Apply ICICI Bank Business Loan Online
Explore 2017 Interest rates available for ICICI Bank Business Loan. Check eligibility criteria, documents required and get instant approval.
ICICI Bank Business Loan
ICICI Business loan is what any sole proprietorships, partnerships and private limited companies can acquire to grow investments in trade, industry or to invest in an asset. They are tailormade to suit specific business requirements.
ICICI Bank Business Loan Interest Rates, Charges, Fees and Commissions
| | ||
|---|---|---|
| Processing Fees Rate of Interest | Up to 2% (applicable taxes extra) of the facility amount For secured facilities: Up to I-MCLR-6M+4.75% For facilities backed by CGTMSE: Up to I-MCLR-6M + 4.0% For unsecured facilities (not under CGTMSE cover): Up to I-MCLR-6M + 8.50% | |
| Stamp Duty and other statutory charges | State laws as applicable | |
| Commission on Letters of Credit and Bank Guarantee | Up to 2.5% p.a. Commission chargeable 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%. quarterly charges will be levied and is applicable for cc OD facility only. | |
| Foreclosure Charges | A 4% of the total limits will be charged in case the facilities are taken over by another bank during the loan tenure. 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 | |
ICICI Bank Business Loan Eligibility
ICICI Bank business loan eligibility is based on the type of business loan you wish to acquire. The different types of ICICI business loans will have different eligibility criteria.
Types of Business Loans offered by ICICI
- Term Loans
- Collateral Free Loans
- Loans without financials
- Finance for Importers and Exporters
- Loans for Schools and Colleges
- Secured Loan for Merchant Establishment against credit card swipes
ICICI Bank Business Loan Documents Required:
- An ICICI Bank Business Loan application as provided by the bank
- Self-attested copy of all KYC documents
- Partnership deed/Certificate of Incorporation/Shops and Establishment certificate
- Copy of PAN Card of Entity, Proprietors/Partners/Directors, Security providers and guarantors
- Address Proof of Entity, Proprietors/Partners/Directors, Security providers and guarantors Bank 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
- 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 is to be provided.
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