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- Merchant Cash Advance
Axis Bank offers an attractive product proposition for merchants wherein you can get instant Merchant Loan with zero collateral and avail digital current account for small merchants.
The Instant Merchant Cash Advance Loan can be sanctioned with just a few clicks.
- Zero collateral loan
- Zero physical documents
- Flexible Repayment - Equated Daily Installments / Equated Monthly Installments
- No hidden charges
MCA Loan Details
| Loan Amount | upto INR 1.5 lakhs for Resident Individual and from INR 2 lakhs to Rs. 10 lakhs for Sole Proprietor, basis eligibility. |
| Loan Tenure | 12 to 24 months for Resident Individual and 12 to 36 months for Sole Proprietor. |
| Interest Rate | upto 2% per month or upto 24% per annum on reducing balance |
| Processing Fees | Upto 2% of loan amount + GST as applicable |
| Age | 21 to 63 years of age (at the time of applying loan) for Resident Individual and 21 to 65 years of age (at the time of applying loan) for Sole Proprietor. |
- KYC Validation along with collection of personal and business details.
- Loan eligibility assessment through Net Banking / Statement Upload / Account Aggregator
- Instant loan sanction
- Bureau +Bank statement based eligibility
- VCIP (Video Customer Identification Process)
- Upon submitting your profile details, you will be directed to the Video KYC Page wherein an Axis Bank official will initiate a video call for KYC. Please note that you will need to be at your shop address and confirm your
availability for this call. Also, kindly enable video /microphone access for your device.
During the Video Call, you will be asked a few questions to verify your identity and business information. For this you’ll need to show your shop from inside as well as outside during the VCIP process. Additionally, the bank’s personnel will capture a live photo (Screenshot) of you as well as your PAN Card (You will need to hold up your PAN card to the camera for the same)
- Upon submitting your profile details, you will be directed to the Video KYC Page wherein an Axis Bank official will initiate a video call for KYC. Please note that you will need to be at your shop address and confirm your
availability for this call. Also, kindly enable video /microphone access for your device.
- Digital account opening
- Self-employed Individuals and Sole Proprietorship
- KYC documents (Aadhar + PAN)
- Bureau Score norms as per Axis Bank Credit Underwriting Policy terms
- Bank statement upload via Account Aggregator, Net Banking, PDF upload
- Business Proof
- For Sole Proprietorship
- GST Certificate
- Udyam Aadhaar
- For Sole Proprietorship
- For Self Employed Individual (any one document to be furnished)
- Gumasta License / Shop and Establishment Acts Certificate
- GST Certificate
- Utility Bill with the shop name
- Udyam Aadhaar
Q. What is Axis Bank Merchant Cash Advance?
Axis Bank Merchant Cash Advance is a new-age Digital Loan and Current Account (as applicable) offered by Axis Bank for retail Individual and Sole Proprietor customers. 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.
To open this account, all you need is your Aadhaar number, original PAN card, bank statement and additional business registration documents like GST and Udyam for Sole Proprietors along with other basic details. Since this process is completed through a video verification, kindly ensure you are using a camera-enabled device.
Q. What is the eligibility to apply for Merchant Cash Advance? and Current Account?
You can apply for Merchant Cash Advance if you fulfil the following criterion:
1. You are an Indian citizen and are applying from India.
2. You have a valid PAN and Aadhaar details, digital copy of latest bank statement and additional entity proofs like GST and Udyam for Sole Proprietors.
3. You have a valid mobile number linked to your Aadhaar number and bank record.
4. You are 21 to 63 years of age (at the time of applying loan) for Resident Individual and 21 to 65 years of age (at the time of applying loan) for Sole Proprietor.
5. Your mobile device with which you are opening an account has a camera to complete the Video KYC process.
6. For individuals, PAN & Aadhar are linked.
7. For Sole Proprietor entity, Pan and GST should be linked
8. You have a pucca / proper shop set-up.
Q. Why is Axis Bank Merchant Cash Advance Product the right fit for your business?
Here's why Axis MCA is the right fit for your business financing requirements:
1. Digital account opening process.
2. Quick sanction, no security, collateral-free and paperless loan.
3. Upfront Stamp Duty and Processing Fees.
4. Equated daily installments (EDI) is collected from your Axis Bank Current Account and any shortfall in equated daily installments (EDIs) will be recovered as EMI via Standing Instructions (SI) or e-NACH registered on the primary bank account of the borrower - Axis Bank or non-Axis Bank respectively.
