Business Instalment Loan
Thinking of expanding your business? #WhyNot
Be it working capital, small equipment purchase or any other business expansion plan, we at ICICI Bank understand your financial needs and offer you specially designed Business Instalment Loan which suits your business requirements.
Avail maximum benefits on the Business Loan offer without providing any security or guarantor.
Benefits of ICICI Bank Business Instalment Loan
- Loan of up to ₹40 lakh
- Varied options of loan amounts and interest rates, depending on the type of your business or profession. Example: Doctors, CA, CS, CWA, Architect professionals etc.
- No security/collateral required
- End use of the loan can be meeting short term working capital requirements, small infrastructure purchase, office renovation etc.
- Easy loan repayment through Auto Debit/ ECS/ PDC
- Flexible tenure up to 60 months
ICICI Bank Business Instalment Loan is based on the type of profession/business you own. click here to know your offer/eligibility.
BIL on Audited Financials
- Can be availed by:
- Partnership firms
- Pvt. Ltd. Companies
- Unlisted Public Ltd. Companies
- Avail up to ₹40 lakh as loan amount; minimum ₹2 lakh
Business Loans for Doctor
- Can be availed by MBBS, M.D, B.D.S.
- Loan amount of up to ₹40 lakh
BIL for Professional – no audited financials
- Can be availed by CA, CS, Architects or CWA/CMA
- Avail up to ₹15 lakh
Business Loan Non Professionals on the basis of ITR
- Loan amount up to ₹10 lakh
- Certified Financials required
- No Audited Financials required
Business Loan – Assessed Income Plans
- Home Loan – With a minimum sanctioned Home Loan of ₹ 15 lakh*, one can avail a Business Instalment Loan up to ₹ 10 lakh
- Auto Loan – With a minimum sanctioned Auto Loan of ₹4 lakh, one can avail a Business Instalment Loan up to ₹10 lakh
- Banking – Minimum 12 months of current account relationship with ICICI Bank-– or with any other Bank
- Rental – Minimum rental income for commercial/residential property should be ₹15000 per month
What is a Business Instalment Loan?
Business Instalment loan (BIL) is an unsecured loan which is provided to a self-employed individual and entity. A business instalment loan is a business loan that can be availed for any business upgrade or equipment purchase, which is repaid in equal instalments at fixed intervals, mostly monthly.
What type of entity can be funded under BIL?
- Proprietorship Firm
- Partnership Firm/ LLP
- Private Limited Company
- Public Limited Company
What is the loan amount that can be sanctioned?
Based on your kind of business and your relationship with ICICI Bank, the final loan amount is decided. To check your loan amount, please CLICK HERE
What is the maximum tenure under BIL?
- Doctor: 60 Months
- Professional (CA, CS, CWA and Architect): 48 Months
- Other: 36 Months
To check the maximum tenure under BIL, please CLICK HERE
What is the minimum business vintage required under BIL?
The minimum business vintage required under BIL is 5 years.
Is there any security or guarantor required for availing ICICI Bank Business Instalment Loan?
No. ICICI Bank Business Instalment Loan doesn’t require any collateral or security guarantee.
Can I pre-close or pre-pay my Business Instalment Loan (BIL)?
Yes. You can pre-close or pre-pay your Business Instalment Loan (BIL) by paying the applicable pre-closure charges after payment of one Equated Monthly Instalment (EMI). Currently, the applicable pre-closure charge is 5% of the outstanding loan amount (plus applicable tax).