Merchant Cash Advance - FAQs
Merchant Cash Advance: Instant Loan and Current Account FAQs:
Merchant Cash Advance is a one-stop solution for Merchants, catering to their financial needs which are key drivers to business expansion and working capital requirements.
It provides a digital experience which includes an integrated customer journey to avail the following:
- Partner QR
- Digital Zero Balance Current Account
- Unsecured Term Loan
MCA Platform is also enabled with E-KYC and Video KYC for seamless and transparent customer digital onboarding.
All merchants with active Partner QR can apply for Axis Merchant Cash Advance proposition.
The key features of a Digital Zero Balance Current Account are:
- Zero balance current account with no initial funding required.
- Every Month the account should be credited with a minimum of Rs. 10,000 which is mandatory to avoid non-transaction charges, excluding cash deposit else, SOC charges applicable* T&C Apply
- Free E- Debit Card - Get your virtual debit card instantly on account opening
- Physical debit card as per account variant will be dispatched to your communication address after account opening* Schedule of Charges applicable T&C Apply
The schedule of charges are as follows:
- Monthly service charge of Rs. 25.
- Charges for non-transaction: Rs. 250 + GST per month.
- Physical debit card annual fees: Rs. 250 + GST.
- To view all the schedule of charges related to the digital zero balance current account
- Physical debit card issuance fees : Rs. 250 + GST.
The key features of MCA Loan being offered with QR+ Digital Zero Balance Current Account are:
- Zero collateral loan
- Zero physical documents
- Economical - competitive interest rate
- Eligibility basis QR, bureau record and 6 months bank statement
- Avail Loan up to Rs. 1 Lakh
- Flexible EMI repayments - easy daily recovery from QR settlement
- No hidden charges
Daily loan recovery via QR settlement – First banking initiative in India
- Loan type: Term loan with no collateral or guarantee required
- Tenure: 6 & 12 months
- Documents required: No physical documents required
- Loan sanction: Instant sanction after uploading bank statement online
“Digital Zero Balance Current Account” is zero balance current account with no initial funding required. The customer need to credit Rs. 10,000/- every month (Except cash deposit) to avoid any non-transaction charges of Rs. 250+GST. The credit transactions can be done in one go or in multiple transactions.
Will my Current and Loan account be activated immediately after I complete all steps of the application?
After the account number has been generated, the case will be viewed by concurrent auditor. Accounts will only be activated after the concurrent auditor marks the cases as process followed. The accounts are usually activated on the same day or within next 2 working days.
Merchants who use QR to accept payments are eligible for Axis MCA-QR Loan. There is no requirement of any security or collateral. Partner QR is mandatory to apply for loan.
Zero physical documentation is required to process your MCA-QR loan. No collateral is required for MCA-QR loan.
The interest rate has been kept very competitive of 2% per month or 24% per annum on reducing balance.
A special repayment solution has been curated for MCA-QR. It involves:
1. Automated small deduction by your QR service provider from your QR sales proceeds on daily basis instead of manual repayment of lump sum EMI amount on due date.
2. In case of shortfall in recovery via QR settlement, automated recovery will be done from your Axis Current Account on EMI due date.
Hence, the repayment will be completely automated. This minimises the risk of missing EMI and thereby helps avoid late payment charges. Make sure that you keep your Current Account funded for the month where less recovery has been done from QR settlements.
The complete view for daily retention done using your QR for EMI will be available in your QR service provider application.
Repayment for MCA-QR is automated basis daily retention model from QR proceeds. However, if you wish to make the payment or ensure that dues, if any, are cleared on time, it is advisable to keep your Axis Current Account funded as auto recovery from CA has been enabled.
The benefits of a daily retention model are:
1. Less Total Interest Payable - as daily retained amount also acts as a prepayment.
2. Auto recovery, implies less worries about missing out on EMI dues.
3. Repaying in small amounts on a daily basis reduces the pressure on your finances as no lump sum payment needs to be made for EMI.
