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ICICI Business Loan

ICICI offers Business Loan for entrepreneurs to meet financial requirement. Customer without financial documents can also get loan at certain terms.
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ICICI Bank is a leading private sector bank in India, ICICI business loan for new businesses as well as existing businesses offered for business expansion purposes it includes purchase of equipment, build infrastructure, buying new inventory or upgrading inventory, enhance working capital & expanding operations. It provides quick & easy approval, collateral-free loan offered by ICICI Bank business loan.  

ICICI Bank offers varied types of customized business loans products such as term loans, working capital finance, GST returns, loan without financials, collateral-free free loans, new entities & export-import finance. CICI business loan rate of interest begins from 18.00% per annum. 

Features of ICICI Business Loan - 

  • Simplified & minimum documentation 
  • Quick & hassle-free processing 
  • Flexible loan tenure 

Benefits of ICICI Business Loan - 

  • Collateral-free loan offered by ICICI 
  • Overdraft facility is available 
  • Professional loans for doctor, CA & lawyer 

ICICI Business Loan Rate of Interest & Details 2021

Interest Rate 18.00% onwards
Loan Amount Max Loan up to Rs.5 Crore
Repayment Period 12 months – 36 months

Compare ICICI Business Loan Interest Rate with Top Banks

Bank Name  Interest Rate 
HDFC Bank Business Loan  16.00% Onwards
SBI Business Loan 11.20% Onwards
RBL Bank  19.00% Onwards
Lending Kart 18.00% Onward
ICICI Bank 18.00% Onward
Yes Bank  17.00% Onwards
ICICI Bank Business Loan  18.00% Onward
Kotak Business loan  16.00% Onwards
Tata Capital Finance 17.00% Onwards 
PNB Business Loan  14.50% Onwards 
Bank of Baroda  Based on Applicant’s Profile

Also Read:-HDFC Used Car Loan

ICICI Business Loan Special Products 

ICICI Bank has designed varied types of customized loan products to its customers. Majorly categorized into 2 sections. Some of the most popular products are listed below: -

ICICI Bank Business Loan

Business loans offered by ICICI Bank categorized into 4 specific categories to provide financial assistance to SME sectors in includes new enterprises. It has been detailing mentioned below followings: - 

  1. Working Capital Finance

  • Avail cash credit limit/overdraft facility for day-to-day operational requirements 
  • Working capital limit utilized to meet your export requirements 
  • Bank guarantee obtained to meet performance & financial obligations 
  • Buyers credit & letter of credit to ensure timely delivery of goods 

Who are eligible? 

A sole proprietorship, partnership firm, public limited companies & private limited companies who are engaged in manufacturing, trading, services sectors are eligible. 

How to apply? 

Applicant needs to download the application form – fill the required details & attach the form with all relevant documents to submit it in your nearest ICICI bank branch. 

  1. Term Loans

  • ICICI Bank offers term loans to purchase commercial assets, set-up new industrial unit or expand existing business 
  • Applicant can get flexibility of tenure period 
  • Assessment of loan amount is depends upon future cash flow 
  • Applicant can avail term loans with working capital finance as a combination altogether to meet their requirements 
  • Under CGTMSE scheme – collateral free loan up to Rs.2 Crores  

How to apply? 

Applicant needs to download the application form – fill the required details & attach the form with all relevant documents to submit it in your nearest ICICI bank branch. 

  1. GST Business Loan

  • Avail easy & simplified overdraft facility up to Rs.2 Crores 
  • Entire loan process is online wherein you can get in- principal sanction up to Rs.1 Crores 
  • There will be no complexity of provisional financials as the loan is assessed on basic of GST returns 
  • Self-occupied/residential/commercial/industrial property can be utilized as a collateral to avail overdraft facility 

How to apply? 

Visit ICICI Bank official website to download the application form, fill the form with correct value & attach with relevant documents to submit it to your nearest bank branch. 

  1. InstaOD

  • InstaOD is a unique product designed to meet immediate working capital of business 
  • New customers can avail loan up to Rs.10 lakhs & existing customers get up to Rs.15 lakhs 
  • InstaOD give you the flexibility to pay interest for only utilized amounts 
  • No collateral/assets required 
  • ICICI Business loan don’t charge for prepayment/foreclosure 
  • Applicant can avail overdraft facility - No requirement of financial documents just with the basis banking transaction loan offered by ICICI 

How to apply? 

