ICICI Business Loan: Interest Rate, Eligibility & Apply Online

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The ICICI Bank offers various business loans catering to different types of entrepreneurs and business needs. With different facilities focused on SMEs, self-employed individuals, importers and exporters, business loans from ICICI Bank can be an ideal choice.

Key Features of an ICICI Bank Business Loan

Here are some of the notable characteristics of business loans provided by ICICI Bank:

Quick Processing

The ICICI Bank employs decentralised operations to ensure quick processing of your application.

Customised Loans

The bank offers personalised loans of up to ₹5 Crores for businesses of different sizes, sectors, and needs.

Pocket-friendly Interest Rates

You can enjoy competitive interest rates and significantly reduce the borrowing cost.

Minimal Documentation

The bank requires you to submit basic documents, which makes the process quick and convenient.

Flexible Repayment

The bank allows you to choose the longevity of your loan repayment for different business loan offers. For instance, you can extend the repayment tenure of Business Term Loans to up to 7 years.

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ICICI Bank Business Loan Eligibility

Here are some basic parameters to qualify for an ICICI Bank Business Loan:

You must be an Indian resident
You age must be between 18 and 70 years
The business must be a Sole Proprietorship Firm, Partnership Firm, or Private Limited Company
The business and new entities must be in operation for at least 3 years and 1 year respectively

You can also use the business loan eligibility calculator on the ICICI Bank website to check the loan eligibility limit.

Documents Required for an ICICI Business Loan

When opting for an ICICI Bank Business Loan, you need to provide the following basic documents along with the application form:

KYC documents, such as the Aadhaar card(s) of the applicant(s) and PAN card(s) of the entity and owner(s) or partners
Business existence proof, like Partnership deed/Certificate of Incorporation/Shops and Establishment certificate
Address proof of the business and business owners or partners
Audited financials for the last 3 years
VAT returns in case of provisional finances
Current year performance and projected turnover
Income Tax Returns (ITR) of the last year

Types of Business Loans Offered by ICICI Bank

The ICICI Bank offers the following types of credit facilities for businesses:

Working Capital Finance

This facility offers cash credit/overdraft limits for everyday requirements and working capital limits for the export requirements of businesses. It also provides various types of bank guarantees to help businesses meet their financial obligations.

Term Loans

The bank offers term loans to set up a new business, buy a commercial property, or expand an existing business. The collateral-free term loan amount extends up to ₹2 Crores under the CGTMSE scheme.

GST Business Loan

The GST Business Loan allows you to opt for a working capital loan of up to ₹3 Crores based on your business’ GST returns. Under this loan, the bank offers various facilities, including overdraft, letter of credit, and bank guarantees.

Insta OD Plus

The Insta OD Plus facility offers overdraft services of a limit of up to ₹50 Lakhs with no financials and collateral requirements. It carries no prepayment charges, and the limit renews on an annual basis.

Customised Solutions

ICICI Bank offers tailor-made loans for specific businesses and their requirements. Small and Medium Enterprises (SMEs) can avail of this loan for their varied business requirements.

Loans for New Entities

This credit option is suitable for first-time borrowers and newly started businesses to meet their funds for their daily operational needs. Manufacturers, traders, and service providers older than a year can enjoy cash credit/overdraft/export credit and non-fund-based facilities under this scheme.

Collateral-free Loan

The ICICI Bank also offers collateral-free loans under the Credit Guarantee Trust Fund for Micro and Small Enterprises (MSEs). You can get a cash credit or term loan of up to ₹2 Crores under this scheme.

Loan Without Financials

The Loan Without Financials allows you to avail of an amount of up to ₹1 Crore based on past transactions without offering audited financials.

Insta-secured Overdraft Facility

It is an online lending platform that offers a secured overdraft limit of up to ₹1 Crore for your working capital requirements. It provides quick sanction with pre-approved loans and does not require you to provide any financial documents.

How to Apply for an ICICI Bank Business Loan

Here is how you can apply for ICICI Business Loan online:

Step 1: Visit the official website of the ICICI Bank and click on ‘Business’
Step 2: Choose the ‘Business Loans’ category
Step 3: Once redirected to a new page, select the type of business loan you wish to avail of
Step 4: Click on the ‘Apply Now’ button to start the application process

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