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- long Term Business Loans for Self Employed Non Professionals
Business loans for self-employed non-professionals
Collateral-free loans are exclusively designed for MSME customers like manufacturers, traders, wholesalers, retailers and service providers with nominal documentation. This program caters to serve your urgent financial needs, scaling up your business operation and gives you the opportunity to expand the scale of operations.
Features & Benefits
- Collateral-free, i.e. no property security, no hypothecation
- Loan amount can be availed for a minimum of ₹3 lakhs up to ₹75 lakhs
- Higher loan tenure up to 36 months
- Flexible repayment options available
Commercials
| Loan processing charges | up to 2% + applicable taxes |
|---|---|
| Part pre-payment charges | 2% + GST on amount prepaid |
| Foreclosure charges |
|
| Penal interest | 2.00% p.a. on the amount on overdue installments |
| Repayment instruction/instrument return charges | ₹399/- per instance + applicable taxes |
Eligibility & Documentation
Business vintage
- Minimum 3 years
Age
- Minimum 21 years at the time of loan application
- Maximum 65 years at the end of loan tenure
Business turnover
- Min ₹30 lakhs for the latest year
Minimum income
- ITR income ₹2.50 lakhs for the 2 years each
Residence/office stability
- Either office or residential property must be owned
- KYC
- Last 2 year's balance sheet
- Last 2 year's profit & loss statement
- Last 2 year's of ITR filed
- Last 1 year’s banking statement
Frequently Asked Questions
Business loan can be availed by the following constitutions:
- Individual firms, proprietorship firms, partnership firms, limited liability partnership firms, private limited companies, unlisted public companies, trusts and society (except charitable trusts).
No. You can apply for a business loan online at https://smedigital.axisbank.co.in/sbbcj/ in 2 easy steps and grow your business with ease.
- Kindly register on the link with your mobile number, PAN & email ID
- Click on register and proceed to apply for business loan online
You pay the loan in equal monthly installments (EMIs). The loan will be paid through post-dated cheques. You can also pay through electronic clearing system (ECS) or a standing instruction.
Yes, you can choose to repay your loan any time after 6 months along with applicable foreclosure charges as per bank guidelines.
We offer competitive interest rates for our loan facilities. The interest for each loan is determined based on assessment of your business profile, past track record, financial records, loan amount required and tenure of loan.
