ICICI Bank Business Loan

ICICI Bank provides secured and unsecured business loans with interest rates of up to 17% per annum, and repayment periods can extend up to 7 years. They offer loans to various entities, including new businesses, those without audited financials, importers, exporters, and more.

ICICI Bank Business Loan Interest Rates

ICICI Bank offers business loans with interest rates that can reach up to 17% per annum. Here are the interest rates for different business loan schemes provided by ICICI Bank.

Comparison Table of Business Loan Interest Rates offered by MybankingTips Partners:

Also read: Best Business Loan Interest Rate

Fees and Charges for Business Loans from ICICI Bank

Here are the fees and charges associated with availing ICICI Bank Business Loans:

Also read: Best Business Loan EMI Calculator

Types of Business Loans provided by ICICI Bank

ICICI Bank Insta Secured Overdraft Facility

Purpose: ICICI Bank's Insta Secured Overdraft Facility helps sole proprietors, partnership firms, and private limited companies involved in manufacturing, trade, and services meet their working capital needs. This loan option provides pre-approved loans with quick approval and requires minimal documentation.

Interest Rate: 11.00% p.a. (for loan amounts of up to Rs 40 lakh) and 10.75% p.a. (for loan amounts above Rs 40 lakh)

Loan Amount: Rs 15 lakh to Rs 1 crore

Collateral: The lender allows industrial, residential, or commercial properties, as well as liquid securities like fixed deposits, to be used as collateral.

ICICI Bank GST Business Loan

Purpose: Business entities such as sole proprietorships, partnerships, private and public limited companies operating in sectors like manufacturing, trade, or services and in need of working capital finance can avail this secured business loan product. The bank employs straightforward assessment criteria for loan applicants, primarily based on their GST returns.

Loan amount: Loan amounts of up to Rs 2 crore are available, with online processing for cases up to Rs 1 crore, including instant in-principle sanction. For loan amounts exceeding Rs 1 crore, business loan applicants should reach out to the nearest branch or their relationship manager for assistance.

Collateral:  industrial properties, residential properties, commercial properties, and/or liquid securities.

ICICI Bank Fixed Deposit Overdraft Online for Corporates

Purpose: ICICI Bank provides term loans to businesses aiming to grow, buy commercial assets, establish industrial units, and upgrade existing ones. They also offer combined loans that include both working capital and term loans to meet financial needs. The bank evaluates businesses based on their expected future income. Additionally, ICICI Bank offers loans of up to Rs 2 crore without the need for collateral.

Loan amount: Up to Rs 10 crore

ICICI Bank Term Loans

Purpose: ICICI Bank gives loans to businesses to help them expand, buy assets, set up new factories, and improve existing ones. They also offer combined loans for both day-to-day expenses and bigger investments. The bank looks at how much money a business expects to make in the future. Plus, ICICI Bank offers loans up to Rs 2 crore without needing any collateral.

Loan amount: Offered on the basis of future cash flows of the applicant

Loan tenure: Up to 7 years

ICICI Bank Business Loans without Financials

Purpose: ICICI Bank business loans without financials enables eligible customers to avail overdraft or other non-fund based facilities based on their past transaction history without requiring any audited financials. Sole proprietorships, partnership firms, public and private limited companies having business vintage of 3 years and current account for minimum 2 years are eligible to avail this loan.

Loan amount: Up to Rs 1 crore

Collateral:  Residential properties, commercial properties, Liquid securities, and/or industrial properties

ICICI Bank Business Loan Finance for Importers and Exporters

Purpose: ICICI Bank Business Loan financing for importers and exporters offers various facilities such as export credit (for financing before and after shipment), buyer's credit, letters of credit, forwards/options (to manage derivative risk), and more. Sole proprietorships, partnership firms, public and private limited companies engaged in manufacturing, trade, or services are eligible to apply for this loan.

Collateral: Liquid securities, residential properties, commercial properties and/or industrial properties

ICICI Bank Business Loans for Working Capital Finance

Purpose: ICICI Bank's business loans for working capital finance offer various facilities like export credit, bank guarantee, overdraft facility, etc., to help businesses meet their daily needs. Sole proprietorships, partnership firms, public and private limited companies engaged in manufacturing, trade, or services can access the following facilities under this scheme:

• Overdraft or cash credit limit to cover their working capital requirements.
• Working capital limits to support their export needs and export credit for pre and post-shipment financing for exporters.
• Working capital limits based on non-fund based facilities like letters of credit and buyer's credit to ensure timely delivery of goods.
• Various types of bank guarantees to fulfill performance and financial obligations.

Collateral: Residential properties, commercial properties, liquid securities and/or industrial properties

ICICI Bank Business Loan Eligibility Criteria

Here are the eligibility criteria set for availing ICICI Bank Business Loans:

ICICI Bank Business Loans without Financials.

Partnership firms, public and private limited companies Sole proprietorships,having business vintage of 3 years and current account for minimum 2 years.

ICICI Bank Business Loan Finance for Importers and Exporters.

Sole proprietorship, partnership, private and public limited company engaged in manufacturing, trade or services.

ICICI Bank Business Loans for Working Capital Finance.

Sole proprietorship, partnership, private and public limited company engaged in manufacturing, trade or services.

ICICI Bank Business Loan Insta Overdraft for Savings Account.

Existing ICICI Bank Savings Account customers.

ICICI Bank Business Loan Select Overdraft.

Existing ICICI Bank customers (proprietors, partnerships and limited liability companies, public/private limited companies).

ICICI Bank Business Loan Merchant Overdraft.

Merchants registered with the bank.

ICICI Bank GST Business Loan.

Partnership, Sole proprietorship, private and public limited companies engaged in manufacturing, trade or services.

ICICI Bank Insta Secured Overdraft Facility.

Sole proprietorship, private and public limited company involved in manufacturing, trade or services.

ICICI Bank Fixed Deposit Overdraft Online for Corporates.

Corporates including companies, partnership firms, LLP and HUF.

ICICI Bank Business Loans for New Entities.

Partnership, Sole proprietorship, private and public limited company.

Also read: Best Business Loan Eligibility

Documents required for ICICI Bank Business Loan

Below are the documents needed to apply for various ICICI Bank business loan schemes:

1. Application Form

2. For Bank Guarantee: Orders in hand and status along with order copies, letters of intent, or contract agreements.

3. For Letter of Credit: Details of the last 3 inland letter of credit transactions.

4. Bank Statements (up to 45 days old):

• Latest bank statements for last 6 months (for first-time borrowers)
• Latest bank statements for last 12 months (for takeover proposals)
• For multiple banking, provide statements covering at least 75% of total banking turnover.

5. Self-attested copies of KYC Documents:

• Proof of entity (Partnership deed/Certificate of Incorporation/Shops and Establishment certificate)
• PAN Card copies of Entity, Proprietors/Partners/Directors, Security providers, and guarantors
• Address Proof of Entity, Proprietors/Partners/Directors, Security providers, and guarantors

6. Financials:

• Last 3 years audited or provisional financials (including balance sheet, profit and loss account, tax audit reports, statutory audit report, etc.)
• Current year performance and projected turnover on entity letterhead
• Last 1 year Income Tax returns of the borrowing entity

7. For Term Loans:

• Project report detailing cost, means of finance, total expenditure, and projections.
• Government approvals for power, building plan, pollution, along with documentary evidence.
• Proforma invoices of assets to be purchased, copy of allotment letter/conveyance deed for land, architect certificate for validating the total cost of construction.

Also Read :  Best Business Loan Documents Required