5. Merchant curated Axis Bank Current Account - avail all of our 250+ services online.
6. Competitive interest rate computed on reducing balance.
Q. What is the product construct of an Instant Loan being offered?
1. Loan type: Term loan with no collateral or guarantee required.
2. Loan Sanction: upto INR 1.5 lakhs for Resident Individual and from INR 2 lakhs to Rs. 10 lakhs for Sole Proprietor, basis eligibility.
3. Tenure: 12 to 24 months for Resident Individual and 12 to 36 months for Sole Proprietor.
4. Documents required: Original PAN, Aadhaar details, Business Registration Document and up to 12 months latest Bank statement.
5. Instant sanction based on bank statement assessment.
6. Flexible repayment - Equated Daily installments (EDI) and / or EMI via eNach mechanism.
Q. How do I furnish my bank statement?
You can submit your latest bank statement using any of the below modes:
1. Account aggregator
2. PDF statement upload
3. Via Net Banking
Q. What is Equated Daily installments (EDI) and how is it computed?
Your equated daily installment (EDI) amount will be shown on the Loan Sanction Schedule of Charges screen.
Equated daily installment (EDI) = EMI/25 Days (Subject to number of days until EMI due date is >=25)
To keep recovery flexible, we shall recover the EMI due for a cycle in 25 days* through equated daily installments (EDI)
*Assuming we receive equated daily installments (EDI) amount from Axis Bank Current Account & number of days until EMI due date is >=25. If the number of days until EMI due date is <25 (that may happen during month of onboarding), the equated daily installments (EDI) amount will be adjusted accordingly for that month alone.
Q. What are the benefits of Equated Daily installments (EDI)?
Benefits of equated daily installments (EDI):
1. Equated daily installments (EDI) contributes towards loan repayment.
2. Auto recovery implies fewer worries about missing out on EMI dues.
3. Repay in small amounts on a daily basis - easy on the pocket as no lump sum payment is to be made for EMI.
Q. What will be the EMI due date for the loan? What happens if EMI repayment is skipped?
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 Due Date |
|---|---|
| 5th to 19th of current month | 5th of next month |
| 20th of current month to 4th of next month | 20th of next month |
Q. What are the available repayment options for Axis Bank MCA loan?
We have curated a special repayment solution for MCA:
1. Automated small deductions from your sales proceeds on a daily basis.
2. In case of shortfall in recovery via equated daily installments (EDI), automated recovery will be done from your primary bank account on EMI due date via e-NACH/SI.
Q. Can I pay MCA loan overdue amount through Bharat BillPay?
Yes, you can click on this link and make the payment for overdues if any, towards your MCA loan account by QR scan option from any of your Bharat BillPay enabled Apps such as GooglePay.
https://bills.setu.co/cou/biller-details/E97YOQZQNVMWMGX4X0R8RVA9L/Loan-Repayment/AXIS00000NATML
Q. How to get support on post loan disbursal requirements?
You can visit your nearest Small Business Banking (SBB) Loan Center and share the name and Customer ID details for loan related support.
You may also log in to your Axis Bank Mobile Banking / Internet Banking to view MCA Loan Statement of Accounts and other details like overdue amount, outstanding balance etc.
Q. Important links to refer:
1. Product Details Link: https://www.axisbank.com/business-banking/small-business-banking/merchant-finance/merchant-cash-advance
2. Online Privacy Policy Link: https://www.axisbank.com/online-privacy-policy#menuTab
3. Support / Lodge Compliant Link: https://application.axisbank.co.in/webforms/axis-support/index.aspx
4. Disclaimer Link: https://www.axisbank.com/disclaimer
5. CA related details Link: https://www.axisbank.com/business-banking/current-account/digital-current-account/faqs
Additional Information
All merchants with active Partner QR can apply for Axis Merchant Cash Advance proposition.
