors or partners
• Identity proof of all the directors or partners
Axis Bank Loan against Property
Interest Rates, Fees & Charges
Effective rate of interest = Base rate (10%) + Mark-Up
• LAP Residential: 13.00%
• LAP Commercial: 13.00%
• 3rd Party LAP – Residential: 14.00%
• 3rd Party LAP – Commercial: 14.00%
• Gross Receipts – Residential: 13.25%
• Gross Receipts – Commercial: 13.25%
• LAP Surrogate Scheme: 14.00%
• Lease Rental Discounting (for rated lessee): 12.75%
• Lease Rental Discounting (for the un-rated lessee): 13.25%
• Overdraft Against Property (Residential): 14.00%
• Overdraft Against Property (Commercial): 14.00%
• Reverse Mortgage Loan: 11.75%
These are the effective interest rates.
Fees and charges for different schemes are as follows:
• Loan Processing Charges
o Asset Power (Loan Against Property): 1% + Service Tax as applicable
o Commercial OD against Property/Dropline Overdraft Against Property: 1% + Service Tax as applicable
o Loan Against Rent Receivables: 1% + Service Tax as applicable
• Pre- Prepayment/Foreclosure Charges
o Asset Power (Loan Against Property): If any of the borrowers is a non-individual - 2% will be levied, if the amount pre-paid exceeds 25% of the principal remaining during a quarter, then no prepayment penalty. Foreclosure costs: 2% will be charged on the limit set for the particular year in which the boundary is being foreclosed.
• Loan against Rent Receivables:
If any of the borrowers is a non-individual - 2% will be charged, if the amount pre-paid exceeds 25% of the principal unpaid during a quarter, then no prepayment penalty. No Due Certificate
o Asset Power (Loan Against Property): NA
o Commercial OD against Property/Dropline Overdraft Against Property: NA
o Loan Against Rent Receivables: NA
• Solvency Certificate
o Asset Power (Loan Against Property): NA
o Commercial OD against Property/Dropline Overdraft Against Property: NA
o Loan Against Rent Receivables: NA
• Charges for Late Payment of EMI
o Asset Power (Loan Against Property): Penal interest of 24% each year i.e. @ 2% per month on the overdue installment/s
o Commercial OD against Property/Dropline Overdraft Against Property: Penal interest of 24% yearly i.e. @ 2% per month on the overdue amount/s
o Loan Against Rent Receivables: Penal interest of 24% annual i.e. @ 2% per month on the overdue installment/s
• Stamp Duty & other statutory charges
o Asset Power (Loan Against Property): As per applicable laws of the state
o Commercial OD against Property/Dropline Overdraft Against Property: As per applicable laws of the state
o Loan Against Rent Receivables: As per applicable laws of the state
• Cheque Bounce Charges
o Asset Power (Loan Against Property): INR 500/- per instance
o Commercial OD against Property/Dropline Overdraft Against Property: INR 500/- per instance
o Loan Against Rent Receivables: INR 500/- per instance
• Cheque Swapping Charges
o Asset Power (Loan Against Property): INR 500/- plus service tax as applicable
o Commercial OD against Property/Dropline Overdraft Against Property: INR 500/- plus service tax as applicable
o Loan Against Rent Receivables: INR 500/- plus service tax as applicable
• Duplicate Statement Issuance Charges
o Asset Power (Loan Against Property): INR 250/- per instance
o Commercial OD against Property/Dropline Overdraft Against Property: INR 250/- per instance
o Loan Against Rent Receivables: INR 250/- per instance
• Issuance charges for photocopy of title deeds
o Asset Power (Loan Against Property): INR 250/- per document set
o Commercial OD against Property/Dropline Overdraft Against Property: INR 250/- per document set
o Loan Against Rent Receivables: INR 250/- per document set
• Credit Report Issuance Charges
o Asset Power (Loan Against Property): INR 50/-
o Commercial OD against Property/Dropline Overdraft Against Property: INR 50/-
o Loan Against Rent Receivables: INR 50/-
• CERSAI Charges
o INR 50/- For Loans up to INR 500,000.
o INR 100/- For Loans above INR 500,000.
Frequently Asked Questions
What is the turnaround time for decisions a Loan against Property application?
What are the minimum and maximum amounts of Loan against Assets that I can get?
I am an NRI. Can I get a Loan against Property?
Do I need to pay a fee to gain a Loan against Property?
When is my EMI due?
How soon after the foreclosure will I get back my original property papers?
How do I exclude my Loan against Property? Will there be any charge for the foreclosure?
How do I update my mobile number and the email address recorded under my Loan against Property account?
Can I get an overdraft against my assets?
What are the different property types considered under the Loan against Property scheme?
