✓Minimal Documentation ✓Flexible Repayment ✓Collateral Free Loan | Apply for Business Loan Now!

When you run your own business, you understand very well that it is no child’s play. The responsibilities on your shoulder are unending. Your shelves always need to be well-stocked. You may constantly need to buy raw materials, get new equipment, pay salaries, etc. To help kickstart your business or bring in innovation or expansion, you need some extra financial backing, which is where Business Loans come as the much-needed aid.

Most business people or entrepreneurs today, big or small, are moving away from traditional lending tools. There are much better alternatives available in the market than borrowing from friends and family. Though many financial institutes offer Business Loans, you need to be sure that the company you take a business loan from is the best available option that you have. Therefore, when it comes to taking a Business Loan, an ICICI Business Loan is an option worth considering. Before we go into detail about ICICI Bank Business Loan, let us take a quick look at the features that make it one of the best Business Loans:

Key Features of ICICI Bank Business Loan

  1. Quick Processing: ICICI ensures that there is zero hassle for an applicant seeking a Business Loan. The ICICI Bank Business Loan eligibility is simple and easy to be fulfilled.

  2. Customised loans: No matter what your financial needs are, ICICI Business Loans can fill in perfectly. With multiple collateral options, overdraft facilities, you can get the best finance option.

  3. Pocket-Friendly Interest Rates: ICICI Bank Business Loan interest rates are quite competitive. The loans are available both with as well as without collateral, making it easy for you to get the best-suited loan amount, well within your budget.

  4. Minimal Documentation: Another great feature of ICICI Bank Business Loan is that the company asks for the bare minimum documents, making it easy for the applicant to get what he needs without any hassles.

  5. Flexible Repayment: ICICI Bank Business Loans have a repayment term that goes up to 7 years, helping you pay off the loan in a convenient time frame. 

ICICI Bank Business Loan Eligibility

The eligibility criteria are generally based on whether the applicant is salaried or self-employed. Let us take a look:

Criteria

Self Employed

Age 

25 years for Doctors

28 years (other self-employed)

Maximum age: 65 years

Turnover

Minimum:

Rs. 40 Lakhs for non-professionals

Rs. 15 Lakhs for professionals

Minimum Profit 

Rs. 2 Lakhs for self-employed/ Proprietorship Firm

Rs. 1 lakh for non-professionals

Business Stability

In prevailing business for at least 5 years

For Doctors: 3 years 

Criteria

Salaried

Age 

23 years to 58 years

Net Salary

A monthly income of Rs. 30,000

Total number of years in the job

2 years 

Years in the present residence 

1 year

ICICI Business Loan Interest Rates

Given below is a table showing the interest rates and other charges applicable on ICICI Business Loans:

Charges

Details

Interest Rate 

(Largely depends on the assessment of business, loan amount and the term)

For secured facilities: Up to Repo Rate +6.0 %(Non-PSL)


For facilities backed by CGTMSE: Up to Repo Rate + 7.10%

Processing Fee

Up to 2% of the facility amount + taxes

Stamp Duty charges

As applicable

Commission on Letters

Up to 2% per annum

Commitment Charges

As per the mentioned terms and conditions

Foreclosure  Charges

As per the mentioned terms and conditions

Factors affecting ICICI Business Loan Rates

There are certain factors that can affect the loan rates of your ICICI Business Loan. While some of them are external and beyond the control of your business, there are some internal factors that can be tweaked a little. The external factors are:

  1. The monetary policies laid down by the Reserve Bank of India.

  2. The level of inflation in the country also influences the rate of interest directly.

  3. Other economic instruments such as banks, financial institutions, stock market etc. also have a ripple effect on the Business Loan interest rates.

Here are the internal factors:

  • Your business financials

It is quite understandable that a business with strong and steady finances would make a better suitor for a loan as the repayments can be assured. Such businesses can get a better deal on the interest rates. No lender would want to lend to a business that may not be able to pay back the money.

  • Credit Score of the business

When you or your business has a credit score over 700, it puts you in good standing. However, a score lower than this may make you pay a higher rate of interest. It is also possible that a low credit score becomes the reason for a declined application.

  • Type and Plan of Business

Businesses that are considered riskier will have to pay a much higher interest rate than others. What can also affect the rate of interest is the business plan. When your plan is comprehensive and easy to understand, the lender may offer you a better deal.

  • Collateral

When bigger collateral is presented by the applicant, the risk taken by the lender decreases considerably, and thus the rate of interest can be lowered.

ICICI Business Loan EMI Calculator

ICICI Business Loan EMI Calculator is a very useful and effective online tool that allows you to get a fair idea of the EMI that you would have to pay for a specific loan amount. It is a free tool that you can use as many times as you wish. You can change the variables to see how increasing or decreasing one can affect the amount you need to pay. 

For example, if you have a set budget, you can tweak the number of years or the loan amount so that the Business Loan can be used in the most optimal way possible.