If you are new customer then you need to open a back account with ICICI bank in order to avail these types of loan, but if you are existing customers you can simply log in to your ICICI Net Banking services portal to check the eligibility & get a loan. 

ICICI Business loan MSME Customized Solutions 

ICICI Business loan offers MSME customized solutions to its customers. There are different types of solutions covered in followings: - 

  1. Loan for New Entities

  • Business engaged in manufacturing, trading (export/import) retail/wholesale and services units are eligible to apply 
  • Overdraft/cash credit/export credit & non-funded based facilitates can be availed by businesses 
  • Applicant can also avail term loans for purchase of commercial assets or to expand business 
  1. Collateral Free Loans

  • Get cash credit & term loan up to Rs.2 Crores under CGTMSE 
  • Quick & easy processing  
  • Less paperwork eases the entire process 
  1. Loans without Financials

  • Based on transaction history loan or overdraft facility being offered 
  • loan offered up to Rs.1 Crore 
  • These loans don’t ask for audited financials 
  • Business should have at least 3 years of continuity 
  1. Finance for Importer & Exporter

  • Exporters/importers can avail export credit for pre-shipment & post-shipment finance. 
  • Letter of credit facility can be obtained to facilitate trade 
  • To lower borrowing costs & forex risk loan offered by ICICI Bank       
  1. Insta- Secured Overdraft Facility

  • Get an instant sanction of overdraft facility 
  • There is no requirements of overdraft financial documents 
  • You can avail secured overdraft up to Rs.10 million 

How to apply? 

You can download the application form, fill the form with correct value & attach them with relevant documents to your nearest ICIC bank branch. 

Other charges by ICICI Bank Business Loan 

Apart from Interest rates, there are few other charges levied by ICICI it includes the followings: - 

Processing Fee Up to 2% on loan amount plus taxes as applicable
Foreclosure Charges Facility available after 1st 6 months EMI’s - 5%
Cheque Dishonour Charges Rs.500 plus taxes as applicable
Account Swap Charges/Repayment Mode  Rs.500 plus taxes as applicable
Charges for No Due Certificate Rs. 150 plus taxes as applicable
Penal Interest Up to 2% on overdue instalment amount plus taxes as applicable 

  Also Read:-SBI Personal Loan

ICICI Bank Business Loan Eligibility Calculator 

ICICI Bank business loan eligibility calculator helps to estimate borrowers eligibility on loans. To estimate loan eligibility various factors are evaluated such as applicant age, required loan amount, loan tenure & income stability.  

ICICI Bank Business Loan Eligibility Criteria 

To avail business loan, ensure your business profile meet following requirements as given below: - 

  • Applicant age group should fall between 25 – 65 years at the time of loan maturity  
  • Minimum 5 years of business continuity required for business & 3 years for doctors 
  • After Tax minimum profit for partnership firm/self-employed require Rs.2 Lakhs & for non-professional Rs.1 lakhs 
  • Minimum turnover of business should be Rs.40 Lakhs for non-professionals & Rs.15 Lakhs for professionals 
  • Last 6 months bank statement 
  • CIBIL score required to be above 750 

Documents Required for ICICI Bank Business Loan 

Certain documents required to process borrowers application which are listed below: - 

  1. Duly filled application form with 2 passport sized photographs 
  2. Proof of Identity: - Aadhar Card/ Pan Card or Voter ID 
  3. Residence Proof: - Utility Bill/ Aadhar Card/ Passport/ Driving License or Bank Statement 
  4. Business proof: -Copy of PAN Card/ partnership deed/incorporation certificate/establishment certificate 
  5. Last 3 years audited/provisional financials, profit & loss accounts, balance sheet, tax audit reports & statutory audit reports. 
  6. VAT returns is required in case of provisional financials 
  7. Last 1 year (ITR) income tax returns along with computation of income tax 
  8. Current year performance as well as projected turnover of entity 

How to Apply ICICI Business Loan Online via Financeseva

To avail ICICI business loan via Financeseva, you are required to follow few simple steps: - 

  • Financeseva offers you to compare ICICI business loan with other banks at single platform. 
  • Get a detailed comparison of business loan schemes, benefits, interest rates, EMI calculator offered by banks. 
  • Click on Get Quote & fill required details to submit the form, shortly concern representative will get in touch with you for further formalities. 

