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- Merchant Loan
Merchant Loan
Axis Bank offers an attractive proposition for MSME merchants who can avail of collateral free Overdraft facility on the basis of average monthly swipes through Axis Bank terminal. This facility of merchant financing can be used by them to expand their business besides fulfilling daily working capital needs without having to provide any security. Moreover, interest is charged only on the amount utilised.
Features & Benefits
This account comes with a host of unique features:
- Loan amount can be availed from minimum of ₹5 lakhs up to ₹2.5 crores.
- Facility renewal at end of 12 months from the date of availing this facility.
- Dropline Overdraft facility can be availed for maximum tenure of 36 months.
- 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 2.00% + applicable taxes |
|---|---|
| Part Pre-payment Charges: | NA |
| 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
Business Vintage
- Minimum 3 years in current profession
No Of Swipes
- Minimum average of 30 swipes in latest 12 months
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
Residence / Office Stability
- Either office or residential property is to 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.
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 Merchant Loan to individuals, proprietorship firms, partnership firms, LLP, private limited companies, unlisted public companies, trust and society (educational institutions/hospitals and excluding charitable trusts).
Customers can avail Overdraft, Dropline Overdraft and Term Loan under Merchant Loan offering.
- We offer an Overdraft facility for 12 months, however it is renewable on an annual basis.
- Dropline Overdraft and Term Loan range between 12-60 months.
Residential property, commercial property, term deposits, liquid collaterals etc. are acceptable.
To avail benefit of MSME as per Government regulation, MSME registration is mandatory for borrower.