Types of Business Loans Offered by ICICI Bank

When you need to apply for a Business Loan, you need to understand the different types of Business Loans that are available. Depending on the loan amount, its use and the repayment, you can make the decision about the type of loan you need:

1. Working Capital Finance

One of the biggest challenges of owning a business is timely finance. As the name suggests, this loan is for the working capital requirements that your business has. Working Capital Finance by ICICI offers features such as cash credit limit and overdraft facility.

2. InstaOD

This option is suitable when you are looking for an instant loan. The disbursement is quick, and you also have the facility to overdraft up to Rs. 15 Lakhs. New customers can avail up to Rs. 10 Lakhs. An interest rate of 16% per annum is charged, and no security or collateral is required.

3. Term Loans

A term loan is most appropriate when your capital needs are bigger such as for setting up a new unit, expanding your industrial unit or purchasing new assets. The repayment tenure is up to 7 years, and under the CGTMSE scheme, you can request a loan of up to Rs. 2 Crores.

4. GST Business Loan

This loan is appropriate if you want financial help without having to undergo the documentation process. This easy and hassle-free loan comes with an overdraft amount of up to Rs. 2 Crores. If you need an overdraft, the assessment need only be on the basis of your GST returns.

5. Customised MSME Solutions

As the name suggests, these loans are best-suited for medium, small and micro-businesses. The borrowers are classified into four groups:

  • Loans for New Entities

For people who need to borrow to start off their new business

  • Loans without Financials

Such loans can go up to Rs. 2 Crores and can be issued based on the applicant’s earlier transactions

  • Collateral Free Loans

Without collateral, you can get a specially designed loan for your business up to Rs. 2 Crores

  • Importers and Exporters

ICICI offers special Business Loans for importers and exporters, in foreign currency as well

  • Insta-Secured Overdraft Facility

You can get an instant sanction for an overdraft facility with the online loan process

  • Industry-Specific Loans

Loans can be taken for:

  1. Construction

  2. Pharmaceuticals

  3. Educational Institutions

  4. Information Technology

How to Apply for ICICI Business Loan

Applying for an ICICI Bank Business Loan is a simple process. You can visit the ICICI company page and go to the ‘Business Loan’ section. Here you would have to select the Business Loan option to wish to opt for. In case you aren’t sure, you can read about each option and decide what the most suitable option for you is.

When you make the selection, a short application form will appear in front of you. You would have to enter your personal and contact details. You would also have to submit the required documents.

In case you do not wish to apply for an ICICI Business Loan online, you can do so offline as well. Visit the nearest branch office, fill in the application form and submit it along with the other required documents with the authorised executive.

Documents Required for ICICI Business Loan

The list of documents can depend on the kind of Business Loan variant that you are opting for; here is a list of the most commonly asked for documents. Keeping them handy will simply the application process further:

  1. Duly filled and signed Application form

  2. PAN of the Primary Applicant

  3. Proof of Identity of the applicant (It can be Passport/ Driving License/ Aadhaar Card/ Voter's Identity Card/ Job card issued by NREGA)

  4. Proof of Address (Passport/ Driving License/ Aadhaar Card/ Voter's Identity Card/ Utility bills like Telephone Bill /Electricity Bill/ Job card issued by NREGA)

  5. Passport-sized photographs 2-4

  6. Proof of ownership of Residence or Office

  7. Duly audited Balance Sheet/ Profit & Loss Statement of the Business

FAQs on ICICI Business Loan

  • ✔️How to track ICICI Business Loan Application Status?

    To check your loan application status, you can either visit the branch or speak to a customer care executive. However, an easier way is to do it online. Visit the official website, go to Business Loans and then go to ‘Loan application’. You would be asked to enter your Form Number and then click ‘Submit’. You would then be able to see your application status.

  • ✔️What is the Business Loan interest rate offered by ICICI Bank?

    ICICI Bank Business Loan interest rate largely depends on the assessment of the business, loan amount, and repayment term. However:

    • For secured facilities, the rates are: Up to Repo Rate +6.0 %(Non-PSL)

    • For facilities backed by CGTMSE, the rates are: Up to Repo Rate + 7.10%

  • ✔️What collateral is acceptable for your loan facility?

    In the case of a secured Business Loan, the security or the collateral could be a residential or commercial property or machinery or raw material or equipment or stocks.

  • ✔️What are the foreclosure charges levied by the Bank?

    When you have a Business Loan from ICICI, there are no foreclosure charges that are levied. There is a possibility of some previously agreed upon charges depending on the terms and conditions of the loan.

  • ✔️Who is eligible to apply for ICICI Bank Business Loans?

    Any one of the following is eligible to apply for ICICI Bank Business Loans:

    • Partnership Firm

    • Sole Proprietorship Firm

    • Private Company Limited

    • Public Company Limited

  • ✔️What is the Business Loan repayment tenure at ICICI Bank?

    The repayment tenure is up to 7 years.

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