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ICICI Bank offers Business Loans with low processing fees and low-interest rates. No hidden fees and 100% transparency are at the core of the loan, making it a seamless borrowing experience.
Applicable Fees
Interest rate
ICICI Bank Business Loan interest rate is determined based on the assessment of the business, financials, loan amount, and tenure.
For secured facilities, the interest rate is up to the Repo rate plus 6.5% (Non-PSL).
For facilities under CGTMSE, the interest rate is up to Repo rate plus 7.10% (PSL and Non-PSL).
For unsecured facilities, the interest rate is up to 17% (fixed).
Processing charges
There is a small processing fee for loan processing, verification, and other administrative services. Our fee is up to 1% for secured facilities and 2% for unsecured facilities of the facility amount, along with the applicable taxes.
Foreclosure charges
Foreclosure charges are to be charged as per the terms and conditions mentioned in the section letter.
There are two kinds of ICICI Bank Business Loan interest rates: fixed and floating.
Here, the rate of interest charged on the ICICI Bank Business Loan amount will remain constant throughout the loan repayment period. You know your ICICI Bank Business Loan EMI obligation at the start of the tenor, allowing you to plan your monthly budget accordingly.
Here, ICICI Bank Business Loan interest rates could change depending on changes to the Marginal Cost of Lending Rate (MCLR), which is the base rate set for banks by the RBI. With changes in MCLR, the interest rate on loans also gets revised. With a lower interest rate, the repayment amount also reduces. On the other hand, if the interest rates increase, your EMI obligation will also increase. A floating ICICI Bank Business Loan interest rate makes it difficult for you to ascertain your monthly financial obligation.
There are two methods to calculate interest: flat rate method and the reducing balance method.
In the flat interest rate method, the interest rate is based on the complete loan amount you pay during the repayment period. In case of reducing the balance method, the rate of interest on the ICICI Bank Business Loan will be considered and calculated on the basis of the outstanding loan amount.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
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