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ICICI Bank Business Loan Highlights |
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| Interest Rate |
The interest rate for each loan is determined based on the assessment of business profile, financials, loan amount required and loan tenure. |
| Loan Amount |
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| Loan Tenure |
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| Processing Fees | Up to 2% (plus applicable taxes) of the facility amount |
Note: Interest rates as of 15th April 2024
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Table of Contents
ICICI Bank Business Loan Interest Rates
ICICI Bank Business Loan interest rates can go up to 17% p.a. The interest rates provided for various business loan schemes of ICICI Bank are as follows:
| Particulars | Interest Rates (p.a.) |
| For secured facilities | Up to 12.50% p.a. (Non-priority sector lending) |
| For facilities backed by CGTMSE: | Up to 13% p.a. |
| For ICICI Bank Insta Secured Overdraft |
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| ICICI Bank Business Loan Insta Overdraft for Savings Account | 17% p.a. |
| ICICI Bank Business Loan Merchant Overdraft | 16% p.a. |
The bank finalises the interest rate for every loan based on their assessment of the business, loan amount, financials and loan tenure.
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Fees and Charges for Business Loans from ICICI Bank
The fees and charges for availing ICICI Bank Business Loans are mentioned below:
| Particulars | Concessions |
| Processing fees | Up to 2% (plus applicable taxes) of the facility amount |
| Stamp duty and other statutory charges | As per the applicable laws of every state |
| Commission on Letters of Credit and Bank Guarantee | Up to 2% p.a. commission to be charged on pro-rata basis based on the loan tenure and the total amount of non-fund based facility being availed |
| Commitment Charges | Based on the terms and conditions present in the sanction letter |
| Foreclosure Charges |
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Types of Business Loans provided by ICICI Bank
ICICI Bank GST Business Loan
Purpose: This secured business loan product can be availed by business entities (like sole proprietorship, partnership, private and public limited company) working in sectors like manufacturing, trade or service seeking working capital finance. The bank has simple assessment norms for their business loan applicants based on their GST returns.
Loan amount: Up to Rs 2 crore (Online processing of cases up to Rs 1 crore with instant in-principle sanction). Business loan applicants should contact the nearest branch or relationship manager in case they need loan amounts greater than Rs 1 crore.
Collateral: commercial properties, industrial properties, residential properties and/or liquid securities.
ICICI Bank Insta Secured Overdraft Facility
Purpose: The ICICI Bank Insta Secured Overdraft Facility caters to the working capital requirements of sole proprietors, partnership firms and private limited companies engaged in manufacturing, trade and services. The lender offers pre-qualified loans with instant sanction and with minimal documentation.
Interest Rate: 11.00% p.a. (for loan amounts of up to Rs 40 lakh) and 10.75% p.a. (for loan amounts above Rs 40 lakh)
Loan amount: Rs 15 lakh to Rs 1 crore
Collateral: The lender accepts industrial, residential or commercial properties and liquid securities (fixed deposits) as collateral.
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ICICI Bank Fixed Deposit Overdraft Online for Corporates
Purpose: ICICI Bank provides the fixed deposit overdraft for corporates including companies, partnership firms, limited liability partnership (LLP) and Hindu Undivided Family(HUF) through the ICICI Bank Corporate Internet Banking Facility. Business loan applicants can avail the overdraft facility against up to 7 fixed deposits (provided the deposits are under the loan applicant’s name). The bank provides a limit of up to 90% of the FD value and does not levy any processing and foreclosure charges on this business loan facility.
Loan amount: Up to Rs 10 crore
ICICI Bank Term Loans
Purpose: ICICI Bank offers term loans to business entities looking to expand their business, purchase commercial assets, set up industrial units and expand/modernise existing units. The lender also offers composite loans comprising the working capital facility and term loans for meeting their financial requirements. The bank makes an assessment of business units based on their future cash flows. ICICI bank also offers collateral free loans of up to Rs 2 crore under this loan facility.
Loan amount: Offered on the basis of future cash flows of the applicant
Loan tenure: Up to 7 years
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ICICI Bank Business Loans for New Entities
Purpose: ICICI Bank Business Loan for new entities (at least 1 year old) has been designed for business entities involved in manufacturing, retail, wholesale, trading (import/export) and service sectors. This loan can be availed for the purpose of business expansion, purchase of commercial assets and to meet day to day expenses. Sole proprietorships, partnership firms, public and private limited companies are eligible for availing cash credit, overdraft, export credit and non-fund based facilities under this loan facility.
Interest Rate: Based on the assessment of the loan applicant’s business profile, loan amount required, past track record, financial records and loan tenure.
Collateral: Residential properties, industrial properties, commercial properties and/or liquid securities
ICICI Bank Business Loans for Working Capital Finance
Purpose: ICICI Bank business loans for working capital finance enables business units to avail facilities like export credit, bank guarantee, overdraft facility, etc. to meet their day to day requirements. Sole proprietorships, partnership firms, public and private limited companies involved in manufacturing, trade or service can avail the below mentioned facilities under this ICICI Bank Business Loan scheme:
- Overdraft/cash credit limit to meet their working capital requirements
- Working capital limits to meet their export requirements and export credit for providing pre/post-shipment finance to exporters.
