Description

ICICI Bank Business Loan details

To make a business get off its feet and also reach new heights, this financial institution lends ICICI Bank Business Loan at competitive interest rate. The bank has various range of business loans. One can avail any of the business loans by meeting the eligibility criteria set by ICICI Bank. To make business loan more convenient for applicants, the bank has divided ICICI Business loan in categories. 

These categories are as follows -

  1. Business Financing – Working Capital Finance, Term Loans, GST Business Loan, and InstaOD.
  2. Customized MSME Solutions – Loans for New Entities, Collateral-Free Loans, Loans without Financials, Finance for Importers and Exporters, Loans for School and Colleges, and Secured Loan for Merchant Establishment against credit card swipes. 
  3. Industry-Specific Loans – Educational Institutions, Pharmaceuticals, construction, and Information Technology.

As there are thousands of businesses in India, a common business loan for all won’t satisfy the needs of different borrowers. As some business owner wants business loan to run daily expenses of office and some wants it to expand the office area. By making usage-specific loans, ICICI Bank lends business loans of many kinds. Let’s understand the following categories in details. 

3 Types of ICICI Bank Business Loan

Type 1. ICICI Bank Business Financing 

ICIC Bank Business Financing category is entirely dedicated to medium-sized corporates. Under this category, ICICI Bank lends 4 types of financial assistance. 

ICICI Bank Business Loan Schemes

Key Highlights

Eligibility

ICICI Working Capital Finance

  1. Loan for meeting working capital needs of business.

  2. Competitive interest rate

  3. Cash credit limit/Overdraft facility is available

  4. Option to export credit to cover pre and post-shipment expenses

  5. Comes with Bank Guarantees

  • Manufacturers, trader, or service providers are eligible for ICICI Business Loan for Working Capital Finance.

  • Sole proprietorship, partnership, private limited company, and public limited company are eligible too.

  • Collateral is required; multiple collateral options are available.

ICICI Term Loans

  1. Loan amount for purchasing of commercial assets or business expansion.

  2. Flexible repayment tenure up to 7 years

  3. Loan amount assessment is done on the basis of future cash flows of the business

  4. Option to avail term loans with Working Capital Finance


 
  • No collateral is needed for loan amount up to Rs. 1 Crore under CGTSME scheme.

ICICI GST Business Loan

  1. Business loan for business working capital needs

  2. No need for any kind of financial documents

  3. Loan amount is assessed on the basis of GST Returns.

  4. Overdraft facility of Rs. 1 Crore can be availed.

  • Personal property, Industrial property, or high-liquidity securities can be deposited in the form of collateral.

ICICI InstaOD

  1. Instant Overdraft for customers having corporate banking relationship

  2. Online loan processing

  3. Facility to avail Overdraft up to Rs. 15 Lacs

  4. Minimal documentation

  5. No foreclosure charges

  6. Option to check loan eligibility through ICICI Net Banking Portal

  • No collateral is required.

  • Applicants having current account with ICICI bank are eligible for ICICI InstaOD.

Type 2. ICICI Bank Business Loan – Customized MSME Solutions 

To make new business get off the ground or grow according to its potential, ICICI Bank lends business loan under this category. Through Customized MSME Solutions, micro small and medium enterprises can avail loans from various types of financial assistance. 

ICICI Bank Business Loan Schemes 

Key Highlights

Eligibility

Loans for New Entities

  1. ICICI Bank Business Loan to establish new enterprise, Loan for newly founded enterprise. 

  2. Cash Credit/ Overdraft/ Export Credit Card and non-fund-based facilities can be availed by those who are having business of 1 year or older.

  3. Term loans can also be availed with this loan type.  

  • Those who are in manufacturing, retail, wholesale, and trading industries are eligible.

Collateral-Free Loans

  1. Collateral-free loans under CGTMSE.

  2. Unsecured overdraft facility up to Rs. 25 Lacs

  3. Under CGTMSE, avail cash credit and term loans up to Rs. 1 crore.

  • To avail this loan, one needs to be the existing customers of ICICI Bank. 

