ICICI Bank Business Loan, Types of ICICI Bank Business Loan, ICICI Business Loan Eligibility, ICICI Business loan documents Loan Application process
There should not be any doubt If I say ICICI Bank is one of the best private sector banks in India. It is so because of its services and the network it has across India. It offers various types of financial products & services to the customers.
Today we will discuss one of its services i.e ICICI Business loan and its complete details.
Contents
ICICI Bank Business Loan Interest Rate, Fees & Charges – 2022
| Interest Rate | For secured facilities: Up to Repo Rate +6.0 %(Non-PSL) For facilities backed by CGTMSE: Up to Repo Rate + 7.10% Note: The interest rate for each loan is determined based on the assessment of the business, financials, loan amount, and tenure. |
| Processing Fees | Up to 2% (plus applicable taxes) of the facility amount |
| 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 a 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 conditions mentioned in the sanction letter |
| Tenure | 1 year to 7 years |
Features & Benefits of ICICI Business Loans
- The Application process is simple and fast. application process requires minimal documentation.
- Repayment tenure is ranging from 1 year to 7 years.
- Business loans without collateral is also available.
- Loans are available for both Salaried and Self employed.
- ICICI Business loan interest ranges from 16% p.a Onward.
- It has a dedicated loan service manager to provide the complete financial assistance from the beginning.
- It has more than 5000 branches across India which makes easy for the customers to get the loan.
Purpose Of ICICI Business Loan
One can take a business loan for various purposes. some of the main purposes are mentioned below.
- When your business is growing and you want to expand it even more, you may require big amount. ICICI business loan can be a good option.
- If you are running a business, you might be knowing that the technology play an important role in growth. So this loan can be used to purchase new equipment or software services.
- ICICI business loan can be used to purchase the inventory. the time when you need to purchase the raw material for production and you do not have surplus amount, you can opt business loan.
- In the beginning of starting a business the company may not be having enough money to meet the daily expenses. In that case ICICI business loan can be a good bet.
ICICI Business Loan Eligibility & Requirements
- You must be minimum of 25 years and maximum of 65 years of age at the time of loan maturity.
- You are eligible for business loan if you are self employed, sole proprietor, partnership firm etc.
- Must have a profit in business for at least 2 years. the business must have a track record of 36 months and there must be growth in sales. A decline in sales may impact your loan amount or deprive you from getting a loan.
- You must have a good credit score i.e 750 or above to get business loan approval.
- Minimum business turnover should be of Rs. 15 lakh.
ICICI Business Loan Documents
- Application form
- Address Proof
- Identity Proof ( passport, driving license, Aaadhar card, voter ID). Self-attested copy of KYC Documents.
- Business Registration certificate / Certificate of Incorporation
- 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.
- 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.
NOTE- Bank may ask for additional documents depending on the type of business profile.
ICICI Bank Business Loan Products
There are various loan products offered by ICICI Bank. We will discuss them one by one. you can opt for the loan as per your requirement.