- Working capital limits based on non fund based facilities like letters of credit and buyers credit to ensure timely delivery of goods
- Different types of bank guarantees to meet performance and financial obligations
Collateral: Residential properties, commercial properties, liquid securities and/or industrial properties
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ICICI Bank Business Loans without Financials
Purpose: ICICI Bank business loans without financials enables eligible customers to avail overdraft or other non-fund based facilities based on their past transaction history without requiring any audited financials. Sole proprietorships, partnership firms, public and private limited companies having business vintage of 3 years and current account for minimum 2 years are eligible to avail this loan.
Loan amount: Up to Rs 1 crore
Collateral: Liquid securities, residential properties, commercial properties and/or industrial properties
ICICI Bank Business Loan Finance for Importers and Exporters
Purpose: ICICI Bank Business Loan finance for importers and exporters allow business units to avail facilities like export credit (for pre-shipment and post-shipment finance), buyers credit, letters of credit, forwards/options (to hedge their derivative risk), etc. Sole proprietorships, partnership firms, public and private limited companies involved in manufacturing, trade or service can avail this loan.
Collateral: Liquid securities, commercial properties, residential properties and/or industrial properties
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ICICI Bank Business Loan Insta Overdraft Plus
Purpose: ICICI Bank Business Loan Insta Overdraft Plus is an unsecured business loan overdraft facility for business entities to meet their working capital needs as well as for sudden emergencies. The borrower has to pay the interest on the loan amount used under this facility. The bank claims to offer an instant overdraft facility with paperless processing, instant sanction and disbursement for Insta Overdraft Plus and does not charge any prepayment or foreclosure fees.
Loan amount: Rs 25 lakh (Rs 50 lakh for existing ICICI Bank customers)
ICICI Bank Business Loan Insta Overdraft for Savings Account
Purpose: ICICI Bank Business Loan Insta Overdraft for Savings Account is a pre-approved unsecured business loan overdraft facility offered to existing ICICI Bank Savings Account customers to meet their working capital needs as well as for sudden emergencies. The borrower has to pay the interest on the loan amount used under this facility. The bank claims to offer an instant overdraft facility with zero documentation, instant sanction and disbursement for this scheme and does not charge any prepayment or foreclosure fees.
Interest Rate: 17% p.a.
Loan amount: Rs 5 lakh
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ICICI Bank Business Loan Select Overdraft
Purpose: ICICI Bank Business Loan Select Overdraft is a pre-approved and unsecured business loan overdraft facility offered to select existing customers (proprietors, partnerships and limited liability companies, public/private limited companies) of the bank for meeting their GST/tax payment obligations. The borrower has to pay the interest on the loan amount used under this facility. The bank claims to offer an instant overdraft facility with minimal documentation, instant sanction and disbursement and does not charge any prepayment or foreclosure fees.
Loan amount: Rs 15 lakh (pre-approved OD facility for existing customers). The loan amount sanctioned will also depend on the GST payment transactions and the bank’s assessment of the loan applicant’s account over a period of 1 year.
Loan tenure: 1 year (renewable for another year subject to the bank’s discretion)
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ICICI Bank Business Loan Merchant Overdraft
Purpose: ICICI Bank Business Loan Merchant Overdraft is a pre-approved overdraft facility offered to its registered merchants. The bank claims to offer this OD facility with minimal documentation and does not charge any prepayment / foreclosure fees. The borrower has to pay the interest on the loan amount used under this facility.
Interest Rate: 16% p.a.
Loan amount: Rs 25 lakh (pre-approved OD facility for existing customers)
ICICI Bank Business Loan Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTSME)
Purpose: ICICI Bank Business Loan Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTSME) is an unsecured loan product designed under the CGTSME scheme of SIDBI and Ministry of Small and Medium Enterprises defined under the MSMED Act, 2006. for MSE’s (sole proprietorships, partnerships, private and public limited companies) excluding traders. The bank provides cash credit facility (to meet working capital requirements) and term loans (to purchase commercial assets and for business expansion needs)
Loan amount: Rs 2 crore
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ICICI Bank Express Bank Guarantee
Purpose: ICICI Bank Express Bank Guarantee can be availed by business loan applicants against fixed deposit or collateral. The different types of Bank Guarantees provided by the bank include:
- Performance Guarantee
- Bid Bond/Earnest Money Deposit (EMD) Guarantee
- Financial Guarantee
- Advance Payment Guarantee
- Foreign Bank Guarantee
- Deferred Payment Guarantee
The lender claims to provide a simile documentation process and also offer a bank guarantee within 3 hours of submission of all compliant documents within business hours. Loan applicants availing ICICI Bank Express Bank Guarantee can apply for this product online (through the bank’s digital platform Trade Online) or submit their request at the branch.