  • Sole proprietorship firms, partnership firms, private limited companies, and public limited companies are eligible for ICICI Bank Collateral-Free Loans. 

Loans without Financials

  1. Loans on the basis of past transaction history of an applicant. 

  2. No audited financials are required.

  3. Loan amount up to Rs. 50 Lacs. 

  • To be eligible, one needs to have at least 3 years old. 

Finance for Importers and Exporters

  1. Financial assistance for importers and exporters. 

  2. Export credit facility for Pre-shipment and Post-shipment finance. 

  3. Loans in foreign currency.

  • No specific eligibility criteria to meet. 

Loans for School and Colleges

  1. Loan for school and colleges to meet different types of financial needs. 

  2. Loan against fee receivables.

  3. Overdraft facility, bank guarantee, and term loans can be availed.

  • No specific eligibility criteria to meet.

Secured Loan for Merchant Establishment against credit card swipes

  1. Loans for merchant establishments on credit card swipes at the counter. 

  2. Overdraft facility and drop-line overdraft can be availed. 

  3. Loan amount up to Rs. 2 Crore. 

  • Merchant entities of 6 months or more are eligible. 

  • For Rs. 2 Crore loan amounts, a business needs to be at least 3 years of age. 

Type 3. ICICI Bank Industry-Specific Loans

According to the nature of business and industry, they are in, business owners often feel dissatisfied with the loan option they get. To kill such dissatisfaction, ICICI Bank lends Industry-Specific Loans. They come in various types. 

ICICI Bank Business Loan Schemes

Key Highlights

Eligibility

Loans for Educational Institutions

  1. Loans for educational institutions to help them grow and expand their reach

  2. Flexible repayment option

  3. Competitive interest rate

  4. Option to avail loan in foreign currency

  • No specific eligibility criteria to meet.

Loans for Pharmaceuticals

  1. Loans for Pharmaceuticals in the form of working capital loan or cash credit. 

  2. Cash credit against current assets

  3. Floating rate of interest 

  • No specific eligibility criteria to meet.

Loans for Construction Business

  1. Tailor-made financial solutions for companies involved in the construction business. 

  2. Option to avail in cash credit or bank guarantee. 

  • No specific eligibility criteria to meet.

Loans for Information Technology Business

  1. Terms loans for expansion of business

  2. Working capital demand loan in foreign currency

  • No specific eligibility criteria to meet.

Choose Afinoz for ICICI Bank Business Loan

Choosing the right business loan have been a journey full of struggles for many businesspersons. People visit various banks and NBFCs to know the business loan schemes that are best as per their requirement. Even after tens of visits, people often end up taking a business loan which impacts their monthly expenses in a bad way. To avoid that, we advise you to choose Afinoz. Afinoz is a marketplace for various financial products. We let loan seekers compare and choose the best business loan among a lot. To provide best financial assistance, we work day and night and have almost every business loan and personal loan in our stack. 

Features and Benefits of ICICI Bank Business Loan

Check out the benefits you can avail when you choose to grow your business with ICICI Bank Business Loan –

  • Overdraft facility
  • Wide range of business loan products
  • Online loan processing 
  • Competent interest rate
  • After 6 EMIs, you can pre-pay the entire loan amount in one go.

Eligibility Criteria for ICICI Bank Business Loan

You can check out the eligibility criteria for different ICICI Bank Business Loan in the tables mentioned above. To simplify ICICI Bank Business Loan, we have additionally made a list of basic eligibility criteria that you will have to meet to avail ICICI Bank Business Loan. They are –

  • Applicants age must be in between 25 and 65 years.
  • The minimum turnover of the business should be above Rs. 60,0000.
  • Applicant must have paid ITR from the last 2 years. 
  • To be eligible, he/she must have a credit score of 750 or above. 

Multiple loan application rejection may lead to bad credit score. We recommend you to check your eligibility with Afinoz Business Loan Eligibility Calculator before you apply for the loan. Once your eligibility is approved, our business loan representative will get in touch with you and proceed to further steps of business loan online.

