ICICI Business Loan

1. Construction 
2. Pharmaceuticals 
3. Educational Institutions 
4. Information Technology 

Details of the different types of business loans offered by ICICI Bank 

Working Capital Finance

The Working Capital Finance offered by ICICI Bank is designed to serve all your working capital needs such as export credit, bank guarantees, overdraft facility, and so on. 

Features of the Working Capital Finance:

1. You can avail Cash Credit limit or Overdraft facility under this facility 
2. The Export Credit facility can be availed to provide pre-shipment and post-shipment finance to exporters 
3. Different types of bank guarantees which help meet financial obligations and performance 
4. Non-fund based facilities as working capital limits such as letters of credit and buyers credit facilities can be availed 
5. Competitive rates of interest and other relevant charges 
6. Wide network of branch offices along with Anywhere Banking facility 
7. Quick processing and disbursal of loan amount 
8. Flexible collateral options wherein residential, industrial, commercial, and liquid securities are accepted 

Eligibility criteria:

1. The applicant is required to be a manufacturer, retailed, service provider, trader, wholesaler, importer, and/or exporter 
2. The applicant should be engaged in trade, manufacturing, and/or trade in any one of the following segments: 

• Private Limited Company 
• Partnership Firm 
• Public Limited Company 
• Sole Proprietorship Firm 

Interest Rate:

The interest rates offered by ICICI Bank for the Working Capital Finance are very competitive. However, the interest rate is not numerically defined. It will vary from applicant to applicant on the basis of the business profile, financial records, loan repayment tenure, and past track record. 

InstaOD

InstaOD is the online lending platform offered by ICICI Bank which will help an individual avail instant loans to cater to his or her working capital needs. 

Features of the InstaOD facility:

1. Quick and easy online loan application processing 
2. Quick online processing of the loan application 
3. Super-fast disbursement of the loan amount 
4. Minimal documentation process 
5. Overdraft facility of up to Rs.15 lakh 
6. No requirement of collateral or security 
7. No charges for foreclosure or prepayment of the loan amount 

Eligibility criteria:

1. The InstaOD feature can be availed only by existing customers of ICICI Bank 
2. The applicant is required to be an individual and should be a proprietor who meets the criteria set by the bank 
3. All other eligible applicants can also apply for the InstaOD facility. However, they cannot apply online. They have to visit a branch office of the bank to apply for the same. 

Interest Rate:

The interest rate for the InstaOD facility offered by ICICI Bank under non-priority sector lending is 6 months' I-MCLR + 7.5% of spread. At present the interest rate stands at 16.10%. 

Current Account Unsecured Overdraft 

The Current Account Unsecured Overdraft is a facility offered by ICICI Bank for customers who are relatively new. It can also be availed by existing customers who are not eligible to avail the InstaOD facility. In order to avail this facility, customers will be required to visit one of the branch offices of ICICI Bank. 

Eligibility criteria: 

1. Eligible constitutions: The eligible constitutions include individuals, limited liability partnerships, public limited companies, private limited companies, and proprietorship partnerships. 
2. Business vintage: At least 2 years 
3. Current account vintage: At least 12 months with ICICI Bank 

Requirement of documents to avail the InstaOD or Current Account Unsecured Overdraft: 

1. Know Your Customer (KYC) documents
2. Statement of current account for the last 12 months
3. Constitution documents as per requirement of the bank

Term Loans

ICICI Bank offers term loans which can be used for setting up new industrial units, purchasing commercial assets, and expanding existing industrial units. 

Features of the Term Loans:

1. Flexibility in loan repayment tenure which can be extended to up to 7 years. 
2. Avail a loan amount of up to Rs.2 crore under CGTMSE scheme without providing any collateral. 
3. Assessment done on the basis of the future cash flows. 
4. Specially designed composite loans which includes both working capital and term loans to meet all financial requirements. 

GST Business Loans

The GST Business Loans offered by ICICI Bank is specially designed for customers who are looking for a simple overdraft product which does not need any financial documents. 

