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Axis Bank Business Loan

 

Eligibility & Documentation


Axis Bank Business loan can help you raise capital for expanding a business and starting a new company. With My Mudra’s hassle-free application process, you can get a business loan, and the funds will be credited to your account once your business loan is approved.

 

Axis Bank Business Loan Eligibility Criteria

 

 

Salaried Individuals

Self-Employed Individuals

Business / Company

Entitled Borrowers

Government / Semi government / PSU / Private/MNCs/ Proprietorship/Partnership businesses

Proprietor /

Partners / Directors

Partnership or Private Limited firms engaged in Manufacturing, Servicing, or Trading

 

 

Self Employed Professionals such as Chartered Accountants, Company Secretary & Doctors

 

Age

The person should be 21 years old at the time of loan application and his maximum age should be 65 years

Applicant must be

a minimum of

21 years of age

at the time

of application

and should be

a maximum of

65 years at

loan maturity.

Proprietor / Key

Partner / Main

Director must be a

minimum of 25

years at  the time

of  loan  application

and should be a

maximum of 65

years at

loan maturity.

Income

The net monthly salary should be Rs.20,000

Gross annual income should be of minimum Rs.2.5 lakh

Annual turnover should be a minimum of Rs.30 lakh

 

Net monthly salary should be Rs.25,000 (if residents of the metro city)

Gross annual income should be of minimum Rs.3 lakh

 

Experience / Vintage

Minimum 2 years of work experience

Minimum 3 years in current business/profession

Minimum 3 years in current business/profession

CIBIL score

Should have a minimum CIBIL score of at least 750.

Should have a minimum CIBIL score of at least 750.

 

Work History

No defaults in the previous 24 months.

No defaults in the previous 24 months.

Business

stability/history of

minimum 3 years in

the same business.

Residence / Office Stability

Either office or residential property should be owned.

 

 

Either office or residential property should be owned.

 

Either office or residential property should be owned.

 

 

 In the case of rented accommodation, residence stability should be of at least 12 months, not applicable if shifted to the owned house.

 

In the case of rented accommodation, residence stability should be of at least 12 months, not applicable if shifted to the owned house.

 

In the case of rented accommodation, residence stability should be of at least 12 months, not applicable if shifted to the owned house.

 

 

Office stability should be for at least 24 months.

Office stability should be for at least 24 months.

Office stability should be for at least 24 months.

Citizenship

Individuals with Indian citizenship

Individuals with Indian citizenship

Proprietor / Partners / Directors with Indian citizenship

 

Documents Required To Avail Axis Bank Business Loan

 

 

Salaried Individuals

Self-Employed Individuals

Firm / Company

Identity Documents

Aadhaar Card, Driving License

 

PAN Card / Form 60

Aadhaar Card, Driving License

 

PAN Card / Form 60

· Firm/Company

PAN Card, GST

Registration

Certificate (If

applicable), and

Other Applicable

Registration

 

· KYC of Partners /

Directors PAN

Card and Aadhaar

Card

· PAN Card / Form

60

 

Job Card issued by NREGA duly signed by an officer of the State Government

Job Card issued by NREGA duly signed by an officer of the State Government

 

Income Proof

· Last

month’s pay

slip

· Recent bank

statement

 

· Form 16

· Income Tax

Returns along

with computation

for the latest 2

years

· Profit/Loss

statement and

balance sheet for

the latest 2 years 

· Income Tax

Returns along with

computation for

the latest 2 years

 

· Profit/Loss

statement and

balance sheet for

the latest 2 years

· GST Returns

 

Bank Account Statement

Salary credit

bank account

statement of

latest 3

months

Operative bank

account statement

of the latest 6

months

Operative bank

account statement of

the latest 6 months

Property document

If already finalized along with legal & technical clearance of the property

 

Once your loan has been approved, it will be credited to your registered bank account immediately.

eligibility

How to improve your Axis Bank Business Loan Eligibility?

Follow these tips to improve your Axis Bank Business Loan Eligibility –

Get Rid of Debts

Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting

Maintain a good CIBIL Score

Try to build a CIBIL score above 750

Do not apply for multiple loans simultaneously

Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness

Choose a longer loan tenure

Opt for a longer repayment tenure that will allow you to disburse the overall due amount over a longer time span. This will also help in reducing the EMI amount.

Add Co-applicants

A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.

improve-eligibility

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