Loan comparison of Axis Bank Business Loan vs ICICI Bank Business Loan

Axis Bank Business Loan

ICICI Bank Business Loan

Interest Rate

Loans for SENP starts from 17.75% per annum and loans for SEP starts from 15% per annum
Starts from 16% per annum

Loan Amount

Up to Rs. 75 Lakhs
Up to Rs. 5 Crore

Loan Tenure

Up to 36 months
Up to 60 months

Loan Processing fees

Up to 2% of Loan Amount + GST as applicable
Up to 2% (plus applicable taxes) of the facility amount

EMI per Lakh

N/A
N/A

Part Payment Charges

Prepayment Charges: Up to 24 Months: 4% of principal outstanding at the time of prepayment + GST 25-36 Months: 3% of principal outstanding at the time of prepayment + GST More than 36 Months: 2% of principal outstanding at the time of prepayment + GST Do note that in case of Micro and Small Enterprises (MSE) customers, no prepayment charges are applicable if; Loan amount is up to Rs. 50 Lakhs under Fixed rate loans Part Prepayment Charges: 2% charge + GST will be levied on amount prepaid. Do note that in case of Micro and Small Enterprises (MSE) customers, no prepayment charges are applicable if; Loan amount is up to Rs. 50 Lakhs under Fixed rate loans
Applicable Pre-Closure Charges After 1st EMI Payment. Currently, The Applicable Pre-Closure Charge Is 3% Of The Outstanding Loan Amount (Plus Applicable Tax). After Paying 12 EMIs, The Charges Are NIL. Loans Classified Under MSE Can Also Pre-Close The Loan After 1st EMI Payment With NIL Charges.

Minimum Income

N/A
N/A

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

1. ID proof: PAN, Aadhaar, passport

2. Business proof: GST registration, trade license

3. Financial documents: Balance sheet, profit/loss statement, income tax returns

4. Address proof: Utility bills, rent agreement

5. Other documents: Business plan, loan application form

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