ICICI Business Loan
Last Updated : May 31, 2017, 1:02 p.m.
About ICICI Bank Business Loan
Are you searching for a banking institution to fund your business? ICICI Bank is the appropriate choice. The bank provides the term loan for the purchase of assets and business expansion needs. You can avail the overdraft up to the maximum limit of ₹1 crore. The interest is charged at the reasonable rates. Moreover, the loan is collateral free. The processing fee charged by the bank is 2% of the loan amount. No foreclosure charges are applicable which gives borrowers the liberty to prepay the loan.
ICICI Bank Business Loan Interest Rates
| Particulars | Details |
|---|---|
| Interest Rates | 16.00% - 22.00% |
| Overdraft Limit | Up to ₹1 Crore |
| Type Of Loan | Collateral Free |
| Guarantee Fee Payable | - 0.75% - 0.85% (for Women Micro Enterprises in North Eastern Region) - 1% for others |
| Processing Fee | Up to 2% of loan amount |
| Foreclosure Charges | No charges applicable |
| Collateral | Not required |
How To Apply
You can apply for ICICI Bank business loan by visiting the nearest branch office. You can avail this facility from home as well. Apply online by registering on the bank’s official website.
ICICI Bank Business Loan EMI Calculator
Now make the EMI calculation simple and easy with the help of Business Loan EMI Calculator . You can compute the total value payable to the lender at the end of the loan tenure. Also, see how much amount of loan and interest you will be repaying each year. The amortization of loan can also be calculated by the calculator.
For Example – On the loan of ₹1,00,00,000 the borrower will be paying the EMI of ₹2,27,019 each month for 5 years at the prevalent rate of interest.
Table Showing EMI, Amount of Interest and Total Amount
| Loan Amount (in ₹) | Interest Rate (p.a.) | Tenure (in years) | EMI (in ₹) | Total Interest Amount (in ₹) | Total Amount (Principal + Interest) (in ₹) |
|---|---|---|---|---|---|
| 1,00,00,000 | 12.90% | 1 | 8,92,704 | 7,12,444 | 1,07,12,444 |
| 1,00,00,000 | 12.90% | 2 | 4,74,949 | 13,98,768 | 1,13,98,768 |
| 1,00,00,000 | 12.90% | 3 | 3,36,458 | 21,12,490 | 1,21,12,490 |
| 1,00,00,000 | 12.90% | 4 | 2,67,779 | 28,53,387 | 1,28,53,387 |
| 1,00,00,000 | 12.90% | 5 | 2,27,019 | 36,21,149 | 1,36,21,149 |
Amortization Table
| Year | Principal Payment (in ₹) | Interest Outgo (in ₹) | Balance Amount (in ₹) |
|---|---|---|---|
| 1 | 15,22,140 | 12,02,088 | 84,77,860 |
| 2 | 17,30,531 | 9,93,697 | 67,47,329 |
| 3 | 19,67,453 | 7,56,775 | 47,79,876 |
| 4 | 22,36,812 | 4,87,416 | 25,43,064 |
| 5 | 25,45,479 | 1,81,180 | 0 |
ICICI Bank Business Loan Features and Benefits
- Overdraft available up to ₹1 Crore
- Assist in expansion of Small scale business
- Banking facilities available online
- Easy documentation
ICICI Bank Business Loan Eligibility Criteria
- Eligible Business Segment – Micro and Small Enterprises
- Eligible Entities – Sole Proprietorship Firms, Partnership Firms, Private limited Companies, Public limited Companies
ICICI Bank Business Loan Application Form
First and foremost thing you need to do to avail the business loan from ICICI Bank is filling the application form. The duly filled application form needs to be submitted. The loan is sanctioned on the basis of information provided in the form. Fill the details under the following sections:
- Purpose of taking the loan
- Name of Entity
- Registered Address of the Entity
- Operating Address of the Entity
- Name of the Contact Person
- Constitution (Sole- Proprietorship, Partnership, Private Ltd., Public Ltd. )
- Nature of Business
- Details of Business Unit
- Sales Tax Details
- Details of Existing Credit Facilities
- Banking Details of Entity
- Personal Details of Promoters of Entity
- Promoter’s Loan Details
Documents Required
| Self-attested copy of KYC Documents | Entity Proof (Partnership deed/ Certificate of Incorporation/ Shops and established 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 |
|---|---|
| Financial Documents | 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 the 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 the 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 |
ICICI Bank Business Loan Eligibility Calculator
Check whether you are eligible to take the business loan from ICICI bank. Fill in the required details (name, contact number, pin code, e-mail id and type of loan) in the eligibility calculator available on the bank’s website. The bank officers will call you back and inform about the further procedure.
Parameters Affecting Business Loan Eligibility
- Eligibility Criteria of ICICI Bank
- Business Model
- Applicant ( Manufacturer/ Business Provider )
- Regulatory and Statutory Provisions Governing ICICI Bank
- Industry/ Economic Outlook
- Past Track Record
- Debt Servicing Ability of the Customer
- Business Vintage
- Financial Ratios
ICICI Bank Business Loan Interest Rate
The business loan interest rate determined by the bank is based on the assessment of business, financials, loan amount and tenure. The rate of interest is calculated using the below-mentioned formula:
Rate of Interest = Up to 1 year MCLR – 6M + 4.00%
ICICI Bank Business Loan Customer Care Number
Get answer of all your banking queries while sitting at home. Dial the customer care number, the executive will provide the solution for all the doubts. Call on the helpline number 1800 102 4242 activated on Monday to Friday between 9:00 a.m. to 6:00 p.m.