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ICICI Bank Business Loan

ICICI Bank is one among the 4 big banks in India. Those who are looking for a business loan can rely on ICICI BANK for competitive interest rates and offers .This bank has designed the loan structure keeping in mind that it is convenient for choosing the option that suits the business requirements effectively for customers. ICICI Bank provides various types of business loan.

Different Business Finance options available from ICICI Bank

Finance:

Finance is the most required factor in any business. Using it wisely and timely is the solution for most of the business opportunities. Keeping this in mind ICICI Bank offer variety of innovative products and banking services to the customers which can be customized according their business requirements making a difference in the bottom line.

Working Capital Loan:

Working capital loan is a loan from ICICI bank that can be used for financing day to day operations of a company. ICICI Bank provides these types of loans in the form of overdraft facility to its customers. This is a limit extended in the current account letting the customers to withdraw any sum up to the sanctioned limit. Interest is charged on the amount used on a daily outstanding basis. These are not used for buying long-term assets or investments.

Term Loan:

Term loan is a loan from ICICI bank for a particular amount that has a specified repayment schedule and a fixed or floating interest rate. ICICI banks have term loan that can provide small businesses the cash they require to operate from month to month. These can be used for buying long-term assets or investments.

Loan for SME Segment - Facilities offered by ICICI Bank

  • Cash credit / Overdraft: Provided to meet the working capital requirements
  • Export credit: Finance provided during the time of pre shipment and post shipment
  • Letter of credit: Provided for a better trade
  • Bank guarantees: For meeting the financial needs and a better performance
  • Term Loan: finance provided for expansion of business and purchase of commercial assets

ICICI Bank provides flexible collateral options for Industrial properties /Liquid securities/Residential and commercial needs. Customers eligible for this service are Sole proprietorship firm /Private-Limited companies, Public-Limited companies or Partnership Firms. Funding for a business is possible without any collateral. This facility was designed and extended to all small and micro Enterprises under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). This bank understands that it may be difficult for a small enterprise to pledge their assets due to various reasons. In such cases collateral free loans from ICICI BANK are your best option.

Collateral free facility is specially designed under the Credit Guarantee Fund Trust for Micro and Small Enterprises (MSE's). (CGTMSE) scheme of SIDBI as well as the Ministry of Small & Medium Enterprises as described under MSMED Act, 2006.

Finance Designed innovatively to provide the best option for your business needs. Quick in processing, competitive rates and multiple collateral options will help to meet your working capital needs. The following facilities can be availed from ICICI Bank to manage your working capital.

  • Overdraft/ Cash Credit limit facility helps to meet your everyday needs
  • Working capital is provided to meet your export requirement by providing finance to exporters for Pre and Post-Shipment.
  • Working capital is provided in the form of non-fund based facilities – Buyers Credit and letters of Credit to ensure that the goods are delivered on time.
  • Various Bank Guarantees are provided to meet the financial obligations of the customer as well as the performance.

In short capital finance is the right choice as the processing of the loan is quick and hassle free with competitive interest rates, charges and commission that will help in boosting up your business. Also you will be guided by a relationship manager who will work along with you to make sure that you meet all the needs.

ICICI Bank provides loans quickly with a flexible tenure to expand/ modernize your existing business and to buy loan to purchase commercial assets. The following facilities are provided under Term Loans:

  • Flexible Tenure for repayment – Up to 7 years
  • Assessment is based on your future cash flows
  • Collateral free loan/ Third party available (Up to INR 10 million) under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).

Customized Solutions:

Collateral Free Loans:

Fund a business without any collateral. This facility was designed and extended to all small and micro Enterprises under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).

It may be difficult for a small enterprise to pledge their assets due to various reasons. In such cases our collateral free loans from ICICI bank are your best option.

There are 2 Types of Collateral Free Loans offered by ICICI Bank:

• Smart Business Loan (SBL): This is an unsecured overdraft facility, provided to enterprises who are existing ICICI Bank customers. The maximum limit for this scheme is up to INR 2.5 million.

• CGTMSE: This is a Get Cash Credit and Term Loan facility. The maximum limit for this scheme is up to INR 10 million.