ICICI Business Loan FAQs 

What is ICICI business loan rate of Interest? 

Usually, ICICI business loan rate of interest begins from 18.00% per annum. 

How to get ICICI Bank statement online? 

Follow the below steps to get ICICI Bank statement online: - 

Step 1: - Login to ICICI Net Banking Portal  

Step 2: - Click continue to login & enter Customer ID along with Password 

Step 3: - If you have forgot the password, you can simply click on forget password to generate new one instantly. 

Step 4: - It will allow you to get statement up to last 4 years. 

Step 5: - Click on view statement & download the same. Register to receive statement on your registered mail ID.

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How much processing fee charged by ICICI Bank business loan? 

ICICI Bank charges nominal processing fee up to 2% on loan amount plus taxes as applicable. 

How to check business loan eligibility in ICICI Bank? 

To know whether your profile meet business loan eligibility in ICICI Bank, criteria has been listed below: - 

  • Applicant age group must fall between 25 – 65 years 
  • For business minimum continuity should not be less than 5 years & for doctors minimum 3 years 
  • Business turnover required to be Rs.40 lakhs for non-professionals while professional are required to have Rs.15 lakhs 

How to use ICICI Bank business loan EMI calculator? 

You will be asked to fill details which includes years of business continuity, working capital takeover requirement, annual turnover, net profit & capital, existing other loan details altogether used to calculate & estimate the eligible limit offered by ICICI Bank. 

Is there any penal interest imposed by ICICI bank business loan? 

Yes, generally a 2% of penal interest charged on amount of overdue instalment. 

What are the special products of Business Loan in ICICI Bank

For Business Loans: - 

  • Working Capital Finance 
  • Term Loans 
  • GST Business Loan 
  • InstaOD 

For MSME Customized Solutions: - 

  • Loans for New Entities 
  • Collateral Free Loans 
  • Loans without Financials 
  • Finance for Importers/Exporters 
  • Insta-Secured Overdraft Facility 

What is the maximum loan amount offered by ICICI bank? 

ICICI Bank offers business loan maximum loan amount up to 5 Crores. 

Can I get business loan without collateral in ICICI Bank? 

Yes, ICICI Bank business loan offers collateral free loan, borrowers can avail loan without collateral up to Rs.2 Crores under CGTMSE. 

Does ICICI Bank offer business loan for doctors? 

Yes, ICICI Bank provide business loan credit facility to non-professional as well as professional for doctor, CA & Lawyers. 

What are the  

Do ICICI Bank charges commission on letter of credit & bank guarantee? 

Yes, Based on tenure & amount of non-funded facility - up to 2% of the commission would be charged. 

How to check ICICI Bank business loan status online? 

To check ICICI Bank business loan status online, follow the few steps as below given: - 

  • Applicant have to visit ICICI Bank official website 
  • Click on loans category & select your applied loan product 
  • Scroll down to click useful link- In dropdown tap on Track Application 
  • You will be asked to enter application ID which would be generated while applying for loan, enter your registered mobile number along with input Captcha to know your application status. 

 ICICI Bank Business Loan Customer Care Number 

For any queries, complaints and feedback regarding the loan, the bank has offered 24/7 customer service. Customers can contact ICICI Bank Customer Care through following ways:  

Personal Banking: - 1860 120 7777 

Wealth/Private Banking: - 1801 103 8181 

Corporate/Business/Retail Institutional Banking: - 1860 120 669

Personal Banking Corporate/Business  Wealth/Private Banking
Chennai 044 33667777 Chennai 044 33446699 All India 1860 120 3399
Delhi 011 33667777  Delhi 011 33446699 All India 1860 120 3399
Kolkata 033 33667777  Kolkata 033 33446699 All India 1860 120 3399
Mumbai 022 33667777 Mumbai 022 33446699 All India 1860 120 3399

For any kind of unresolved queries customers can dial 1800 200 3344 at timing between 9.00 AM – 6.00 PM from Monday to Friday. 

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