46 XX | Enlightener Series | C. Private Sector Schemes | C.28 Axis Bank's Unsecured Business Loans for Self Employed Non Professionals

Disclaimer…before you read ahead!

The information contained herein is of a general nature and for information purposes only, with the intent of raising awareness around various resources, schemes etc. available for women entrepreneurs in India. It is not intended to address the circumstances of any particular individual or entity. It does not purport to be all-inclusive or necessarily contain all the information that may be relevant for the reader, and may be subject to updating, revision or amendment. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to remain accurate in the future. The reader, therefore, is required to exercise their discretion; and not act on such information without appropriate professional advice after a thorough examination of the particular situation.

Furthermore, we are not a lender and are not authorized by the Reserve Bank of India to act as one. By disseminating the information contained herein, we are not soliciting any borrower or customers for the company or organization mentioned herein nor do we intend to syndicate any capital for the reader of this article.

About this scheme…

Unsecured Business Loans for Self Employed Non Professionals is a collateral free loan offering by Axis Bank to help MSMEs meet their urgent financial needs and to expand scale of operations.

How is it being implemented?

Under this Scheme, financial assistance in the form of loans is given exclusively to,

MSME manufacturers, traders, wholesalers, retailers and service providers

What’s on offer?

I. Product

Term loan
Ticket Size: ₹3 Lakhs to ₹75 Lakhs

II. Purpose:

Acquisition of or investments in assets
Working capital requirements
For more information around this, please contact Axis Bank via means mentioned below

III. Borrower Type:

Individuals, Sole Proprietorship, Partnership, Limited Liability Partnership (LLP), Private Limited Company, Unlisted Public Limited Company, Trusts and Society (except Charitable Trusts)

IV. Security or Collateral or Guarantee or Insurance

Security: Nil
Collateral: Nil
Guarantee: Nil
Insurance: For more information around this, please contact Axis Bank via means mentioned below

V. Interest Rate

May range between 10.50% – 24.00% (with mean of around 19.44%) on a fixed/floating basis
For more information around this, please contact Axis Bank via means mentioned below

VI. Processing Fee

Upto 2%

VII. Margin Money Requirement

For information around margin money requirement, please contact Axis Bank via means mentioned below

VIII. Tenure, Repayments & Pre-Closures

Tenure: upto 36 months
Repayments: EMIs
Pre-payment & Foreclosure Charges: Loan can be repaid any time after 6 months along with applicable foreclosure charges as laid down under Commercials Tab here

IX. Turnaround Time

For information around margin money requirement, please contact Axis Bank via means mentioned below

Interested? Read ahead to check your eligibility….

I. Has your business been in operations for at least 3 years?

II. Will you be at least 21 years of age at the time of loan application?

III. Will you be below 65 years of age at the end of loan tenure?

Do you own a residential property?

Do you own the office property?

V. Is the business turnover for latest year atleast ₹30 Lakhs?

VI. Is the ITR income for each of the two years at least ₹2.5 Lakhs?

If your answers to the questions above are an emphatic YES, you are all set to avail Axis Bank’s Unsecured Business Loans for Self Employed Non Professionals!

So…how big is this scheme and what has been done so far?

Details of progress under this Scheme do not seem to be available in the public domain

So, now, how should you go about it?

I. For submitting application, register & apply online on Axis Bank’s website here

II. For information on documentation requirements, please scroll after selecting Eligibility & Documentation Tab here

III. For any queries, please contact Axis Bank via

Phone: 1800-103-5577 (Toll Free), 1-860-419-5555, 1-860-500-5555, +91-22-67987700 between 8:00 a.m. to 8:00 p.m. Monday to Saturday (excluding national holidays)