Reviews 4.94 stars, based on 47 reviews
I recently got the first part of my Axis bank business loan. As the value of my loan was high, the Axis Bank executives mentioned that it had to be done in parts. I was expecting the loan to be approved in like a week's time, but applying through Finance Buddha has made things really easier.Ronit Sharma 5/5
For all the people looking for reliable information on the web or internet, Finance Buddha has it all under one roof. I appreciate the way they have represented the layout on their website which is so easy to understand. The user interface is nice and the website loads fast. Not full of pop ups and spams like other websites. I got the exact information as the result I saw on Google. My business loan is disbursed and I finally got it this Monday.Vishal Negi 5/5
The procedures of Finance Buddha EMI and Loan eligibility calculator are easy to follow. I had no problem in understanding. You all must try.Nimrata Sond 5/5
A great customer experience. Hadn't expected this level of quality! The loan got disbursed and that too within 10 days!Preeti Sood 5/5
I think the website is newly built, not sure. But I can say it is being run by professionals. The kind of quality I see in everything is phenomenal. The way their employees interact and listen to the problems, I think they have been well-trained for everything. I had concerns about understanding the rates of interests and other charges which me being a layman could not understand. They told me the meaning of all the technical terms and gave scenarios of how it should affect me. For me, they suggested to go for Axis Bank business loan, which according to them was best suited for my needs. And I am very happy with the fast business loan that I got for my startup business in Bangalore. Finance Buddha also helped me with the documentation and the submission of my business loan application to the Axis Bank on my behalf. Not only this, Finance Buddha got me a negotiated lower interest rate of 16% as well. So thanks to Finance Buddha and Axis Bank for the business loan!Sanjana Bhati 5/5
Axis business oan through Finance Buddha was processed really quickly. I did not even have the energy to go to the banks where I would have had to wait. Why go to the bank when you can carry their services anywhere you go. A great feature of the website is their business loan calculator. It gives the exact results which help to organize the schedule of the loan process and understand your fair chances of getting a loan.Saba Ahmed 5/5
What is the most important thing while taking a loan? Getting the right information and the right people who do not cheat. You want everything to be told to you. That is exactly how things work at this web portal. They give you all the RELIABLE information under one website and that too, without any annoying subscription package or and paid membership. I applied for the business loan and got one easily. This was my best experience so far.Rohit Das 5/5
There are many banks that provide business loans. But like everyone says, we should do proper research at the beginning or regret later, I was glad that I got the right platform to solve all my queries. Axis bank met my needs of finding a loan in which there was no need of collateral. I was not even aware that such loans existed. Thanks to the team of consultants from Finance Buddha. They are not just the company employees with finance knowledge, but the right kind of people who are happy to help.Priyanka Rajput 5/5
I do not understand how they gather so much of information that I cannot even find online. But I have personally verified each and every point with the Axis bank employees and they have complied with the information. Truly guys, you have put a lot of energy in helping your readers. I know this website will grow big based on their service.Raj Bansal 5/5
Getting the documentation process verified from the bank is in itself a hell lot of a deal. Through Finance Buddha, this issue is easily cut short. While other people go to the banks and stand in long queues trying to understand why a particular document is needed, I got all the information from the website Finance Buddha itself. What a great way to re-plan your loans and ease yourself!Rajesh Mittal 5/5
You do not get much banks offering high-end services for SME loans. Through this website, I could partner with the Axis bank who have a record of great customer service. Well, I can say this because I have seen it myself. A happy customer of Axis bank! I recommend the business loan from Axis bank to everyone reading this.Sondesh Kuaon 5/5
No doubt, availing a loan is no less than a very troublesome task. I must admit that without the help from this genius web portal Finance Buddha and their equally genius employees, it would not have been easy for me to get the loan processed so easily. They helped me understand what every technical financial term meant and also told me the pros and cons of features provided by the different banks. We all have always needed a reliable partner who has a good finance knowledge and share it with us like a friend. Guess what, Finance Buddha acts as that friend.Rishi Dua 5/5
My dad was looking for a business loan and was considering a bank in which he has his savings account since the last 20 years. Through Finance Buddha, I came to know that Axis bank offers better features of business loans, and that too very quickly. I suggested my father to try out the services from Axis bank. He talked to the bank employees and found them reliable. Our loan has been approved and we are just awaiting the payment. So far so good!Jahnavi Mehta 5/5
I applied for the business loan on Finance Buddha. I applied a day and the next day I got a call from their representatives. The lady who called was so polite and already knew the questions I had in mind. Then, I chose Axis bank as per it suited my needs of no collateral loan as provided by them. They processed my loan application and after two days, the Axis bank employees came to my home to collect the documents. I had to visit the bank only once. A very user-friendly experience on the whole.John D'souza 5/5
I was in deep trouble as my landlord does not provide me with a leased rent document without which I was not able to avail the business loan. When I registered on this web portal, a guy from their team contacted me and provided me the best possible way outs. My business loan finally got approved and that too without having to nag about the things with the house owner.Surbhi Anand 5/5
