ICICI Business Loan
ICICI Business loan apply now at Arena Fincorp & get lowest interest rates. You don’t have to go through the complicated process of getting ICICI business loan. We will do it for you to make things easier and simpler. So that you can focus on what’s more important, building your business.
We have years of experience in providing financial solutions and will happily assist you through the business loan process, ensuring a smooth and hassle-free experience. We work hard to provide you with the cheapest business loans in India, allowing you to build your business without paying a fortune of your revenue in interest payments.
ICICI Business Loan Interest Rate
The ICICI Business loan Interest rate ranges from:
- For secured facilities: Up to Repo Rate +6.0 %(Non PSL)
- For facilities backed by CGTMSE: Up to Repo Rate + 7.10%
- Current repo rate: 6.50%
The final interest rate that you would receive from ICICI might depend on several factors such as your CIBIL score, age of your business, operational history of your company etc.
ICICI Bank Business Loan Eligibility
Below is the list of ICICI business loan eligibility conditions that you must pass to successfully avail the business loan from the bank.
Age
28 years (self employed individuals) and 25 years (for doctors); Maximum age – 65 years
Minimum turnover
Rs. 40 lakh for non-professionals; Rs. 15 lac for professionals; as per audited financials
Minimum profit after tax
Rs. 2 lac for Proprietorship Firm/Self employed Individuals and Rs. 1 lac for non-professionals as per audited financials
Business stability
In current business for at least 5 years and minimum 3 years for doctors
Existing relationship with ICICI bank
Minimum 1 year liability relationship (current or savings account) or Asset relationship (loan) either live or closed in the last 36 months; repayment track as required by the bank. You must meet these conditions to avail the ICICI business loan.
ICICI Business Loan Fees & Charges
All ICICI business Loan fees & Charges that you need to know, including preclosure charges are mentioned below.
Processing Fees
Up to 2% (plus applicable taxes) of the facility amount.
Stamp Duty and other statutory charges
As per applicable laws of the state.
Commission on Letters of Credit and Bank Guarantee
Up to 2% p.a. commission shall be charged on pro-rata basis based on the tenure and the amount of non-fund based facility being availed.
Foreclosure Charges
Foreclosure charges to be charged as per the terms and condition mentioned in the sanction letter.
Nil foreclosure charges for Micro and Small enterprises.
Commitment Charges
Commitment charges to be charged as per the terms and condition mentioned in the sanction letter.
*The facts and figures provided above are indicative and liable to change periodically.
ICICI Business Loan Documents Required
You can check the list of ICICI Business loan Documents, which you would be needing when applying for the loan from ICICI, below:
Application form
All fields should be duly filled in and acknowledgement given to the customer
Self-attested copy of KYC Documents
- Entity proof – Partnership deed/Certificate of Incorporation/Shops and Establishment certificate.
- Copy of PAN Card of Entity, Proprietors/Partners/Directors, Security providers and guarantors.
- Address Proof of Entity, Proprietors/Partners/Directors, Security providers and guarantors
Financials
- Last 3 years Audited/Provisional Financials (Audited financials to include Balance Sheet, Profit and Loss Account along with schedules and Notes to Accounts, Tax audit reports, Statutory Audit report). In case of Provisional financials, VAT returns are also required.
- Current year performance and projected turnover on letterhead of the entity.
- Last 1 year Income Tax returns of the borrowing entity (along with Computation of Income and copy of acknowledgement), if filed online, acknowledgement number is required.
Bank Statements (not more than 45 days old)
Latest Bank Statements for last 6 months (in case of First Time Borrower) and 12 months (in case of Takeover proposals). In case of multiple banking, statements covering minimum 75% of banking turnover is to be provided.
ICICI Business Loan Apply Online
ICICI business loan apply online at Arena Fincorp. (You can always start your online application and resume it at a later instance at our site.) Here’s our step-by-step guide to apply for ICICI business loan at our site:
- Step 1: Click on Apply Now to open our online application form
- Step2: Fill in a few details and verify the OTP sent to your phone
- Step3: Enter your KYC and income data
- Step4: Choose the loan amount you want to borrow
- Step5: Submit your application
- Step6: We will call you & take care of the entire loan process for you!
How to Calculate ICICI Business Loan EMI?
To calculate your ICICI business loan EMI, you can use the following basic formula, i.e.
E = [P x R x (1+R) ^N] / [(1+R) ^ (N-1)]
Here,
‘E’ stands for EMI
‘P’ represents the principal loan amount
‘r’ stands for the interest rate
& ‘n’ represents the duration of the loan
At Arena Fincorp.com, you can find a ICICI business loan EMI calculator. This tool enables you to calculate the ICICI business loan EMI amount through the web interface. Our EMI calculator allows you to understand the breakdown of each component, including the interest and principal loan amount. Simply put, you can effectively undertake your financial planning based on the computations.
Why Choose Arena Fincorp for ICICI Business Loan?
1. Quick approval: We feel proud to say that we are one of the few institutions doing superfast application processing, so that you can build your business faster than ever.
2. 100% transparency: No hidden charges. We’re 100% transparent about the terms of our services.
3. Full Assistance: Rest assured, our experienced team will fully assist you in the entire process from start to finish in getting your business loan. You just need to breathe and relax while we do the whole work for you.
4. History of Reputation: Having a rich history of providing the best financial solutions, our customers are very happy with working with us & we feel proud to say that they trust us for their future financial needs too.
5. Simple and easy Process: Our experienced team will happily guide you through the entire business loan process, making it simple, easy and hassle free to build your dream business.
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https://arenafincorp.com/sbi-home-loan-interest-rate-emi-calculator/
Our Customers Love Us
I'll keep it short: It was easy and super convenient to get the loan of my choice at Arena.
Arena made things so much simple for me. They helped me select the best loan for my business. They did the entire work on my behalf.
Recommended 10/10. I didn't even knew a service like this existed. My work became so much simpler!
Their staff were so polite, friendly and knowledgeable. They helped me get the loan at the lowest possible interest rates
ICICI Business Loan FAQs
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How do I apply for ICICI business loan online?
To apply for ICICI business loan to build your dream business, you can get in touch with us by calling us at +91 9251647949 / emailing us at info@arenafincorp.com or by clicking on the apply now button above.
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On what basis can a business loan be availed?
A Business Loan can be availed on the basis of audited financials, Banking relationship with ICICI Bank or other banks, Goods and Services Tax (GST) filed, Income Tax Returns (ITR) filed, Turnover of the business, Existing Home Loan, Existing Auto Loan
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Who all are eligible under self-employed non-professionals?
Traders, Retailers, Manufacturers, Vendors, Wholesalers & Distributors