Documents Required

  • PAN Card
  • Completely filled business loan application form with passport-sized photographs
  • Residence proof or office proof
  • Proof for business continuity
  • Profit and Loss Statement and Balance Sheet

ICICI Bank Business Loan Interest Rate

ICICI Bank Business Loan Interest Rate varies from one loan type to another. The calculation is done on the basis of applicant’s profile as well as Marginal Cost of Fund based Lending Rate (MCLR). Under CGTMSE schemes, ICICI Bank charges comparatively less-interest rate for some of the business loans. In the table mentioned below, you can see the charges that you will pay additionally apart from ICICI Bank Business Loan Interest Rate.

Processing Fee

Starting from 0.99%, Up to 2%

Lowest EMI per lakh

₹ 3,540

Part Prepayment Charges

Not allowed

Foreclosure Charges

Allowed after 6 EMI's, 5%

If you aren’t clear about ICICI Bank Business Loan Interest Rate, check the table mentioned in the above section of this page. We have categorized various loan scheme. You can also get in touch with Afinoz to know how efficient your Business Loan Interest Rate can be. 

Why Afinoz?

Avail ICICI Bank Business Loan with us and avail various benefits that we provide. Below, we have mentioned the list of what you get if you avail ICICI Business Loan with Afinoz. 

  • Impeccable customer support service
  • Competitive interest rates
  • Super easy documentation process
  • Collateral free loans
  • Quick business loan approval and disbursal

Know your eligibility with Afinoz Business Loan Eligibility Calculator and apply for the best over-all loan experience. 

About the bank?

ICICI Bank is an Indian banking and financial services company which caters its services to people of various countries. To do it efficiently, ICICI Bank has been constantly spreading its network all around the globe. In India, the bank is considered as the second-largest bank in terms of assets and market capitalization. By offering a wide range of banking and financial services to its customers, ICICI has been leading the finance industry and showing its rivals that there is always a scope for development if they want to compete with ICICI Bank.

FAQs
Q1 How can I get overdraft facility in ICICI Bank?
Under various business loan schemes, ICICI Bank offers the overdraft facility to business owners. You can avail ICICI Bank Insta OD using ICICI Net Banking. To apply, log in to your ICICI Net Banking account. Check the pre-approved ICICI Insta OD limit, and apply for it. You can also get overdraft facility through other mediums like InstaBIZ App, ICICI Bank Website, ICICI Bank Branch. Furthermore, you can ask for Insta OD at the time of opening your current account with ICICI Bank.
Q2 How do I get Business Loan from the Bank?
Availing a business loan has become easier than it was ever before. Due to emergence of FinTech, many banks and NBFCS have started its services online. You can easily get business loan from any bank by checking your eligibility with Afinoz Business Loan Eligibility Calculator. Find it in the above section of the page.
Q3 Who is eligible for business loan?
Those who are self-employed individuals, proprietors, businessman, partner in any firm that deals with Manufacturing, Trading, or Services are eligible for business loan in India. Another eligibility criterion for availing business loan online is that your business should be more than 3 years of age and generating a minimum annual turnover of Rs. 40 Lacs.
Q4 What is Business Installment Loan?
ICICI Business Installment Loan is an unsecured business loan which can be availed by self-employed individuals or businessman to upgrade the business or purchase industry-specific equipment. Under Business Installment Loan (BIL), a borrower can repay the loan amount in Equated Monthly Installment (EMI). The EMI is mutually pre-decided fixed instalment by ICICI bank and borrower and it is paid on the specific day of every month throughout the loan tenure.
Q5 Can my partner and I, as owners in our partnership firm, apply together for ICICI Bank Business Instalment Loan?
Yes, you can. Get in touch with ICICI Bank Business Loan representative. Get in touch with Afinoz for greater business loan experience.
Q6 How can I check my loan status in Icici Bank?
You can easily check your loan status in ICICI Bank by visiting the official site. All you have to do is to locate “Check Loan Application status” and then click on it. Once the webpage opens, enter your reference number and know the status of your ICICI Bank Business Loan Application.
Q7 How can I speak to ICICI customer care?
Despite having more than ten thousand customers in India alone, ICICI Bank provides excellent customer support service to its loan customers. You can get in touch with ICICI customer care by calling on 1860 120 7777.
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