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Business Loan
Personal Loan
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Here are a few factors
Location | PAN India |
CIBIL Score | 700+ |
Processing | Online |
Business Vintage | 2 Year |
Minimum Turnover | 70 Lac-Existing ICICI Customer, For Other-1 Cr |
Loan Amount & Tenure | 2
Lac -70 Lac (24 month to 36 Month) |
Loan Product | Term Loan & OD Product |
Rate of Interest & Type | 15.50% -18.50% (Reducing) |
TAT | Sanction-3 Days, Disbursement-5 Days |
Processing Fees | 2% |
Foreclosure Charges | 4% |
Applicant Type | Individual, Proprietorship Concern, Partnership Firm/LLP, Company |
Whether Co-Applicant Mandatory | Yes if Applicant is Other than Proprietorship Firm |
Proprietor Age/Co-Applicant Age | 24 Year- 60 Year(at the time of maturity) |
Part Payment Allowed | No |
Whether Ownership Proof Required | PAN India Owned Office/Residence can be considered only where ICICI Branch is available |
Business Registration Proof Mandatory | Yes |
Program | Banking Loan Upto 20 Lac, GST Surrogate - 50 Lac , Income- 70 Lac |
Product for Professionals | MBBS & MD- 50 lac (ROI -12%-14%) |
Negative Profile | Advocates, Jewellers, Share Traders, GYM, Liquor, Hotel and Restaurant, Aviation Sector, Tour & Travels, Real Estate |
USP | Financial Not required upto 20 lac Loan |
Additional | Unsecured Loan history is required or Higher amount of secured loan history is required |
Save Your Time with a Simple Loan Process
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, you will receive your loan amount shortly.
Features and Benefits of ICICI Bank Overdraft facility
Interest Rate: 16% p.a ( fixed) In case of interest calculated on utilized amount - I-MCLR 6M* + 2% (spread) for an amount up to Rs 40 lakh I-MCLR 6M* + 1.75% (spread) for an amount more than Rs 40 lakh |
Loan amount: Up to 25 Lakhs Up to 50 Lakhs( For existing account holder) |
Pre-qualified offers |
No financial documents required | Online and digital processing | Instant disbursal |
No Collateral required | Pay Interest only on the used amount | No Foreclosure Charges |
A Comprehensive Digital Process for your Ease
Onboarding | Sanction | Disbursement | Repayments | |
---|---|---|---|---|
For Existing ICICI Account Holder | Pre-filled forms | Pre-approved limit | Instant Disbursement | Flows in Account |
No KYC documentation | New to Credit & Existing to credit | Avail 24*7even on holidays | Standing Instructions | |
Limit up to Rs. 5 crores | ||||
For New to Bank Customer | Pre-filled forms & Manual form | Sanction on the fly | Post KYC validation | Flows in Account |
KYC Validation required | Existing to Bureau ( Consumer Bureau) | Video KYC (Individuals) | Standing Instructions | |
Limit up to Rs. 25 lakhs | Online CA portals (entities) |
Required Documents
PAN Card
Aadhaar Card
Driving Licence
Voter ID
Passport
Registered rent agreement
Current passport size photograph
Salaried income documents
Self Employed person documents
Note : Axis Bank Car loan may ask for additional documents based on the applicant’s profile. The above list is for reference purposes only.
Documents required
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Completely field Application Form
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KYC documents(Self-attested) - Entity proof – Partnership deed/Certificate of Incorporation/Shops and Establishment certificate.
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Pan Card Copy and address Proof of Entity, Proprietors/Partners/Directors, Security providers, and guarantors
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Audited/Provisional Financials of ilast 3 years
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The entity's current-year performance and projected turnover will be required on the entity's letterhead.
Eligibility
Existing Customers | New to bank Customers |
---|---|
Pre-filled application form | Customer fill PAN and details fetched through API integration |
Acceptance through SMS/eSign | Upload 12 months of PDF bank statements or GST via OTP |
Instant setup of limit within 2 minutes | Instant sanction if eligible |
Customers are free to use the funds immediately |
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Let us take an example, How ICICI Bank Insta OD is being calculated.
For instance, if "Shubham" applies for a Insta OD of INR 5 Lacs and get th eOD approved at the rate of 16% with a tenure range of 1 years , in such a case his EMI would be INR 48,333 and complete repayment amount till the end of 1 years tenure would be 580,000 (i.e 48,333 EMI * 12 months), wherein the total interest amount is INR 80,000 along with principal repayment of INR 5,00,000.Few additional charges like those of minimal one-time processing fee 2% of the OD amount + applicable taxes. may apply. T&C apply.Year | Total Payment | Interest | Principal |
---|---|---|---|
Months | ₹ 58,00,000 | ₹ 8,00,000 | ₹ 50,00,000 |
July-2022 | 4,83,333 | 66,667 | 4,16,667 |
August-2022 | 4,83,333 | 66,667 | 4,16,667 |
September-2022 | 4,83,333 | 66,667 | 4,16,667 |
October-2022 | 4,83,333 | 66,667 | 4,16,667 |
November-2022 | 4,83,333 | 66,667 | 4,16,667 |
December-2022 | 4,83,333 | 66,667 | 4,16,667 |
January-2023 | 4,83,333 | 66,667 | 4,16,667 |
February-2023 | 4,83,333 | 66,667 | 4,16,667 |
March-2023 | 4,83,333 | 66,667 | 4,16,667 |
April-2023 | 4,83,333 | 66,667 | 4,16,667 |
May-2023 | 4,83,333 | 66,667 | 4,16,667 |
June-2023 | 4,83,333 | 66,667 | 4,16,667 |
FREQUENTLY ASKED QUESTIONS
ICICI Bank offers you a wide range of products and services to help you realize your financial goals. One among these is InstaOD Plus, the unsecured overdraft facility offering which helps you meet your expenses through a digital overdraft solution.
The ICICI Overdraft facility is available at your convenience. You can apply for an Overdraft facility through Internet Banking or the IBizz app of ICICI Bank, and you can also get assistance from their customer service regarding the same.
No, ICICI Insta OD processes no foreclosure charges for early closure of any Overdraft loan.
No, one of the best features of ICICI Insta OD, it doesn’t require the applicant to provide any collateral.
An interest rate of 16% p.a ( fixed) In case of interest calculated on utilized amount - I-MCLR 6M* + 2% (spread) for an amount up to Rs 40 lakh I-MCLR 6M* + 1.75% (spread) for an amount more than Rs 40 lakh is applicable on ICICI business loan OD.