ICICI Bank Business Loan (Apply Now) – ICICI Bank is the leading bank working in the private banking industry. It caters to all individuals and startups and helps facilitate their day-to-day banking and financial services.
Customers can apply for a Business Loan in ICICI Bank online, and the interest rates start at 18% per annum.
There is no doubt. You are here in this place because of the information we have added here. You must be looking for the details to get a business loan in ICICI Bank. To be precise, you are on the right page. We have added a piece of complete detailed information on obtaining a business loan from ICICI Bank.
As we know, ICICI Bank is one of the best private banks in India. It helps almost every individual by facilitating quick banking and financial services. So, business loans are one of the best products to offer its customers.
Types of ICICI Bank Business Loans
ICICI Bank primarily focuses on expanding its financial coverage to small and medium-sized companies by offering them working capital and term loans for more considerable expenditure and working capital to complete day-to-day expenses.
#1. Working Capital Finance
It is to cater to the working capital needs of any business. ICICI Bank offers such a product at a competitive interest rate with faster loan approval to its customers.
#2. Term Loans
Businesses can apply or avail themselves of a term loan from the ICICI Bank to expand their business. The interest rate starts from 18% per annum. Moreover, the approval and disbursal process is quicker than in other banks.
#3. GST Business Loan
This loan is solely based on the GST returns and working capital. ICICI Bank offers this loan to its customers who file GST Returns and need good working capital to start any business. There is no need for any other financial documents from the customer to proceed further with this product.
Customers need to have a corporate relationship with ICICI Bank to avail of this product. Again, InstaOD is to provide working capital to the running businesses at an annual interest rate of 18%.
How to Get a business loan in ICICI Bank?
Here we come to the central part. As long as you are eligible for getting the business loan, you can apply it online or offline by visiting the nearest ICICI Bank with your documents.
Remember, the complete process is manual, and it can take a lot of time. It depends on the documents you provide and the eligibility of getting credit approval.
Let’s start with the papers a customer needs to provide.
- PAN Card.
- A Passport sized photograph on a duly signed application form.
- ID Proof: Aadhar Card, Pan, Driving License.
- Address Proof: Aadhar Card, Electricity Bill, and Last three months’ bank account statement.
- Residence or office ownership proof.
- ITR (Income Tax Return) of the last three years.
- Financial documents like balance sheets and profit & loss statements.
Just get the documents in hand before stepping into the next process.
- As mentioned earlier, you can either apply online or offline.
- Just fill in the required information like name and contact details on ICICI Bank’s website.
- Wait until any of their loan executives reach out to you.
- You can start with the application process with the loan executive. A loan executive will be better able to explain further details.
How to Track ICICI Bank Business Loan Status?
There is a simple process after completing the loan application. People will probably get a quick update via SMS on their smartphones. But, if the customers want to track their application manually, they should prefer to follow the steps given below.
- Open the application status page.
- Enter the loan application reference number on the screen.
- Click on the submit button, and the details will get visible.
The bottom line
There is no doubt. ICICI Bank has become the most famous bank to offer quick business loans to its expanding customers at an attractive interest rate of 18% per annum, lower than other private banks.
To complete the search query of most people, we have added up this informational guide to help people with ICICI Bank business loans and their application process. We hope it might help some of you.