Test: ICICI Business Loan @ 13.5%
Features: • Hassel free loans up to 40 Lac* • Attractive rates of interest (as low as 13.50%* on your personal loan) • No security/guarantor required • Faster processing with minimum documentation. • Cover your loan liability with ICICI 'All Safe' Insurance. • Flexible repayment option of 12-60* months. • Loan Processing Fee as low as 2% of loan amount plus Service Tax Eligibility for ICICI Bank Business Loan Salaried* Age 23 years - 58 years. Net Salary Salaried individuals with minimum monthly income Rs.17,500 for applicants residing in Delhi -NCR Total years in job/ profession 2 Years Years in current residence 1 Year Self Employed* 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 Document Required for ICICI Bank Business Loan For Salaried Proof of Identity:- Passport / Driving License / Voters ID / PAN Card (any one) Proof of Residence:- Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one). Latest 3 months Bank Statement (where salary/income is credited). Salary slips for last 3 months. 2 Passport Size photographs. For Self Employed KYC Documents: Proof of Identity; Address proof; DOB proof. Proof of Residence:- Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one). Income proof (audited financials for the last two years). Latest 6 months Bank statement. Office address proof. Proof of residence or office ownership. Proof of continuity of business.
ICICI Bank is India's largest private sector bank with total assets of Rs. 6,461.29 billion (US$ 103 billion) at March 31, 2015 and profit after tax Rs. 111.75 billion (US$ 1,788 million) for the year ended March 31, 2015. ICICI Bank currently has a network of 4,050 Branches and 12,665 ATM's across India.
ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's acquisition of Bank of Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses.
In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE.
After consideration of various corporate structuring alternatives in the context of the emerging competitive scenario in the Indian banking industry, and the move towards universal banking, the managements of ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI Bank would be the optimal strategic alternative for both entities, and would create the optimal legal structure for the ICICI group's universal banking strategy. The merger would enhance value for ICICI shareholders through the merged entity's access to low-cost deposits, greater opportunities for earning fee-based income and the ability to participate in the payments system and provide transaction-banking services. The merger would enhance value for ICICI Bank shareholders through a large capital base and scale of operations, seamless access to ICICI's strong corporate relationships built up over five decades, entry into new business segments, higher market share in various business segments, particularly fee-based services, and access to the vast talent pool of ICICI and its subsidiaries.
In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002. Consequent to the merger, the ICICI group's financing and banking operations, both wholesale and retail, have been integrated in a single entity.
Get totally unsecured loan of 20 times of your net profit with the help of our team of Chartered Accountants.
Only requirement: 3 years ITR and turnover of 1 cr+. No collateral required.
Repayment Period: 1-5 years
Interested? Call us at +91-9911050333 or fill the form on the right
What is Business Loan?
Business loans, as the name suggests, are specifically intended for business purposes. Be it a startup or an established business, business loans offer a financial solution to problems faced by the firm and fills the cash flow gap. Be it for meeting day-to-day expenses, expansion of infrastructure or even product development, business loans play a huge role in setting the financial foundation strong for a business.
Characteristic of Business Loan
- Businesses with bad credit can also apply but will have to provide proof that repayments can be done without delay.
- Application fees are either non-applicable or minimal
- The payment schedules are extendable with a nominal extra interest rate being applied
- Extended lines of credit made available
Eligibility Criteria for Business Loan
- Minimum 25 years of age and maximum 65
- The business should have been in profit for atleast 3 years
- A minimum turnover of 40 Lakhs for proprietorship, partnership firm and Pvt Ltd companies.
- Income Tax return should be a minimum of 3 Lakhs
- Net worth should be positive.
Who all can avail business loans?
- Self Employed Individuals/Professionals
- Sole Proprietorship Firms
- Partnership Firms
- Private Limited Companies
What documents are needed when applying for a business loan?
- Identity Proof
- Address Proof
- Bank Statement for past 6 months
- 3 years Income Tax Return with Balance Sheet, P&L and Audit Report
What are the tenure options available?
A minimum of 1 year to a maximum of 5 years.
Can I make part-prepayment?
Yes. Part pre-payment can be done with a minimum amount of Rs.50,000/- after 6 months from the date of disbursement of the loan. This can be made only once in a financial year.
Can I pre-pay my whole loan?
Yes. That is also possible, but after repaying a minimum of 6 EMIs. Pre-payment of loans will be charged as per the bank’s discretion.
How can I repay the loan?
The loan can be repaid through post-dated cheques or Electronic Clearing System.