ICICI Bank Business Loan

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.

ICICI Bank Business Loan Highlights

  • Open to All: ICICI Bank Business Loan extends business loans to new companies, businesses without audited financials, importers, exporters, and more.
  • Versatile Support: Whether you're just starting out or lack audited financial statements, ICICI Bank Business Loan is designed to meet your unique business needs.

Refer the table below to incur a few specific details od ICICI Bank Business Loan.

Loan Amount Up to ₹2 Crore
Purpose Business expansion, purchasing equipment, working capital, or any other business need
Loan Tenure Up to 7 years

ICICI Bank Business Loan Interest Rates & Charges

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:

Charges Details
Interest Rate
  • For secured facilities: Up to Repo Rate + 6.0% (Non-PSL).
  • For facilities backed by CGTMSE: Up to Repo Rate + 7.10%.
  • The interest rate for each loan is determined based on the assessment of business, financials, loan amount, and tenure.
Processing Fees 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 Commitment charges are to be applied as per the terms and conditions mentioned in the sanction letter

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Note: 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.

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Type of Business Loans by ICICI Bank

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.

Loan Type Purpose Loan Amount
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 Not specified
ICICI Bank Business Loans for Working Capital Finance Working capital facilities like overdraft, export credit, bank guarantee, etc. Not specified

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ICICI Bank Business Loans Eligibility Criteria

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.

  • Age: 28 years (self-employed individuals) and 25 years (for doctors); Maximum age - 65 years.
  • Minimum Turnover: Rs. 40 lakh for non-professionals; Rs. 15 lakh for professionals; as per audited financials.
  • Minimum Profit After Tax: Rs. 2 lakh for Proprietorship Firm/Self-employed Individuals and Rs. 1 lakh for non-professionals as per audited financials.
  • Business Stability: In the current business for at least 5 years and a minimum of 3 years for doctors.
  • Existing Relationship with ICICI Bank: Minimum 1-year liability relationship (current or savings account) or Asset relationship (loan) either live or closed in the last 36 months; repayment track as required.

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Documents Required for ICICI Bank Business Loans

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

  • Entity proof such as Partnership deed, Certificate of Incorporation, or Shops and Establishment certificate.
  • Copies of PAN Card for Entity, Proprietors/Partners/Directors, Security providers, and guarantors.
  • Address Proof for Entity, Proprietors/Partners/Directors, Security providers, and guarantors.

Company/ Individual/ Firm Documents

  • Last 3 years Audited/Provisional Financials required, including Balance Sheet, Profit and Loss Account with schedules and Notes to Accounts, Tax audit reports, and Statutory Audit report.
  • VAT returns are required for Provisional financials.
  • Current year performance and projected turnover must be provided on the letterhead of the entity.
  • Last 1 year's Income Tax returns of the borrowing entity are required, along with Computation of Income and a copy of acknowledgment.

Benefits of ICICI Bank Financing

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:

  • Business loans provide maximum flexibility of usage without the need to dilute ownership or grant voting rights to investors.
  • The bank is primarily concerned with receiving timely repayments and does not hold any company voting rights or dictate operations.

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.

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How to Apply for ICICI Bank Business Loan

You can appy for a ICICI Bank Business Loan online by following the below mentioned steps:

  • Visit Branch or Apply Online: Choose between visiting the nearest ICICI Bank branch or applying online through the official website.
  • Submit Application: Complete the application form and submit it along with the required documents.
  • Verification and Approval: The bank will verify the submitted documents and assess your loan application for approval.
  • Disbursal of Loan: Upon approval, the loan amount will be disbursed directly to your bank account.

Steps to Apply for Business Loan on Buddy Loan

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:

  • Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the business loan application page. Enter your mobile number and OTP.
  • Step 3: Specify the desired loan amount and email. Next, choose the Business Loan option.
  • Step 4: Choose if you have a Business Proof (Yes/ No)
    • If ‘Yes’ (If you have a business proof), enter your business and personal details.
    • If ‘No’ (If you do not have a business proof), choose the profession type and enter your personal details.
  • Step 5: Provide income details and Click the ‘Submit’ button.

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ICICI Bank Loan Repayment Plans

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:

  1. Standing Instruction (SI): Existing account holders at ICICI Bank can set up standing instructions to automatically debit the EMI amount from their specified bank account at the end of each monthly cycle, eliminating the need for manual monthly payments.
  2. Electronic Clearing Service (ECS): If you do not have an account at ICICI Bank, you can opt for ECS, allowing the lender bank to automatically withdraw the EMI amount from your specified other bank account each month.
  3. Post-Dated Cheques (PDCs): Submit post-dated cheques to the lender bank for the loan tenure, which the bank will deposit each month on the specified date. This method is typically available in areas where ECS or SI facilities are not available, but it carries the risk of cheques being lost over a long tenure.

ICICI Bank Business Loan Customer Care Number

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.

  • Toll-free number: Toll-free: 1860 123 1122 (accessible from anywhere in India, free of charge)
  • Landline number: Mumbai local: 022 3355 1122 (for those in Mumbai, potentially faster connection)

You can also contact your nearest ICICI branch directly & or find branch contact information on the ICICI Bank website or mobile app.

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Frequently Asked Questions

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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