ICICI Bank is the second largest bank in India by assets size. ICICI Bank offers unsecured business loans for a wide range of your business and personal needs at attractive interest rates. Be it your working capital requirement, small equipment purchase or funds needed for business expansion, ICICI Bank caters to all your financial needs related to business and offers you Business Instalment Loan to suit your business requirements.
Learn more about the eligibility and documentation for ICICI bank unsecured loans.
Business Loan on Audited Financials
Can be availed by:
Business Loans for Doctor
Can be availed by MBBS, M.D, B.D.S.
Loan amount of up to ₹40 lakh
Business Loan for Professionals – no audited financials
Can be availed by CA, CS, Architects or CWA/CMA
Avail up to ₹15 lakh
Business Loan for Non-Professionals on the basis of ITR
Loan amount up to ₹10 lakh
Certified Financials required
No Audited Financials required
Following category of borrowers can apply for an ICICI Bank Business Loan:
A copy of any of the following documents as ID proof:
A copy of any of the following documents as address proof:
|Type of credit facility||Interest Rate and Charges Applicable|
|Personal Loan Interest Rates||10.99% to 22.00% per annum|
|Loan Processing Charges / Origination Charges (Non-Refundable)||Upto 2.25% per annum of loan amount plus GST|
|Prepayment Charges||5% per annum of principal outstanding plus GST|
|Additional Interest on late payment||24% per annum|
|Repayment Mode Swap Charges||₹ 500/- per transaction plus GST|
|Amortisation Schedule Charges||₹ 200/- per schedule plus GST|
|Statement of Account Charges||₹ 200/- per schedule plus GST|
|Prepayment/Foreclosure Statement Charges||₹ 100/- per schedule plus GST|
|Duplicate No Objection Certificate/ No Due Certificate||₹ 500/- per NOC plus GST/₹ 200/- per NDC plus GST|
|Duplicate Prepayment/Foreclosure Statement Charges||₹ 200/- per schedule plus GST|
|Loan Cancellation Charges||₹ 3000/- plus GST|
|^EMI Bounce Charges||₹ 400/- per bounce plus GST|
Prepayment of the loan is possible any time during loan tenure subject to payment of standard pre-closure charges of 5% + GST
The waiver, if any, of the prepayment charges, will be applicable provided:
The customer has paid 12 or more EMIs and
The pre-payment of the loan is done using customer’s own funds (Waiver on pre-payment charges is not applicable in cases of balance transfer)
Facility of part pre-payment is not available.
What is an ICICI Bank Business Loan?
Business Loan offered by ICICI Bank is an unsecured loan designed for a self-employed individual or business entity. It is a business loan that can be availed for any business upgrade or equipment purchase, to be repaid in monthly installments.
What type of business entities can avail a Business Loan from ICICI bank?
Partnership Firm/ LLP
Private Limited Company
Public Limited Company
What is the maximum tenure of Business Loan?
Doctor: 60 Months
Professional (CA, CS, CWA, and Architect): 48 Months
Other: 36 Months
What is the minimum business vintage required under ICICI Business Loan?
The business should be running for at least 3 years
Is there any security or guarantor required for availing ICICI Bank Business Instalment Loan?
No. ICICI Bank Business Loan doesn’t require any collateral/security or guarantor.
Can I foreclose or prepay my BIL loan?
Yes. Foreclosure or prepayment of loan can be done on paying a penalty of 5% of the outstanding loan amount after a payment of at least 12 EMIs.