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ICICI Business Loan Oct 2021

ICICI Business Loan Interest Rates India

Last Updated 20th Oct 2021

ICICI Bank business loan interest rate starts at 16.50% with rates varying as per the applicants profile, business stability, revenue, good working experience and credit score of the borrower. The process of applying for ICICI business loans is easy, instant and online. Check Best Offers

Interest Rate 16.50%
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 Payment Facility Not allowed
Foreclosure Facility Allowed after 6 EMI's, 5%

Overdraft facility available

Apply for Business Loan @ 14.00%*

ICICI Business Loan Details

ICICI Bank offers multiple business loan products for self-employed professionals and non-professionals at low rates. Below-mentioned are the details of the business loan ICICI Bank.

Key Features of ICICI Business Loans

What are the Features and Benefits of ICICI Business Loan?

You can apply for ICICI business loan to expand your business or for working capital requirements such as purchasing machinery, paying salaries etc. Some of the benefits and features that ICICI business loans offer to the borrowers are listed as follows:

  • Overdraft facility available
  • No collateral or guarantor required
  • Wide range of branches in India
  • Fast loan processing
  • Loan for professionals and businessman

Factors affecting ICICI Business Loan Rates

There are multiple factors on which ICICI 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 amounts can be lower resulting in lower EMIs.

CIBIL Score

ICICI Bank offers business loans at higher interest rate if your CIBIL score is low or vice versa. However, to get a loan from ICICI Bank, your CIBIL score should be at least 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.

Revenue

ICICI Bank will offer you a loan at a 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 loans at lower rates if you have significant business experience. Minimum business existence to get a business loan from ICICI Bank is 36 months.

Lowest ICICI Bank Business Loan Interest Rates

With effect from 24 May, 2021, ICICI Bank offers business loans starting at 16.50%. The lowest business loan rates offered by ICICI Bank have been hiked by 0.01%, from the earlier rate of 16.49%.

ICICI Bank Business Loan Rate Trends of Last 1 Year

Last Updated Date Interest Rates
24 May, 2021 16.50%
31 Mar, 2021 16.49%
25 Mar, 2021 16.49%
07 Jan, 2021 16.49%

ICICI Business Loan Eligibility Criteria

To avail ICICI Bank business loan, you need to fulfill the eligibility criteria as mentioned below:

  • Age : ICICI Bank offers business 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, ICICI Bank gives you loan amount 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 : ICICI Bank requires profit for minimum 2 years and minimum business turnover of ₹ 60,00,000.
  • Business Stability : ICICI Bank requires a 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 a loan.
  • ITR and Banking : ICICI Bank gives loan only after checking your income tax return and bank statements. The bank requires you to submit your ITR details and bank statements for a minimum of 24 months & 6 months respectively.
  • CIBIL Score : ICICI Bank will check your repayment history for all current and past loans and credit cards. The Bank advises you to maintain a score of 750 and above to get loan approval.

ICICI Bank 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:

Working Capital Loan
  • Business loan for a working capital requirement can be taken by manufacturers, service providers, retailer/wholesalers, or traders engaged in imports/exports.
  • You can get cash/overdraft facility for working capital finance.
Term Loan
  • You can take business term loans to purchase an asset, expand or modernize your business.
Loans for New Entities
  • 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
Smart Business Loan
  • Overdraft loan between ₹ 2 lakh and ₹ 25 lakhs is available
  • Pay every month atleast 5 percent of the utilised amount
  • Interest is charged only on the amount outstanding
Loan without Financials
  • Get overdraft and non fund based facilities on loan amount up to ₹ 50 lakh
  • Get loan based on your past transaction history
  • No need of audited financials
Finance for Importers and Exporters
  • 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
Loans for Schools and Colleges
  • Educational institutes can take loan against their fee receivables
  • Overdraft facility available
  • Get bank guarantee to meet your financial obligations
Loan against Card Swipes
  • Get 12 months overdraft facility and 36 months dropline overdraft
  • Get loan up to ₹ 2 crore but for new entities, maximum limit is up to ₹ 50 lakhs
  • Limit is defined based on your card swipes
BIL Doctor Program
  • Get maximum loan amount up to ₹ 40 lakhs
  • Flexible loan tenure up to 60 months
  • Increase your eligibility by adding co applicant

ICICI Bank Business Loan Fees and 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 for ICICI Business Loan

To apply for ICICI business loan, you need to submit the following documents:

  • 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

ICICI Business Loan Eligibility Calculator

You can calculate your eligibility for ICICI Bank business loan using an online ICICI business loan eligibility calculator. It is an online tool that gives you an estimate about your loan eligibility, amount of loan and the best interest rate offer you can avail. It calculates the business loan eligibility on multiple factors. These factors include age, loan amount, loan tenure and Income etc. to calculate the loan amount eligibility of its borrowers.

