ICICI Bank Business Loan

 

About ICICI Bank Business Loans

ICICI Bank is the largest private sector bank in India, with total consolidated assets amounting to US$ 172.5 billion (as of March 31, 2018). The bank presently has 14,367 ATMs and 4874 branches spread all over India. Originally established as just ICICI Limited in the year 1994, ICICI Bank Ltd has evolved as a major Indian multinational financial services and banking company. The company offers a broad range of financial services for both retail and corporate clients through several specialized subsidiaries and delivery channels engaged in asset management, venture capital, life insurance, investment banking, non-life insurance, business loans, personal loans, home loans, auto loans and more. It also has subsidiaries and branches in many other countries.

ICICI bank offers credit to businesses in 4 different ways – working capital finance, term loans, GST business loan and InstaOD. These products are mainly targeted at medium-size businesses that require any type of financing. While term loans, which we will be discussing here, are meant to meet bigger expenses such as starting a fresh service or product line, or expanding operations, working capital finance is usually a way to meet day-to-day expenses of the business. More details on ICICI bank business loan, including its features, charges and eligibility criteria are provided below.

Business Loan Eligibility Criteria

You’re eligible to apply for ICICI bank business loan if you are a self-employed professional, self-employed businessperson or a corporate entity engaged in trading, services or manufacturing business, and have a proven track record in your line of work. Your business should have been constituted as any of the following entities: public limited company, private limited company, partnership firm or a sole proprietorship firm. In addition, the applicant should be minimum 25 years old at the time of applying for the business loan and no more than 65 years when the tenure of the business loan expires. More and specific details related to ICICI bank business loan eligibility criteria can be found below.

3

Years in currert business

₹ 50Lacs

Minimum Turnover

ICICI Bank Business Loan Features / Details

ICICI bank business loan serves as the ideal financial product to meet your significant financial requirements like purchase of commercial assets, expanding the existing unit or setting up a new industrial unit. You can avail both secured as well as unsecured business loans from ICICI and the tenure of such loans can be up to a maximum of 7 years. The quantum of the loan is decided based on the future cash flows. In fact, ICICI bank offers collateral free term loans of up to ₹ 2 crore under the CGTMSE scheme. Please refer to the below provided details for the exact ICICI bank business loan features.

17.50%

Interest Rate (Min)

1 – 3 Years.

Loan Tenure

₹ 2Lacs – 60Lacs

Loan Amount (Min – Max)

ICICI Bank Business Loan Fees / Charges

All applications for ICICI bank business loan involve a processing fee of up to 2% (plus taxes) of the loan amount. Apart from that, various other charges might apply including foreclosure charges, commitment fees, stamp duty, loan cancellation charges, swap charges, collection charges, ECS / cheque bounce charges, prepayment charges, late payment charges and more. You can find precise details related to all such ICICI bank business loan fees / charges below.

2.00% of Loan Amount.

Processing Fees

0% of amount prepaid.

Pre-payment Charges

No

Part Payment Facility

0%

Part Payment Processing Fees