Axis Bank Unsecured Business Loan
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If you need to finance your business without putting up any collateral, you can apply for an Axis Bank Unsecured Business Loan. This type of loan is usually unsecured, but some Axis Bank business loans require collateral if the applicant does not meet certain criteria. In this article, we’ll discuss the benefits of an unsecured business loan and what you need to do to be approved. You can also learn more about flexible repayment options and the Part Payment Charges.
No collateral required
If you’re in the market for a new business loan, but don’t have collateral to offer, consider an Axis Bank Unsecured Business Loan. The bank offers loans that range from Rs. 50 thousand to 15 lakhs for business startups. The repayment period depends on the amount of money lent, the repayment duration, and the rate of interest. Interest rates vary, depending on the borrower’s credit history, income, business turnover, and profits.
Axis Bank business loan eligibility is based on a number of factors, including the company’s financial stability, the business profile, and past credit worthiness. Business applicants must have a CIBIL score of at least 750. Business owners must also submit the business’s CIBIL score, proof of partnership documents, and residence proof for all partners. In addition to collateral, borrowers must have a sales tax certificate or trade license, which is required by law.
The Axis Bank Unsecured Business Loan is a credit line for manufacturing and service enterprises that are not in a priority sector. Unlike a traditional business loan, Axis Bank’s overdraft facility does not require collateral and can be used to meet day-to-day working capital requirements or to expand the business. The Axis Bank Overdraft Facility is available for up to 36 months. If you need more time to repay the loan, you can renew the facility at any time after 12 months. Applicants must maintain office stability for 24 months in order to qualify for this facility.
The Axis Bank Unsecured Business Loan is designed to suit every business need. It can be used to purchase machinery, start a new venture, or expand an existing business. Axis Bank Business Loan can help small and medium-sized companies grow and prosper. To obtain an Axis Bank Business Loan, apply online today. It’s simple, quick, and easy. Just remember that eligibility is dependent on the size of your business. If you don’t have collateral, the lender will not be able to offer you the loan.
While Axis Bank Unsecured Business Loan does not require collateral, you should be aware that it is a riskier investment than a secured loan. You’ll need a 750-point credit score to qualify. Be at least 18 years old. You must also be in business for at least one year, and your business must have been earning profits for the past year. You’ll also have to provide your bank details for the last six months. Additionally, borrowers must have regular sources of income. Salary slips are required.
Axis Bank offers a variety of options for unsecured business loans. A CGTMSE (Clean Trade and Merchant Guarantee Scheme) scheme provides a flexible tenor and quantum of loans to small and medium enterprises, manufacturing and trade and service units. This loan option has flexible interest rates, 12 to 36 month repayment terms, and is flexible to meet the needs of borrowers in a variety of industries.
A flexible tenor is an ideal choice for business owners who need to spread their repayments over longer periods. For example, Mr. Y took a loan of Rs. 10 lakhs at 12% interest for 36 months. The EMI is based on the loan term. The loan tenure includes a processing fee and an interest rate. A flexi interest calculator provides an insight into EMI payment amounts for various loan tenures.
Axis Bank offers collateral-free business loans in amounts ranging from Rs. 3 lakhs to Rs. 50 lakhs. These loans can be used for a variety of purposes including expanding operations, upgrading technology, and stocking inventory for seasonal demand. Because the loan is unsecured, it is a great choice for those who need extra cash to meet their needs. Axis Bank Unsecured Business Loan is flexible and easy to apply for.
Axis Bank also offers a range of non-fund based services. These include funding foreign subsidiaries in India against guarantees from foreign banks. Other non-fund-based services include Letter of Credit, Bank Guarantees, solvency certificates, and co-acceptance of trade bills. The term of the loan is up to 25 years. The repayment terms are flexible and the terms can vary to suit your business needs.
Flexible repayment options
With Axis Bank, you don’t need collateral or security to avail an unsecured business loan. Similarly, medical practitioners can avail an unsecured business loan to finance the purchase of medical equipment or for renovating a clinic. Under the IT Act, the loan repayment percentage is tax-free. To avail the loan, you need to submit a duly signed profit and loss account and balance sheet of your business. You also need to provide copies of your identity documents and address proofs and a cheque for processing fees.
Axis Bank offers a variety of funding solutions for small and medium-sized businesses. A term loan can be structured to fit the repayment cycle of the business. Axis Bank provides clean bill discounting services for its customers for up to three months. Moreover, the bank discounts trade bills drawn under Letters of Credit and other documents. These services may be useful to you if your business needs more funding.
The overdraft facility provided by Axis Bank allows you to borrow up to three to 50 lakhs on a collateral-free basis. The overdraft facility can be used to meet your day-to-day working capital requirements or for business expansion. In addition, you can avail a loan tenure of twelve to sixty months and reapply after a year. This facility is also available for businesses with a stable office for at least 24 months.
Eligibility for Axis Bank Unsecured Business loan depends on several factors. Your CIBIL score will determine your eligibility. You must have a minimum CIBIL score of 750. You should also provide copies of your passport, voter ID, and your driving license. Axis Bank also offers personal loan schemes to existing customers on base rate interest systems. These loans also offer migration to MCLR based interest rates.
Axis Bank offers different types of unsecured business loans for all stages of growth. You can choose from a loan amount of up to Rs. 5 lakhs or ten lakhs depending on your requirements. The loan amount can be adjusted according to the growth of your business. You can also take a loan for a micro or small enterprise that requires working capital. Axis Bank also offers a range of schemes for MSME borrowers.
Part payment charges
The Axis Bank charges part payment charges of up to 2% of the amount prepaid by the customer, excluding the applicable taxes. The bank offers different tenures for its business loans, and part payment charges vary from one customer to the next. You may choose to pay part of your loan within the first month or after 24 EMIs, whichever is earlier. You can also opt to pay part of the loan amount at any time after the first EMI, but this has some restrictions.
The loan amount ranges from Rs. 50 thousand to Rs. 15 lakhs/50 lakhs. Its repayment period depends on the money lent, credit history, income and business turnover and profits. However, Axis Bank offers flexible repayment terms with reasonable interest rates. If you are planning to expand your business in the near future, you can opt for a lower-interest Axis Bank Business Loan.
Axis Bank offers several financing options for your business, ranging from working capital to term finance. It also offers collateral-free overdraft schemes, which are based on the average swipes you make on the bank’s terminal each month. You can use your overdraft for both daily working capital and business expansion. You can use it for 36 months, and the facility can be renewed every 12 months. However, you must maintain an office in the same location for at least 24 months before you can avail the facility.
For a personal loan, Axis Bank requires at least 3 years of experience in your field. Your CIBIL score also plays a vital role in the loan approval process. Your loan application process is easy, and you can check its status at any time. Axis Bank requires various documents to evaluate your creditworthiness and income. If you qualify, you will receive an approval within 48 hours of submitting your application.
The principal component of an EMI will be exempted from interest calculation, so the remaining balance will be reduced. If the amount you owe exceeds the monthly EMI, the excess funds will be retained in the loan account for fifteen days. This money will be applied towards the principal due as part payment. However, if the amount you owe is greater than the EMI, the Bank may take proactive measures to close the account.