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Icici Bank Business Loan

Apply ICICI Bank Business Loan

Processing Fee

2%

Max Tenure

NULL

Best Rate

12.25%

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Overview

Setting up a new business is hard work! There are a hundred different technicalities you need to look into. You would have worked quite hard to give shape to your business idea to flourish it into a full-fledged unit; but without the required financial support, the efforts may not be fruitful.

An ICICI Bank Business Loan is what will give you the necessary financial support to kick-start your business dream. ICICI Bank has numerous loan products to cater to the business sector. These loan products have proved to be the building block for many business establishments across the country. With their customizable business loan products, quick processing and a hassle-free loan application process, ICICI Bank Business Loans have been long sought after by various budding entrepreneurs to further their dream of entrepreneurship in this country.

Introduction to ICICI Bank Business Loan

Processing Fees

Up to 2% (plus applicable taxes) of the facility amount

Interest Rate

For secured facilities: Up to Repo Rate + 6.0 % (Non PSL)
For facilities backed by CGTMSE: Up to Repo Rate + 7.10%

*The interest rate for each loan is determined based on the assessment of business, financials, loan amount and tenure.

Tenure

From 12 months to 7 years

Loan Amount

Up to Rs. 2 crores

Stamp Duty and other statutory charges

As per applicable laws of the state

Commission on Letters of Credit and Bank Guarantee

Up to 2% p.a. commission shall be charged on pro-rata basis based on the tenure and the amount of non-fund based facility being availed

Commitment Charges

Commitment charges to be charged as per the terms and conditions mentioned in the sanction letter

Foreclosure Charges

Foreclosure charges to be charged as per the terms and condition mentioned in the sanction letter

Different types of ICICI Bank Business Loan

  • Working Capital Loans
  • Term Loans
  • InstaOD
  • Loans for New Entities
  • Collateral Free Loans
  • Loans without Financials
  • Finance for Exporters & Importers
  • GST Business Loans
  • FD Overdraft
  • Insta-Secured Overdraft Facility

Features of ICICI Bank Business Loans

  • ICICI Bank Business Loans come with quick processing, multiple collateral options and competitive interest rates to ensure the best finance option for your business
  • ICICI Bank Business Loans can be availed as an overdraft facility or a term loan to suit your needs
  • Simple loan application process with minimal documentation
  • Business loans without financials or any collaterals are also available
  • Instant approval available on certain types of loans 
  • Repayment tenure of up to 7 years
  • Certain type of loans can be applied online too

ICICI Bank Business Loan Type

Features

Working Capital Finance

  • Finance to meet your working capital needs in the form of Export Credit, Overdraft facility, Bank Guarantees and other products
  • Get quick processing, multiple collateral options and competitive interest rates
  • ICICI Bank has dedicated decentralised operations to ensure faster processing and quicker availability of your business loans
  • Customers can get assistance at over 3,000+ branches and Anywhere Banking facility to ensure ease of operations, collections and payments
  • Loan is available for manufacturer, service provider, retailer/wholesaler or a trader engaged in imports / exports

Term Loans

  • Can be availed to buy commercial assets, set up a new industrial unit or expand/modernise your existing unit.
  • Comes with flexible repayment tenure
  • Get better loan terms based on future expected returns
  • Meet financial requirements through working capital or term loans offered as a composite product
  • Repayment tenure of up to 7 years
  • Get up to Rs.2 crore collateral free loans under the CGTMSE scheme

Insta OD – an online lending platform which disburses instant loans to cater to your working capital requirements

  • Get Overdraft limit of up to Rs. 15 Lakhs for existing customers and Rs. 10 Lakhs for new to bank customers
  • You have to pay interest only on the utilized amounts
  • Quick paperless processing & instant disbursement for existing customers
  • New customers are offered instant sanction and disbursement post account opening
  • Loan processed with minimal documentation, Nil Collateral and no commitment charges
  • No prepayment/foreclosure charges

Loans for New Entities

  • Designed especially for new customers and new business units
  • Specifically caters to Manufacturing, Retail, Wholesale, Trading (Import/ Export) and Service industries
  • Finance in the form of Cash Credit/ Overdraft/ Export Credit
  • Business units that are older than a year can avail non-fund based facilities for manufacturers, traders and service providers
  • Business units can also get Term Loans for purchase of commercial assets and business expansion needs

Collateral Free Loans

  • Collateral free facility for Micro and Small Enterprises (MSE's) designed under the Credit Guarantee Fund Trust
  • Finance of up to Rs. 2 Crore available as Cash Credit and Term Loan under CGTMSE scheme
  • Can be utilized to meet working capital finance requirement
  • Term Loans can be utilized for the purchase of commercial assets and business expansion needs
  • Eligible business segment: MSE excluding Retail traders
  • Eligible entities include Sole Proprietorship Firms, Partnership Firms, Private limited Companies, Public limited Companies
  • Annual Guarantee Fee payable

Credit Facility

Annual Guarantee Fee % p.a.

