Urban Money

ICICI Bank Business Loan

ICICI Bank
4.5

In your business, ICICI Bank is your partner to grow. With a competitive ICICI Bank business loan interest rate and easy application steps, you can make your business operate smoothly with adequate funds. The ICICI Bank Business Loan Interest rate is one of the most competitive and attractive offers in the industry. Also, the interest rates for both secured facilities and CGTMSE facilities are different strating from 6.0%

+91

Urban Money

Business Loan Banks

Interest Rate

Processing Fee

Loan Amount/Tenure

ICICI Bank Business Loan Interest Rate

Up to 17%

1% - 2%

₹1L - ₹40L

Tenure(1 - 7 Years)

Details

Features and Benefits of ICICI Bank Business Loan

ICICI Bank makes the business loan simple for you and provides some other benefits too. The benefits and features of an ICICI Bank business loan are as follows:

  • Access to loan applications anytime and anywhere.
  • MSME-supported business loan options.
  • Advisory by ICICI Bank’s team of Investment Banking by Small Enterprises Group. 
  • ICICI Bank Business Loan interest rate applies only to the amount used by you.
  • Offers both collateral-based and collateral-free business loans.
  • Favourable ICICI Bank Business loan interest rate.
  • Minimum documents are required.
  • Quick approval and sanction of the business loan.

ICICI Bank Business Loan Overview

You've certainly heard the expression “you have to spend money to make money” and it's true. If you want your business to grow, you must be able to invest in expansion expenses such as equipment, marketing and real estate.

You can't expand until you invest, but how can you invest whilst maintaining money in the bank for operating expenses?

A small business loan might be the solution. While taking on debt might be intimidating for small business owners, it can help you fund improvements in your company that will result in a good return on investment. 

In your business, ICICI Bank is your partner to grow. With a competitive ICICI Bank business loan interest rate and easy application steps, you can make your business operate smoothly with adequate funds. 

Types of ICICI Bank Business Loan

ICICI Bank offers business loans under six different specific categories. These are as follows:

Working Capital Finance

This loan is specifically designed by the bank to fulfil all the working capital requirements of a business. 

Features

  • Overdraft Facility and Cash Credit Limit available for the businesses.
  • Availability of Export Credit Facility that can be for both - pre-and post-shipment business requirements.
  • Offers bank guarantees to meet and overcome the bank functions and performances.
  • Facilities of non-funds available, such as working capital limits (buyers credit facilities, credit letters)

InstaOD

It is an online lending portal by ICICI that helps in availing instant loans to cater for the working capital needs of the business.

Features

  • Fast and easy business loan application process.
  • Rapid processing of the loan application.
  • Rapid disbursement of the funds.
  • Minimum documentation is required.
  • Up to ₹15 lakhs of overdraft facility for old customers and up to ₹10 lakhs for new customers.
  • No need for collateral security.
  • Zero prepayment or foreclosure charges on the loan amount.
  • Interest only on the funds used by the borrower.
  •  Zero charges for commitment.

Term Loans

This loan can be used for setting up new units of the business, purchasing new commercial assets, and expanding the industrial units with a competitive ICICI Bank business loan interest rate. 

Features

  • Loan repayment tenure flexibility and can be extended up to 7 years.
  • Loan amount of up to ₹2 crores under the scheme of CGTMSE without the need of any collateral security. 
  • Assessment based upon the future cash flow of the business. 
  • Composite loan design, including both term loans and working capital loans to meet the financial requirements of the business.  

GST Business Loans

It is principally designed for customers who want to get an overdraft product facility without the need for any financial-related documents.

Features

  • Financial documents are not required.
  • Simple and hassle-free loan product.
  • Up to $20 million overdraft amount. 
  • Assessment based upon the GST returns.
  • Self-occupied, commercial, industrial, or residential properties can get overdraft facilities against them. 

Customised MSME Solution

This loan by ICICI Bank is especially for the Micro, Small and Medium Enterprises (MSMEs). The customisation in MSME solutions helps in choosing the right loan products. Loans can be availed under the following different categories: Loans for New Entities, Loans Without Financials, Collateral Free Loans, Finance of Importers and Exporters, and Insta-Secured Overdraft facility.

Features

  • Minimum documents requirements.
  • Fast processing of loan applications.
  • Instant sanctioning of the funds.
  • Manufacturers, traders, and service providers can avail this loan.

Industry Specific Loans

The ICICI Bank provides this loan to meet the industry-specific requirements. The different loans offered under this scheme are as follows: Pharmaceuticals, Construction, Informational Technology, and Educational Institutions.

Features

  • For the betterment of the specific industry business.
  • Increase awareness about the latest practises and challenges.
  • End-to-end solution for the industries.
  • Specialised loans for the IT sector.

ICICI Bank Business Loan Eligibility Criteria

ICICI Bank has a separate section where you can check the eligibility in the calculator by entering some details. The set ICICI Bank Business loan eligibility criteria details required by the bank are as follows:

  • Applicant’s Age
  • CIBIL/Credit Score and creditworthiness of the applicant
  • Nature of the business
  • Tenure, location, and the existence of the business
  • Profitability of the business
  • Business’s sales tax return and ITR
  • Existing business loans (if there is any)
  • Other existing loans
  • Annual turnover or sales of the business

Factors Affecting ICICI Bank Business Loan Eligibility

The few factors that affect the ICICI Bank Business loan eligibility are as follows:

  • CIBIL/Credit Score
  • Tax Payment Record
  • Bank Balance
  • Credit Utilisation
  • Profitability of the business, etc.

