ICICI Bank Business Loan

• Overdraft/cash credit limit to meet their working capital requirements
• Working capital limits to meet their export requirements and export credit for providing pre/post-shipment finance to exporters.
• Working capital limits based on non fund based facilities like letters of credit and buyers credit to ensure timely delivery of goods
• Different types of bank guarantees to meet performance and financial obligations

Collateral: Residential properties, commercial properties, liquid securities and/or industrial properties

ICICI Bank Business Loans without Financials

Purpose: ICICI Bank business loans without financials enables eligible customers to avail overdraft or other non-fund based facilities based on their past transaction history without requiring any audited financials. Sole proprietorships, partnership firms, public and private limited companies having business vintage of 3 years and current account for minimum 2 years are eligible to avail this loan.

Loan amount: Up to Rs 1 crore

Collateral: Liquid securities, residential properties, commercial properties and/or industrial properties

ICICI Bank Business Loan Finance for Importers and Exporters

Purpose: ICICI Bank Business Loan finance for importers and exporters allow business units to avail facilities like export credit (for pre-shipment and post-shipment finance), buyers credit, letters of credit, forwards/options (to hedge their derivative risk), etc. Sole proprietorships, partnership firms, public and private limited companies involved in manufacturing, trade or service can avail this loan.

Collateral: Liquid securities, commercial properties, residential properties and/or industrial properties

ICICI Bank Business Loan Insta Overdraft Plus

Purpose: ICICI Bank Business Loan Insta Overdraft Plus is an unsecured business loan overdraft facility for business entities to meet their working capital needs as well as for sudden emergencies. The borrower has to pay the interest on the loan amount used under this facility. The bank claims to offer an instant overdraft facility with paperless processing, instant sanction and disbursement for Insta Overdraft Plus and does not charge any prepayment or foreclosure fees.

Loan amount: Rs 25 lakh (Rs 50 lakh for existing ICICI Bank customers)

ICICI Bank Business Loan Insta Overdraft for Savings Account

Purpose: ICICI Bank Business Loan Insta Overdraft for Savings Account is a pre-approved unsecured business loan overdraft facility offered to existing ICICI Bank Savings Account customers to meet their working capital needs as well as for sudden emergencies. The borrower has to pay the interest on the loan amount used under this facility. The bank claims to offer an instant overdraft facility with zero documentation, instant sanction and disbursement for this scheme and does not charge any prepayment or foreclosure fees.

Interest Rate: 17% p.a.

Loan amount: Rs 5 lakh

ICICI Bank Business Loan Select Overdraft

Purpose: ICICI Bank Business Loan Select Overdraft is a pre-approved and unsecured business loan overdraft facility offered to select existing customers (proprietors, partnerships and limited liability companies, public/private limited companies) of the bank for meeting their GST/tax payment obligations. The borrower has to pay the interest on the loan amount used under this facility. The bank claims to offer an instant overdraft facility with minimal documentation, instant sanction and disbursement and does not charge any prepayment or foreclosure fees.

Loan amount: Rs 15 lakh (pre-approved OD facility for existing customers). The loan amount sanctioned will also depend on the GST payment transactions and the bank’s assessment of the loan applicant’s account over a period of 1 year.

Loan tenure: 1 year (renewable for another year subject to the bank’s discretion)

ICICI Bank Business Loan Merchant Overdraft

Purpose: ICICI Bank Business Loan Merchant Overdraft is a pre-approved overdraft facility offered to its registered merchants. The bank claims to offer this OD facility with minimal documentation and does not charge any prepayment / foreclosure fees. The borrower has to pay the interest on the loan amount used under this facility.

Interest Rate: 16% p.a.

Loan amount: Rs 25 lakh (pre-approved OD facility for existing customers)

ICICI Bank Business Loan Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTSME)

Purpose: ICICI Bank Business Loan Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTSME) is an unsecured loan product designed under the CGTSME scheme of SIDBI and Ministry of Small and Medium Enterprises defined under the MSMED Act, 2006. for MSE’s (sole proprietorships, partnerships, private and public limited companies) excluding traders. The bank provides cash credit facility (to meet working capital requirements) and term loans (to purchase commercial assets and for business expansion needs)

Loan amount: Rs 2 crore

ICICI Bank Express Bank Guarantee

Purpose: ICICI Bank Express Bank Guarantee can be availed by business loan applicants against fixed deposit or collateral. The different types of Bank Guarantees provided by the bank include:

• Application Form
• 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 or provisional financials. Audited financials include balance sheet, profit and loss account along with schedules and notes to accounts, tax audit reports, statutory audit report, etc.). VAT returns are required for provisional financials.
  • 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 (up to 45 days old)
  • Latest bank statements for last 6 months (for first time borrower)
  • Latest bank statements for last 12 months (for takeover proposals).
  • For multiple banking, loan applicants must provide bank statements covering at least 75% of the total banking turnover.
• For Bank Guarantee: Orders in hand and status along with order copies, letters of intent or contract agreements
• For Letter of Credit: Last 3 inland letter of credit transaction details to ascertain the track record of the business loan applicant .
• For Term Loans:
  • Project report with details about cost, means of finance, total expenditure incurred and projections
  • Government approvals for power, building plan, pollution along with documentary evidence
  • Proforma invoices of the assets to be purchased, copy of the allotment letter / conveyance deed for land, architect certificate for validating the total cost of building to be constructed