ICICI BANK BUSINESS LOANS

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.

Features of ICICI Bank Unsecured Business Loans

  • Loan of up to ₹40 lakh
  • Varied options of loan amounts and interest rates, depending on the type of your business or profession. Example: Doctors, CA, CS, CWA, Architect professionals etc.
  • No security/collateral or guarantor required
  • End use of the loan can be meeting short term working capital requirements, small infrastructure purchase, office renovation etc.
  • Option to repay through Auto Debit/ ECS/ PDC
  • Loan tenures of up to 60 months

Types of Business Loans offered by ICICI bank

Business Loan on Audited Financials
Can be availed by:

  • Proprietors
  • Partnership firms
  • Pvt. Ltd. Companies
  • Unlisted Public Ltd. Companies
  • Avail loan amount up to Rs.40 lakh; minimum Rs.2 lakh

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

Eligibility Criteria

Following category of borrowers can apply for an ICICI Bank Business Loan:

  • Self-employed individuals, Proprietors, Private Ltd. Co. and Partnership Firms involved in the business of Manufacturing, Trading or Services.
  • Minimum turnover of business should be of Rs. 40 lakhs for non-professionals, Rs. 15 lakh for professionals; as per audited financials
  • Minimum Profit After Tax should be Rs. 2 lakh for Proprietorship Firm/ Self-employed Individuals and Rs. 1 lakh for non-professionals as per audited financials
  • The minimum vintage of business should be of 3 years, with 5 years of total business experience.
  • The business should be profit making for the previous 2 years
  • The business should have filed a minimum annual Income Tax Return(ITR) of Rs. 1.5 lakhs p.a.
  • The business owner should be at least 21 years at the time of applying for the loan, and should not be older than 65 years at the time of loan termination

Documentation

A copy of any of the following documents as ID proof:

  • PAN Card – For Company/Firm/Individual
  • 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
  • Bank statement of last 6 months
  • Latest ITR along with computation of income
  • Balance Sheet and Profit & Loss account for the last 2 years, being CA Certified/Audited
  • Proof of business continuity (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)]

Interest Rates and Fees

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.

FAQs

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?
Proprietorship Firm
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.