Best Business Loan | ICICI Bank is a leading private sector financial institution in India. It caters to individuals, startups, in addition to present organizations, and gives Business Loan Interest Rates from 18% onwards consistent with annum.
Documents Required for Business Loan Application
Though documentation necessities range for extraordinary business loan products from ICICI Bank, here’s a listing of a few documents that you need to submit-
- PAN Card of Primary Applicant or of the organization
- Duly filled application form
- Passport-sized photo
- Identity Proof of the applicant– Voter ID, Passport, Driving License, Aadhaar Card, etc.
- Address Proof – Driving License, Voter’s ID, Passport, Telephone Bill, Electricity Bill (Not older than three months), Sale Agreement / Bank Statement (now no longer older than 3 months) Registered Lease Deed, etc.
- Ownership evidence of both house or office
- Proof of Business Continuity– Bank Statement, ITR, Certificate of Incorporation, Shops & Establishment Certificate, Partnership Deed, Sales Tax Challans, etc.
- Financial Documents of the Business which include Profit & Loss Statement and Balance Sheet (duly audited through a registered Chartered Accountant), book-debt and creditors-assertion for modern 3 months, periodic stock, etc.
Factors that affect business loan interest rates
Several elements have an effect on interest rates relevant for your business loan, making the EMIs extraordinary from one borrower to the other. Here are some of them:
- Credit Score: The higher your credit score rating is, the less complicated it might be to get your loan accepted at a decreased interest rate.
- Business Vintage: We provide business loans handiest to present organizations that can be at least 3 years old. However, the older you are, the decrease the interest rates you can get for your loan.
- Business Type: Riskier business kinds need to pay a better interest rate than much less risky ones.
- Business Plan: If you provide a sturdy imaginative and prescient and plan in your business, you can have a higher risk of having minimal interest rates. However, in case your marketing strategy is dwindling and also you don’t provide a sturdy reason, you can come to be paying a better interest rate.
- Monthly Revenue: Your interest rate is calculated primarily based totally on the loan quantity you’ve got carried out for and your business’s month-to-month revenue. If you don’t have pleasant revenue, you can come to be paying an excessive interest rate.
Lastly, ICICI Bank business loan is among the popular and Best Business Loan that come at a low cost. You can also apply for a business loan via Afinoz to get a low Business Loan Interest Rate.