ICICI Business Loan

ICICI Business Loan

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.

Fees And Charges

The mentioned below are the fees and charges applicable that are levied by ICICI Bank are as follow:
TYPES OF FEESCHARGES APPLICABLE
Interest Rate9.25% – 11.50%
Processing FeesRs.3500 to Ra.5500
Loan Tenure1-7 years
Guarantor RequirementNo
Documentation ChargesRs. 300
Lowest EMI Per LakhRs.1478/-
Loan AmountUpto 95% of ex-showroom price
Cheque Bounce ChargesRs. 500
Cheque / Instrument Swap ChargesRs. 500
Stamp DutyAt actuals
Loan cancellation / Re-bookingRs. 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:

  •    ICICI Bank offers tailor-made financing solutions for SMEs to grow their business or to start one.
  •    Cash Credit/ Overdraft/ Export Credit and non-fund based facilities can be availed by businesses that are 1 year or older
  •    Term loans are also offered for the purchase of commercial assets or to fund a business expansion plan.
  •     Sole Proprietorship Firms, Partnership Firms, Private limited Companies, Public limited Companies can apply for the loan.
  •    ICICI Bank gives business loans to educational institutions to help them grow and expand their horizon.
  •    Flexible repayment option and competitive pricing.
  •    A unique offering called Working Capital Demand Loan is also promoted by ICICI Bank.

Eligibility Criteria for applying for ICICI Business loan

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 FEESCHARGES APPLICABLE
Interest Rate9.75% – 10.60%
Loan Processing Charges0.4% of Loan Amount or Rs.10000, whichever is lower
Foreclosure Charges3% to 6% depending on loan tenure (no foreclosure for loans disbursed <6 months ago)
Repayment7 Years
Documentation FeesRs. 600 each time
Guarantor RequiredNo
Guarantor RequiredPreclosure 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 payment2% each month
Financing Quantumup to 100% depending on customer profile

Documents required for applying for a Business Loan from ICICI

TYPES OF FEESCHARGES APPLICABLE
Interest Rate 9.30% to 12.85% p.a
Loan Processing ChargesRs. 2500 to Rs. 5000
Lowest EMI Per LakhRs. 1,624
Repayment Period7 years
Documentation ChargesRs. 550 + GST
Maximum Loan amountUpto 1 Crore
Cheque Swapping ChargesRs. 500
Amortization Schedule ChargesRs. 500
Cheque Bounce ChargesRs. 500
Legal/Incidental ChargesAt actuals

Procedure for applying for ICICI Bank Business Loan Online

One can apply online for business loan through our website with few simple steps by registering online:

  •    Enter the required details including your employment type, name, e-mail address, city you are currently living in, type of business, annual income, required loan amount, and mobile number.
  •    Provide your consent.
  •    Choose HDFC Bank as your Business Loan partner.
  •     Fill in the form by providing some basic details like your gender, marital status, PAN Number, and others and click proceed.
  •    For further queries you can go through icicibank.com

Know more about ICICI Business Loans – FAQs

Q. What business loans are offered by ICICI Bank?

A. There are mainly 2 types of business loan- working capital loan and business loan.

Q. What is the business loan interest rate at ICICI Bank?

A. Interest rate for business loan at ICICI starts from 16.85%, it totally depends on the applicant’s eligibility criteria.

Q. What is pre-closure and part-prepayment?

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.

Q. Is pre-closure allowed in business loans?

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.

Q. Is part payment allowed in business loans?

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.

QUICK OVERVIEW
Apply online at interest rate starting @16.85% p.a.
Loan amount varying from Rs.50,000 to Rs. 40 Lakhs
Minimal documentation
Quick approval and disbursal rate
Hassle-free and transparent process

Reviews

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