Loans without Financials

Collaterals used for this type of loan are flexible collateral options in terms of Residential, Industrial property, commercial and Liquid securities. Eligibility for this loan from ICICI Bank are Sole Proprietorship Firms, Partnership or Private limited companies having a current account with ICICI Bank or with other banks for 2 years or above.

Business Loans based on Past Transaction History

These are business loans which are provided based on past transaction history of an enterprise which is older than 3 years. To avail this loan audited financials are not required. The maximum limit for this scheme is up to INR 5 million.

You also enjoy the following benefits:

  • Avail Attractive Interest Rates
  • Hassle-free Loans - No Guarantor / Security or Collateral required
  • Repay with easy EMIs
  • Speedy Loan Approval
  • Credit Shield
  • Disbursal in 2 Days
  • Borrow up to INR 3 million for any business purpose
  • Flexible repayment options, ranging from 12 to 36 months
  • Convenience of service at your doorstep
  • Customized Offer for Women Professionals called as women entrepreneur business loan
  • Low interest rates
  • Online loan request option available
  • Low pre-payment charges also waiver is offered after few months.
  • Can instantly check loan eligibility
  • It offers personalized loan quotation for each business requirement
  • 24/7 Customer Support

Finance for Importers & Exporters

Importers or exporters need sufficient credit for timely payments to meet their business requirements. As an exporter, you require sufficient finance to pay at the time of pre-shipment and also post- shipment’s timely payment is important to meet better business prospects.  Therefore ICICI BANK provides loan which helps in timely payments to meet all your growing finance requirements via the host of services and innovative products, hedging solutions and FOREX. Some of the facilities offered are:

  • Loans can be provided in foreign currency (Buyers credit and export credit) to reduce the FOREX risk of lower borrowing cost.
  • Also can hedge your foreign exchange risk using the innovative solutions such as forwards and options.
  • ICICI BANK provides letters of credit to facilitate the trade.
  • Exporters are provided with export credit for timely payment during pre-shipment and post –shipment.

Loans for Schools and Colleges:

These loans can be used for day to day expenses and expansion of schools and colleges. These facilities by ICICI bank are:

  • You can Term loans as well as short term loan for expansion of schools and colleges.
  •  For colleges and schools a loan against fee receivables will be provided also Bank guarantees for meeting your financial obligations and performance.
  • You can also meet your day to day financial requirements using overdraft facility.

Secured Loan for Merchant Establishment against credit card swipes

Unlock the cash from your credit card receivables. For a retailer or a merchant establishment, ICICI Bank offers loan based on the credit card swipes at your ATM counters. In case of a budding merchant establishment the minimum experience in the field must be few months or more to avail the loan. Facilities provided by ICICI Bank:

  • Overdraft facilities are availed up to 12 months and drop line over draft is availed up to a period of 36 months.
  • The loan provided is up to INR 20 million, for the merchant establishment the minimum loan provided is up to INR 5 million.
  • Establishments with minimum 3 years of prior experience will be assessed based on the card swipes.

iii. Industry Specific Business Loans:

Every working industry faces its own unique challenges and requirements. ICICI Bank has dedicated teams for each industrial group, product and services that are tailored in a way that it meets your unique financial requirements.

Construction:

This is a sector which is reaching new heights every year due to the increasing demands. ICICI BANK has in-house construction specialists that will make sure that your business is able to take advantage of the opportunities. These specialists will guide you with solutions to deal with the challenges starting from bidding. This scheme helps the enterprise to attain working-capital.

Cash Credit:
  • Provides Cash credit facility (including charges on current assets) as Working-capital.
  • Provides working capital demand loan
  • This loan provides a Maximum loan period of one year.
  • Floating rate of interest
  • Interest calculated only for the amount utilized
Bank Guarantee:

ICICI Bank provides Bank guarantee to you against least requirements in the shortest achievable time frame. Bank guarantees are also provided in foreign currency for purposes that are approved and as defined under FEMA.

The ICICI Bank Edge:

In this scheme, the maximum period of guarantee is 36 months and 60 months for NHAI/PMGSY projects. This is priced competitively and comfortable margins.

