ICICI Bank Business Loan is a financial product offered by ICICI Bank, one of India's largest private sector banks, specifically designed to meet the financial needs of businesses and entrepreneurs. It funds businesses for various purposes, such as expanding operations, purchasing equipment, managing working capital, etc.
It's a smart choice for anyone running a business. Whether you want to grow or need funds for essential gear, ICICI Bank's business loans are here to make things easy.
Make your business journey smoother with ICICI Bank Business Loan – a flexible and efficient solution from one of India's biggest private banks.
Refer the table below to incur a few specific details od ICICI Bank Business Loan.
|Up to ₹2 Crore
|Business expansion, purchasing equipment, working capital, or any other business need
|Up to 7 years
The interest rates for ICICI Bank business loans are subject to change and may vary based on the specific loan scheme and other factors. Here is a detailed overview of the interest rates for ICICI Bank Business Loan with charges:
|Up to 2% (plus applicable taxes) of the facility amount
|Stamp Duty and Other Statutory Charges
|As per applicable laws of the state
|Commission on Letters of Credit and Bank Guarantee
|Up to 2% p.a. commission shall be charged on a pro-rata basis based on the tenure and the amount of non-fund based facility being availed
|Commitment charges are to be applied as per the terms and conditions mentioned in the sanction letter
|If the facilities are transferred to another bank during the loan period, a fee of up to 4% of the total limits set up in the system will be charged. These charges apply specifically to Balance Transfers (BT).
Read LessNote: Please note that the interest rates, and processing fees are subject to change as per the market risks and the economic conditions. Please visit ICICI Bank's Website for current updates.
Looking for a business loan?
ICICI Bank offers a diverse range of business loans that meet the financial needs of enterprises across various sectors. From working capital solutions based on GST returns to unsecured overdraft facilities, the bank provides a comprehensive suite of financing options. Below are few listings that will help you navigate through loan purposes easily.
|ICICI Bank GST Business Loan
|Working capital finance for business entities in manufacturing, trade, or services, based on GST returns
|Up to Rs 3 crore based on GST returns
|ICICI Bank Insta Secured Overdraft Facility
|Working capital requirements for sole proprietors, partnerships, and private limited companies
|Rs 15 lakh to Rs 1 crore
|ICICI Bank Term Loans
|Expansion, purchase of assets, setting up industrial units, composite loans
|Up to Rs. 2 crore under the CGTMSE scheme.
|ICICI Bank Business Loans for New Entities
|Business expansion, asset purchase, day-to-day expenses for entities at least 1 year old
|ICICI Bank Business Loans for Working Capital Finance
|Working capital facilities like overdraft, export credit, bank guarantee, etc.
|ICICI Bank Business Loans without Financials
|Overdraft or non-fund-based facilities based on transaction history
|Up to Rs 1 crore
|ICICI Bank Business Loan Finance for Importers and Exporters
|Facilities like export credit, buyers credit, letters of credit, etc.
|ICICI Bank Business Loan Insta Overdraft Plus
|Unsecured business loan overdraft for working capital needs
|Rs 25 lakh for non-ICICI bank customers.Rs 50 lakh for existing customers
ICICI Bank offers business loans for self-employed individuals with specific eligibility criteria. To qualify for the loan, applicants must meet age, turnover, profit after tax, business stability, and existing relationship requirements. Here are the key eligibility criteria for business loan from ICICI Bank.
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ICICI Bank requires specific identity proof documents for the loan application process. These documents include entity proof, PAN cards of relevant individuals, and address proof for the entity and associated individuals. Here are the key documents required for a business loan from ICICI Bank.
Identity Proof Documents
Company/ Individual/ Firm Documents
Business loans offer numerous benefits to entrepreneurs, providing flexibility of usage, freedom from profit sharing with investors, and quick disbursal of funds for urgent business needs. These advantages make business loans an attractive financing option for business owners.
1. Flexibility of Usage:
2. No Profit Sharing:
Business loans do not require sharing profits with investors, as the borrower only needs to repay the principal sum and the incurred interest.
3. Quick Disbursal:
Business loans offer quick disbursal, allowing borrowers to promptly access funds for urgent business needs, such as fulfilling large client orders and purchasing necessary inventory.
Need an instant loan for business needs?
You can appy for a ICICI Bank Business Loan online by following the below mentioned steps:
Buddy Loan is one of the leading loan service providers in India, assisting you in obtaining personal and business loans from RBI-approved lenders. Additionally, the process of applying for an ICICI business loan through Buddy Loan is simple and easy. Just follow the steps outlined below:
Get a business loan now!!
Benefit from a transparent and straightforward loan repayment process & explore a range of flexible repayment options available to your financial preferences. You can repay your ICICI Bank business loan through three methods:
The location and financial need may be important factors for you when reaching out to the customer care team. Please be assured that the customer care team is equipped to provide assistance based on your specific location and financial circumstances.
You can also contact your nearest ICICI branch directly & or find branch contact information on the ICICI Bank website or mobile app.
Get instant loans for business needs?
ICICI Bank's business loan eligibility criteria typically include the business's vintage, turnover, and profitability, among other factors.
ICICI Bank's business installment loan is a type of loan that allows businesses to borrow a specific amount of money and repay it in regular installments over a predetermined period.
ICICI Bank generally looks for a CIBIL score of 700 and above for business loans.
The interest rates for ICICI Bank's business loans vary based on factors such as the applicant's profile, the loan amount, and the tenure.
Yes, you can prepay your ICICI Bank business loan, and there may be prepayment charges applicable as per the terms and conditions of the loan agreement.
The ICICI Bank GST Business Loan can be used for various business purposes, including working capital needs, business expansion, purchasing inventory, or managing cash flow during the GST transition period.
ICICI Bank offers competitive interest rates for business loans based on individual circumstances and market conditions.
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