ICICI Bank offers various secured as well as unsecured business loans to cater to the financial needs of businesses. ICICI Bank business loans come at interest rates of up to 12.50% for secured facilities and up to 13.60% for facilities backed by Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
On icici bussiness loan official website
Updated: 27-05-2024 12:40:27 PM
Following are the key highlights of ICICI business loans:
Rate of Interest | Up to 12.50% for secured facilities & up to 13.60% for facilities backed by CGTMSE |
Processing Fees | Up to 2% of the facility amount + applicable taxes |
Types | Secured loans, unsecured loans, and government business loan schemes |
Loan Amount | Up to Rs. 10 Crores |
Tenure | Up to 7 years |
The ICICI Bank business loan interest rate for each loan is determined by the bank based on the assessment of business, financials, loan amount and tenure. ICICI business loan interest rates are linked to the current Repo Rate, which is 6.50% at present.
Scheme Type | Spread | Applicable Rate of Interest |
---|---|---|
Interest rate for secured business loans | Up to Repo Rate + 6% (Non-PSL) | Up to 12.50% p.a. |
Interest rate for business loans backed by CGTMSE | Up to Repo Rate + 7.10% | Up to 13.60% p.a. |
Insta-Secured Overdraft Facility | ICICI MCLR 6M + 2% for loans up to Rs. 40 Lakhs | 11.15% p.a. |
ICICI MCLR 6M + 1.75% for loans above Rs. 40 Lakhs | 11% p.a. | |
Merchant OD | 16% p.a. | |
Savings Account Overdraft | 17% p.a. |
ICICI Bank offers the following types of business loans under 3 categories i.e.
Apart from business loan interest rate ICICI Bank also levies the following fees on its business loans:
Following are the ICICI Bank business loan eligibility criteria for different schemes:
You will be required to submit the following documents depending on the type of scheme opted for:
*The above list of documents is only indicative and is not an exhaustive list. Additional documents might be required on a case-to-case basis.
You can apply for an ICICI business loan online or by visiting the nearest ICICI Bank branch. On approval, the loan amount will be directly credited to your bank account. This ensures maximum security and instant accessibility to funds.
Get Kotak Mahindra Bank Business Loan up to Rs. 2 Crore online at interest rate starting from 16% p.a.
The ICICI business loan can be availed of for a maximum period of up to 7 years, depending on the type of scheme, loan amount and other factors.
The maximum loan amount offered under the ICICI Bank business loan is up to Rs. 10 Crores, depending on the type of scheme, borrower’s eligibility, collateral’s evaluation, and other factors.
The ICICI business loan repayment tenure can go up to 7 years, depending on the type of scheme.