For aspiring entrepreneurs and business owners, accessing funds for growth is key. With business loans from reputable financial institutions, you can secure up to Rs. 75 lakh for expansion, with repayment terms extending up to 60 months.
Professionals such as engineers, doctors, and chartered accountants can benefit from Axis Bank’s collateral-free business loans. Enjoy the convenience of easy EMIs, tailored to your business needs and aspirations.
Highlights Of Business Loan
Types of Business Loan
As an aspiring entrepreneur, if you want to start your business venture and need financial assistance, you can always apply for a startup business loan. You can also avail of this loan if you wish to expand the operations of your start-up enterprise.
With a working capital loan, self-employed individuals can manage the daily expenditures of the business. This includes managing steady cash flow, purchasing machinery, and paying short-term debt. In a nutshell, availing this loan will help you take care of finances associated with day-to-day operations.
A machinery loan can help you with expenses related to your business equipment. With this loan, you can purchase new machinery, upgrade existing ones, or even repair faulty equipment.
With the help of an MSME loan, you can finance business requirements like revamping your company’s infrastructure, purchasing machinery or raw materials, or expanding your business operations in general.
A term loan is a popular form of business finance offered by leading lenders across the country. Depending upon the lender’s terms, it could either be secured or unsecured. The loan is typically provided for a period that ranges between 1 to 20 years. The amount offered is majorly driven by the credit history of the business.
Business Loan FAQ’s
A business loan is a type of financing provided by financial institutions to businesses for various purposes, such as expansion, working capital, equipment purchase, or inventory management.
Eligibility criteria may vary among lenders but commonly include factors such as business vintage, revenue, credit score, and financial stability.
Commonly required documents include business registration documents, financial statements, income tax returns, bank statements, and business plans.
The loan amount depends on factors such as the lender’s policies, business financials, and the purpose of the loan. Typically, lenders offer loans ranging from a few lakhs to crores of rupees.
Interest rates and repayment terms vary based on factors like the lender, loan amount, tenure, and the borrower’s creditworthiness. Interest rates may be fixed or floating, and repayment terms can range from months to years.
Collateral requirements depend on the lender and the loan amount. While some lenders may offer collateral-free loans for smaller amounts, larger loans often require collateral, such as property or assets.
Approval times vary among lenders and depend on factors such as the completeness of the application, documentation provided, and the lender’s processing time. Some lenders offer quick approvals, while others may take longer.
Missing payments or defaulting on a business loan can have serious consequences, including late fees, penalties, damage to credit score, and legal action by the lender to recover the outstanding amount.
Many lenders allow prepayment or foreclosure of business loans, subject to certain terms and conditions. Some lenders may charge prepayment penalties, while others may offer flexibility in this regard.
