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 Professionals is a collateral free loan offering by Axis Bank for MSME or self employed professionals to help grow their practice.
How is it being implemented?
Under this Scheme, financial assistance in the form of loans is given exclusively to,
- MSME professionals
- Self employed professionals
Like doctors, CA (Chartered Accountant), CS (Company Secretary), ICWA (The Institute of Cost and Works Accountants of India), engineers and architects.
What’s on offer?
I. Product
- Term loan
- Ticket Size:
- Doctors: upto ₹75 Lakhs
- CA professionals: upto ₹35 Lakhs
- Other professionals (CS, ICWA, engineers and architects): upto ₹20 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% + applicable taxes
VII. Margin Money Requirement
- For information around margin money requirement, please contact Axis Bank via means mentioned below
VIII. Tenure, Repayments & Pre-Closures
- Tenure:
- Doctors: upto 60 months
- CA professionals: upto 48 months
- Other professionals (CS, ICWA, engineers and architects): upto 36 months
- Repayments: EMIs. Flexible repayment options are also available
- Pre-payment & Foreclosure Charges: Loan can be repaid 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 5 years?
OR
- If you are a doctor, has your business been in operations for at least 2 years?
II. Will you be at least 24 years of age at the time of loan application?
III. Will you be below 65 years of age at the end of loan tenure?
IV
- Do you own a residential property?
OR
- Do you own the office property?
V.
- Is the business turnover for latest year atleast ₹10 Lakhs?
OR
- If you are a doctor, is the business turnover for the last three years been atleast ₹10 Lakhs each year?
VI.
- Is the ITR income for each of the two years at least ₹3 Lakhs?
OR
- If you are a doctor, 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 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)
OR
- E-mail or Chat with an agent by scrolling here
OR
- Visit an Axis Bank branch nearest to you
Go on then…and do spread the word!
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