Support your cash flows and ongoing operational expenses with ready source of funding by availing Axis Bank’s secured overdraft facility. Loan provided to MSME customers based on banking conduct and cash flow. Residential/Commercial/Industrial property can be offered as security. Interest on these products is charged only on the utilized amount.
- Loan amount can be availed for minimum Rs. 10 Lakh up to Rs. 1.5 Cr
- Facility renewal at the end of 12 months from the date of availing this facility.
- Interest charged on utilized amount.
- Minimum 4 years in current profession.
- As per ITR, borrower should not have incurred loss in the last 1 year.
- Minimum 21 years at the time of loan application.
- Maximum 70 years at the end of loan tenure.
Residence / Office Stability
- Borrower should own either the of-fice or residential property.
- Residence stability should be of at least 12 months.
- Office stability should be of at least 24 months.
- 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
Loan Processing Charges
Up to 1.25% + applicable taxes
Part Pre-payment Charges
2.00% of sanction limit
2.00% p.a. additional on existing rate of interest
Repayment Instruction / Instrument
Rs. 500/- per instance + applicable taxes
Q. Which constitutions are eligible for Secured Quick Overdraft?
A. We offer Secured Quick Overdraft to resident individuals (with business registration), proprietorship firms, partnership firms, LLP, pvt. ltd. companies and unlisted public companies.
Q. What is the interest rate for your loan facility?
A. 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.
Q. How does interest gets applicable on the limit given by bank?
A. Interest is charged only on the amount utilized and not on the entire sanctioned limit.
Q. Will there be any review charges post completion of 12 months of OD/CC facility?
A. No, we do not have any annual review charges. But for every OD renewals processing fees is levied.
Q. As this is a secured loan, is collateral required against the limit?
A. Yes, collateral is required against the facility and acceptable collaterals include residential property, commercial property, industrial property, etc.