Get online Business Loan from ICICI Bank

ICICI is one of the major private sector banks in India and an multinational company which headquarters is based in Mumbai, Maharashtra. It has about 6000 branches covering across the country and operations in 17 other countries. It provides customer a wide range of products and financial services.
The ICICI banks manages a large number of assets and revenue generating over ₹ 1.8 lakh crore and have more than 1.25 lakh employees.
ICICI provides wide range of loan which includes car loan, home loan, personal loan, vehicle loan , business loan and so on.
But here we will discuss about business loan.
What is a business loan ?
Business loan is a loan which main purpose to Give loan for business purpose. There are various kind of business loan such as bank loan, loan from personal or company. Asset and various other. From bank you will get a good option to borrow the loan.
This article will give you full information about the business loan which includes eligibility, documents required, present rate of interest and also inform about merits and limitations of business loan.

Eligibility to avail business loan from ICICI bank :-

1) Age is 25 for doctors and 28 for other self-employed till 65 years of age.
2) There is requirement of minimum 15 Lakh rupees turn over for the professionals and ₹ 40 Lakh for the non professionals.
3) Minimum profit must be 1 Lakh rupees for Professional self employed and 2 Lakh rupees for the non-professional self employed.
4) The business is running for 5 years and 3 years back for doctors.

Attractive Features provided by ICICI Bank for the business loan :-

1) The ICICI bank ensures that there is no hassle for loan seekers, who are seeking a business loan.
2) The interest rate in comparison to many other banks is cheaper.
3) Required very less number of documents, it solves and relax the applicants who are seeking a business loan. As less number of documents needed more time of applicant is saved.
4) The Business Loan have a submission time goes to seven years which makes the loan flexible.
5) There is no hidden charges is availing in business loan. All the process is completely transparent.

Documents required for Business Loan from ICICI bank :-

1) All details of application form should be filled properly.
2) Copies of KYC Documents are need to submit and it is attested by the loan seeker.
3) Address Proof such as Aadhar card, voter / election ID card / Pan card / electricity bill any one to show your identity , the identification card should be authorised by government where address proof mention.
4) Identity proof is required by ICICI bank such as Aadhar, Permanent Account Number(PAN) card, etc.
5) For those who are being borrowing loan for the first time they have to required to show bank statement (latest) of last six months.
6) For those case of takeover proposals are required to submit last twelve months bank statement to the ICICI bank.
7) You are required to submit audited finances balance sheet for the last 3 years, which includes profit and loss also required to bring tax audit report.
8) Value Added Tax also required to submit in case of provisional finances.
9) Also required to show this year performance and turnover.
10) The Income Tax Returns are details also required to submit to the ICICI bank in the documentation process of loan.
For more details regarding the documents visit at www.icicibank.com

Processing fees while borrowing loan is about 2% along with taxes which is timely updated by government of India.
The ICICI bank provides Secured as well as unsecured loans.

The feature of loan select overdraft (business) is for 1 years.
The repayment of business loan can be done up to 7 years.
The business loan rate of interest is up to 17% to 18% depending upon the repo rate and several other factors.

Advantages and De-merits of Business Loan :-

There are advantages as well as disadvantages in business loan, it depends on borrower’s thought process. Now we discuss about the merit and disadvantages of business loan.

Advantages :

1) When you are borrowing loan for business then you will get tax deduction on paying your interest.
2) You have cash through loan so that you can invest in your business and an opportunity to grow your business through loan as business loan is easily available by the company.
3) Banks do not interfere when you borrow loans from the bank, may be some other lenders interfere in your business but is not case with the bank. You have a full power whatever want you do for the growth of company.

Disadvantages of Business Loan :-

1) You will not get business loan easily. There is tough eligibility required banks to give you loan. In many cases you do not get business loan because the eligibility condition is tough.
2) The rate of interest is quite higher than the loan such as home loan, car loan, personal loan etc.
If we conclude this article, then we can say ICICI bank provides a lucrative interest rate, with a lengthy tenure up to 7 years of repayment of the business loan. Also this business loan helps to grow the business of a person because finance is primary necessity of any business to grow.

Frequency Asked Questions (FAQs) :-

1) What is the current rate of Interest of business loan 4in ICICI Bank?
Ans:- The interest rate of business loan in ICICI Bank is range between 12% to 17%, for now about more visit at www.icicibank.com
2) What is contact number of ICICI Bank for enquiring business loan.
Ans:- 1800 1080 is the contact number. Here you can ask any query realted to business loan.
3) What is the maximum limit we can borrow from ICICI bank?
Ans:- The maximum limit you can borrow from ICICI bank is up to Rupees Two crore.
4) Name of website of ICICI for information about loan.
Ans :- The official website of ICICI bank where you get proper information visit at www.icicibank.com
5) What is maximum age requirement for the business loan in ICICI bank ?
Ans:- The maximum loan of individual who is borrowing loan is sixty five years of age.
6) What is address proof identification requirement for loan in ICICI bank?
Ans:- Any legal valid Identification card which is authorised by government such as Aadhar card, Pan Card, Driving License, Election / Voter Identity Card or any such document where your name must be shown on the identification card