In the daily retention model, small portion of funds from QR settlement will be retained on a daily basis towards EMI payment (interest benefit will be extended for the same). To keep recovery flexible, the EMI due for a cycle will be recovered in 25 days* * assuming that we receive daily retention amount from QR settlement proceeds and number of days due to EMI is >=25.
Below are the EMI due dates depending upon the loan account opening date.
Skipping or missing EMIs does not reflect well on your credit worthiness and could impact your credit score. Hence, borrow and repay wisely, within your means, in the interest of your financial well-being.
Loan Account Opening Date EMI Cycle Date 5th to 19th of the month 5th of the next month 20th to 4th of the next month 20th of the next month
- A Visa E-Debit Card (which is a virtual debit card) instantly on account opening. This will be shared on your registered email ID. You may start transacting with this card immediately, post account activation.
- The virtual debit card is complimentary and has no issuance charge or annual fee.
- It provides easy and secure online transactions and does not have any plastic existence.
- Customers receive the E-Debit Card immediately on account opening.
- It can be used to register for Axis Mobile App. Once registered, you may view details such as your 16-digit card number, expiry date and CVV via the APP.
- It comes with ATM withdrawal / Ecom transactions facility.
- Digital Current Account holders will receive their VISA Business Classic Debit Card.
- The physical debit card has a one-time issuance charge of Rs. 250 + GST and an annual charge of Rs. 250 + GST.
The daily transaction limits for your debit cards are as follows:
- The Virtual Debit Card has an e-commerce transaction limit of Rs. 1,00,000/- per day.
- The Business Classic Debit Card has a transaction limit of Rs. 2,00,000/- per day.
You may modify this limit by logging into your Internet Banking or through Axis Mobile app.
You may apply for a replacement or upgrade of your Physical Debit Card via the below steps.
a) Axis Mobile App: Click on Banking >> Services >> Debit Cards >> Upgrade >> Select the Card
b) Internet Banking: Select your Debit Card through My Debit Cards under the Accounts option >> Select between Block / Replace / Upgrade and the card you wish to upgrade to >> Enter code received through SMS
c) Branch: You can visit your nearest Axis Bank branch and place a request to get a physical Debit Card for your Current Account.
The tracking process is very simple because here you get a tracking code from Speed Post when the debit card is sent to your address. By using this code, you can easily track your Axis bank debit card status within a minute.
Things required for Axis Bank Debit Card status check
- Your mobile number should be registered with the bank so that you will receive a tracking code from Speed Post .
- Tracking code or number received on your mobile through SMS.
- Internet connection.
- Mobile or computer for tracking Axis Bank Debit Card status online
Step – 1. Firstly, open the SMS app and note down the tracking code that you have received
Step - 2. Open the Speed Post Track Consignment website on your mobile or computer
Step – 3. Enter your tracking code, solve the security captcha and click on the search button.
Step – 4. Once the tracking number is verified, you will see the complete status on the screen with dispatch village, time and date, etc.
The branch mapping to customer would be as per the communication pin code, all branches within 25 km will be reflected in the drop down. Customer needs to select one branch.
Before starting Video KYC ensure that your device has camera with a minimum bandwidth of 150 kbps. The video KYC process requires customer to present their original physical PAN. The customer has to give the consent for video KYC first. Then he/she can check for agent availability or choose to get a call back.
If the customer clicks on “Get a call back”, a call back request is automatically generated for this customer and pushed to the Video KYC Agent. Agent availability is now all 7 days of the week* (9 am to 8 pm).
Please note: only the browser and device combination mentioned below will support video calling.
- For Android – use Google Chrome V65+ or Samsung Internet V10+ .
- For iPhone - use Safari V12+
- For more queries, please contact on:
- Mobile or computer for tracking Axis Bank Debit Card status online
Current Account Helpline no - 1800-419-5959
Loan Help line number - 1800-4195577