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Thinking of expanding your business without security/collateral? Business Loan (BL) is collateral/security free loan which is provided to a self-employed individual and/or entity. Business Loan can be applied for any business upgrade or equipment purchase, which is repaid in equal instalments at fixed intervals. Be it working capital, small equipment purchase or any other business expansion plan, at ICICI Bank we understand your financial needs and offer you specially designed Business Loan which suits your business requirements.
BENEFITS OF ICICI BANK BUSINESS LOAN
Who fits the eligibility criteria for a Business Loan?
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Proprietorship Firms/Self-employed non-professionals
Partnership Firms/LLPs and Private Limited Companies
Unlisted Public Limited Companies
Self-Employed Professionals And Doctors
ON WHAT BASIS BUSINESS LOAN CAN BE APPLIED?
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Traders/Retailers
Manufacturers
Vendors
Wholesalers & Distributors
Doctors
Architects
Chartered Accountants
Company Secretary/ Cost and Work Accountant (CWA)
You can pre-close or pre-pay your Business Loan (BL) by paying the applicable pre-closure charges after 1st EMI payment. Currently, the applicable pre-closure charge is 3% of the outstanding loan amount (plus applicable tax). After paying 12 EMIs, the charges are NIL. Loans classified under Micro and Small Enterprises (MSE) can also pre-close the loan after 1st EMI payment with NIL charges.
Interest Rates
Latest Business instalment Loan Interest Rates
Particulars |
Interest rates and applicable charges |
Business Instalment Loan interest rates |
Starting from 13.25% per annum |
Loan processing charges / Origination charges (Non-refundable) |
Up to 2% of the loan amount plus applicable taxes |
Interest Rate Range for Business Instalment Loans for period October 2024 to December 2024:
Type Of Credit Facility |
Maximum |
Minimum |
Mean |
Business instalment Loans |
19.50% per annum |
13.25% per annum |
16.14% per annum |
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Note:
It excludes subsidies, government schemes and loans disbursed under the Emergency Credit Line Guarantee Scheme (ECLGS) at the mandated interest rate of 9.25%.
All the above charges are exclusive of Goods & Services Tax (GST). Applicable GST, taxes and/or other statutory levies shall be levied over and above the charges levied by the Bank.
Business Installment Loan Annual Percentage Rate (APR)
The Annual Percentage Rate (APR) is a method used to compute annualised credit cost, including the Rate of Interest and Processing Fee.
The APR Calculator does not include prepayment charges, etc.
Please click here to calculate these charges and to download the APR Calculator.
Yes. We offer Personal Loan for business purpose, to self-employed individuals as well. To apply for Business Loan, please visit the nearest ICICI Bank branch along with your valid ID proof.
The minimum business vintage* required under BIL is 5 years.
*Business vintage describes how long your business has been operational and when it was registered.
There are different criteria that decide one’s eligibility for a business instalment loan . You can check your eligibility below:
CHECK YOUR ELIGIBILITY
A Business Instalment Loan is an unsecured loan which is provided to a self-employed individual and/or entity. It can be applied for any business upgrade or equipment purchase, which is repaid in equal instalments at fixed intervals (mostly monthly).
Yes. ICICI Bank offers a facility wherein both partners can apply together for a Business Instalment Loan.
- Doctors: 60 months
- Professionals (Chartered Accountants, Company Secretaries, Cost & Work Accountants and Architects): 48 months
- Others: 36 months.
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- Proprietorship Firms
- Â Partnership Firms/Limited Liability Partnerships (LLPs)
- Â Private Limited Companies.
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