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ICICI Bank Business Loan

 

Eligibility & Documentation


Managing finances is the most significant component of any business. As a result, ICICI Bank has designed a package of loans customized to meet business needs. ICICI Bank Business loan can help you raise capital to help entrepreneurs and small businesses meet their capital requirements.

 

ICICI Bank Business Loan Eligibility Criteria

 

 

Salaried Individuals

Self-Employed Individuals

Business / Company

Entitled Borrowers

Government / Semi government / PSU / Private/MNCs/ Proprietorship/Partnership businesses

Proprietor /

Partners / Directors

Partnership firms, Private Limited firms, Public Limited firms,

Sole proprietorship firm

 

 

Self Employed Professionals such as Chartered Accountants, Company Secretary & Doctors

 

Age

The person should be 23 years old at the time of loan application and should be a maximum of 58 years at loan maturity.

Applicant must be a minimum of 28 years of age at the time of application and should be a maximum of 65 years at loan maturity.

 

If the applicant is a doctor, the age should be 25 years

Proprietor / Key Partner / Main Director must be a minimum of 25 years at the time of loan application and should be a maximum of 65 years at loan maturity.

Income / Minimum profit

The net monthly salary should be Rs.30,000

Minimum profit of Rs.2 lakh for self-employed and Rs.1 lakh for non-professional

 

Turnover

 

Turnover of Rs.40 lakh for non-professional and Rs.15 lakh for professional

Minimum profit of Rs.40 lakh.

Residence Stability

Minimum of 1 year in present residence.

 

 

Job / Business Stability

Minimum 2 years of experience in the job.

· In prevailing business for at least 5 years.

· For doctors is 3 years.

· In prevailing business for at least 5 years.

Citizenship

Individuals with Indian citizenship

Individuals with Indian citizenship

Proprietor / Partners / Directors with Indian citizenship

 

 

 

 

Documents Required To Avail ICICI Bank Business Loan

 

 

Salaried Individuals

Self-Employed Individuals

Firm / Company

Application form

All fields should be correctly filled out, and

 an acknowledgment is given to the customer.    

Identity Documents

 

Copy of PAN Card, Proprietors / Partners / Directors, Security providers, and guarantors

 

Financials

· Last 3 years Audited / Provisional Financials (Balance Sheet, Profit and Loss Accounts along with schedules and notes, Tax audit reports, statutory audit report).

· VAT returns are also required in case of provisional finance.

Work History

· Current year performance and projected turnover.

· Last 1-year ITR of the borrowing entity (computation of income and copy of acknowledgment).

· An acknowledgment number is required if the application is filled out online.

Bank Account Statement (not more than 45 days old)

· First-time borrower - Latest Bank statement for the last 6 months and 12 months (in case of Takeover proposal).

· In case of multiple banking, provide statements covering a minimum of 75% of banking turnover

Property document

Partnership deed / Certificate of Incorporation / Shops and Establishment certificate

 

 

eligibility

How to improve your ICICI Bank Business Loan Eligibility?

Follow these tips to improve your ICICI Bank Business Loan Eligibility –

Get Rid of Debts

Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting

Maintain a good CIBIL Score

Try to build a CIBIL score above 750

Do not apply for multiple loans simultaneously

Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness

Choose a longer loan tenure

Opt for a longer repayment tenure that will allow you to disburse the overall due amount over a longer time span. This will also help in reducing the EMI amount.

Add Co-applicants

A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.

improve-eligibility

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