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Axis finance has become the financial partner of SMBConnect

 Industry  |    

2024/12/03 13:08 pm


Axis Finance Limited, a subsidiary of Axis Bank has partnered with SMBConnect as its financial partner. SMBConnect is a platform aimed at fostering the growth and development of Small and Medium Businesses in India. Through this partnership, Axis Finance will provide SMB Community assistance with securing financial products, advisory services and solutions tailored to serve the needs of SMBs.

SMBs suffer from credit gaps, due to various reasons such as lack of formalization, information availability, poor financial records management, and lack of proper assets to serve as collateral.

Some of the financial products targeting small and medium businesses are-

MSME loans-

Axis Finance provides comprehensive loans bundled with a range of financial services. They have options for term loans, loans against property, collateral-free loans, and lease rental discounting. They have loans specifically targeted for businesses from non-metro and smaller cities.

Working Capital Loans-

These can be cash credit and overdraft, ranging from a minimum of Rs.10 Lakh to Rs. 5Cr. Facility renewal at the end of 12 months from the date of availing this facility. These can be availed against security of residential, and commercial property, fixed deposits, liquid collateral, etc. Other options include GST-based overdraft, secured quick overdraft, quick overdraft, and unsecured dropline overdraft.

Merchant finance Overdraft Loans-

Upto 25 lakhs of loans from channel partners with Merchant Finance overdraft loans. These loans are fully digital and collateral-free based on the purchase history of the SMB. These loans are sanctioned instantly against a zero-balance current account.

Apart from these Commercial Banking Business (SME) emphasizes building and deepening banking relationships with small and medium businesses across the country. CBG serves the unique and evolving financial needs of this crucial sector of the economy with customized product offerings including working capital finance, term loans, trade products as well as other banking services.

SMBConnect is an integrated platform to empower India’s small and medium businesses to grow connect and drive progress, through network sharing, community-building strategies and insights. The partnership between SMBConnect and Axis Finance is likely to serve as an empowering tool by addressing their financial needs, offering them access to credits, working capital and other financial tools to scale their operations.

 

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