ICICI Bank Working Capital Loan – Many businesses need financial help in managing their working capital. But due to scarcity of funds, they are unable to meet the day-to-day expenses. Therefore, ICICI Bank Working Capital Loan is the best option for such businesses. You can easily get a working capital loan from ICICI Bank at a convenient rate of Interest.
There are Six types of working capital loans given to manage working capital and other petty expenses of the business. This loan can be useful for business expansion. You can use the loan amount in paying wages and purchasing raw material. Whatever may be the reason but the working capital loan can help you to a great extent.
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Types of Working Capital Loans from ICICI Bank
I-Flexi OD
In this scheme of working capital loan, you can easily get a loan up to 25 Lacs. You can use this fund for your business expansion. The loan is sanctioned on the basis of your bank statement. Any loopholes in the bank statement result in the rejection of the application.
Features
- Assess the transactions of the Current Account bank Statement.
- Businesses must be 2 years old.
- Bank statements should have a vintage period of 1 year.
- Residential and Commercial property is only eligible for collateral.
- Individuals, Proprietorship and Partnership firms are only eligible.
GST- Business Loan
You can easily get a loan of 1 Crore in this scheme. This loan is sanctioned on the basis of your turnover. If your turnover doesn’t satisfy the loan criteria then you will be not entitled to the working capital loan.
Features
- Assessment is totally based on the turnover shown in GST returns.
- Turnover must be at least 50 Lacs per year.
- Business must be in a continuation period for not less than 2 years.
- Proprietorship firm, Partnership Firms, Company and LLP are eligible for this loan.
- Residential Property, Business Property or Industrial Property are acceptable for collateral.
Mandi OD
You can get a working capital loan of ₹1 Crore under this scheme. You have to present the Current Account Bank Statement and if it fulfills all the terms and condition then only the loan amount will be sanctioned.
Features
- The Current Account Bank Statement should be strong.
- Business Vintage Period must be at least 3 years.
- The Current Account must be 22 months old.
- Proprietorship and Partnership firms are only eligible.
- Residential, Industrial or Commercial properties are eligible for collateral.
Micro-Enterprise Credit
In the Micro-Enterprise Credit Loan, you can get a loan upto ₹1 Crore. The assessment of the loan amount is done on the basis of the current account bank statement. Therefore, the bank statement should be strong if one is willing to take this loan.
Features
- OD, Bank guarantee and Term loans are available.
- 36 months of a business vintage period is needed.
- The Current Account Bank Statement must be of 22 months.
- Eligible entities are proprietorship firm, partnership firm, private and public ltd company.
- Residential, business or industrial property are only kept as collateral.
Vyapaar Loan
In the Vyappar Loan Scheme, You can easily get a working loan from ICICI Bank of up to ₹2 Crores. This loan is suitable for Micro and Small Enterprises. It is sanctioned on the basis of a healthy financial statement.
Features
- Get a loan starting from ₹10 Lacs to ₹2 Crores.
- OD, Bank Guarantee, Term Loan and Letter of Credit Facilities are included.
- Businesses must be 36 months old.
- The eligible parties are Partnership Firms, Proprietorship Firms, Public and Private Ltd companies.
- Collateral are Residential, Industrial or Commercial Property.
Agri Credit Line
Under Agri Credit Line Scheme you can get an ICICI Bank working Capital loan of up to ₹5 Crores after the assessment of the current account bank statement.
Features
- OD, Bank Guarantee, Term Loan, Letter of Credit facilities.
- Loan Range of ₹10 Lacs to ₹5 Crore.
- First time borrowers will get only the maximum loan limit of ₹1 Crore.
- Tenure of the loan is 12 months which is renewable on the basis of track records.
- Business Vintage period must be a minimum of 3 years.
ICICI Bank Working Capital Loan Rates and Charges
- Processing fee up to 2% on Loan.
- Minimum Rate of Interest is I-MCLR+0%
- Maximum Rate of Interest is I-MCLR+6.75%
- The Average Rate of Interest is I-MCLR+2.11%
Documents Needed
- Pan Card of the company, Partnership firm or the individual.
- Voter ID Card, Driving License, Aadhaar Card or Passport as identity Proof.
- Bank Statement, Telephone Bill, Electricity Bill, Passport or Registered lease deed as Address Proof.
- Business Continuity Proof like Bank Statement, Sales Tax Challans, IT Returns or Partnership Deed.
- Passport Size Photograph of the applicant.
How to Apply for ICICI Bank Working Capital Loan
You Know the rates and charges and facilities of every type of loan. If you are willing to take any loan then you can easily apply on Wishfin. First, Check your CIBIL Score and see whether you are compatible with taking the loan. If all the things are fine then you can chat online with our representative and immediately inquire about other privileges.
