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- Long Term Secured Term Loan
Long Term Secured Term Loan
Avail of Axis Bank’s secured term loan for the purchase of machinery, property or business expansion. This facility for MSME’s provides long-term business finance involving higher amounts compared to unsecured loans, where business assets or residential/commercial property can be kept as security.
Feature & Benefits
- Loan amount can be availed from a minimum of ₹5 lakhs up to ₹5 crores
- Loan can be availed for a maximum tenure of 15 years
- Funding is available against residential, commercial, industrial property, godowns, fixed deposits, liquid collateral, 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 | up to 1.25% + applicable taxes |
|---|---|
| Part pre-payment charges | 1.00% of principal outstanding |
| Foreclosure charges | 2.00% of principal outstanding |
| Penal interest | 2.00% p.a. additional on existing rate of interest |
| Repayment instruction/instrument return charges | ₹500/- per instance + applicable taxes |
Eligibility & Documentation
Business vintage
- Minimum 3 years in the current profession.
Business income
- Minimum business income of ₹30 lakhs.
Age
- Minimum 21 years at the time of loan application.
- Maximum 70 years at the end of loan tenure.
Minimum income
- In case of individuals, minimum income to be of ₹2.5 lakhs as per ITR for the last 2 years.
- In case of non-individuals, minimum cash profit should be ₹3 lakhs for the last 2 years.
Residence/office stability
- Either office or residential property must be owned.
- In case of rented accommodation, residence stability should be of at least 12 months, not applicable if shifted to an owned house.
- Office stability should be of at least 24 months.
- KYC documents
- Duly filled in application form signed by you
- Relevant financial documents
- Bank account statement for the last 6 months
- PAN card/Form 60
- Business proof
Frequently Asked Questions
We offer secured term loans to resident individuals (with business registration), proprietorship firms, partnership firms, LLP, and pvt. ltd. companies and unlisted public companies.
Repayment shall be in monthly installments, including principal and interest.
Residential property, commercial property, industrial property etc.
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.
