ICICI Bank Business Loan

The ICICI Bank offers various business loans catering to different types of entrepreneurs and business needs. With different facilities focused on SMEs, self-employed individuals, importers and exporters, business loans from ICICI Bank can be an ideal choice.

ICICI Bank offers business loans at competitive interest rates. Here are the main highlights of the ICICI Bank Business Loan:

Here are some of the notable characteristics of business loans provided by ICICI Bank:

• Quick Processing

The ICICI Bank employs decentralised operations to ensure the quick processing of your application. 

• Customised Loans

The bank offers personalised loans of substantial loan amounts for businesses of different sizes, sectors, and needs. 

• Pocket-friendly Interest Rates

You can enjoy competitive interest rates and significantly reduce the borrowing cost.

• Minimal Documentation

The bank requires you to submit basic documents, which makes the process quick and convenient.

• Flexible Repayment

The bank allows you to choose the longevity of your loan repayment for different business loan offers. For instance, you can extend the repayment tenure of Business Term Loans to up to 7 years.

The table below mentions the ICICI Bank Business Loan interest rate and other charges:

*Non-PSL: Non-priority Sector Lending

*CGTMSE: Credit Guarantee Fund Trust for Micro and Small Enterprises

Disclaimer: The above-mentioned details are subject to change at the lender’s discretion.

The following table presents the loan interest rates offered by various banks and NBFCs. Compare these rates with the ICICI Bank Business Loan interest rate for a better understanding:

The ICICI Bank offers the following types of credit facilities for businesses:

• Working Capital Finance

This facility offers cash credit/overdraft limits for everyday requirements and working capital limits for the export requirements of businesses. It also provides various types of bank guarantees to help businesses meet their financial obligations. 

• Term Loans

The bank offers term loans to set up a new business, buy a commercial property, or expand an existing business. The collateral-free term loan amount extends up to ₹2 Crores under the CGTMSE scheme.

• GST Business Loan

The GST Business Loan allows you to opt for a working capital loan of up to ₹3 Crores based on your business’s GST returns. Under this loan, the bank offers various facilities, including overdraft, letter of credit, and bank guarantees.

• Insta OD Plus

The Insta OD Plus facility offers overdraft services of a limit of up to ₹25 Lakhs with no financials and collateral requirements. It carries no prepayment charges, and the limit renews on an annual basis.

• Customised Solutions

ICICI Bank offers tailor-made loans for specific businesses and their requirements. Small and Medium Enterprises (SMEs) can avail of this loan for their varied business requirements.

• Loans for New Entities

This credit option is suitable for first-time borrowers and newly started businesses to meet their funding needs for their daily operational needs. Manufacturers, traders, and service providers older than a year can enjoy cash credit/overdraft/export credit and non-fund-based facilities under this scheme. 

• Collateral-free Loan

The ICICI Bank also offers collateral-free loans under the Credit Guarantee Trust Fund for Micro and Small Enterprises (MSEs). You can get a cash credit or term loan of up to ₹2 Crores under this scheme.

• Loan Without Financials

The Loan Without Financials allows you to avail of an amount of up to ₹1 Crore based on past transactions without offering audited financials. 

• Insta-secured Overdraft Facility

It is an online lending platform that offers a secured overdraft limit of up to ₹3 Crores for your working capital requirements. It provides quick sanction with pre-approved loans and does not require you to provide any financial documents.

Here are some basic parameters to qualify for an ICICI Bank Business Loan:

• You must be an Indian resident 

• Your age must be between 18 and 70 years

• The business must be a Sole Proprietorship Firm, a Partnership Firm, or a Private Limited Company

• The business and new entities must be in operation for at least 3 years and 1 year, respectively, with a fair credit score

You can also use the business loan eligibility calculator on the ICICI Bank website to check the loan eligibility limit.

When opting for an ICICI Bank Business Loan, you need to provide the following basic documents along with the application form:

Duly filled application form

KYC Documents:

• Entity proof, such as Partnership Deed, Certificate of Incorporation, or Shops & Establishment Certificate

• PAN Card copies of all the parties

• Address proof of all the parties

Financial Documents:

• Last 3 years Audited/Provisional Financials, such as Balance Sheet, P&L Account, Notes to Accounts, Schedules, Tax Audit, and Statutory Audit Reports

• Current year performance and projected turnover on the entity’s letterhead

• ITR of the last 1 year

Bank Statements:

• Last 6 months’ statements for First-Time Borrowers

• Last 12 months’ statements for Takeover Proposals

Here is how you can apply for an ICICI Bank Business Loan online:

• Step 1: Visit the official website of the ICICI Bank and click on ‘Business’

• Step 2: Under ‘Accounts’, choose ‘Credit’, and then click on ‘VIEW ALL’

• Step 3: Once redirected to a new page, select the type of business loan you wish to apply for

• Step 4: Click on the ‘APPLY NOW’ button to start the application process

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