Friends, in today’s article, we’ll look at how to get a business loan from ICICI Bank. When we want to start a new business or advance an existing one, we need a lot of money. However, not everyone has enough money to start their own business, which is why we have brought ICICI Bank Business Loan for you. With this loan, you can realize your business dream. So, let’s learn how to take a business loan and what you’ll need for it.
ICICI Bank Business Loan Interest Rate, Fees & Charges – 2021
|Rate of interest||After 16% p.a.|
|Processing Fees||Up to 2% of the loan amount (plus applicable taxes)|
|Stamp duty and other statutory charges||in accordance with applicable state laws|
|Commission on Letters of Credit|
and Commission on Bank Guarantee
|Commission up to 2% p.a. will be charged on a pro-rata basis depending on the amount of the period and non-fund based facility|
|Commitment fees||A fee is to be charged as per the terms and conditions mentioned in the acceptance letter|
|Foreclosure Charges||A fee is to be charged as per the terms and conditions mentioned in the acceptance letter|
How to apply for ICICI Bank Business Loan online?
Friends, if you want to take a business loan from ICICI Bank to promote your business or to start a new business, then you have to follow that information step by step, given below.
Step 1- The first ICICI Bank’s official website for icicibank.com go on.
Step 2- After visiting the official website of ICICI Bank, the home page will open in front of you, where you have to go to the business loan section.
Step 3- After going to the Business Loan section, many types of business loans will come in front of you, and next to each loan, you will see the button of Apply Now, you have to click on the loan for which you want to apply.
Step 4- After clicking, the form will appear in front of you, you have to fill that form properly and submit it.
Step 5- After submitting the form, you will be called by the bank and further information will be given to you by the bank, you have to follow that information.
Eligibility Criteria for taking Loan from ICICI Bank
- Your minimum age should be 25 years and maximum age should be 65 years.
- The minimum turnover of your business should be 60 thousand.
- Whatever your business is, that business should be running already, and it should be about 36 months old.
- You must have your own home or some other place where you can reduce your pain. Or do you do less.
- Your Cibil Score should be at least 750.
Documents required for loan application
- PAN card of the primary applicant or organization
- Duly filled application form along with passport size photograph of the primary applicant
- Identity proof of the applicant- Voter ID, Passport, Driving License, Aadhar Card etc.
- Address Proof – Driving License, Voter ID, Passport, Telephone Bill, Electricity Bill (not more than 3 months old), Sales Agreement / Bank Statement (not more than 3 months old), Registered Lease Deed, etc.
- Proof of ownership of residence or office
- Proof of business continuity- Bank details, ITR, Certificate of Incorporation, Shops and Establishment Certificate, Partnership Deed, Sales Tax Invoice, etc.
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