How to Apply ICICI Bank Business Loan Online at MyLoanCare?

  • In order to get the best offers on a business loan and compare ICICI business loans with other banks, you can apply online through MyLoanCare here.  
  • MyLoanCare will give you a detailed comparison of business loan schemes of all banks, calculate your business loan eligibility and connect you to the customer representatives of the  ICICI Bank.
  • Further, you will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting a loan is smooth, convenient and quick.

FAQs

Why to take business loan from ICICI Bank?

ICICI Bank is one of the largest Private Bank sector banks in the country that provides lowest business loans starting at 16.50%. The bank also charges a low processing fee starting from Starting from 0.99%, Up to 2%. Along with that, the bank also offers special business loan schemes such as Working Capital Loan , Term Loan & Loans for New Entities etc.

Has ICICI Bank reduced the business loan interest rate?

No, ICICI Bank has increased its business loan rates by upto 0.01%. ICICI Bank business loan rates have been hiked to 16.50% from 16.49% earlier. The new rates are effective from 24 May, 2021.

What is the interest charged on ICICI Bank business loan?

ICICI Bank offers business loans at attractive rates ranging from 16.50% to 20.00%.The bank also provides various customised offers for self employed professionals to get loan at a 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.You can calculate your EMI on business loan for different tenures at min business rate starting at 16.50% using MyLoanCare business loan EMI calculator.

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 business loan for loan amount ranging from ₹ 1 Lakh to a maximum amount of ₹ 40 Lakh. Loan amount eligibility in ICICI further depends upon your income, and repayment capability.

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

ICICI Bank charges a processing fee Starting from 0.99%, Up to 2% with applicable tax.The processing can be negotiated if you are an existing customer or have a good track record.

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

Yes, age is an important eligibility factor to get a business 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 prepayment 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%.

What are the business products offered by ICICI Bank?

ICICI Bank offers various business products for self-employed professionals and non-professionals. These are listed below:

  • Working Capital Loan
  • Term Loan
  • Loans for New Entities
  • Smart Business Loan
  • Loan without Financials
  • Finance for Importers and Exporters
  • Loans for Schools and Colleges
  • Loan against Card Swipes
  • BIL Doctor Program

What is the time period of repayment of business loans in ICICI Bank?

ICICI Bank provides business loans for a maximum tenure of 36 years. You must repay your loan at the end of this loan tenure to avoid any late payment penalty.

ICICI Bank Business Loan Customer Care Toll Free Number
City Customer Care Number
Agra 808-166-7777
Ahmedabad 079-33667777/ 079-44455000
Ambala 901-766-7777
Anand 800-066-7777
Aurangabad Bihar 902-166-7777

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ICICI Business Loan News - Oct 2021
  • 2021-07-09 : ICICI Bank Q1 Net Profit seen up 59.1% YoY to Rs. 4,136.5 crores
    Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects ICICI Bank to report a net profit of Rs. 4,136.5 crore up 59.1% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Business Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 15.6% Y-o-Y to Rs. 10,731.6 crore.
  • 2021-06-16 : ICICI STACK launched by ICICI Bank for Corporates
    ICICI Bank announced the launch of ICICI STACK for Corporates. This will provide customised digital banking services to companies in over 15 leading industries. ICICI STACK is going to offer digital banking solution banking solutions to corporates to seamlessly meet their banking requirements.
  • 2021-04-27 : ICICI Bank reported a massive hike of 261% in its Q4 profits
    ICICI Bank reported a 260% jump in its net profit at Rs 4,403 crore for the quarter ended March 31, 2021. The profit was boosted by retail loans like home, LAP, personal, two-wheeler, car, education and doctor loan along with business and mudra loan. Further, the bank reported a total income of Rs 23,953 crore in January-March from Rs 23,443.66 crore in the year-ago quarter.
  • 2021-03-04 : 10 lakh customers of other bank are using ICICI’s banking app, iMobile Pay
    ICICI Bank reported that 10 lakh customers of other banks have started using its app, ‘iMobile Pay’. The Bank has achieved the feat in three months after it made the app open for all to use, including those not its customers. The bank anticipates that the number is likely to double in two months.
  • 2021-02-08 : MOU between ICICI and MUFG to serve banking needs of Japanese corporates
    ICICI Bank signed a Memorandum of Understanding with MUFG Bank. The basic purpose of the MOU is to jointly serve the banking needs of the Japanese corporates.
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