My loan from the Finance Buddha was processed without any trouble. My CIBIL rating was low and the loan got rejected when I applied for it through someone who charged me for the task. However, with the help of finance Buddha, I was able to process the loan without getting any fraud.Manav Goenka 5/5
On Finance Buddha's website, I found all the information without having to read tons of pages through Google or asking for advice from someone else. There is ample information available on the website and moreover, you can also apply for the loan here itself. All this, without any spam is remarkable.Shruti Seth 5/5
The process is so simple to follow. Moreover, there is no redundant question I found while applying for the loan. The website of Finance Buddha is secure and I can say that because I have applied and got the loan easily processed through this web portal which has been phenomenal.Neil Sharma 5/5
Such a fast delivery of the business loan. I have never seen someone else get a business loan this easily. For business loans, I think the maximum number of documentation is required. Though I had to gather quite a few documents for this loan, it was yet easy and the processing was fast with due assistance from Finance Buddha.Mayukh Narang 5/5
The modes of payment through Axis bank for the loan payment are humongous. You can pay the loan through any method that suits the best. Since I am a working man, I get practically no time to visit the bank and hence, I pay my loan online. Also, through the Axis bank mobile application, I can look for my past transactions, current amount pending, and the interest charged. Everything is so easy when you choose a bank that is modern.Shubham Gupta 5/5
When every single thing works online now, why should you have to manually go to the bank to get a loan. Finance Buddha takes care of that part for you. Your loan information is available online, you check your eligibility online, you apply the loan online! It is that fabulous. This is the website every corporate worker needed who basically gets no leaves from work!Lakshmi Dubey 5/5
I had heard from my parents that getting a loan is not so easy because if you want the loan easily, you have to contact the mediators and the brokers who want to mint the maximum amount of money from your pocket. With the Finance Buddha executives by your side, I did not face this problem. They were very cordial and happy to help at every step.Charlie David 4/5
I trust the Axis Bank as I already had my study loan from the same bank. The bank has always understood my requirements. There was a time, I was not able to pay the installments of my study loan. The Axis bank helped me a lot in that case. The bank has offered me a variety of loans as I already have a good CIBIL score as there has been no problem in paying the loan installments since the past two years. My business loan got approved and I am just waiting for it to get sanctioned as soon as possible!Danish Ahmed 5/5
I am passionate to work something on my own. I am sure this loan I have applied from Axis bank will land me in the place that is benefitting for me. I had applied for the business loan for SMEs after consulting the Finance Buddha team. I got the loan sanctioned very quickly and that too without any brokerage charge!Deepak Sehgal 5/5
I had never planned that I would have to enter my father's business. However, after his untimely death, I had to handle all the accounts. I was clueless when our company needed funding as there was no investor ready to invest in a company with a young head. A friend of mine recommended to go for the Services Power loan by Axis bank which is also given to the non-funded companies. Glad I got the right info at the right time. Still trying hard to get the company to the heights my dad always wanted it to be.Aditya Rana 5/5
Finance Buddha helped me choose from the best loan available online. Applying for a loan from Axis bank was a crucial decision for my business. The loan was to be processed quickly since my shares were on stake. I am happy to associate with Axis bank and thank the FinBud team whose information helped to discover a great business loan provider that has features to the customer's favour.Aakash Jindal 5/5
Finance Buddha website managers provide all the genuine information one needs to apply for a home loan. Their loan eligibility calculator is so good that you get to know all the points where you lack. It gives a great insight into which loan category one fits in. Great to be associated with one of the best loan mediating companies.Shilpa Kumari 5/5
The Finance Buddha is a great tool to the finance industry. I mean, whatever you want to know about, you can get the information on this website. The portal executives are so compliant with your requests that it is surprising. They were really good in addressing my woes, as I had a low CIBIL rating. They gave me a good opportunity and I can't thank them less enough.Rohit Kapoor 5/5
Hailing from a small city, I was always restricted in opportunities. But thanks to Finance Buddha for bringing all the information and process online, location is not a hurdle anymore for loans. The facility to apply for business loan online is a great move by the Finance Buddha to spread awareness about different loans that can be applied online. And also thanks to Axis Bank, as I did not have any collateral and so, the bank offered me the Zero Collateral Loans (ZCL). I availed a loan of INR 500,000 and opened a beauty parlour from which I have grown manifold. I am on the verge of opening a new branch!Geetanjali Kapoor 5/5
The Axis Bank is a name synonymous to trust. I have partnered with the bank from the last two years. I have a salary account with them. Hence, my first choice for the loan was obvious - Axis bank. The bank employees were friendly with me already, so it just added to the trust factor. To have the second opinion, I consulted the team of advisors from Finance Buddha. I was happy to see that they put so much of dedication into making the content so up to date. Partnering with the bank was a decision highly recommendable. I think this is best business loan for women entrepreneurs.Garima Kashyap 5/5