ICICI Bank is the second-largest private bank in the country. The bank has a wide array of products such as Personal Banking, Business Banking, NRI International Banking, etc.
It provides corporates and business entities with a wide spectrum of products, including Loan Against Property, Term Loans, Business Loans, Project Finance, Infrastructure Finance, etc. But here we are talking about Business loans in ICICI Bank.
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In today’s competitive business world, securing finances is the most important task for the growth of your company. To fulfill your business dreams, you should take a loan as a mode of financial support. The ICICI Bank provides business loan facilities to its customers. In this article, we will explain to you how you can apply for a business loan in ICICI Bank.
What is Business Loan?
What is Business Loan? A business loan is a type of loan that is issued for business purposes. Generally, these can range from start-up loans to equipment loans. Most banks offer business loans, while others offer business lines of credit. Business loans can be used for a wide range of purposes, including expanding an existing business, purchasing equipment, making major purchases, or even financing a merger.
How to Apply for Business Loan in ICICI Bank:
- Apply Online: First, apply online through this website, or visit our website to download the application form.
- Complete the application form online and submit it.
- Verification: To complete your application, we will ask you to verify a few pieces of your identity.
- We do this through a three-step process, so it’s important that you complete each verification step in its entirety.
- Step 1.) The KYC verification
- Step 2.) The Credit Bureau Verification
- Step 3.) The Reserve Bank of India (RBI) and FEMA Verification
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IDENTITY PROOF For Business Loan in ICICI Bank
Many of us might have come across the term ‘identity proof’ but may not know exactly what that entails. But, there are a few documents that are required every time you apply for a business loan with ICICI Bank. Here’s a quick guide to help you know what documents are required along with the bank application form.
- Shops and Establishment certificate
- Copy of PAN Card
- Address Proof of Entity
One should be familiar with the types of identity proof required by a bank before applying for a business loan. A credit report and credit score are two critical parameters banks look into while evaluating a business loan application.
The credit report reflects an individual’s credit history and financial soundness. A credit report or credit score helps to assess the financial reliability of an individual. A credit score is a three-digit number that ranges from 300 to 900 and reflects an individual’s creditworthiness and ability to pay financial obligations.
ICICI Bank BUSINESS LOANS ELIGIBILITY CRITERIA
Offering Business Loans, the Commercial Bank of India Ltd, a subsidiary of the Industrial and Commercial Bank of China Limited (ICICI Bank), provides financial services in India and abroad.
The Bank offers a range of products and services such as Corporate Banking, Investment Banking, Trade and International Finance, and Treasury Operations. And the eligibility criteria for ICICI Bank Business Loans in India are pretty simple.
- The borrower must have a bank account with ICICI Bank.
- The borrower must also be a permanent resident of India.
- And the borrower must be either 18 years or above or self-employed.
- The business loan applicant must also be the owner of the business.
- Additionally, the business must be in operation for at least one year.
Benefits of Taking Business Loan in ICICI Bank
ICICI Bank business loans are a loan facility that ICICI Bank provides to its customers. These loans are availed by businesses for a range of purposes, ranging from starting a small business or funding an existing one, expanding a business, funding working capital requirements, funding capital expenditure requirements, funding employee or salary requirements, funding specific business projects, funding the repayment of existing debt, etc. ICICI Bank’s online banking facilities provide borrowers with an efficient and secure way to access their funds, manage their accounts, and apply for a business loan.
The Bottom Line
ICICI Bank is India’s largest private sector bank. With over 1,50,000 employees, ICICI Bank is India’s most diversified bank. ICICI Bank offers a range of products and services such as retail banking, corporate banking, investment banking, investment banking, wealth management, insurance, broking, venture capital, capital markets, private equity, securities booking, foreign exchange, treasury, and payment services.
The ICICI Bank provides banking services to corporate, SME, and retail customers through a network of 3,741 branches and 8,456 ATMs spread across India. ICICI Bank offers mortgage, credit card, consumer loans, personal loans, home loans, auto loans, education loans, home loans, retail loans, business loans, commercial loans, and special loans.