MSME Loans from ICICI Bank
Considered as the second-largest bank in India in terms of assets and market capitalisation, ICICI Bank offers a wide range of finance products to different segments of its customer base. As of now, the bank has three MSME loans listed on it’s website. ICICI Bank also offers non-funded facilities to help small businesses run business operations smoothly.
The MSME loans offered by ICICI Bank are:
- Working Capital Loan
- Term Loan
- Export Credit
We give you a brief intro to the business loans below.
ICICI Bank Working Capital Loan
The loan helps businesses finance their everyday operations including during periods of reduced business activity or other cases when the funds are short to meet the business needs. The bank extends this as Cash Credit or Overdraft (OD) facility.
Features of the ICICI Bank Working Capital Loan
Why this Loan?
- The ICICI Bank Working Capital Loan for MSMEs can be taken for all projects and activities related to running the business on a day-to-day basis such as for investment in current assets, purchase of raw materials, salary payments, power charges, etc.
- The interest rate applicable to this loan is determined by the bank after assessing the borrower’s business profile, past track record, cash flow, loan amount required, etc.
ICICI Bank Term Loan
The loan helps businesses carry out different business activities right from building a business unit to purchasing machinery and vehicles. All projects are eligible for this loan as long as they are directly related to the purchase of assets or business expansion.
Features of the ICICI Bank Term Loan
Why this Loan?
- The ICICI Bank Term Loan for MSMEs can be availed for all projects and activities related to building assets for the future growth of the company
- The bank accepts residential/commercial/industrial property or liquid securities as primary security for this loan
ICICI Bank Export Credit for MSMEs
This loan helps businesses pay for pre-shipment, post-shipment, and other activities for your export business. The bank may offer the facility in Indian as well as foreign currency depending on the needs of the borrower.
Features of ICICI Bank Export Credit
Why this Loan?
- The ICICI Bank Export Credit for MSMEs is meant for you if you need funds for meeting your exports obligations during the pre-shipment or post-shipment stage
- The repayment period for each loan is set on a case-to-case basis depending on factors such as the nature of project, quantum of loan, repayment capacity of the borrower, etc.
Important Note: Even though the bank’s website has information available for a few small business loan schemes at this time, there is a possibility that the bank may offer more corporate loan options that are not yet published on the website. We suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, etc. may be decided on a case-to-case basis.
Interest Rate for ICICI Bank Business Loans
- The interest rate for the ICICI Bank business loans depends on various factors such as quantum of loan, type of business, risk rating, nature of project, repayment period, the structure of debt, etc. As of now, the applicable interest rate for each loan is not mentioned on the bank’s website. Please get in touch with a bank representative for details
Documents Needed for Individuals
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card/ PAN Card Issue Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- For term loans: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
- For Term Loans Only: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable
Documents Needed for Private Limited and Public Limited Companies
- Application Form duly filled and signed
- Company ID Proof: Company’s PAN Card
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
- Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security: Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
- For term loans only: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable
Reference Facts:
- ICICI Bank Website: www.icicibank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1860 125 7777