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ICICI Business Loan Interest Rate Dec 2019

Last Updated 05th Dec 2019

ICICI Bank Business Loan Interest Rates India

ICICI Bank offers Business Loan starting at interest rate of 16.49%. The rates vary by loan amount, occupation and type of loan availed. Check Best Offers

ICICI Business Loan Features
ICICI Bank Business Loan Rate
Loan for Self Employed Features
Processing Fee Starting from 0.99%, Up to 2%
Tenure From 12 months to 36 months
Lowest EMI per lakh ₹ 3,540
Loan Amount Min ₹ 1 Lakh and Max ₹ 40 Lakh
Part Prepayment, Charges Not allowed
Early Foreclosure, Charges Allowed after 6 EMI's, 5%

Overdraft facility available

Apply for Business Loan @ 13.50%* Get upto ₹ 2,500* Cashback
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ICICI Bank Business Loan

ICICI Bank offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from ICICI Bank:

  • Overdraft facility available
  • No collateral or guarantor required
  • Wide range of branches in India
  • Fast loan processing
  • 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 been rated 3.5/5.0 by customers for its service quality on MyLoanCare
  • ICICI Bank has over 2,660 branches in India where you can avail service

ICICI Bank Business Loan Interest Rate Calculator

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

  • Loan amount: Business loan rate in ICICI Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate. Bank gives loan of minimum ₹ 1 Lakh to upto ₹ 40 Lakh. Interest rate for high loan amount can be lower resulting in lower EMIs.
  • CIBIL Score: ICICI Bank offers loan at higher interest rate if your CIBIL score is low or vice versa. However, to get loan from ICICI Bank, your CIBIL score should be atleast 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.
  • Revenue: ICICI Bank will offer you loan at lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least ₹ 60,00,000.
  • Time in Business: ICICI Bank offers loan at lower rates if you have significant business experience. Minimum business existence to get loan from ICICI Bank is 36 months.

ICICI Bank Eligibility Criteria

Bank have a detailed criteria to determine the eligibility of a borrower for business loans. Some of the key criteria are:

Eligibility Criteria Description
Age: 25 to 65 years
Minimum Turnover ₹ 60,00,000
Business Existence (in months) 36 months
ITR (months) 24 months
Loan Amount ₹ 1 Lakh to ₹ 40 Lakh
Loan Tenure 36 months
Owned House or Place of Work Required
CIBIL Score 750 and above

ICICI Bank Business Loan Eligibility Calculator

Eligibility of Business loan in ICICI Bank relies on two important factor:

1.Your ability to repay the loan and
2.Your past track record in repayment of loans.

The main factors on which the eligibility of an applicant depends are

  • Age: Age plays an important role to know your eligibility and repayment capacity. ICICI Bank offers loan to those who are at least 25 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
  • Loan Amount: Based on the loan amount eligibility, bank gives you loan ranging from ₹ 1 Lakh to ₹ 40 Lakh. To improve chances of approval, apply for a loan amount that you can comfortably service.
  • Profitability and Revenue: Loan eligibility significantly depends upon profitability on your turnover, revenue and profitability. ICICI Bank requires profit for minimum 2 years and minimum business turnover of ₹ 60,00,000.
  • Business Stability: Future business prospects and its stability is important to improve your eligibility for business loan. ICICI Bank requires minimum business track record of 36 months. The bank will also look for minimum growth in sales for the last three year. A decline in sales for a certain period or below a certain limit might impact your eligibility to get loan.
  • ITR and Banking: Bank gives loan only after checking your income tax return and bank statements. Your ITR details for minimum 24 months and bank statement for minimum 6 months will be required by ICICI Bank.
  • CIBIL Score: When checking loan eligibility, ICICI Bank will look at the complete CIBIL report. ICICI Bank will check your repayment history for all current and past loans and credit cards. Bank advise you to maintain a score of 750 and above to get loan approval.

ICICI Bank Business Loan EMI Calculator

ICICI Bank Business Loan EMI is a fixed amount that you pay each month towards the repayment of your loan till the end of tenure. Lowest EMI offered by ICICI Bank is ₹ 3,540 per lakh loan amount. EMI of ICICI Bank depends on factors like:

