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- Merchant Finance For Cash Credit And Overdraft
Cash Credit & Overdraft
Support your working capital and ongoing operational expenses with a ready source of MSME funding by availing our cash credit and overdraft products at Axis Bank. Residential/commercial property, fixed deposits, liquid collateral, etc. can be offered as security. Interest on these products is charged only on the utilised amount.
Features & Benefits
- Loan amount can be availed for a minimum ₹10 lakhs up to ₹5 crores
- Facility renewal at the end of 12 months from the date of availing this facility
- No commitment charges
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 | NA |
| Foreclosure charges | 2.00% of the sanction limit |
| Penal interest | 2.00% p.a. additional on existing rate of interest |
| Repayment instruction/instrument return charges | ₹500/- per instance + applicable taxes |
Business vintage
- Minimum 3 years of current profession
Turnover
- Minimum ₹30 lakhs to a maximum of 30 crores
Age
- Minimum 21 years at the time of loan application
- Maximum 70 years at the end of loan tenure
Residence / Office Stability
- Either office or residential property should be owned
- In case of rented accommodation, residence stability should be of at least 12 months, not applicable if shifted to owned house
- Office stability should be of at least 24 months.
Minimum Income
- In case of individuals, minimum income to be of ₹2.5 lakhs as per ITR for last 2 years
- In case of non-individuals, minimum cash profit should be ₹3 lakhs for last 2 years
- KYC documents
- Duly filled in application form signed by the customer
- Relevant financial documents
- Bank account statement for the last 6 months
- PAN card/form 60
- Business proof
Frequently asked questions
We offer cash credit and overdraft facilities to resident individuals (with business registration), proprietorship firms, partnership firms, LLP, and pvt. ltd. companies and unlisted public companies.
We offer competitive interest rates for our loan facilities. The interest for each loan is deter-mined based on assessment of your business profile, past track record, financial records, loan amount required and tenure of loan.
Interest is charged only on the amount utilized and not on the entire sanctioned limit.
No, we do not have any annual review charges. But for every OD/CC renewals processing fees is levied.
Yes, collateral is required against the facility as follows:
- OD - Only property collateral is required.
- CC - Primary security of stock and book debts required along with property collateral.