Features of the GST Business Loan:

1. No requirement for financial documents 
2. Easy and simple product 
3. Overdraft amount of up to Rs.20 million 
4. Assessment done on the basis of the GST returns 
5. Overdraft facility can be availed against self-occupied commercial, residential, and/or industrial properties. 

Customised MSME Solutions

ICICI Bank offers specially customised loan solutions for micro, small, and medium enterprises, i.e. MSMEs. The Customised MSME Solutions helps the customers to choose the most suitable loan product for their business. There are 4 different categories under which the loans can be availed. The details of these products are discussed below: 

A) Loans for new entities: 

This business loan offered by ICICI Bank can be used by first-time borrowers as well as a business which has just started off. The loan is mainly focussed on meeting the day to day operating expenses of the business. This loan is ideal for individuals who belong to the retail, manufacturing, trading, wholesale, and service industries. 

Features of the loans for new entities:

1. Manufacturers, service providers, and traders can avail the facility of cash credit, export credit, non-fund based facilities, and/or overdraft facilities through this product. 
2. The loan can be availed for any business which has been functioning for at least 1 year or more. 
3. Purchase of commercial assets and other business expansion plans can be realised through the term loans available through this loan product. 
4. The loan can be availed through ICICI Bank using any residential property, industrial property, commercial property, and/or liquid securities as collateral. 
5. Public limited companies, private limited companies, partnership firms, and sole proprietorship firms can avail the loans for new entities through ICICI Bank. 

B) Loans without financials 

ICICI Bank offers loans without financials to customers who are eligible for the same. The eligibility of applicants is ascertained on the basis of their previous transactions. In order to get a loan under this scheme, the applicants will not be required to provide the audited financials of their business. 

Features of the loans without financials:

1. Loans are disbursed on the basis of the customer's previous transaction history 
2. Loan amount of up to Rs.1 crore can be availed through this scheme 
3. Loans can be availed in the form of overdraft and non-fund based facilities 
4. The applicants will not be required to provide audited financial records 
5. The business for which the loan is being applied for should be at least 3 years old 
6. The loan can be availed through ICICI Bank using any residential property, industrial property, commercial property, and/or liquid securities as collateral. 
7. The eligible companies should have a current account with ICICI Bank or any other bank for at least 2 years. 

C) Collateral Free Loans 

Through this scheme, ICICI Bank offers loans to businesses without the requirement of any collateral. It is specifically designed and targeted towards small businesses. 

Features of the collateral free loans:

1. Avail cash credit and term loans under the CGTMSE scheme of as much as Rs.2 crore. 
2. No requirement for collateral in order to avail a loan under this scheme. 

D) Finance for Importers and Exporters

The Finance for Importers and Exporters scheme is a special offering by ICICI Bank. As the name suggests, it has been specially designed for exporters and importers who are looking for finance for the betterment of business opportunities. 

Features of the finance for importers and exporters:

1. Exporters can avail export credit for both pre-shipment and post-shipment finance. 
2. In order to reduce the forex risks, borrowers can avail the loans in foreign currency. 
3. Export credit and buyers' credit can be availed in foreign currency to reduce the overall borrowing costs. 
4. For the facilitation of trade, the borrowers can avail letters of credit. 
5. Through the loans taken under this scheme, borrowers can also hedge the foreign exchange risks with the help of derivative solutions. 
6. The loan can be availed through ICICI Bank using any residential property, industrial property, commercial property, and/or liquid securities as collateral. 
7. Public limited companies, private limited companies, partnership firms, and sole proprietorship firms can avail the loans for new entities through ICICI Bank. 

Industry Specific Loans

On the basis of the challenges that are faced across different industries, ICICI Bank offers loans which are specific to these industries. The different types of loans offered under this scheme have been listed below:

A) Construction

ICICI Bank offers end-to-end loan solutions for the construction industry through this scheme. 

B) Pharmaceuticals

ICICI Bank offers specialised loans for the pharmaceutical industry which helps the borrowers to increase the awareness of the latest challenges and practices. 

C) Educational Institutions

ICICI Bank offers specialised loans for educational institutions through which the borrowers can depend on their own experiences for the betterment of the business. 

D) Information Technology

A customer can also borrow specialised loans for the Information Technology or IT sector through ICICI Bank.