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ICICI Bank is one of the leading banks in India that offer various kinds of loans to businesses. Here is a list of ICICI Bank business loans:
• Working capital loan
• GST loan
• Term loan
• Overdraft facility, etc.
This article explains various kinds of loan schemes offered by the ICICI Bank, interest rates, eligibility criteria and documents required.

ICICI Bank business loan: Secured loans

Loan scheme Features Interest rate
ICICI Bank GST loan
  • Maximum loan amount ₹2 crore
  • Assessment is done on the basis of GST returns
  • Overdraft against a self-occupied residential/commercial/ industrial property
Up to Repo Rate +6.0 %(Non PSL)
ICICI Bank term loan Up to 12.50% p.a.
ICICI Bank Insta Secured Overdraft Overdraft facility

 

 

  • 10.80% p.a. (for loan amounts of up to Rs 40 lakh)
  • 10.55% p.a. (for loan amounts above Rs 40 lakh)
ICICI Bank Working Capital Finance
  • Loan for day-to-day business activities
  • One can get various facilities including export credit, overdraft facility, bank guarantees, etc.
  • Different types of bank guarantees
12.5% onwards
Loan without financials
  • Loan without the need for financial documents
  • The loan is approved on previous financial history
  • Loan of up to ₹ 1 crore can be availed
12.5% onwards
ICICI Bank loan for import and export
ICICI Bank loans for new entities
  • Loan for new startups and new enterprises
  • Manufacturers, traders and service providers that are at least 1 year old can apply

Note: The business loan rates of interest are subject to change from time to time. It is best to get information from the bank about the prevailing rate of interest.

ICICI Bank business loan: Unsecured loans

Loan scheme Features Rate of interest
ICICI Bank Insta OD
  • Unsecured Overdraft (OD) facility
  • Paperless processing
17%
ICICI Bank Merchant OD Type of a preapproved loan/OD facility 16%
ICICI Bank collateral free loan
  • The bank also offers collateral free term loans under the CGTMSE scheme
  • Loan amount of up to ₹2 crore
13.60%

Note: The business loan rates of interest are subject to change from time to time. It is best to get information from the bank about the prevailing rate of interest.

ICICI Bank business loan: How to apply?

There are two ways to apply for a business loan from ICICI Bank – online and offline.

ICICI Bank Business loan: Applying offline

  • Visit the nearest branch of the ICICI Banks
  • Meet the loan officer to seek information regarding loan schemes suitable for your business
  • Fill in the business loan application form of ICICI Bank
  • Submit the application form along with the required documentation

ICICI Bank Business loan: applying online

  • You can visit the
  • Read through the several loan schemes that the bank offers
  • Select the one that suits you the best
  • Click on ‘Apply now
  • The screen will prompt you a question if you have an ICICI Bank account, select the right option.
  • Next, fill in your details.
  • Click on ‘Apply

ICICI Bank business loan: Required documents

Although the loan scheme determines the exhaustive list of documents required for a loan scheme, here is a checklist for some of the commonly required documents for ICICI Bank business loans.

  • Company proof: Partnership deed/Certificate of Incorporation/Shops and Establishment certificate
  • Copy of PAN Card of the company, proprietors/partners/directors, security providers and guarantors
  • Address proof of the company, proprietors/partners/directors, security providers and guarantors
  • Last 3 years’ audited/provisional financials documents including balance sheet, profit and loss statement, tax audit reports, statutory audit report, VAT returns, etc.
  • Project report: Current year performance and projected turnover on the company’s letterhead.
  • Last 1 year’s Income Tax returns along with computation of income and copy of acknowledgement
  • In the case of a collateral loan, documents related to promised security will need to be submitted

Note: The list of documents mentioned above is indicative. It is best to get an exhaustive list of documents from ICICI Bank.

ICICI Bank business loan: Eligibility criteria

  • Age: Age of the applicant should be between 25-65 years
  • Minimum turnover of the company: ₹40 Lakh for non-professionals; ₹15 Lakh for loan for professionals such as Chartered Accountants
  • Minimum profit: ₹2 Lakh for proprietorship firm/self-employed individuals and ₹1 Lakh for non-professionals
  • Business vintage: Applicant should be in the current business for a minimum 5 of years
  • Relationship with the ICICI Bank: Applicant should have a minimum of 1 year liability relationship with the bank in the form of a current or savings account or asset relationship such as a loan either live or closed in the last 36 months

Who can apply for a business loan from ICICI Bank?

Self-employed non-professionals Self-employed professionals
Traders Doctors
Retailers Architects
Manufacturers Chartered Accountants
Vendors Company Secretary
Wholesalers Cost and Work Accountant (CWA)
Distributors

ICICI bank business loan: Checking status

If you already have applied for a business loan at the ICICI Bank, here is how you can track your status:

Frequently asked questions

Does ICICI Bank charge any processing fee?

Yes. Typically, ICICI Bank charges up to a 2% processing fee.

Can you make a pre-payment of ICICI Bank business loan?

Yes. One can make a pre-payment of ICICI Bank business loan. However, the bank applies pre-closure charges (5% of the outstanding loan amount).

Which loan scheme is good for small businesses?

What loan suits you the best depends on the nature of your business, business requirements, eligibility criteria, etc. You can visit the bank to understand loan schemes and apply for the most relevant one for your business.

Swati Deshpande

Swati is a passionate content writer with 6 years of experience crafting content for the business and manufacturing sectors, and helping MSMEs (Micro, Small and Medium Enterprises) navigate complexities in steel procurement, and business services. Her clear and informative writing empowers MSMEs to make informed decisions and thrive in the competitive landscape.