- Helpline number call centre 1860-419-5555 / 1860-500-5555
- Toll Free number for Current Account - 1800-419-5959
- Online Privacy Policy By Axis Bank
- List of DLA’s- FreeCharge
- Redressal Officer Details
- Sachet Portal Link of RBI
- MCA Loan Terms and Conditions
- List of vendors
Schedule of Charges**
| Stamp Duty charges | As per Stamp Duty Act |
| Foreclosure charges | 4% of principle outstanding at the time of Pre-payment + GST as applicable during the loan Tenor. |
| Processing Fee charges | Upto 2% of loan amount + GST as applicable |
| Penal Charges | Financial Default*: 8% p.a. above applicable interest rate on the overdue amount (subject to the aggregate not exceeding Rs. 1,00,000/- per instance) + GST as applicable. There shall be no capitalisation of Penal Charges. *Financial Default includes all types of payment or financial defaults/irregularities with respect to your Loan Account. 'For more details related to penal charges, please click here. |
| ECS/NACH/e-NACH return charges | Rs. 250/- per instance of dishonor + GST as applicable |
| Duplicate statement issuance charges | Rs. 100/- per instance per set + GST as applicable. |
**(Subject to change as per Bank's discretion from time to time)
For Queries or Complaints click here
Note- If your issue is not resolved at levels 1 & 2, you may approach the Banking Ombudsman for solutions Click here for Complaint Management System. Click here to read the Banking Ombudsman Scheme 2006. to read the RBI - Integrated Ombudsman Scheme, 2021.
- Click here to download the notice regarding use of unacceptable language to download the notice regarding use of unacceptable language.
- Click here for Bank's Grievance Redressal Policy Resolution timeframe of complaints is governed as per the Bank's Grievance Redressal Policy
- Click here to view the guidelines followed by Axis Bank while handling customer complaints. to view the guidelines followed by Axis Bank while handling customer complaints.
- Click here to know the TAT for requests to know the TAT for requests.
- Click here to know the roles and responsibilities of the PNO to know the roles and responsibilities of the PNO.
- Click here for RBI Sachet Portal for RBI Sachet Portal
Contact details:
Digital Lending GRO details https://application.axisbank.co.in/Webforms/axis-support/GRODetails.aspx
Freecharge
About Freecharge:
Freecharge Payment Technologies Private Limited is a wholly owned subsidiary of the Axis Bank Ltd. which is engaged in the business of providing merchant acquiring services, payment aggregation services and payment support services.
Role of Freecharge in MCA Product:
Freecharge onboards Merchants on its platform and provides them Freecharge Payment Services which enable merchants to accept payment through various payment instruments. For providing add- on or value-added services to merchants, Freecharge has partnered with Axis Bank Ltd to provide merchants with Merchant Cash advance facility extended by Axis Bank. For the MCA, Freecharge acts as Loan Service Provider (LSP) for the Bank by generating leads and redirects interested merchants onto the Axis platform to complete the formalities for availing the Merchant Cash Advance (MCA). Freecharge Technologies Private limited will act as a Technical Service provider (TSP) in the EDI (Easy Daily instalments) settlement process which is in line with RBI guidelines.
Website - www.freecharge.in
| Freecharge | https://merchant.freecharge.in/ |
|---|---|
| Sourcing Partner/LSP/DLA | Freecharge Business |
| Partner Details | https://merchant.freecharge.in/ |
| Digital lending app | Freecharge Business App |
| Link to Digital Lending App | https://play.google.com/store/apps/details?id=com.freecharge.business |
| Product Type | Business Loan |
| Product Details | Merchant Case Advance Business Loan with Flexible Repayment - Equated Daily Installments / Equated Monthly Installments |
| Tenure | 12 months to 36 months |
| Loan Amount | Upto Rs. 10 Lakhs |
| Customer care and Partner Grievance Redressal Officer | https://merchant.freecharge.in/lending-privacy-policy |
| FC Privacy Policy Link | https://merchant.freecharge.in/lending-privacy-policy |