ICICI Bank is one of the leading private sector banks in India that offers a wide range of financial products and services, including business loans. ICICI Bank's business loan is a credit facility that is designed to provide financial support to small and medium enterprises (SMEs) and startups for their business growth and expansion.
ICICI Bank's business loan comes with attractive interest rates, flexible repayment options, and customised loan options to meet the specific needs of different types of businesses. The bank also has a quick loan disbursal process and requires minimal documentation, making it easier for borrowers to apply for and access funds.
Competitive interest rates: ICICI Bank offers attractive interest rates on business loans, making it easier for borrowers to manage their loan repayment.
Flexible repayment options: ICICI Bank offers flexible repayment options, which allow borrowers to choose a repayment tenure that suits their financial situation.
Minimal documentation: ICICI Bank requires minimal documentation, which makes the loan application process quicker and hassle-free.
Quick disbursal: ICICI Bank has a quick loan disbursal process, which ensures that borrowers can access funds quickly and without any delays.
Customised loan options: ICICI Bank offers customised loan options based on the borrower's business needs, ensuring that they get the right loan for their requirements.
Dedicated customer support: ICICI Bank has a dedicated customer support team that is available to assist borrowers with any queries or concerns they may have throughout the loan tenure.
Processing Fee: Up to 2% of the sanctioned loan amount.
Pre-payment/Foreclosure Charges: Charged as per T&Cs under sanction letter
Overall, ICICI Bank's business loan products offer flexible and customized financing solutions to help businesses grow and expand their operations. The bank's wide range of products and services, competitive interest rates, and quick disbursal process make it a popular choice among small and medium-sized enterprises (SMEs) in India.
1.What is the minimum and maximum loan amount that I can avail from ICICI Bank for my business?
ICICI Bank offers business loans starting from Rs. 50,000 up to a maximum of Rs. 75 lakhs, depending on the borrower's creditworthiness and business requirements.
2.What is the repayment period for ICICI Bank business loans?
The repayment period for ICICI Bank business loans can range from 12 months to 60 months, depending on the borrower's preference and loan amount.
3.What are the eligibility criteria for availing a business loan from ICICI Bank?
The eligibility criteria for availing a business loan from ICICI Bank include the borrower's age, business vintage, credit score, and minimum annual turnover, among other factors.
4.How much interest rate is charged by ICICI Bank for its business loans?
The interest rates for ICICI Bank business loans start at 16.49% per annum, depending on the borrower's credit profile and business requirements.
5.What is the processing time for ICICI Bank business loans?
ICICI Bank has a quick loan processing time, with loan disbursement in as little as 72 hours, subject to the completion of documentation and verification procedures.
6.What is the collateral requirement for ICICI Bank business loans?
ICICI Bank may require collateral or security for its business loans, depending on the borrower's credit profile and loan amount.
7.Can I prepay my ICICI Bank business loan?
Yes, borrowers can prepay their ICICI Bank business loans without any prepayment charges, subject to certain terms and conditions.
8.What documents are required to apply for an ICICI Bank business loan?
The documents required to apply for an ICICI Bank business loan include identity proof, address proof, business ownership proof, financial statements, and bank statements, among others.