ICICI Bank Commercial Loan
About Commercial Loan
Type of borrowing form of sum of money from any financial institution or bank for the purpose of business known as ‘Commercial Loan’. Commercial loan is a type of other loan which is subject to the business terms.Commercial Loan offers a sum of money to meet the expenses of business.
Commercial loan is a type of loan which charges flexible or fixed interest rates.Commercial loan is mainly considered for the industries purpose , known in local Industrial loan.Commercial loan provides financial services for the needs of business.
Commercial loan is introduced to solve the issues related to business loan as in industries , small business etc. Commercial loan listed under the business loan.Commercial Loan owned by the business on their risk and materiality.
Reason for Commercial bank
- For Expansion of business.
- To increase working capital.
- To pay off the debts of Business.
- To purchase inventory/tools/equipment to run the business.
- For a short term period.
- To improve the credit score for larger loans.
- To manage the cash flow.
ICICI Bank commercial Loan
ICICI Bank commercial loan had a slogan with offering of loan to their customer is ‘Expand your business’.ICICI Bank commercial loan motivates business men/women to expand their business with our easy financial services with lower chargeable expenses with flexibility of period.
ICICI Bank introduces the facility of commercial loan to their customers who are in search of short term business loans with easy terms and conditions. However , the ICICI Bank offers Commercial banks to those individuals who are associated with their bank in the form of maintaining accounts.
ICICI Bank commercial loan is occupied by business for their short term expenses or period. ICICI Bank commercial loan for the both business such as small or larger but for the business not for other purposes.
ICICI Bank commercial loan for the purchasing vehicles for business , construction of business , material handling and refinancing on business. ICICI Bank commercial loan finance for the exciting materiality of business , purchasing or rebuilding is not important.
Necessary details about Commercial Loan in ICICI Bank
- ICICI Bank assures commercial loans from Rs.2 Lakh upto Rs.50 Lakh.
- ICICI Bank assures repay tenure period between 3 years up to 10 years.
- ICICI Bank will charge the fees or interest but minimum and lower amounting.
- ICICI Bank supports the small business by providing them easy and quick loans with basic terms and conditions.
Calculation of interest charges
Commercial loan is a type of loan which is different but the policy of charging interest rate is necessary , it redeems their sum of money with their services. Commercial loan charges interest rate in this form of calculation are as follows :
- ICICI Bank charges Interest rate of commercial loan according to consumer profile , their relation with bank and time period of repayment.
- Interest will be charged on stamp duty.
- Additional interest charges on documentation is applicable.
- Interest charges will apply on late repayment by adding gst.
Benefits of commercial loan in ICICI Bank
- Option of convenience and flexible repayment and EMI.
- Good for short or for a minimum period.
- Cover the hidden expense of business such as machinery , repairs and renovation etc.
- Helps in growth of business.
- Saves from exploitation of moneylenders or markets with their high charges and days period of repay.
- Easy to afford the Business needs and their costs.
- To cover the new or bulk startups.
- Helps in future for considering larger loans.
- No need to provide any collateral security or mortgages.
- Ideal mode of start up capital for new business.
- Option for business owner to check for considering long or maximum loan from bank/
Eligibility of Commercial Loan in ICICI Bank
- Applicants should be Indian citizens.
- Application of Commercial loan in name of business/company and co applicant is owner/director.
- Apply by partnership firms , sole proprietors , public limited , private limited and other valid entities.
- Portal of considering commercial loan means for purchasing vehicle , expansion or any other.
- Applicants may be salaried or self employed or professional.
- Applicants should be equal or above 20 years upto 70 years.
- Particular with necessary business and own identity of business./company.
Documents required for Commercial Loan in ICICI Bank
- Proof of Business means Trade license copy.
- Proof of identity such as aadhar card ,driving license or passport.
- Pan card of the Business/company and their directors/owners.
- Bank Passbook statement of 6 months or more than.
- Income Tax return of the company/business and their owners/directors.
- Annual Sheets such as Balance sheet , profit and loss account etc. of the past 2 years.
- Insurance of the assets such as machinery , vehicles etc.
- Registration of business/company with the local authorities copy.
- File of GST Return.
Registration of Commercial Bank from ICICI Bank
- Visit the official website of ICICI Bank ‘www.icicibank.com’.
- Then , click on loan.
- Then , assure commercial loans.
- Then , fill the form with basic and required details.
- Click on submit.
Online registration for Commercial loan is analysed by ICICI Bank team within 2 hrs and determines all their terms and conditions. Approval consider within 24 hrs with necessary terms of bank and borrower.
- Visit nearby ICICI Bank and ask for a Commercial loan.
- Fill the form of Commercial loan.
- Then , sign a contract of Commercial loan with terms and conditions of ICICI Bank.
After that , your loan would be approved with ICICI Bank assurance, And you’re liable to pay then bank money within the tenure period of commercial loan.
ICICI Bank offers many types of loans, for example ICICI Bank Business Loan, ICICI Bank Personal Loan, ICICI Bank Student Loan, ICICI Bank Car Loan, ICICI Home Finance Apna Ghar Home Loan, ICICI Bank Loan Against Securities, ICICI Bank Wedding Loan and ICICI Bank Gold Loan etc.
For More details about the ICICI Bank and other subjects of loan , you may visit our official website and stay updated with us. Stay safe and Thank you!