ICICI bank is one of the largest banks to offer an array of financial services and products in the country. One of the products offered by ICICI bank is business loan. ICICI bank business loan eradicates the gap between you and your dream to start or expand your business. The bank brings a platter of different kinds of loans tailored to suit requirements of specific businesses. The loan amount ranges depending on the type of business one requires funds for and interest charges on this type of ICICI bank loan go up to 7.10% plus repo rate. Let us move ahead and know more about ICICI bank business loans.
|
Loan Amount |
As per the bank’s discretion |
|
Interest Charges |
Up to 17% |
|
Processing Fees |
2% of the loan amount + Applicable taxes |
|
Tenure |
Up to 5 years |
|
Prepayment Charges |
2% of the principal outstanding |
Here are the features and benefits of ICICI bank business loan that you can look forward to:
There are different types of ICICI bank business loans that are offered to sole proprietorship/partnership firms, private and public limited companies. So if you are a manufacturer, wholesaler/retailer, service provider or a trader, then you can count on the ICICI business loan to grow your business.
ICICI bank offers secured and unsecured business loans. The ICICI bank secured loans include term loans, working capital finance and instant secured overdraft facilities. On the other hand, ICICI unsecured business loans include instant overdraft, merchant overdraft and savings account overdraft.
The loan amount offered by ICICI bank depends on the type of ICICI business loan you are applying for. The amount varies depending on the type and size of your business. Besides that, the bank takes certain factors such as your age, turnover, credit history etc. into consideration before deciding the loan amount you should be provided.
The ICICI bank business loan interest rates range depending on the type of your business loan. The bank charges:
Apart from that, the lender also determines some important checkpoints such as the size of business, credit history etc. that can affect your business loan interest charges. The repayment period you choose and your relationship with the bank also determines your business loan.
ICICI bank business loans are offered to the customers for a flexible repayment tenure. You can choose the length of your ICICI bank business loan repayment tenure.
ICICI bank allows customers the opportunity to prepay business loans and close the loan already. If you have enough funds to repay ICICI business loan, then you can go ahead and prepay the loan. The ICICI bank business loan foreclosure does come with charges/fees which is up to the bank’s discretion.
You should know the eligibility criteria for ICICI business loan. It will help you now if you can go for this loan. Here is who is eligible to apply for the ICICI bank business loan:
|
Documents |
Self Employed Individuals |
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Identity Proof |
Aadhar Card, Passport, Driving Licence, Voter ID Card |
|
Address Proof |
Passport, Voter ID Card, Recent Utility Bill such as Electricity Bill, Water Bill, Telephone Bill |
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Income Proof |
IT returns, Bank Statements, Balance Sheet and Profit & Loss Account, Challans Showing Payment of Advance Income Tax |
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Other Required Documents |
Certified copy of Partnership Deed, Certified copy of Memorandum & Articles of Association, Passport-size Photographs, Application Form, Proof of Continuation |
Compare Other Bank Business Loan Interest Rates
|
BANKS |
INTEREST RATE |
| Axis Bank Business Loan | 11.50% to 20% |
|
15.65% to 21.20% |
|
|
16.25% to 19.99% |
|
|
12% to 16% |
|
|
10.65% to 16.25% |
|
|
8.30% |
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
You can apply for an ICICI bank business loan offline or online. Here is what you can do:
To apply for an ICICI business loan offline, you have to visit the nearest ICICI bank branch. When visiting the branch, carry all the business loan required documents.
You can apply for an ICICI business loan online easily. In a few simple steps, you can submit the ICICI business loan application and to that, here are the steps that you need to follow:
You can download the application form now. Make sure you fill the required details. Once you have filled the form, you have to submit the application to the bank.
FAQs On ICICI Bank Business Loan
You can use ICICI bank mobile application to track the status of your business loan application. You can also contact the ICICI bank customer service to enquire about the loan application status.
Apart from that, you can track the status of your business loan application on the official website of the bank. Here is what you can do to track ICICI business loan application status:
You can offer commercial/ self-occupied residential/ industrial property as collateral. The bank also accepts liquid securities like Fixed Deposit as collateral for ICICI bank business loans.
Know More About
You're eligible for a Icici Bank Business Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Business Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Icici Bank Business Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 0% - 0% |
| Processing Fees | 2% |
| Loan Tenure | Upto 5 Year year to years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Business Loans EMI Calculator