Educational Institutions

 This scheme is only for educational institutions. Educational institutions can be private or public; primary, secondary or higher educational institutions. ICICI Bank is working with recognized educational institutes to understand the unique requirements educational institute possess. This experience helps ICICI BANK to advise you on growth and expansion of your educational institution.

  • ICICI Bank provides term loans for existing educational institutes for establishing of additional capacities.
  • Term loans provided with flexible options of repayment based on the requirements of the projects
  • Term loans are offered with reasonable prices
  • FOREX loans also are made available

Pharmaceuticals

ICICI Bank understands the fundamental issues faced by the Pharmaceuticals business. They have experience local and global required in keeping the business at the pace of developments, adding value to the business being focused, innovative and sharing. This scheme provides working capital required for running the business.

Cash Credit:

•    Working capital as cash-credit facility (with charge on current assets)

•    Maximum Tenure for a period of 12 months

•    Floating interest rate.

•    Interest charged only on amount utilized.

•    Convenience of paying a minimum amount per month.

Working Capital Demand Loan:

This type of loan to Pharmaceuticals can be offered from 50% to 80% of the working capital limit with a special pricing and 100 % utilization over the term of the working capital demand loan. This offers cost saving also.

Information Technology

Information Technology industry is one of the fast growing sector in India. ICICI Bank will provide you with working capital facilities and assist you with FOREX products and its advisory services.

Working-Capital Demand Loan in Foreign Currency:

This is provided to the companies which are having foreign currency inflows at LIBOR plus rates, depending on the availability.

Term Loan:

ICICI BANK provides Term loans to companies to keep pace with new technologies and to expand the existing capacity. Term loans with flexible options to repay, based on the requirements of the project.  In order to avail cost-effective FOREX currency loans for capital expenses, external commercial borrowings are offered by ICICI Bank as part of term loans. Offshore Banking Products for SEZ based units:

If the company is located in Special Economic Zone (SEZ), you can benefit from offshore Banking products by ICICI Bank. Under this scheme, the company can avail working capital and long term loans at internationally competitive rates.

Features & Benefits of ICICI Bank Business Loans

  • Fast in process – ICICI Bank follows the de- centralized operations to process the loans in a hassle free atmosphere and avail the loans quickly to customers to use them effectively for their required financial needs.
  • Convenient documentation – ICICI Bank follows convenient documentation process making it simple and flexible in repayment
  •  A customer friendly and dedicated customer relationship manager to provide  every customer the full financial solutions
  • Attractive interest rates and commission charges
  • Dedicated relationship managers to provide complete financial solutions
  • Attractive interest rates are provided to customers under priority sector lending.
  • Quick and hassle free renewals with minimum documentation
  • ICICI Bank provide their leverage through 3000 plus branches making it easy for our customers to access our services 

Why should you choose ICICI Bank Business Loan?

ICICI Bank is one among the leading Private sector Banks in India offering a lot of range of banking services and products for the customers. Having their presence felt in 19 places that is including India with its headquarters located in Mumbai. ICICI BANK has been confident and steady making million of satisfied customers for the past 22 years making it the most valuable lender. The service provided will be hassle free and at competitive rates available across. ICICI banks have 3000 and plus branches making it easy for operations, collections, payments and accessibility. 

The customer will always be escorted with a dedicated and customer friendly relationship manager to guide throughout the financial services. You can foreclose the entire business loan any time after paying 6 EMI’s along with 2% of charges in case of Balance transfer. This bank offers special schemes and discounts for employees of large companies. ICICI bank is offering competitive interest rates and ICICI bank will offer you rates depending on your eligibility.

How to apply online for ICICI Bank Business Loan?

Finance Buddha is an online platform for not only Loan comparisons. We even go to the last mile and get you the loan. The online platform can be used for applying all types of loans. After submitting the application for ICICI business Loan using Finance Buddha, you can also get advisory service from Finance Buddha to find best suitable loan offers from ICICI bank. After which Finance Buddha also provides documentation assistance and processes the application for the loan. Finance Buddha helps in signing of loan agreements and coordinating funds transfer to the account.