  • Interest Rate: Higher the interest rate, higher will be the EMI. For a 36 months loan from ICICI Bank at an interest rate of 16.49% per annum, EMI will be ₹ 3,540 per Rs. one lakh loan amount. At an interest rate of 18.99% for the same loan, the EMI will be ₹ 3,665 .
  • Loan tenure: Longer the loan tenure, lesser your smonthly EMI. At interest rate of 16.49% per annum, the EMI on ICICI Bank business loan would range from ₹ 9,096 to ₹ 3,540 for loan tenure ranging from 12 to 36 months.
  • Amount Borrowed: ICICI Bank Loan EMI will be high if you apply for a high loan amount. For amount borrowed ₹ 1 Lakh, the EMI at 16.49% for 36 months would be ₹ 3,540 . Similarly for amount borrowed ₹ 40 Lakh, the EMI at 16.49% for 36 months would be ₹ 1.42 Lakh.
What are the benefits of calculating business loan EMI?
  • Business loan EMI calculator of ICICI Bank helps you to calculate your monthly EMI at different rate of interest
  • ICICI Bank EMI calculator helps you to know your capacity to repay the loan after meeting your regular monthly expenses
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly
Business Loan Products

ICICI Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Loans for New Entities

Description

  • Cash Credit/ Overdraft/ Export Credit and non fund based facilities for 1 year old manufacturers, traders and service providers
  • Collateral can be given of liquid securities and residential, commercial or industrial property
  • This loan is for first time borrowers or businesses which are newly started.
  • Residential, commercial, industrial property or liquid securities is required as collateral

Who is eligible?

  • Manufactures, Traders and Service Providers are eligible to take this loan
  • Sole Proprietorship Firms, Partnership Firms, Private and Public Limited Companies engaged in manufacturing, trading and servicing business
Smart Business Loan

Description

  • Overdraft loan between Rs. 2 lakh and Rs. 25 lakhs is available
  • Pay every month atleast 5 percent of the utilised amount
  • Interest is charged only on the amount outstanding
  • This is a collateral free overdraft facility available for existing customers of the bank.
  • No collateral required

Who is eligible?

  • Manufactures, Traders and Service Providers are eligible to take this collateral free loan
  • Sole Proprietorship Firms, Partnership Firms, Private and Public Limited Companies
Loan without Financials

Description

  • Get overdraft and non fund based facilities on loan amount up to Rs. 50 lakh
  • Get loan based on your past transaction history
  • No need of audited financials
  • This loan is provided to the customers based on their past transaction history without the need of audited financials.
  • Residential, commercial, industrial property or liquid securities is required as collateral

Who is eligible?

  • Manufactures, Traders and Service Providers with 3 years of business existence and can give residential, commercial or industrial property as collateral
  • Sole Proprietorship Firms, Partnership Firms, Private and Public Limited Companies who have current account with any bank for 2 years or above
Finance for Importers and Exporters

Description

  • Get finance for export of your products on pre shipment and post shipment
  • Option to get loan in foreign currency to reduce forex risk and low borrowing costs
  • Letter of credit for facilitating trade
  • This loan is for self employed who need finance for import and export of products.
  • Residential, commercial, industrial property or liquid securities is required as collateral

Who is eligible?

  • Manufactures, Traders and Service Providers are eligible for this loan
  • Sole Proprietorship Firms, Partnership Firms, Private and Public Limited Companies
Loans for Schools and Colleges

Description

  • Educational institutes can take loan against their fee receivables
  • Overdraft facility available
  • Get bank guarantee to meet your financial obligations
  • This loan can be taken to make any kind of operations and expansion in school and college.

Who is eligible?

  • Central Boards, Primary and Secondary State, CBSE, ICSE and IBOs, Central Universities, Accredited Institutes, Institutes which provide only correspondence courses and Deemed Universities
Loan against Card Swipes

Description

  • Get 12 months overdraft facility and 36 months dropline overdraft
  • Get loan up to Rs. 2 crore but for new entities, maximum limit is up to Rs. 50 lakhs
  • Limit is defined based on your card swipes
  • This loan is for retailers and merchant establishers to get loan based on credit card swipes at counters.
  • Residential property or self occupied commercial property is considered as collateral to take loan

Who is eligible?

  • Companies with 3 years of business existence
  • Merchant establishments who have Sol Proprietorship Firms, Partnership Firms and Public Limited Companies
BIL Doctor Program

Description

  • Get maximum loan amount up to Rs. 40 lakhs
  • Flexible loan tenure up to 60 months
  • Increase your eligibility by adding co applicant
  • This is a collateral free loan for doctors who need funds to expand their business
  • No collateral required

Who is eligible?

  • Borrower with 3 to 5 years of business existence and ITR of last 2 years can take this loan
  • Qualified doctors with qualification of MBBS, MD, BDS
Other Charges

In addition to interest rates, business loan also carry some other charges which include:

  • Foreclosure Charges- These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. ICICI Bank allows prepayment of loan after paying 6 EMI’s with prepayment charges - 5%
  • Processing Fee- ICICI Bank asks for a processing fee of Starting from 0.99%, Up to 2% with applicable service tax
Documents required
  • Address proof of individual: Aadhaar Card, Voter’s ID Card, Bank statement, registry copy, rent agreement , utility bills
  • Identity proof of individual: Passport, Driving License, PAN Card, Aadhaar Card, Voter’s ID Card
  • Business existence proof: PAN, sales tax/ excise/ VAT/ service tax registration, copy of partnership deed, trade license, certificate of practice, registration certificate issued by RBI, SEBI
  • Copy of Income Tax PAN for 24 months
  • Bank statement of last 6 months

Compare ICICI Bank Business Loan with other banks

FAQs on Business Loan ICICI Bank

Why to take business loan from ICICI Bank ?

