ICICI Bank Business Loan – Eligibility, Charges, and How to Apply

ICICI Bank Business Loan

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ICICI Bank Limited is an Indian Private bank. It offers a wide range of banking products and financial services. It is also the second largest bank in India in terms of assets. ICICI Bank provides wide range of banking services and facilities to its customers.

ICICI Bank Business Loan

ICICI Bank offers both secured and unsecured loan at competitive interest rate. Avail business loan from ICICI Bank and get loan amount up to Rs 2 crores. ICICI Bank offers various business loan schemes with flexible loan repayment tenure. In this article we will have a detail look on ICICI Bank Business loan, business loan eligibility criteria, documents required to apply for business loan etc.

Also Read: SBI Business Loan

Benefits and Features of Business Loan

• Helps to start and grow your own business
• Helps in expanding your business
• Strengthens business credit score
• No collateral required
• Attractive and competitive interest rate
• Simplified documentation process
• Higher loan disbursal amount

Features of ICICI Bank Business Loan

• Quick processing
• Multiple collateral options
• Competitive interest rates
• Overdraft facility available
• Simple loan application process
• Minimal documentation
• Instant approval of application
• Flexible repayment tenure up to 7 years

Types of ICICI Business Loan

• ICICI Bank GST Business Loan

To apply for this loan you don’t need any financial documents. This secured business loan can be availed by business entities such as sole proprietorship, partnership, private and public limited company. Working in sectors like manufacturing, trade or services. You will get loan amount up to Rs 2 crore.

• Working Capital Finance

ICICI Bank business loans for working capital finance enables business units to avail facilities like export credit, bank guarantee, overdraft facility, etc.to meet their day to day requirements. Get quick processing, multiple collateral options and competitive interest rates with this loan. This loan is available for manufacturer, service provider, retailer, or a trader engaged in imports or exports.

• ICICI Bank Fixed Deposit Overdraft Online for Corporates

ICICI Bank provides the fixed deposit overdraft for corporates including companies, partnership firms, limited liability partnership and Hindu Undivided Family through the ICICI  Bank Corporate Internet Banking Facility. The bank provides a limit of up to 90% of the FD value and does not levy any processing and foreclosure charges on the business loan facility. You can get loan amount up to Rs 10 crore.

• Term Loans

ICICI Bank offers term loans to business entities who is looking forward to expand their business. It can be availed to buy commercial assets, set up a new industrial unit or expand, modernizing your existing unit. This term loan comes with a flexible loan repayment tenure up to 7 years. ICICI Bank offers collateral free loans up to Rs 2 crore under this loan scheme.

Interest Rate, Loan Amount, and Other Charges

How to Apply for ICICI Bank Business Loans

You can apply for ICICI Bank Business loans through online on their official website or through offline at your nearest bank branch.

Eligibility Criteria

• Sole proprietorship, partnership, private and public limited companies involved in manufacturing, trade or services
• Business vintage of 3 years and current account for minimum 2 years
• Existing ICICI Bank Savings Account customers
• Merchants registered with the bank
• Good credit score and financial history

Documents Required

• Dully filled application form
• Self-attested copy of KYC documents
• Last 3 years audited or provisional financials
• Bank statement

FAQs

1. What is a business loan?

Ans: Business Loan is a loan which can be availed by any person who wants to start their own business or any individual who wants to expand their business.

2. What are the various advantages of ICICI Bank business loan?

Ans: Certain advantages of ICICI business loan are as follows:

• Instant disbursal of loan amount
• Simple documentation process
• Minimal documentation
• Overdraft facility
• Flexible repayment tenure etc.

3. What is the processing charge of ICICI Bank business loan?

Ans: 2% of the loan amount with GST.

4. Can I avail business loan from ICICI Bank to start up my own business?

Ans: Yes, you can avail business loan for the growth of your own business.

5. What are the documents required to apply for business loan?

Ans: Documents such as id proof, address proof, bank statement, etc., are required to apply for ICICI business loan.

Dev Kirtonia

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