Managing capital is unarguably the most essential part of any business. For SMEs, timely finance is the key to getting the most business opportunities. Keeping this in mind, ICICI Bank has designed a set of loans to the most convenient for their business.
Managing a business is not easy. You have to constantly assess business ideas and means to keep it going and growing. As a part of the growth plan, you need funding for expanding operations or to acquire new equipment or inventory or simply grow the working capital. To help you with your financing requirements LoanMoney provides Business Loans that will help your business grow.
ICICI Bank Business Loan gives the loan to self-employed and professional for financing the business expansion or working capital requirements of their business like buying of machinery or plant, financing in infrastructure, hiring staff, maintain inventory. ICICI Bank offers tailor-made business loan to suit the requirements of all businesses. ICICI Bank provides lots of benefits to its existing customers on the business loan. With competitive interest rates and quick loan processing, ICICI business loan could be the most suitable choice to achieve success in your business.
Any person wanting to start a business or any professional requiring to grow their business need funds to do so.
| Salaried | Self Employed | Professional | |
|---|---|---|---|
| Age | NA | 21 To 65 Years | 21 To 65 Years |
| Loan Amount | 5 To 40 Lakhs | 5 To 40 Lakhs | 5 To 40 Lakhs |
| Tenure | NA | 1 To 5 Years | 1 To 5 Years |
| Rate of Interest / APR [Annual Percentage Rate] | 16.49% To 19% | 16.49% To 19% | 16.49% To 19% |
| Features | Get Loan on GST Returns No Financial Require | Get Loan on GST Returns No Financial Require | Get Loan on GST Returns No Financial Require |
| Processing Fees | Upto 2% | Upto 2% | Upto 2% |
| Special | NA | Overdue if Required | Overdue if Required |
| Documentation | NA | KYC/Financial(2 Years) & Property Documents. | KYC/Financial(2 Years) & Property Documents. |
| Eligibility | NA |
The following people are eligible to apply for a Business Loan:
|
The following people are eligible to apply for a Business Loan:
|
| Particulars | Salaried | Self Employed | Professional |
|---|---|---|---|
| Age(Min-Max) | NA | 21 To 65 Years | 21 To 65 Years |
| Minimum Income | NA | Min. 2 Lakhs/ p.a | Min. 2 Lakhs/ p.a |
| Co-applicant | NA | If Required | If Required |
| Loan Tenure | NA | 1 To 5 Years | 1 To 5 Years |
| Maximum Loan Amount | NA | Max. 40 Lakhs | Max. 40 Lakhs |
| Employment/Business Continuity | NA | Min. 3 Years | Min. 3 Years |
| CIBIL Score | NA | Min. 600 | Min. 600 |
Application Form -
All fields should be duly filled in and acknowledgement is given to the customer
Self-Attested copy of KYC Documents
Entity proof –
Financials -
Bank Statements (not more than 45 days old)
Latest Bank Statements for the last 6 months (in case of First Time Borrower) and 12 months (in case of Takeover proposals). In the case of multiple banking, statements covering minimum of 75% of banking turnover is to be provided.
| Fee | Amount to be Paid |
|---|---|
| Rate of Interest | 16.49% To 19% |
| Loan Processing Charges | Upto 2% |
| Cheque Bounce Charges | NA |
| Cheque/ Instrument Swap charges | NA |
| Prepayment/ Foreclosure Charges | NA |
| Default Interest Rate | NA |
| Duplicate Statement Issuance Charges | NA |
| Duplicate Amortization Schedule Charges | NA |
| Duplicate Interest Certificate | NA |
| S(Provisional/ Actual) issuance Charges | NA |
Get quick, convenient banking solutions, with minimal documentation, to finance short and long-term business needs. A business loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest. There are a number of different types of business loans, including bank loans, mezzanine financing, asset-based financing, invoice financing, microloans, business cash advances and cash flow loans.
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