ICICI bank is known as one of the most reputed banks in India. ICICI Bank offers business loans in India at a low-interest rate. Thus, it is also called as New Delhi Interbank Dealers Association (NDIDA). The main aim of the association is to promote inter-bank lending for commercial purposes. This bank has branches in more than twenty-five countries across the world. With such a vast presence, this bank has a lot of scope to make profits. However, the main aim of the bank is to provide its services to its customers and help them gain financial stability.
ICICI Bank Business Loan interest rate
The scope of providing financial assistance to people having bad credit is rewarding for them. The key point is that an individual with a bad credit history is not able to avail of loans at normal rates. If you are suffering from a similar situation then you should apply for an ICICI loan. These loans are offered to you at a very low rate of interest and you can easily manage your financial requirements.
| Interest rate | 16% p.a. onwards |
| Processing Fees | Up to 2% (including tax) of the loan amount |
| Stamp Duty and other statutory charges applied | As per applicable laws of the state. |
| Commission on Letters of Credit and Bank Guarantee | Up to 2% p.a. as commission shall be charged on a pro-rata basis based on the loan tenure and the amount of non-fund-based facility being availed. |
| Commitment fees | This will be charged as per the terms and conditions mentioned in the sanction letter. |
| Foreclosure Charges | It is to be charged as per the terms and conditions mentioned in the sanction letter. |
How to apply for ICICI Business Loan?
If you have applied for an ICICI loan then there are certain things that you should be aware of. There are many companies that are offering these loans to individuals having bad credit. It is therefore advisable that you select one of the topmost companies offering these services in your country. After applying for the loan you will need to follow the procedure required by the company.
- The first step in this regard is to check out if your credit report is accurate. You can get this report from the credit bureau. There are mainly two types of reports that are available;
- The first report is for general use and
- The second report is for individuals only.
- After you have checked out your report you can then approach the ICICI bank. Before applying for the loan you should estimate the amount of loan that you need. This will help you come to know the loan amount that you will qualify for. If you think that you will not be able to repay the loan amount then you should opt for a cash advance so that you can clear your outstanding balance. In case of any difficulty in repaying the loan amount, you should give a call to your loan supplier and make repayment arrangements.
- If you think that you need more time to repay the loan amount or you are facing difficulties in getting the loan approval you can go for refinancing. With the help of the refinancing procedure, you will be able to secure a personal loan even when you have a bad credit history. You will be offered loans at very low rates of interest. Moreover, if you have any difficulty in providing the exact monthly income details then you can get a mortgage loan from the lenders at a low rate of interest.
Reasons for applying for ICICI small business loan
If you want to go for business loans then you can also find lenders who offer loans at attractive rates of interest. There are various types of business loans available in the financial market. Small business finance helps small-scale businesses in buying raw materials and machinery for their production. It is also offered to upgrade the existing factories so that they can increase their productivity level. You can get more information regarding the loan scheme on the internet.
If you want to avail of the loan amount at a low rate of interest then you must get an accurate credit report. If you have not been checking out your report then you might have to face problems when you approach the ICICI Bank business loan according to your requirements. Therefore, you should check out your report from a reputed and reliable agency.
Conclusion
If you do not want to experience any unpleasant financial situation and if you really want to improve your financial condition you can take the help of ICICI Direct. ICICI Direct is a unique finance product offered by the ICICI Bank. With the help of this service, you can apply for a loan directly without involving any middlemen. If you have a bad credit history and if you want to get back on track towards a good credit history then you should opt for ICICI Direct loan.