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Unsecured Business Loan

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Status: Active

Classification: Private Sector Scheme

Release Date(s):
25th November 2023

Offering: Loan/Credit

Entity Type: NBFC

Reading Time: 5 Mins

Entity Name: Axis Finance Limited

#Views: 65

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 updation, 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 email.

 

About this scheme…

Unsecured Business Loan was launched by Axis Finance Limited (Axis Finance) to meet immediate cash flow needs, and short- term & medium-term financial needs of a business.

 

How is it being implemented?

Under Unsecured Business Loan, direct financial assistance in the form of loans is given to self-employed MSME segment such as:

  • Manufacturers
  • Traders
  • Retailers
  • Service Providers
  • Chartered Accountants, Doctors & Professionals

 

What’s on offer?

 

I. Product

  • Term Loan, Overdraft
  • Ticket size: ₹1 Lakhs to ₹ 50 Lakhs

 

II. Purpose:

  • Acquisition of fixed assets
  • Working capital requirements

 

III. Borrower Type:

  • Individual, Sole Proprietorship, Partnership, Limited Liability Partnership (LLP), Private Limited Company, Public Limited Company, Trust, Society, HUF

 

IV. Security or Collateral or Guarantee or Insurance

  • Primary Security: First charge may be created on assets financed by Axis Finance. For more details on this, please contact Axis Finance via means mentioned below
  • Collateral: Nil
  • Guarantee: Nil
  • Insurance: For more information on requirement of insurance, please contact Axis Finance via means mentioned below

 

V. Interest Rate

  • Axis Finance’s applicable Reference Rate since August 5, 2023 has been 16.15%. Hence, the applicable interest rate on this Scheme is likely to be around or upwards of 16.15% and is dependent on various factors such as overall customer profile, credit rating, riskiness of the borrower etc. For more information on the applicable interest rates, please contact Axis Finance via means mentioned below

 

VI. Processing Fee

  • Upto 3%
  • For additional charges such as convenience fees etc., please contact Axis Finance via means mentioned below

 

VII. Margin Money Requirement

  • For more information on margin money requirement, please contact Axis Finance via means mentioned below

 

VIII. Tenure, Repayments & Pre-Closures

 

IX. Turnaround Time

  • Turnaround time from application to disbursement is likely to be within 15 days subject to submission of required information and documents. For more information on this, please contact Axis Finance via means mentioned below

 

Interested? Read ahead to check your eligibility….

I. Are you are a Manufacturer, Trader, Retailer or Service Provider, Chartered Accountant, or Doctor?

II. For details on other eligibility criteria such as tenure of operations, filing of ITR etc, please contact Axis Finance via means mentioned below

 

If your answers to the question above is an emphatic YES, you are all set to avail Axis Finance’s Unsecured Business Loan!

 

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

I. Latest details on the Scheme don’t seem to be available in the public domain

 

So, now, how should you go about it?

I. Submit your application online along with required documents here

 

II. For information on application form or indicative list of documents required, please refer to AFL Loan Application Form (available in English, Hindi, Bengali, Gujarati, Kannada, Malyalam, Marathi, Tamil, and Telugu) by clicking on Form Centre Tab here

 

III. For any queries, please contact Axis Finance via:

 

Go on then…and do spread the word!

 

Sources:

  1. Primary Research
  2. About the Scheme
  3. Axis Finance Ltd.’s Latest Annual Reports 2022-23
  4. Axis Finance Ltd.’s Credit Ratings
  5. Axis Finance Ltd.’s Latest Credit Rating Report

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