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For MSMEs with turnover up to ₹100Cr
Unsecured Business Loans for Dropline Overdraft
Avail of Axis Bank’s collateral free MSME Dropline OD facility, tailor made for doctors and CA professionals to meet immediate working capital requirements. This facility offers the flexibility in repayment and interest is charged only on the amount utilized. The assigned Dropline Overdraft loan line functions like a normal overdraft facility in first year of loan tenure and drops every month in equal portion beginning second year for remaining tenure.
Features & Benefits
- Loan amount can be availed for minimum Rs. 3 Lakh up to Rs. 50 Lakh
- Collateral free
- Loan can be availed for a minimum tenure of 24 months up to 60 months
Commercials
- Loan Processing Charges: Up to 1.00% + applicable taxes
- Part Pre-payment Charges: NA
- Foreclosure Charges: NA
- Penal Interest: 2.00% p.a. additional on existing rate of interest
- Repayment Instruction / Instrument Return Charges:
- Rs. 500/- per instance + applicable taxes
- One time AMC at the end of first year:
- Rs. 5000 for facility less than 10 lakhs
- Rs. 15000 for facility more than 10 lakhs
Eligibility & Documentation
Eligibility
Business Vintage
- Minimum 2 years in current profession
Business Income
- Minimum business income of Rs. 30 Lakh.
Age
- Minimum 24 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 in-come to be of Rs. 2.5 lakh as per ITR for last 2 years.
- In case of non-individuals, minimum cash profit should be Rs. 3 lakh for last 2 years.
Documents
- 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 the Unsecured Dropline Overdraft facility to resident individuals (with business regis-tration), proprietorship firms, partnership firms, LLP, pvt. ltd. companies and unlisted public companies.
The minimum age required to avail this facility is 24 years.
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.
Unsecured Dropline Overdraft is a collateral free facility.
Tenure will be maximum 36 months.
