ICICI Bank provides business loan for a small to medium sized businesses. You can easily apply online for small business loans with ICICI Bank Online.
Low interest rates and timely finance is an important factor for choosing ICICI bank as your money lender. The bank has designed this loan to cater to the needs of businesses effectively.
Types of Business Loan from ICICI Bank
1. Finance – ICICI Bank offer variety of innovative products and banking services to the customers which can be customized according their business requirements making a difference in the bottom line.
2. Working Capital Loan – It can be used for financing day to day operations of the company. ICICI Bank provides these types of loans in the form of overdraft facility to its customers. This is a limit extended in the current account letting the customers to withdraw any sum up to the sanctioned limit.
3. Term Loan – Term loan is a loan from ICICI bank for a particular amount that has a specified repayment schedule and a fixed or floating interest rate. ICICI banks have term loan that can provide small businesses the cash they require to operate from month to month.
Why Business Loan from ICICI Bank?
ICICI Bank provides loans quickly with a flexible tenure to expand or modernize your existing business, or for a start-up and to buy loan to purchase commercial assets. Bank funds a business without any collateral. Hassle-free application process and varied loan options make ICICI Bank a good option for small businesses. ICICI Bank understands that different industries have different financial needs and a different set of financial problems. To help businesses counter the same, they offer specifically designed industry-specific loans.
| TYPES OF FEES | CHARGES APPLICABLE |
|---|---|
| Interest Rate | 9.25% – 11.50% |
| Processing Fees | Rs.3500 to Ra.5500 |
| Loan Tenure | 1-7 years |
| Guarantor Requirement | No |
| Documentation Charges | Rs. 300 |
| Lowest EMI Per Lakh | Rs.1478/- |
| Loan Amount | Upto 95% of ex-showroom price |
| Cheque Bounce Charges | Rs. 500 |
| Cheque / Instrument Swap Charges | Rs. 500 |
| Stamp Duty | At actuals |
| Loan cancellation / Re-booking | Rs. 1000 |
Advantages of ICICI Business Loan
ICICI Bank is the name you can go for when you are looking to apply online for a business loan. The bank which provides you maximum facilities and advantages is the bank you can trust on. Check out the benefits and features offered by ICICI Bank:
Your application for loan can be approved only once you meet the eligibility criteria. Below mentioned are the prerequisites you need to meet for availing the business loan:
| TYPES OF FEES | CHARGES APPLICABLE |
|---|---|
| Interest Rate | 9.75% – 10.60% |
| Loan Processing Charges | 0.4% of Loan Amount or Rs.10000, whichever is lower |
| Foreclosure Charges | 3% to 6% depending on loan tenure (no foreclosure for loans disbursed <6 months ago) |
| Repayment | 7 Years |
| Documentation Fees | Rs. 600 each time |
| Guarantor Required | No |
| Guarantor Required | Preclosure permitted after 6 months. 6% of principal outstanding (plus GST) from 7 to 12 months. 5% (plus GST) in 2nd year. No preclosure charges thereafter. |
| Penalty for late payment | 2% each month |
| Financing Quantum | up to 100% depending on customer profile |
| TYPES OF FEES | CHARGES APPLICABLE |
|---|---|
| Interest Rate | 9.30% to 12.85% p.a |
| Loan Processing Charges | Rs. 2500 to Rs. 5000 |
| Lowest EMI Per Lakh | Rs. 1,624 |
| Repayment Period | 7 years |
| Documentation Charges | Rs. 550 + GST |
| Maximum Loan amount | Upto 1 Crore |
| Cheque Swapping Charges | Rs. 500 |
| Amortization Schedule Charges | Rs. 500 |
| Cheque Bounce Charges | Rs. 500 |
| Legal/Incidental Charges | At actuals |
One can apply online for business loan through our website with few simple steps by registering online:
A. There are mainly 2 types of business loan- working capital loan and business loan.
A. Interest rate for business loan at ICICI starts from 16.85%, it totally depends on the applicant’s eligibility criteria.
A. Pre closure means that a customer wants to close the entire principal outstanding amount at one go. Whereas part payment means that a customer wants to repay only a certain portion of the outstanding amount. Please ask our advisor for more details on this when your loan is being processed.
A. Some banks have a lock-in of 6 months to a year while some banks allow you to pre close even after the 1st EMI have been debited from your bank. There may also be restrictions that you can only use your own funds (and not the balance transfer cheque of another bank) to pre close a loan. In addition, banks may allow pre closure at no cost or may levy a pre closure fee (2-5% of the amount being pre-closed). Please ask for clarifications to our or the banks’ loan advisor on all these factors before signing the loan document.
A. Some banks may allow. However, there can be restriction on how many times in a year you can part pay and the minimum and maximum amount that you part pay. Again, please ask for clarifications to our or the banks’ loan advisor on all these factors before signing the loan document.
It is a very good option when thinking of opting for a business loan online. This is the fastest and most beneficial platform for applying online.
Vandana Sharma
Applying for business loan was quite easy and was approved timely.
Rohini Gupta
It provided me with a bucket full of advantages and features which made me opt for business loan from here.
Tina Sehgal