Women Micro Enterprises and units in North East Region (including Sikkim)

Others

Up to Rs.5 Lacs

0.75%

1.00%

Above Rs.5 Lacs

0.85%

1.00%

Loans without Financials

  • Eligible applicants get finance based on past transaction history without any audited financials
  • Get up to Rs.1 crore business loan as overdraft and non-fund based facilities
  • Minimum relationship history of 3 years is mandated
  • Specific to MSME Sector

Finance for Importers and Exporters

  • Export credit for Pre-Shipment and Post-Shipment finance for exporters
  • Reduce your forex risk and borrowing costs by availing loans in the foreign currency (export credit and buyers credit)
  • Utilize derivative solutions such as forwards and options to hedge your foreign exchange risk

GST Business Loan

  • Simple assessment process based on your GST returns
  • No need for any financial documents
  • Avail finance in the form of Overdraft against self-occupied residential/ commercial/ industrial property
  • Finance of up to Rs.2 crores

FDOD – Overdraft Against Fixed Deposit

  • Simple online product through ICICI Bank Corporate Internet Banking (CIB) without the need for any physical documents
  • Login to your Corporate Internet Banking account and apply for Overdraft on your existing Self-FDs
  • OD facility of up to Rs.3 crores
  • Finance specifically available for Proprietorship firms

Insta-Secured Overdraft Facility

  • This is another online product requiring no physical document submission
  • Overdraft facility to cater to your working capital needs
  • Comes with pre-approved offers for eligible customers
  • Secured Overdraft facility of up to Rs. 1 crore
  • Instant sanction of Overdraft facility online

How do I apply for ICICI Bank Business Loans?

You can apply for ICICI Bank Business loans on their official website or at your nearest bank branch. They offer quick processing with minimal documentation ensuring faster disbursal of the funds to your account.

What are the documents required to apply for ICICI Bank Business Loans?

Document NameDetails

Application Form

Duly filled and acknowledged by the customer

Self-attested copy of KYC Documents

  • Entity proof – Partnership deed/Certificate of Incorporation/Shops and Establishment certificate
  • Copy of PAN Card of Entity, Proprietors/Partners/Directors, Security providers and guarantors
  • Address Proof of Entity, Proprietors/Partners/Directors, Security providers and guarantors

Financials

  • Last 3 years Audited/Provisional Financials (Audited financials to include Balance Sheet, Profit and Loss Account along with schedules and Notes to Accounts, Tax audit reports, Statutory Audit report). In case of Provisional financials, VAT returns are also required.
  • Current year performance and projected turnover on letterhead of the entity
  • Last 1 year Income Tax returns of the borrowing entity (along with Computation of Income and copy of acknowledgement), if filed online, acknowledgement number is required

Bank Statements (not more than 45 days old)

Latest Bank Statements for last 6 months (in case of First Time Borrower) and 12 months (in case of Takeover proposals). In case of multiple banking, statements covering minimum 75% of banking turnover is to be provided.

ICICI Bank Business Loans FAQs:

1. What are the collateral acceptable for ICICI Bank Business Loans?

ICICI Bank Business loans come with flexible collateral options. They accept Residential / Commercial / Industrial Property and Liquid securities as collateral.

2. Who is eligible to apply for ICICI Bank Business Loans?

The following entities can apply for an ICICI Bank Business Loan:

  • Sole Proprietorship Firm
  • Partnership Firm
  • Private Limited Company
  • Public Limited Company

3. Who are the beneficiaries of ICICI Bank Business Loans?

ICICI Bank Business loans have been the most beneficial to manufacturers, service providers, retailers/wholesalers and traders engaged in imports / exports.

4. What are the factors affecting my interest rate?

ICICI Bank offers highly competitive interest rates on their Business Loans. The interest rate depends on factors like your business profile, past track record, financial records, loan amount required and tenure of loan.

5. How do I find out the loan amount I am eligible for?

ICICI Bank website has an Eligibility Calculator to help you with that. This Eligibility Calculator requires you to input some information like your Business age, the required loan amount, existing assets and liabilities and a few more details to calculate your eligibility amount.

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