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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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Get loan amount upto Rs. 2 Crores. Loan tenure starting from 12 months to 84 months. 2% processing fee. With varying plans and schemes,
choose the best ICICI Bank Business Loan with CreditMantri that is best suited for your business. Apply now!
Max Tenure
NULL
Best Rate
12.25%
Processing Fee
2%
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Self-employed individuals can access business loans designed by ICICI Bank. To be eligible for these loans, you must meet certain requirements related to your age, income, business history, and relationship with the bank.
Age Requirements:
Income Requirements:
Business Stability:
Relationship with ICICI Bank:
A minimum one-year relationship with ICICI Bank, either as a liability (like a savings or current account) or as an asset (e.g., a loan), is necessary. This relationship can be either currently active or closed within the past 36 months. Additionally, your repayment history with the bank must be satisfactory.
Charge | Details |
---|---|
Interest Rate | Determined based on business financials, loan amount, and tenure. Secured facilities are available at a rate of Repo Rate + 6.0% (Non-PSL), and facilities secured by CGTMSE can go up to Repo Rate + 7.10%. |
Processing Fee | A charge of up to 2% on the facility amount, excluding taxes. |
Stamp Duty and Other Statutory Charges | As per applicable laws. |
Commission on Letters of Credit and Bank Guarantee | Up to 2% per annum (p.a.) commission on a pro-rata basis, based on tenure and amount of the non-fund-based facility availed. |
Commitment Charges | As per the provisions outlined in the sanction letter. |
Foreclosure Charges | Standard Charges: As per the terms and conditions in the sanction letter. Exemptions: Micro and Small Enterprises pay no charges. |
Pre-payment Charges | If the loan is transferred to another bank during the loan period: A fee of up to 4% of the total limits will be charged. Applicable specifically to Balance Transfers (BT). |
Loan Details:
Eligibility:
Benefits:
While specific documents may vary, here are some common ones:
1. Visit ICICI Bank's Website: Go to the ICICI Bank’s online portal.
2. Find Business Loans: Look for "Business Loans" under loan products.
3. Check Eligibility: Use a loan calculator to check if you qualify.
4. Fill the Application: Furnish business details, loan amount, and the repayment timeframe.
5. Upload Documents: Upload scanned documents like business registration, KYC, financials, and bank statements.
6. Loan Assessment: ICICI Bank will assess your application.
7. Verification: The bank may contact you for more information or verification.
7. Approval and Disbursement: If approved, you'll get an offer letter and the loan will be disbursed to your account.
1. Visit a Branch: Make your way to the closest ICICI Bank branch.
2. Get Application Form: Ask for the ICICI bank business loan application form.
3. Eligibility Check: A bank representative will assess your eligibility.
4. Fill the Application: Complete the form with business and financial details.
5. Submit Documents: Submit physical documents like business registration, KYC, financials, and bank statements.
6. Loan Assessment and Verification: ICICI Bank will assess your application and may conduct a site visit.
7. Approval and Offer Letter: If approved, you'll get an offer letter with loan terms.
8. Sign Loan Agreement: Sign the loan agreement at the branch.
9. Disbursement: The approved loan amount will be deposited into your account.
Repayment Options:
Prepayment and Foreclosure:
ICICI Bank Net Banking:
ICICI Bank Mobile Banking App:
ICICI Bank Website Loan Tracker:
Call ICICI Bank Customer Care:
Visit an ICICI Bank Branch:
Type of Charge | Typically Charged | Factors Affecting Charges |
---|---|---|
Prepayment Fee (Term Loans) | 2-3% of outstanding principal | Loan type, interest rate, loan agreement |
Prepayment Fee (Working Capital Loans) | 1-2% of outstanding principal | Loan type, loan agreement |
Foreclosure Fee | 2-4% of outstanding principal | Loan type, loan agreement |
ICICI Bank provides various loan options specifically tailored for women entrepreneurs. These include:
1. ICICI Bank Business Loan for Women Entrepreneurs:
2. ICICI Bank SME Loan for Women:
3. ICICI Bank Business Loan for Women (Micro and Small Enterprises):
Loan Type | Loan Amount | Purpose |
---|---|---|
Business Loan for SMEs | ₹50,000 to ₹50 lakh+ | Working capital, expansion, buying equipment |
Business Loan for Women Entrepreneurs | ₹50,000 to ₹50 lakh | Business expansion, equipment purchase, working capital |
Working Capital Loan | ₹1 lakh to ₹50 lakh | Daily business operations, inventory, salaries |
Business Loan for Professionals | ₹1 lakh to ₹20 lakh | Business expansion, infrastructure, new setups |
SME Loan | ₹1 lakh to ₹2 crore | Business growth, machinery, infrastructure, working capital |
Equipment/Machinery Loan | ₹1 lakh to ₹50 lakh | Buying new or replacing old equipment |
ICICI Bank offers a variety of business loans designed to cater to the needs of small, medium, and large businesses. These loans provide financial support for working capital, business expansion, infrastructure development, equipment purchase, and more. Here are the main business loan offers available from ICICI Bank:
Loan Type | Purpose | Key Features |
---|---|---|
Business Loan | Working capital, infrastructure, operational needs | ₹50,000 to ₹50 lakh+, flexible tenure, competitive rates, often no collateral |
Working Capital Loan | Short-term operational needs (inventory, salaries) | ₹1 lakh to ₹50 lakh, short-term tenure, variable rates, often no collateral |
SME Loan | Business growth, expansion, equipment purchase | ₹1 lakh to ₹2 crore, flexible tenure, competitive rates, often no collateral |
Business Loan for Women Entrepreneurs | Supporting women-led businesses | ₹50,000 to ₹50 lakh, lower interest rates, flexible repayment, often no collateral |
Equipment/Machinery Loan | Purchasing or upgrading equipment | ₹1 lakh to ₹50 lakh, tenure based on equipment life, competitive rates, equipment as collateral |
Business Loan for Professionals | Business expansion, infrastructure, new setups | ₹1 lakh to ₹20 lakh, adjustable tenure, competitive rates, unsecured |
Franchise Loan | Starting or expanding a franchise | ₹5 lakh to ₹50 lakh+, flexible tenure, attractive rates, based on franchise brand and applicant's profile |
Trade Finance Loans | Import/export activities | Based on trade needs, short-term tenure, competitive rates, for businesses involved in international trade |
Cash Credit/Overdraft | Flexible working capital | Up to ₹50 lakh+, interest on drawn amount, for businesses with healthy financials |
Loan Against Property | Business expansion, capital needs | Up to 80% of property value, up to 10 years, competitive rates, property as collateral |
For example, if you borrow ₹1,500,000 for 5 years at a 15% interest rate, your monthly payment (EMI) would be ₹35,685.9. Over the 5 years, you'll pay ₹6,41,094 in total interest, making your total payment ₹21,41,094.
If you wish to calculate your EMI according to your loan amount, you can do it here: Loan Calculator1. What is the maximum loan amount offered by ICICI Bank for business loans?
ICICI Bank offers business loans up to INR 2 Crore depending on the type of loan and eligibility.
2. What is the interest rate for ICICI Bank business loans?
The interest rate is based on your business financials, loan amount, and tenure, starting from Repo Rate + 6.0%.
3. What is the processing time for ICICI Bank business loan approval?
ICICI Bank offers quick approval and disbursement, with minimal paperwork for business loans.
4. What is the eligibility criteria for ICICI Bank business loans?
To be eligible, you need to be aged between 25 and 65 years, have an annual turnover of at least Rs. 15 lakh (for professionals), and maintain a positive relationship with ICICI Bank.
5. Can a startup apply for an ICICI Bank business loan?
Yes, ICICI Bank offers loans for startups under its iStartup 2.0 initiative, with loan amounts ranging from ₹1 lakh to ₹40 lakh.
6. What documents are required to apply for an ICICI Bank business loan?
Required documents include PAN Card, identity proof, address proof, financial statements, and business registration documents.
7. Is collateral required for ICICI Bank business loans?
Many ICICI Bank business loans, especially for startups, do not require collateral or guarantors.
Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.