ICICI Bank Inland Bill Discounting
Purpose: ICICI Bank inland bill of discounting is a business loan facility wherein the bank purchases the bill (Bill of Exchange or Promissory Note) before the due date and then credits the value of the bill after charging a discount to the customer account. The two types of Inland bill discounting are as follows:
- Inland Bill Discounting (under letter of credit): ICICI bank provides finance to the customer by discounting the inland bills drawn under letter of credit (provided the documents are strictly in terms with the conditions stipulated in the LC) after receiving the acceptance from the bank issuing the letter of credit
- Inland Bill Discounting (not under letter of credit): ICICI Bank provides finance for the customer’s bills drawn on documents against the terms of acceptance, to the extent of their sanctioned credit limits in order to improve their cash flows.
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ICICI Bank Export Finance
Purpose: ICICI Bank Export Finance, available both in Indian Rupees and foreign currency, can be used by business units to improve their cash flows. The different types of export finance provided by the bank are as follows:
- Pre-shipment finance: It is a flexible short-term lending facility assisting in the purchasing / manufacturing of goods prior to exporting to the ultimate buyer. It is designed to assist traders or manufacturers to exploit export opportunities without interrupting their normal cash flows. The bank offers pre-shipment credit based on the actual trading cycles.
- Post-shipment finance: Post-shipment finance is used for financing the export sales receivables from the date of shipping of goods to the date of export proceeds. This facility enables borrowers to maintain continuity in their export cash flows along with allowing them to reinvest the proceeds from the exporting of goods immediately.
- Letter of credit confirmation: ICICI Bank provides confirmation services for letter of credit, received from other foreign banks, which provides an assurance to the borrower regarding the payment of goods and services, subject to the veracity of the documents, irrespective of the non-payment by the bank providing the LC.
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ICICI Bank Business Loan Eligibility Criteria
The business loan eligibility criteria set for availing the ICICI Bank Business Loans are as follows:
ICICI Bank GST Business Loan
Sole proprietorship, partnership, private and public limited companies involved in manufacturing, trade or services.
ICICI Bank Insta Secured Overdraft Facility
Sole proprietorship, private and public limited company involved in manufacturing, trade or services.
ICICI Bank Fixed Deposit Overdraft Online for Corporates
Corporates including companies, partnership firms, LLP and HUF
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ICICI Bank Business Loans for New Entities
Sole proprietorship, partnership, private and public limited company
ICICI Bank Business Loans without Financials
Sole proprietorships, partnership firms, public and private limited companies having business vintage of 3 years and current account for minimum 2 years.
ICICI Bank Business Loan Finance for Importers and Exporters
Sole proprietorship, partnership, private and public limited company engaged in manufacturing, trade or services.
ICICI Bank Business Loans for Working Capital Finance
Sole proprietorship, partnership, private and public limited company engaged in manufacturing, trade or services.
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ICICI Bank Business Loan Insta Overdraft for Savings Account
Existing ICICI Bank Savings Account customers
ICICI Bank Business Loan Select Overdraft
Existing ICICI Bank customers (proprietors, partnerships and limited liability companies, public/private limited companies)
ICICI Bank Business Loan Merchant Overdraft
Merchants registered with the bank
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Documents required for ICICI Bank Business Loan
The documents required for availing different types of ICICI Bank business loan schemes are mentioned below:
- Application Form
- Self-attested copy of KYC Documents
- Entity proof – Partnership deed/Certificate of Incorporation/Shops and Establishment certificate
- Copy of PAN Card of Entity, Proprietors/Partners/Directors, Security providers and guarantors
- Address Proof of Entity, Proprietors/Partners/Directors, Security providers and guarantors
- Financials
- Last 3 years audited or provisional financials. Audited financials include balance sheet, profit and loss account along with schedules and notes to accounts, tax audit reports, statutory audit report, etc.). VAT returns are required for provisional financials.
- Current year performance and projected turnover on letterhead of the entity
- Last 1 year Income Tax returns of the borrowing entity (along with Computation of Income and copy of acknowledgement), if filed online, acknowledgement number is required
- Bank Statements (up to 45 days old)
- Latest bank statements for last 6 months (for first time borrower)
- Latest bank statements for last 12 months (for takeover proposals).
- For multiple banking, loan applicants must provide bank statements covering at least 75% of the total banking turnover.
- For Bank Guarantee: Orders in hand and status along with order copies, letters of intent or contract agreements
- For Letter of Credit: Last 3 inland letter of credit transaction details to ascertain the track record of the business loan applicant .
- For Term Loans:
- Project report with details about cost, means of finance, total expenditure incurred and projections
- Government approvals for power, building plan, pollution along with documentary evidence
- Proforma invoices of the assets to be purchased, copy of the allotment letter / conveyance deed for land, architect certificate for validating the total cost of building to be constructed
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