Bank offers loan at 16.49% rate with the lowest EMI of ₹ 3,540 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to ICICI Bank.

What is the interest charged on ICICI Bank business loan?

Interest rates on Business loan in ICICI Bank are very attractive starting from 16.49% to 18.99%. Bank offer various offer for self employed professionals to get loan at very low rate of interest.

What is the lowest EMI per lakh on business loan from ICICI Bank ?

If you apply for loan from ICICI Bank, your lowest EMI per lakh will be ₹ 3,540 .

What is the minimum and maximum tenure of business loan in ICICI Bank?

These loans are shorter tenure loans. You can repay your loan in a flexible period of minimum 12 months to maximum 36 months.

How much business loan amount I can borrow from ICICI Bank?

ICICI Bank offers you loan if you need a minimum amount of ₹ 1 Lakh to a maximum amount of ₹ 40 Lakh.

What is the processing fee charged by ICICI Bank on business loan?

ICICI Bank charges a processing fee of Starting from 0.99%, Up to 2% with applicable tax.

Is age an eligibility factor to get loan for business from ICICI Bank ?

Yes, age is an important eligibility factor to get loan as you should be at least 25 years old at loan approval time and 65 years old at loan maturity time.

What are the prepayment charges on business loan from ICICI Bank?

Bank charges a fee in case you want to repay your entire loan amount before the end of tenure period. The fee charged by ICICI Bank is 5% .

ICICI Bank Business Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
ICICI Bank 808-166-7777
ICICI Bank 079-33667777/ 079-44455000
ICICI Bank 901-766-7777
ICICI Bank 800-066-7777
ICICI Bank 902-166-7777
ICICI Bank 080-33667777/ 080-44455000
ICICI Bank 909-866-7777
ICICI Bank 787-766-7777
ICICI Bank 787-766-7777
ICICI Bank 0755-3366777
ICICI Bank 0674-3366777
ICICI Bank 787-766-7777
ICICI Bank 0172-3366777/ 0172-4445500
ICICI Bank 044-33667777/ 044-44455000
ICICI Bank 902-066-7777
ICICI Bank 0730-566-7777
ICICI Bank 0135-3366777
ICICI Bank 011-33667777/ 011-44455000
ICICI Bank 909-866-7777
ICICI Bank 901-766-7777
ICICI Bank 800-066-7777
ICICI Bank 808-166-7777
ICICI Bank 902-166-7777
ICICI Bank 808-166-7777
ICICI Bank 0124-3366777/ 0124- 4445500
ICICI Bank 986-466-7777
ICICI Bank 909-866-7777
ICICI Bank 040-33667777/ 040-44455000
ICICI Bank 909-866-7777
ICICI Bank 909-866-7777
ICICI Bank 0141-3366777/ 0141-4445500
ICICI Bank 730-766-7777
ICICI Bank 787-766-7777
ICICI Bank 808-166-7777
ICICI Bank 901-766-7777
ICICI Bank 902-166-7777
ICICI Bank 033-33667777/ 033-44455000
ICICI Bank 787-766-7777
ICICI Bank 902-066-7777
ICICI Bank 0161-3366777/ 0161-4445500
ICICI Bank 730-766-7777
ICICI Bank 0730-566-7777
ICICI Bank 808-166-7777
ICICI Bank 800-066-7777
ICICI Bank 730-766-7777
ICICI Bank 022-33667777/ 022-44455000
ICICI Bank 808-166-7777
ICICI Bank 902-166-7777
ICICI Bank 902-166-7777
ICICI Bank 808-166-7777
ICICI Bank 808-166-7777
ICICI Bank 901-766-7777
ICICI Bank 0612-3366777
ICICI Bank 0730-566-7777
ICICI Bank 902-166-7777
ICICI Bank 0771-3366777
ICICI Bank 800-066-7777
ICICI Bank 0651-3366777
ICICI Bank 901-766-7777
ICICI Bank 808-166-7777
ICICI Bank 0730-566-7777
ICICI Bank 0177-3366777
ICICI Bank 901-766-7777
ICICI Bank 800-066-7777
ICICI Bank 0730-566-7777
ICICI Bank 787-766-7777
ICICI Bank 800-066-7777
ICICI Bank 808-166-7777
ICICI Bank 730-666-7777
ICICI Bank 730-666-7777

ICICI Business Loan News - Dec 2019
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More