Working Capital Finance
| ICICI Business Loan Type | Features/Description |
|---|---|
| Working Capital Finance | It is the loan that can help you to meet your day-to-day business needs. It is innovative financing to meet your working capital needs in the form of Export Credit, Overdraft facility, Bank Guarantees, and other products. |
| Eligibility | You can get working capital finance if you are engaged in manufacturing, service, or trade and belong to any of the following segments. a. Sole Proprietorship Firm b. Partnership Firm c. Private Limited Company d. Public Limited Company |
| Interest Rate | The interest is determined based on an assessment of your business profile, past track record, financial records, loan amount required, and tenure of the loan. |
Term Loans
| ICICI Business Loan Type | Features/Description |
|---|---|
| Term Loans | Term Loans to make long-term capital investments, whether in plant and machinery or commercial assets. Borrow to expand your business and purchase commercial assets. Fund your expansion and asset purchases. Assessment based on future cash flows. Composite loans comprising working capital and term loans provided for meeting all financial requirements. Collateral Free Term Loans are also available (up to Rs. 2 crores) under the CGTMSE scheme. |
| Loan Tenure | Flexible repayment tenure of up to 7 years is available. |
GST Business Loan
| ICICI Business Loan Type | Features/Description |
|---|---|
| GST Business Loan | Loan based on GST returns for the working capital requirement. Avail Overdraft facility against property up to ₹ 20.0 mn on the basis of Goods and Services Tax (GST) returns, with no financials requirement. The loan process is Paperless. |
| Loan Amount | Easy and simplified product Overdraft, up to Rs 2 crore. End-to-end online processing of cases, up to Rs 1 crore, with an instant in-principle sanction. To get a loan of more than Rs 1 crore, you need to contact your nearest branch or your Relationship Manager. |
InstaOD (Insta Secure Overdraft)
| ICICI Business Loan Type | Features/Description |
|---|---|
| InstaOD (An online lending platform that cater to your working capital requirements and provides instant disbursement) | Avail overdraft facility with minimal documentation basis banking transaction with no financial requirement. Overdraft up to Rs. 15 Lakhs for existing customers and 10 Lakhs for new bank customers. Pay Interest on the utilized amounts. Instant Sanction for new customers and disbursement post account opening. Instant Disbursement for existing customers. |
| Charges | No prepayment/foreclosure charges and No commitment charges. |
| Collateral | No Collateral is required. |
| Ways to avail InstaOD Loan | Corporate Internet Banking. InstaBIZ App. ICICI Bank Website for existing customers of ICICI Bank. For new bank customers, it can be availed through the ICICI Bank Website or your nearest ICICI Bank Branch. At the time of Account Opening. |
Loans For New Entities
| ICICI Business Loan Type | Features/Description |
|---|---|
| Loans for New Entities | It is a customized loan, especially for newly started businesses. Specially designed to finance Manufacturing, Retail, Wholesale, Trading (Import/ Export), and service industries. Get Financed through Cash Credit/ Overdraft/ Export Credit. Non-fund-based facilities for manufacturers, traders, and service providers that are 1 year or older. Businesses can also get term Loans for the purchase of commercial assets and business expansion needs. |
| Collateral | Residential/Commercial/Industrial property/Liquid Securities are accepted as collateral. |
Collateral Free Loans
| ICICI Business Loan Type | Features |
|---|---|
| Collateral Free Loans | Get cash credit and term loan through a government-backed CGTMSE loan up to Rs. 2 crores. Get Collateral free loans up to Rs.2 crore under the CGTMSE scheme. Use Cash credit for meeting working capital finance requirements. Term Loans are also offered to purchase commercial assets and business expansion needs. |
| Eligibility | Sole Proprietorship Firms, Partnership Firms, Private Limited Companies, Public Limited Companies. |
| Eligible business segment | MSE excluding Retail traders |
| Guarantee Fee Payable | Credit Facility up to 5 lakhs with Annual Guarantee Fee of 0.75 % p.a for Women Micro Enterprises and units in North East Region (including Sikkim) and for others it is 1.0% p.a Credit Facility above 5 lakhs with Annual Guarantee Fee of 0.85 % p.a for Women Micro Enterprises and units in North East Region (including Sikkim) and for others its 1.0% p.a |
Loans without Financials
| ICICI Business Loan Type | Features |
|---|---|
| Loans without Financials | Bank Offer Business loans to eligible customers on the basis of their past transaction history without the requirement of audited financials. Avail Loan up to ₹ 1 crore based on the transaction history in the nature of overdraft and non-fund-based facilities. Minimum customer transaction history of 3 years is required with the bank. |
| Eligibility | Sole Proprietorship Firms, Partnership or Private limited companies having a current account with us or with another bank for 2 years or above. |
| Collateral | Flexible collateral options in terms of Residential/Commercial/Industrial property/Liquid securities. |
Finance For Importers & Exporters
| ICICI Business Loan Type | Features |
|---|---|
| Finance for Importers & Exporters | Get Export Finance, Letter of Credit, Bank Guarantees, and foreign currency loans to support your business. As an exporter, you get export credit for Pre-Shipment and Post-Shipment finance. You can get loans in foreign currency (export credit and buyers credit) for reducing Forex risk and lower borrowing costs. |
| Collateral | Multiple collateral options such as Residential/Commercial/Industrial property/Liquid Securities. |
Insta-Secured Overdraft Facility
| ICICI Business Loan Type | Features |
|---|---|
| Insta-Secured Overdraft Facility | It is an Online lending platform to cater to your working capital requirements by providing a secured overdraft facility. The application process is completely online with no financial documents however Minimal documentation may be required. Instant sanction of overdraft facility is available online. Pre-qualified offers are eligible for eligible customers. |
| Loan Amount | The minimum offer amount under the Insta-Secured Overdraft facility is Rs 15 lakhs and the maximum offer amount is Rs 1 crore. |
| Interest Rate | I-MCLR 6M + 2% (spread) for amount up to Rs 4 million I-MCLR 6M + 1.75% (spread) for amount more than Rs 4 million |
| Collateral | flexible collateral options and can accept residential and commercial property and liquid securities i.e. Fixed Deposit as collateral for availing overdraft facility. |
How to Apply for ICICI Business Loan?
