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Thinking of expanding your business without security/collateral? Business Loan (BL) is collateral/security free loan which is provided to a self-employed individual and entity. Business Loan can be availed for any business upgrade or equipment purchase, which is repaid in equal instalments at fixed intervals. Be it working capital, small equipment purchase or any other business expansion plan, we at ICICI Bank understand your financial needs and offer you specially designed Business Loan which suits your business requirements.
BENEFITS OF ICICI BANK BUSINESS LOAN
Proprietorship Firm/ Self-Employed Nonprofessionals
Partnership Firm/ LLP & Private Limited Company
Unlisted Public Limited Company
Self-Employed Professionals And Doctors
ON WHAT BASIS BUSINESS LOAN CAN BE AVAILED?
Traders/Retailers
Manufacturers
Vendors
Wholesalers & Distributors
Doctors
Architects
Chartered Accountants
Company Secretary/ Cost and Work Accountant (CWA)
You can pre-close or pre-pay your Business Loan (BL) by paying the applicable pre-closure charges after 1st EMI payment. Currently, the applicable pre-closure charge is 3% of the outstanding loan amount (plus applicable tax). After paying 12 EMIs, the charges are NIL. Loans classified under MSE can also pre-close the loan after 1st EMI payment with NIL charges.
Interest Rates
Latest Business instalment Loan Interest Rates
Particulars |
Interest rates and applicable charges |
Business Instalment Loan interest rates |
Starting from 13.25% per annum |
Loan processing charges / Origination charges (Non-refundable) |
Up to 2% of the loan amount plus applicable taxes |
Interest Rate Range for Business Instalment Loans for period July 2024 to Sept 2024:
Type Of Credit Facility |
Maximum |
Minimum |
Mean |
Business instalment Loans |
19.50% per annum |
13.25% per annum |
16.20% per annum |
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Note:
It excludes subsidies, government schemes and loans disbursed under the Emergency Credit Line Guarantee Scheme (ECLGS) at the mandated interest rate of 9.25%.
All the above charges are exclusive of Goods & Services Tax (GST). Applicable GST, taxes and/or other statutory levies shall be levied over and above the charges levied by the Bank.
Business Installment Loan Annual Percentage Rate (APR)
The Annual Percentage Rate (APR) is a method used to compute annualised credit cost, including the Rate of Interest and Processing Fee.
The APR Calculator does not include prepayment charges, etc.
Please click here to calculate these charges and to download the APR Calculator.
Yes. We offer Personal Loan for business purpose, to self-employed individuals as well. To apply for Business Loan, please visit the nearest ICICI Bank branch along with your valid ID proof.
The minimum business vintage required under BIL is 5 years.
There are different criteria based on which one’s eligibility is decided. You can check your eligibility:
CHECK YOUR ELIGIBILITY
Business Instalment loan (BIL) is an unsecured loan which is provided to a self-employed individual and entity. A business instalment loan is a business loan that can be availed for any business upgrade or equipment purchase, which is repaid in equal instalments at fixed intervals, mostly monthly.
Yes. ICICI Bank offers a facility where in both partners can together apply for ICICI Bank Business Instalment Loan.
- Doctor: 60 Months
- Professional (CA, CS, CWA and Architect): 48 Months
- Other: 36 Months
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- Proprietorship Firm
- Partnership Firm/ LLP
- Private Limited Company
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