Here are the details required for knowing more about the application form while applying for a business loan:

  • Borrower name
  • Company name
  • Year of Incorporation/VAT/Service Tax Registration
  • Loan amount range
  • Turnover
  • Choose the city
  • Net profit after tax
  • Mobile Number
  • Depreciation amount range
  • Email ID
  • Director /Partner salary

Eligibility Criteria for ICICI Bank Business Loans

Eligibility to apply for ICICI BANK Business loan depends on below factors

  • You should be between the ages of 25 to 65 years.
  • Business making profit for the last 1 year.
  • The loan amount can be from the lowest and can vary up to INR 10 million.

Documents Required ICICI Bank Business Loans

Document Name

Details

Application Form

All fields in the form need to be duly filled in and the acknowledgement need to be collected

Self-attested copy of KYC Documents

Customer Identity proof – Partnership deed/Shops and Establishment certificate/Certificate of Incorporation

Copy of PAN Card of Entity, Directors/ Partners/Proprietors,  Security providers and guarantors

Address Proof of  Entity, Directors/ Partners/Proprietors,  Security providers and guarantors

Financials

Last 3 years Audited/Provisional Financials (Audited financials to include Balance Sheet, Profit and Loss Account along with schedules and Notes to Accounts, Tax audit reports, Statutory Audit report). In case of Provisional financials, VAT returns are also required.

Current year performance and projected turnover on letterhead of the entity

Last 1 year Income Tax returns of the borrowing entity (along with Computation of Income and copy of acknowledgement), if filed online, acknowledgement number is required

Bank Statements (not more than 45 days old)

Latest Bank Statements for last 6 months (in case of First Time Borrower) and 12 months (in case of Takeover proposals). In case of multiple Banking, statements covering minimum 75% of Banking turnover are to be provided.

 

Facility Specific Documents:

Documents Details

Letter Of Credit (LC)

Bank Guarantee

Term Loans

Orders in hand and status along with order copies/Letters of intent/Contract agreements

 

Required

 

Previous 3 inland LC transaction details for ascertaining track record

Required

   

Project report containing cost of project, means of finance, expenditure incurred and projections along with justifiable details

   

Required

Government approvals for power, Pollution, Building plan along with documentary proofs

   

Required

Proforma invoices of assets to be purchased, copy of allotment letter/conveyance deed in case of land, architect certificate for validating cost of building to be constructed

   

Required

ICICI Bank Business Loan Interest Rates, Fees & Charges

Nature of Charges

Details

Processing Fees

Up to 2% (inclusive of taxes) of the facility amount

Interest Rate

Secured facilities: Up to I-MCLR-6M+4.75%

Facilities backed by CGTMSE: Up to I-MCLR-6M + 4.0%

Unsecured facilities (exempted from CGTMSE cover): Up to I-MCLR-6M + 8.50%

Stamp Duty and other statutory charges

Is applicable as per the laws of the state

Commission on Letters of Credit and Bank Guarantee

Up to 2.5% p.a. commission shall be charged on pro-rata basis based on the tenure and the amount of non-fund based facility being availed

Commitment fees

Average Utilization <50% - 0.50% p.a. on the difference between the actual utilization and average quarterly utilization of 50%. - Charges will be levied on a quarterly basis. Applicable only for CC/OD facility

Foreclosure Charges

Charged up to 4% of the total limits set up in the system, in case the facilities are taken over by another Bank during the tenure of the loan. These charges are applicable only in case of Balance Transfer (BT)

Working capital facilities pre-paid/closed from own sources will not attract foreclosure charges

Frequently Asked Questions

Which are the business loan products in ICICI bank?

There are mainly 2 types of business loan- working capital loan and business loan.

What is the lowest EMI that I can opt for from ICICI bank business loan?

The lowest EMI amount is INR 2,035 for every INR 100,000.

What is the business loan interest rate range at ICICI bank?

Interest rate for business loan at ICICI starts from 16.85%, it totally depends on the applicant’s eligibility criteria.

What is the business loan tenure at ICICI bank?

Business loan from ICICI bank can be repaid by 84 months. This is one of the best banks that offer longest business loan tenure.

Is prepayment option of business loan possible at ICICI bank?

Prepayment is allowed with charges of 2% of the outstanding amount; however this is possible only after 6 EMI payments.