ICICI Bank Business Loan Fees and Other Charges

There are also some other surplus charges that you need to pay before, during, or after the loan application has been submitted, processed and accepted by the bank. These other charges are mentioned in the table below:

Charges Description  Details on Charges
Processing Fees Up to 2% (plus relevant taxes) of the facility's total cost
Stamp Duty along with other statutory charges Applicable according to the laws of the state
Bank Guarantee and Letters of Credit Commission  A fee of up to 2% p.a. will be levied on a pro-rata basis based on the tenure and quantity of non-fund based facility used.
Charges for Commitment  Commitment fees will be assessed in accordance with the terms and conditions outlined in the punishment letter
Charges for Foreclosure Foreclosure costs will be assessed in accordance with the terms and conditions outlined in the penalty letter

ICICI Bank Business Loan Interest Rate

The ICICI Bank Business Loan Interest rate is one of the most competitive and attractive offers in the industry. Also, the interest rates for both secured facilities and CGTMSE facilities are different.

  • Secured Facilities by ICICI Bank Business Loan Interest rate: Up to the Repo rate + Non-PSL of 6.0%.
  • CGTMSE facilities: Up to the Repo rate + 7.10%

The ICICI Bank Business Loan Interest rate will be different for every applicant based upon their profile, business, tenure, loan amount and financials.

Factors Affecting ICICI Bank Business Loan Interest Rate

There are few factors that affect the ICICI Bank Business Loan interest rate are as follows:

  • The CIBIL/Credit Score of the applicant.
  • Nature of the Business
  • Age of the Applicant
  • Cash flow analysis and profitability of the business
  • The operational period of the business
  • Net income of the business
  • Existing loan of the applicant
  • Loan type and term

Documents Required for ICICI Bank Business Loan

Though paperwork requirements vary depending on the ICICI Bank business loan programme, here is a list of some typical papers that you may be required to submit:

  • Primary Applicant's PAN Card or the Organisation's PAN Card
  • Completed application form with the principal applicant's passport-size photos
  • Identity proof for the applicant– Voter ID, Passport, Driving Licence, Aadhaar Card, and so on.
  • Address Proof – Driving Licence, Voter's ID, Passport, Telephone Bill, Electricity Bill (Nothing older than 3 months), Sale Agreement / Bank Statement (not older than 3 months) Registered Lease Deed, and so forth.
  • Proof of ownership of either a residence or an office
  • Bank Statement, ITR, Certificate of Incorporation, Shops & Establishment Certificate, Partnership Deed, Sales Tax Challans, etc. as proof of business continuity
  • Profit and Loss Statement and Balance Sheet (duly audited by a licenced Chartered Accountant), book-debt and creditors-statement for the most recent three months, periodic stock, and so on.

How Does the EMI calculation work for ICICI Bank Business Loans?

ICICI Bank calculates the EMI based upon the ICICI Bank Business Loan interest rate, loan repayment tenure, loan amount.

These are the contributing factors in the calculation of the EMI in ICICI Bank. Hence, it is important to evaluate everything carefully before you opt for a business loan.

ICICI Bank Business Loan Customer Care Number

You can contact ICICI Bank with your queries and get more information on the ICICI customer care number 1860 120 6699. You can also write to ICICI Bank on

ICICI Phone Banking Centre, 

ICICI Bank Tower, 7th floor, 

Survey no: 115/27, 

Plot no. 12, Nanakramguda, Serilingampally,

Hyderabad – 500032.

FAQs

From refinancing to reducing your interest, we have the answers right here.

How can I speed up my business loan approval?

A few ways in which you can speed up the business loan approval are: maintaining a good CIBIL score, checking the ICICI Bank business loan eligibility criteria, preparing the right business plan, submitting the documents in the suggested order.

What is loan foreclosure?

Loan foreclosure is the repayment of the remaining loan amount in a single payment, rather than in several EMIs.

How much EMI do I have to pay for a business loan?

The ICICI Bank business loan interest rate starts from 6% for secured facilitated business loans and 7.10% for CGTMSE facilitated business loans.

What is the minimum turnover requirement for a business loan?

The minimum turnover of the business should be ₹15 lakhs for professional applicants and ₹75 lakhs for the non-professional applicants.

Who can take a Business Loan?

Business owners, partnership firms, private limited companies, limited liabilities, or salaried individuals can take a business loan to expand their business.

Does ICICI Bank provide business loans at the best rate?

Yes, ICICI Bank business loan interest rate is one of the best and attractive in the market, starting at 6% per annum.

What are the benefits ICICI Bank Provides on a business loan?

There are a number of benefits provided by ICICI Bank through the business loan – competitive interest rate, fast processing of the application, rapid sanction, minimum documentation, MSME-supported business loans, etc.

Does ICICI Bank have a fixed rate of interest on a business loan?

Yes, ICICI Bank business loan interest rate is a fixed ratio. The applicants will have to pay EMI with the calculations made with a fixed interest rate of the loan.

Get your latest Credit Score, FREE

Related Articles

Get in-depth knowledge about all things related to loans and your finances

PMAY (Pradhan Mantri Awas Yojana)
Satish PrajapatiOct 06, 2022

PMAY (Pradhan Mantri Awas Yojana)

The main aim of the introduction of Pradhan Mantri Awas Yojana was the unprecedented endeavor of the “Housing For All” scheme to refurbish urban areas with affordable housing by 31st March 2022. The implementation of

Read More
Home Loan Insurance
Satish PrajapatiOct 06, 2022

Home Loan Insurance

Picture your child running to you with a landscape drawing of your home amidst the mountains where the sun shines high and bright. You smile as a home loan allows the dream of owning a house to come true, and the home

Read More
Personal Loan Types and Interest Rates
Satish PrajapatiOct 04, 2022

Personal Loan Types and Interest Rates

The Indian banking sector boasts different Personal Loan types to cater to the diverse set of financial requirements of the customer base. The bank offers its funds to borrowers without any security, making it a popul

Read More