How to get Loans for New Entities in ICICI Bank
ICICI Bank offers business loans for those who have been around for a while and also for those who have just started a new venture. Business loans provided by ICICI Bank are designed specifically for manufacturing, retail, wholesale, trading and service industries.
Features of ICICI Loans for New Entities
The features of Loans for New Entities are as follows:
Competitive interest rates are offered for Loans for New Entities. The interest rate is determined on the assessment of the borrower’s business profile, past track record, financial assessment record, loan amount and the loan tenure.
Cash credit or overdraft or export credit and non-fund based facilities is provided to manufacturers, traders and service providers that are 1 year or older.
are offered for purchased of commercial assets and to meet the business expansion needs.
Flexible collateral options are offered in terms of residential or commercial or industrial properties. Even liquid securities are accepted as collateral.
Working capital finance requirements is offered to:
Sole Proprietorship firms
Private limited companies
Trusts and societies
Public limited companies
Documents required for ICICI Loans for New Entities
The following documents are to be submitted along with the duly filled application form:
- Firm profile
- List of 5 major suppliers and customers
- Constitution documents
- Audited financial statement of the last two years with ITR
- Last 6 months bank statement
- IT pan card of Promoters or Directors or Partners
- Self-certified provisional and projected balance sheet and profit and loss account
- Proprietor’s or Partner’s or Directors personal ITR
- Current profit and loss sheet
- VAT assessment order or Sales tax registration certificate
- Latest list of Directors
- Form number 32
- Partnership registration certificate
- Audited 1 years financials of sister concern
- Agreement with principal
- Existing bank sanction letters
- Formalities for creation of charge on security
- Authority letter for security execution
- Notarized Partnership Deed
- Net worth Certificate by CA.
- End use letter
- List of assets
- Satisfactory conduct report from existing bankers