Can I transfer loan from different bank to ICICI Bank?

Yes, the option is available however there are some eligibility criteria to be met.

Is part payment of business loan available in ICICI bank?

No, this option is not available currently at ICICI bank for business loan.

Is there an option to pre-close the business loan?

Yes, the option is available however only after 6 months.

What is the average approval time for a business loan?

Loan will be approved by an average 4 days’ time if all documents are accurate and if the applicant meets the eligibility criteria.

What are business loan interest rates at ICICI bank?

Interest Rate 16.85% Lowest EMI INR 2,035 for every INR 100,000 Tenure From 12 months to 84 months Loan Amount Max INR 10,000,000 Part Prepayment, Charges Not allowed Early Foreclosure, Charges Allowed after 6 EMI's, 2% in case of Balance Transfer

What are the documents required along with a business loan application?

Complete loan application form with one passport size photograph Valid Proof of Applicant's Identity: Passport, Photo PAN card, Voter’s identity card , Driving license and MAPIN card Proof of Residence: Ration card Tel/ Lease agreement/ Electricity Bill/ Passport/Trade license /Sales Tax certificate Proof of Age: Passport, Photo PAN card, Voter’s identity card Financial Documents

Does online application actually work?

Through Finance Buddha you can simply apply for the loan and ICICI bank will contact you directly to take the proposal to the next level.

Will there be tax benefits if I apply for a loan from ICICI bank?

Yes, you can avail tax benefits if you have a business loan from ICICI bank or from any other authorized banks.

Is there any fee or charges by Finance Buddha platform if we use this for applying a loan?

No, Finance Buddha is an absolutely free platform for those who are looking to get all information about loans and even for applying for the same.

Will banks get a notification to contact me if I apply through Finance Buddha?

Yes, they will get notified and accordingly to their turn-around time limit an official will contact you to take the request to the next level. Some banks have turnaround time as 48 hours while some need at least 5 business days.

Reviews   4.85 stars, based on 13 reviews

I was badly in need of a business loan for some urgent requirement and was very happy to see the same getting approved through ICICI bank within 3 days. Very thankful to the bank and to Seema the customer-rep who helped me to get my loan amount faster.

 5/5

I was lucky to have all the eligibility criteria and necessary documents. As both requirements were met getting loan was very easy with ICICI bank

 5/5

With smart features and dedicated customer service ICICI bank is well considered and preferred by its customers. Once I started using their facilities, I cannot settle with any other bank.

 5/5

From past 14 years I have never faced an issue with this bank. It was initially an employee account with ICICI bank, though I quit the firm I was working with, I tried to maintain the account as a normal account holder due to its high level service.

 5/5

It was my friend who suggested ICICI bank for business; I did not expect the bank will be this rewarding. I got my loan amount approved within 2 days for 13.75% interest rate and am waiting for the money to come to my account.

 4/5

With a saving bank account with ICICI bank I have received many rewards and discount, but the business loan offer was way above my expectation. There is no processing fee, very low interest rate and huge loan amount.

 5/5

The private bank ICICI bank offers the best business interest rates. It considers all factors and accordingly will choose the interest rates, loan amount and other related factors.

 5/5

ICICI bank has always surprised me with its offers and facilities; it is worth having an account with ICICI bank for any needs or wants.

 5/5

I have a bank account with ICICI bank from past one year and the business loan interest rate offered to me was insane. I got the loan for just 12.35%. I can’t ask for anything better from this bank.

 5/5

This is one of the best banks for accessibility, with my MNC job experience and my new start up idea they were convinced and gave me a business loan by 5 days.

 5/5

I would say this is people’s bank; I received a very good service from the customer representative. Very interested in recommending this other banks and businesses.

 4/5

Not sure how to begin with, the banking experience with ICICI bank was extremely mind blowing. I really enjoyed the whole service and I also received business loan for as low as 14.85%. I recommend everyone to choose this bank if you are looking for a loan.

 5/5

I am a customer with this bank for the past 18 years. Though there have been multiple good experiences with ICICI bank, my business loan experience was exceptionally great and thanks to Finance Buddha for the wonderful platform.

 5/5