Do you want to take a business loan from ICIC bank? Are you looking for are documents needed to take a business loan from ICIC bank? Are you looking for what are eligibilities to take a business loan from ICIC bank?
If yes? Then you are in right place. In this blog post, we are going to see all you need to take a business loan from ICIC bank. So let’s dive into it.
What Is Business Loan?
In simple words loan that is taken to fulfill business needs that loan is considered a business loan. There are many types of business loans like bank loans, cash advance & cash flow loans, invoice financing, microloans, etc
A business loan provides a lump-sum payment or credit line to business owners. After some time business owners have to pay this taken loan with interest and fees.
A business loan is like a normal loan but here amount is big as compared to personal loans or other types of loans. Now let’s talk about are advantages of taking a business loan.
What Are the Advantages Of taking a business loan?
Here are the advantages of taking a business loan:
- No sharing of profit.
- Reasonable interest rates.
- Tax benefits and much more
How To Take Business Loan From ICIC Bank?
Nowadays it is very easy to take a business loan. There are many banks that provide business loans. But in this blog post, we are going to see how to take a business loan from ICIC bank.
So follow the following steps to take a business loan from ICIC bank :
Step 1: GO to icic bank business loan eligibility calculator. Click here to go.
Step 2: Complete the detailes related to your business. As show in following image ( Demo image )
Step 3: Now click on applay and you will taken to the following page:
Step 4: After that click on submit.
After this just go with guidance given by official website.
Along with this, you need to have the following documents to take a business loan from ICIC bank:
Types Of Business loans from ICIC bank
Their are many types in icic business loan they are as follows:
- Working Capital Finance.
- Term Loans.
- GST Business Loan.
- InstaOD Plus.
- Loans for New Entities.
- Collateral Free Loans.
- Loans without Financials.
- Finance for Importers & Exporters.
- Insta-Secured Overdraft Facility.
Documents Needed To Take Business Loan from ICIC Bank?
If you want to take business loan from ICIC bank then you should have following documents:
- Application form.
- KYC documents like pan card, address proff, entity proof
- Most recent 3 years Audited/Provisional Financials (Audited financials to incorporate Balance Sheet, Profit and Loss Account alongside timetables and Notes to Accounts, Tax review reports, Statutory Audit report). In the event of Provisional financials, VAT returns are likewise required.
- Most recent 1 year Income Tax returns of the acquiring substance (alongside Computation of Income and duplicate of affirmation), whenever documented on the web, affirmation number is required.
- Current year execution and extended turnover on letterhead of the element.
- Bank statement.
Charges applicable To Take Business Loan From ICIC Bank?
- Processing fees.
- Interest rates.
- Stamp Duty and other statutory charges.
- Commission on Letters of Credit and Bank Guarantee.
- Commitment Charges.
Other Best Business Loan Providers Than ICIC Bank?
Like ICIC there are other banks that provide business loans. Here is a list of those sources which provide business loans:
- HDFC bank loan.
- ICIC bank loan.
- Axis bank business loan.
How much processing fees we have to pay to take loan from icic bank?
Up to 1% facility amount.
I hope that you understand how you can take a business loan from ICIC bank? I hope you liked the above information if you liked this information then you can share this information with friends who want to take a business loan.
We also provide information on crypto, insurance, loans, etc so if you are interested in it then you can visit these sections of our blog. Here are some blog posts: