About ICICI Bank Business Loan
About ICICI Business Loan
Business Loan is the amount of money borrowed from Bank or financial institutions subject to Business. Business Loan is an Type of Loan which is subject only for business and their related terms. Business Loan is quite similar with Other Loan as it charged Fixed Rate or flexible interest as per conditions.
Business Loan is a loan which is considered to meet the expenses of business at the time of need in large and repay according to our flexibility or installment. Business Loan is a type of credit borrowed to cover the all expenditure of business.
Reasons for Business Loan
There is an Reason behind assuring the Business Loan , they are as follows :
- To Expand Business
- Purchasing of Business tools such as machinery etc.
- To meet the Sudden Expenses of Business.
- Building credit for the Future.
- To Fulfill Business Debts.
- For the Repairs and Renovation of Business such as Offices etc.
ICICI Bank Business Loan Details
ICICI Bank provides an opportunity to their customers to enjoy the facility of Business Loan for their Business efficiency. ICICI Bank with help of introducing Business Loan attracts the population to associate with them and meet out the amount for Business Purpose in easy terms.
ICICI Bank Business Loan for the any purpose of Business whether to purchase Business Equipment or expansion of business , there motive to help you and your business at the time of need.
ICICI Bank Business Loan gives a type of support to Business Economics at sudden or emergency and repay as you are comfortable or installment which is mentioned in the contract. ICICI Bank Business Loan assure on the name of Business and repay on that Name only.
ICICI Bank Business Loan is a type of Option for their Customer , if they want to take a loan to secure their Business with profit and efficiency. ICICI Bank Business Loan is for all the Business whether the Small or Big , but Loan amount according to their category.
ICICI Bank Business Loan for Managing the Business and their Finance. However , we can say ICICI Bank provides financial services to Business to cover the sudden meets. ICICI Bank Business Loan gives an opportunity to the Business to increase their prestige and efficiency with the economical factor.
Types of ICICI Bank Business Loan
- Investing in Business.
- To Meet out Business Day to Day needs.
- Sudden Capital Requirement in case of GST Returns.
- For Importing and Exporting.
- For New Business or their expansion.
- Secured Overdraft facility (not an Loan but an Facility if an individual wants a small amount of Loan).
Benefits of ICICI Bank Business Loan
Benefits of ICICI Bank Business Loan are as follows :
- As it charges the Interest Rate or other fees , according to type of Business or Profession.
- It provides Loan Up to Rs. 40 Lakh , more amount in minimum case as where the Bank feels secured and needed.
- No need for any mortgage/security/collateral , it provides business loans on the basis of trust and your need.
- It provides Business Loan according to your need as in for the Renovation and repairs of Office , not imposing their portal on you.
- ICICI Bank Business Loan assures for the maximum 5 years/60 Months.
- ICICI Bank Business Loan offers for Every Business such as Partnership Firm , Private companies , Unlimited Companies etc.
- ICICI Bank Business Loan provides loans on the Basis of Professional too such as Doctor Profession , For the Professional Business , at the Basis of ITI non professional Business Loan etc.
Calculation of Interest Charges
As the ICICI Bank offers Business Loan which means the Loan is charged with interest in name of security or their service , calculation of Interest Charges are as follows :
- ICICI Bank Business Loan had fixed their Interest Charge on every Business Loan amount that is 16.49% and this Rate floating may take place if the Repayment days are late.
- Interest charge among Processing Fees starting from 0.99% (minimum) and up to 2% (maximum) , this would be on the Basis of Business Loan.
- The Limit of repayment of Loan From 1 year to 2 Years generally.
- Lowest EMI or installment on Business Loan Lakh amount Rs.3, 540.
- Charges applied at the Early foreclosure after 6 EMI is 5%.
- Commission on Letters of Credit and Bank Guarantee upto 2% charged based on tenure and non fund facility.
- For the Facilities Backed by CGTMSE upto Repo Rate + 7.10%.
Eligibility of ICICI Bank Business Loan
Eligibility of ICICI Bank Business Loan are as follows :
- Should be Indian citizen or Resident of India.
- Should be Equal or above 18 years.
- Particular with necessary documents.
- Loan would be based on the name of Business and Guarantee by their Properties.
- On a Good Credit report of Business and their owner.
- Portal of schedule plan.
These eligibility conditions will assure the amount of Business Loan and their related rates.
Documents Required for ICICI Bank Business Loan
Documents Required for ICICI Bank Business Loan are as follows :
- KYC Documents – Entity Proof , Copy of Pan Card , Address of Proof , Security Providers and Guarantees.
- Bank Statement of Last 6 months or 12 months.
- Last 3 years of Financials/Audit/Balance sheet , Current Year performance and projected turnover , Last 1 year of Income Tax returns .
- Application form applying for the Loan.
- In case of Multiple Banking , 75% banking turnover statements will be provided.
Registration of ICICI Bank Business Loan
For registration of ICICI Bank Business Loan , you have to follow these basic steps :
- Visit the official website of ICICI Bank Business Loan ‘https://www.icicibank.com/business-banking/business-loans/business-loans.page’.
- Then , a web page will appear , and see the left hand side ‘Business Loan’ click on it .
- Fill that Form with the required basic details.
- Click on the submit button.
ICICI Bank will assure your application form and reward back within the 72 hrs. If they consider , visit the nearby ICICI Bank and apply with proper forms and terms and conditions for the Business loan. Withthis , you become liable to pay the Loan in estimated repay years.
Repayment of ICICI Bank Business Loan
For the Repayment of ICICI Bank Business Loan , follow these basis :
- Installment should be paid with the fixed amount on a fixed date.
- Repayment of Loan amount on years promised with the Bank or in signed in contract.
- If any late issue , consider then other charges with installment amounts.
- Bank will remind the repayment in the form of messages.
- For repaying the Loan , the Bank will give 3 chances to compel in its authorised or settled form , if not then strict action would be taken.
- At the time of Repayment , receipt of complete loan and their charges would be provided in form of a statement to the borrower.
Many other ICICI Bank Loan offers are CICI Bank Personal Loan, ICICI Bank Business Loan and ICICI Home Finance Apna Ghar Home Loan for workers who work in private sector.
This content is written by Priyansi Baheti.