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- Long Term Secured Quick Term Loan
Long Term Secured Quick Term Loan
Support your long term commercial loan for purchase of machinery/ residential or commercial property or any other long term business finance requirement by availing Axis Bank’s Secured Quick Term Loan facility. Loan is provided to MSME customers based on banking conduct. Residential/commercial/industrial property can be offered as security.
Features & Benefits
- Loan amount can be availed from minimum of ₹10.01 lakhs up to ₹2 crores.
- Loan can be availed for a minimum tenure of 12 months up to 15 years.
- Funding against the residential, commercial, industrial property, godown, Fixed Deposits, liquid collaterals, etc.
- Flexible repayment options.
This account comes with a host of unique features:
- Zero Monthly Average balance Requirement
- Extended benefits in cash deposits, withdrawal, chequebook, NEFT and RTGS
- Nil Monthly Service charge
- Classic , Supreme and Platinum options available for debit card. Click here
Commercials
| Loan processing charges | It is up to 1.25% + applicable taxes. |
|---|---|
| Part pre-payment charges | It is 1.00% of the principal outstanding |
| Foreclosure Charges | It is 2.00% of the sanctioned limit. |
| Penal interest | It is 2.00% p.a. in addition to the existing rate of interest. |
| Repayment Instruction / Instrument Return Charges | ₹500 per instance + applicable taxes |
Eligibility & Documentation
Eligibility
Business Vintage
- Minimum 4 years in current profession
Business Income
- As per ITR, borrower should not have incurred loss in the last 1 year (1 year ITR and Computation of Income required)
Age
- Minimum 21 years at the time of loan application
- Maximum 70 years at the end of loan tenure
Residence / Office Stability
- Borrower should own either the office or residential property
- Residence stability should be of at least 12 months
- Office stability should be of at least 24 months
Documentation
- KYC Documents
- Duly filled in application form signed by the customer
- Relevant financial documents
- Bank account statement of last 6 months
- PAN Card/Form 60
- Business Proof
Frequently Asked Questions
We offer Secured Quick Term Loan to resident individuals (with business registration), proprietorship firms, partnership firms, LLP, private limited companies and unlisted public companies.
Repayment shall be in monthly installments, including principal and interest.
Residential property, commercial property, industrial property etc. can be offered as collaterals against Quick Term Loan.
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.
To avail benefit of MSME as per Government regulations, MSME registration is mandatory for borrowers.
