ICICI Bank Business loan is one way to fund your business requirements. Funds are the most important to run a business. Furthermore, timely finance makes the most of business opportunities for SMEs. The bank is a popular private sector bank in India with a new package of business loans.

ICICI Bank Business Loan Details

Interest Rate 12.90% to 16.65%
Loan Amount Up to Rs. 40 lakhs
Loan Tenure 12 months to 60 months
What are the Factors on which ICICI Bank’s Business Loan Interest Rate is calculated?

There are multiple factors on which basis a bank calculates your interest rate. Some of these factors are –

  • Loan amount: The business loan rate in ICICI Bank depends upon the loan amount you apply for. The higher the loan amount, the lesser will be the interest rate. Bank gives a loan
  • CIBIL Score: The higher the CIBIL Score, the higher the chances of getting a loan at the lowest interest. ICICI Bank offers loans at a higher interest rate if your CIBIL score is low or vice versa. However, your CIBIL score should be at least 700.                                          
  • Revenue: The Bank gives loans to borrowers whose annual turnover is at least ₹ 60,00,000. They will offer you a loan at a lower interest rate if you have higher monthly revenue.
  • Time in Business:  The minimum business existence to get a loan from ICICI Bank is 36 months. Bank offers loans at lower rates if you have significant business experience.
What are the Eligibility Criteria for ICICI Bank Business Loan?

The various factors considered for the Eligibility of ICICI Business loan are:

  • Your ability to repay the loan
  • Your past track record in repayment of loans.
  • Age: Minimum at least 25 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
  • Loan Amount:  Apply for a loan amount that you can comfortably service. Bank gives you loans ranging from ₹ 1 Lakh to ₹ 40 Lakh. 
  • Profitability and Revenue: The Bank requires profit for a minimum of 2 years and a minimum business turnover of ₹ 60,00,000.
  • Business Stability: The Bank requires a minimum business track record of 36 months. The bank will also look for minimum growth in sales for the last three years. 
  • ITR and Banking: Your ITR details for a minimum of 24 months and bank statement for a minimum of 6 months will be required by the Bank.
  • CIBIL Score: The Bank requires a score of 750 and above to get loan approval. The bank will check your repayment history for all current and past loans and credit cards. 
  • Entities:  Self-employed individuals, Proprietors, Private Ltd. Co., and Partnership Firms involved in the business of Manufacturing, Trading, or Services are eligible.
  • Individuals who have been in the current business for a minimum of 3 years are eligible.
What are the Benefits of ICICI Bank Business Loans?

 There are some benefits of taking a loan from ICICI Bank:

  • Overdraft facility available
  • No collateral or guarantor required
  • Loan for professionals and businessman
  • You can foreclose your entire Business loan anytime after paying 6 EMI’s at foreclosure charges – 5%
  • ICICI Bank has over 2,660 branches in India where you can avail service
  •  Fast loan processing documentation is needed and gets processed faster.
What are the Documents Required for ICICI Bank Business Loans?

The following documents are required along with your Business Loan application:

  • PAN Card – For Company/Firm/Individual
  • A copy of any of the following documents as identity proof:
  • Aadhaar Card
  • Passport
  • Voter’s ID Card
  • PAN Card
  • Driving License
  •  A copy of any of the following documents as address proof:
  • Aadhaar Card
  • Passport
  • Voter’s ID Card
  • Driving License
  • Business Plan/Project Report
  • Bank statement of the previous 6 months
  • Latest ITR along with computation of income, Balance Sheet, and Profit & Loss account for the previous 2 years, after being CA Certified/Audited
  • Proof of continuation (ITR/Trade license/Establishment/Sales Tax Certificate)
  • Other Mandatory Documents [Sole Prop. Declaration or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)

In the above list, a Business plan also known as a project report is a crucial document when applying for a bank loan. The bank uses this document to analyze the overall feasibility, risks, financial viability, and potential of a project. Also, a well-crafted and convincing project report increases the chances of loan approval. With Finline you can craft a compelling project report in less than 10 minutes. That too in your language. Our reports are accepted by all public and private sector banks working in India. Click to create your project report.