- Visit ICICI Bank Business Bank Loan Platform
- Select Yes if you have ICICI Bank Account else select No. here I am selecting Yes.
- Select if the option Current Account or Savings Account.
- Enter your Net Banking User ID ,Password, check the box I authorize ICICI Bank and its representative to contact on the registered mobile number and click on the Submit button.
- Bank Staff will contact you for a detailed explanation of the loan.
- If you agree, fill the application form by entering personal details like name, email ID, mobile number etc.
- Upload all the necessary documents.
- After going through the documents the bank will approve the loan if you meet the criteria for ICICI business loan.
- You can also apply for a business loan offline by visiting the nearest ICICI Bank branch along with all the required documents, where a bank representative will help you with the application process.
How to Check ICICI Bank Business Loan Application Status?
ICICI Bank provides an easy way to check your Business Loan or Personal Loan application Status. you can click here to know all the details related to tracking ICICI loans.
ICICI Bank Business Loan Statement
If you have subscribed for an e-loan statement at the time of applying for a loan, and your loan is approved, you will get the statement every month to your registered email ID.
If you have access to ICICI Bank Net baking or mobile banking, you can easily get the statement after logging in.
You can also visit the bank branch from where you applied for the business loan to get the Loan statement. You may have to write an application with required details like your loan number, the duration for which you want the statement, etc.
After that, submit it to the bank officials, you will get the statement to your registered mailing address.
ICICI Bank Customer Care
| Contact Type | Email/Phone/Address |
|---|---|
| Personal Banking | 1860 120 7777 |
| Wealth / Private banking | 1800 103 8181 |
| Corporate / business/ retail Institutional banking | 1860 120 6699 |
Conclusion
Today we have discussed ICICI Bank Business Loan in detail. Hopefully, it will give you the insight to decide the type of business loan you need.
Always check with the bank once to confirm or to know all the charges and fees associated with the loan.
ICICI Bank has various types of business loans from small businesses to medium ones. If you are planning to start a business or you want to expand your business, an ICICI business loan can be a good option.
Read Also
- Muthoot Finance Business Loan Review | How to Get Muthoot Finance Loan For Business
- Zavron Finance Business Loan | How to Apply for Business Loan at Zavron Finserv
- Punjab National Bank Business Loan Review | How to Apply for PNB Business Loan
- How to download interest certificate from ICICI Bank online?
FAQs
1: What is the business loan repayment tenure at ICICI Bank?
ICICI Bank business loan Repayment tenure is ranging from 1 year to 7 years.
2: Who is eligible to apply for ICICI Bank Business Loans?
The following entities can apply for an ICICI Bank Business Loan.
a. Sole Proprietorship Firm
b. Partnership Firm
c. Private Limited Company
d. Public Limited Company
3: Does ICICI Bank has a Pre-approved loan amount?
Yes, It has but for a certain period of time and for eligible customers.
4: What is the ICICI Bank business loan processing fee?
The processing fee is up to 2% of the loan amount plus the applicable GST.
