On applying for an ICICI Bank Business Loan there are a few steps that you need to take. They are given below:  

1. Visit your nearest branch of ICICI Bank to fill and submit the business loan application form
2. Documents like KYC & Financial need to be submitted
3. The bank will initiate the processing of the business loan which includes legal and technical verification 
4. A sanction a letter will be provided, which will include a few important details such as sanctioned loan amount, interest rate, loan tenure, type of interest rate applicable, EMI payable, validity of sanction letter, special conditions (if any), and other terms and conditions 
5. A request will then be raised by ICICI Bank for business loan disbursement, after which they will issue a cheque 

There are a few documents that you will need to submit while applying for a ICICI Bank Business Loan. They are given in the table below:

Usually, ICICI Bank provides you a business loan that has a ‘Flexible’ loan tenure. They offer loans to a wide range of financial needs that your business needs. Besides, they also help you business loans at the lowest minimum interest rates possible seamlessly, by providing you with 100% hassle-free ‘Digital’ processing.

After filling an ICICI Bank Business Loan form online and submitting all the required documents, it usually will take the bank about a 5-7 Working days to sanction your business loan.

700 above is the minimum CIBIL score that is needed to secure a ICICI Bank Business Loan.

According to ICICI Bank the minimum business loan sanctioned is Rs 15 lakh. Meanwhile, the maximum business loan provided is Rs 1 crore.

Generally speaking, you do not need to have a co-applicant while applying for an ICICI Bank Business Loan. Moreover, when you have an applicant it gives an assurance to your lender that you are truly ‘Creditworthy’, which significantly improves your chances of securing a business loan significantly.

In case of Business Loan which is an unsecured loan, the interest rates remains fixed during the entire tenure of the loan period.

When you possess ITR documents for three financial years, it means that it increases your chances of obtaining an ICICI Bank Business Loan. Moreover, it is possible for you to get a business loan despite not having three-year ITR returns.
Although, it is only possible if you are seeking a small loan and you have a good CIBIL score to prove to your lender your ‘Creditworthiness’.

On applying for an ICICI Bank business loan, submitting all the necessary documents, and receiving a sanction letter, it should take ICICI Bank about 2-3 working days to disburse a business loan.

There are a few additional facts about ICICI Bank Business Loan that you need to know given below:  They are as follows: 

1. Types of ICICI Bank Business Loan:

   The major 5 types of ICICI Bank Business Loan available are given below: 

   1. ICICI Bank GST Business Loan:

      Typically, this business loan scheme is provided by ICICI Bank for entities such as sole proprietorship, partnership, private and public limited companies.  Specifically, for those involved in manufacturing, trade or service seeking working capital. 

   2. ICICI Bank Insta Secured Overdraft Facility:

      This is a business loan scheme provided by ICICI Bank that caters to the working capital requirements for sole proprietorships, partnerships, private, and public limited. 

   3. ICICI Bank Fixed Deposit Overdraft Online for Corporate:

      This is a type of business loan which is a form of fixed deposit overdraft facility that the ICICI Bank provides for corporates including companies and partnership firms. 

   4. ICICI Bank Term Loans:

       It is a type of business loan created by ICICI Bank to help businesses expand their business and help them purchase commercial assets, and even set up or renovate existing units. 

   5. ICICI Bank Business Loan for Working Capital Finance:

      This is a business loan type designed by ICICI Bank to help businesses acquire working capital finance.