Loan comparison of IDFC First Bank Business Loan vs Axis Bank Business Loan

IDFC First Bank Business Loan

Axis Bank Business Loan

Interest Rate

Starting from 14% per annum
Loans for SENP starts from 17.75% per annum and loans for SEP starts from 15% per annum

Loan Amount

Up to Rs. 1 Crore for self-employed individuals and businesses
Up to Rs. 75 Lakhs

Loan Tenure

Up to 48 Months
Up to 36 months

Loan Processing fees

Up to 3.5% of loan amount
Up to 2% of Loan Amount + GST as applicable

EMI per Lakh

N/A
N/A

Part Payment Charges

As per bank's norms
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

Minimum Income

N/A
N/A

Documents

Photo identity and Address proof: As per RBI defined KYC guidelines. Ownership proof of office or residence

Business Proof: Shop Act License/MOA & AOA/GST registration/ITR, Partnership Deed, Udyam Certificate

Any one of the additional documents based on the selected variant

Banking scheme - Last 2 years’ ITR document and last 6 months’ bank statement

GST Returns scheme - Last 6 months’ bank statement, GST returns for the last 12 months, latest ITR and computation, Obligation details, and Banking facility sanction letter

Income scheme- Last 2 years’ ITR & computation, last 2 years’ audited PnL & Balance sheet, last 6 months’ Bank statements, Obligation details

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

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