Types of Business Loans offered by ICICI Bank
Small Business Loans, There are 6 broad categories under which ICICI Bank offers business loans. These categories are as follows:
1) Working Capital Finance
The Working Capital Finance offered by ICICI Bank is designed to serve all your working capital needs such as export credit, bank guarantees, overdraft facility, and so on.
2) Insta OD
Insta OD is the online lending platform offered by ICICI Bank which will help an individual avail instant loans to cater to his or her working capital needs.
The interest rate for the Insta OD facility offered by ICICI Bank under non-priority sector lending is 16% p.a.
3) Term Loans
ICICI Bank offers term loans which can be used for setting up new industrial units, purchasing commercial assets, and expanding existing industrial units.
4) GST Business Loans
The GST Business Loans offered by ICICI Bank is specially designed for customers who are looking for a simple overdraft product which does not need any financial documents.
5) Customised MSME Solutions
ICICI Bank offers specially customised loan solutions for micro, small, and medium enterprises, i.e. MSMEs. The Customised MSME Solutions helps the customers to choose the most suitable loan product for their business. There are 4 different categories under which the loans can be availed.
The details of these products are discussed below
A) Loans for new entities
This business loan offered by ICICI Bank can be used by first-time borrowers as well as a business which has just started off. The loan is mainly focused on meeting the day to day operating expenses of the business. This loan is ideal for individuals who belong to the retail, manufacturing, trading, wholesale, and service industries.
B) Loans without financials
ICICI Bank offers loans without financials to customers who are eligible for the same. The eligibility of applicants is ascertained on the basis of their previous transactions. In order to get a loan under this scheme, the applicants will not be require to provide the audited financials of their business.
C) Collateral Free Loans
Through this scheme, ICICI Bank offers loans to businesses without the requirement of any collateral. It is specifically design and target towards small businesses.
D) Finance for Importers and Exporters
The Finance for Importers and Exporters scheme is a special offering by ICICI Bank. As the name suggests, it has been specially design for exporters and importers who are looking for finance for the betterment of business opportunities.
E) Insta-Secured Overdraft Facility
An online lending platform that caters to your working capital needs by providing secured overdraft facility.
6) Industry Specific Loans
On the basis of the challenges that are face across different industries, ICICI Bank offers loans which are specific to these industries.
The different types of loans offered under this scheme have been list below.
ICICI Bank offers end-to-end loan solutions for the construction industry through this scheme.
ICICI Bank offers special loans for the pharmaceutical industry which helps the borrowers to increase the awareness of the latest challenges and practices.
C) Educational Institutions
ICICI Bank offers special loans for educational institutions through which the borrowers can depend on their own experiences for the betterment of the business.
D) Information Technology
A customer can also borrow special loans for the Information Technology or IT sector through ICICI Bank.
Factors affecting ICICI Business Loan Rates
There are multiple factors on which ICICI Bank calculates your interest rate. Some of these factors are.
Business loan rate in ICICI Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate. Bank gives loan of minimum ₹ 1 Lakh to up to ₹ 40 Lakh. Interest rate for high loan amounts can be lower resulting in lower EMIs.
ICICI Bank offers business loans at higher interest rate if your CIBIL score is low or vice versa. However, to get a loan from ICICI Bank, your CIBIL score should be at least 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.
ICICI Bank will offer you a loan at a lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least ₹ 60,00,000
ICICI Bank offers loans at lower rates if you have significant business experience. Minimum business existence to get a business loan from ICICI Bank is 36 months.
ICICI Business Loan Interest Rates, Eligibility, Apply Online
Can check ICICI Bank business loan eligibility and ICICI Bank EMI calculator for free. Provides all the information about ICICI Bank business loans.
Up to Rs. 40 lakhs
12 months to 60 months
12.90% to 16.65%
How to track ICICI Business Loan Application Status?
1: Enter your loan reference number that you must have received after form submission
2: Enter your Form Number
3: Click on ‘Submit’ to check the status of your loan application.
The bank will not levy any foreclosure charges if you avail a business loan. However, in case any foreclosure charge is levied by the bank, then it will be as per the terms and conditions mentioned in the sanction letter.
How To Apply For ICICI Bank Business Loan
You can apply for a business loan from ICICI Bank online by visiting the business loan section on the official website of the lender. You must fill the application form and provide all the necessary details. Such as your name, email ID, mobile number, etc. You will then have to submit it along with all the necessary documents. You can also apply for a business loan offline by visiting the nearest ICICI Bank branch along with all the documents, where a bank representative will help you with the application process.
The processing fee levied is up to 2% of the loan amount plus the applicable GST.
Yes, you can use the eligibility calculator tool which you can find on the business loan section of the bank’s official website. You can enter the necessary details to find whether you are eligible to apply for a business loan from ICICI Bank or not.
You will have to submit proof of entity, proof of your address, and a copy of your PAN Card as KYC documents if you are applying for a business loan from ICICI Bank.
ICICI Bank Business Loan FAQs
- Why Apply for ICICI Bank Business Loan?
The advantage of this loan is its same interest throughout the duration.
Simple documentation is need and the business loan in ICICI Bank then gets process faster.
The customers can pay off the loan in easy instalments every month and can repay it via auto debit or PDC or ECS.
You can check out ICICI Bank business loan eligibility and ICICI Bank Business Loan EMI calculator.
2. ICICI Customer Care: Toll-Free Numbers
You can call the ICICI Bank Business Loan Customer Care department if you need any additional information about their products. If you are already a corporate/business banking customer of ICICI Bank, you can give them a call and raise any complaint or query.
3. 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.
4. What is Business Installment Loan?
ICICI Business Installment Loan is an unsecured business loan which can be availed by self-employ 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-decide fixed instalment by ICICI bank and borrower and it is paid on the specific day of every month throughout the loan tenure.
5. How can I check my loan status in ICIC 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.
Type 2. ICICI Bank Business Loan Schemes – Customized MSME Solutions
Those who are in manufacturing, retail, wholesale, and trading industries are eligible.
2. Collateral-Free Loans
3. Loans without Financials
To be eligible, one needs to have at least 3 years old
4. Finance for Importers and Exporters
No specific eligibility criteria to meet.
5. Loans for School and Colleges
6. Secured Loan for Merchant Establishment against credit card swipes.