ICICI Bank Business Loan Interest Rates

ICICI Bank Business Loan is a very helpful financial product which helps in funding your business purposes. ICICI Bank ICICI Bank Business Loan Interest Rates is quite competitive and starts from 16.49%*. The processing fee range from 0.99% to 2% which is very minimal and is not included in ICICI Bank Business Loan Interest Rates. For a lower ICICI Bank Business Loan Interest Rate, you need to have high ICICI Bank Business Loan Eligibility. You need to pay a higher interest amount for a higher ICICI Bank ICICI Bank Business Loan Interest Rates. In order to have lower ICICI Bank Business Loan rate of interest, you need to have a CIBIL score of 750 or above, a stable business with a minimum annual turnover of Rs. 60 lakhs.

Factors that affects ICICI Bank ICICI Bank Business Loan Interest Rates

Before you apply for ICICI Bank Business Loan, you need to check your ICICI Bank Business Loan Eligibility using ICICI Bank ICICI Bank Business Loan Interest Rates Calculator to check your Business Loan Interest Rates in ICICI Bank. If you have higher eligibility criteria, you will have a lower ICICI Bank Business Loan Interest Rates. But if you have lower eligibility criteria, your ICICI Bank Business Loan Interest Rate will be higher.

For a lower ICICI Bank Business Loan Interest Rates, you need to maintain CIBIL score of 750 or above by inculcating a habit of disciplined repayment and acquiring a stable business with a good amount of profit.

Here are some of the factors which affect ICICI Bank Business Loan Interest Rates-

• Age

  The age of the applicant matters a lot for ICICI Bank Business Loan Interest Rates Calculator. The age slab lies between 25 to 65 years. If you want lower business loan interest rates in ICICI Bank, then you must apply at a young age. This will lower your ICICI Bank Business Loan Interest Rates as you have the higher repaying capacity and many exciting offers will be provided. ICICI Bank Business Loan Interest Rates will be high for an older applicant.

• Existing Debt

  Your ICICI Bank Business Loan Interest Rates will be high if you have the liability of paying credit card dues or EMIs. Also your ICICI Bank Business Loan Interest Rates will be high if your present debt payment consumes a maximum 40% of your monthly income. So, for a lower ICICI Bank Business Loan Interest Rates, it’s better to clear the ongoing debts. Also, you can opt for balance transfer and a top-up loan which will lower your ICICI Bank Business Loan Interest Rates.

• Business Stability

  For higher eligibility and lower ICICI Bank Business Loan Interest Rates, you must have a stable business of 3 years. Moreover, the business must have an annual turnover of at least Rs. 60 lakhs and must generate profit for the last 2 years which lowers down ICICI Bank Business Loan Interest Rates.

• CIBIL Score

  Your CIBIL score is a very important factor that affects ICICI Bank Business Loan Interest Rates Calculator. For a higher CIBIL score, your ICICI Bank Business Loan Interest Rates will be low and for a lower CIBIL score your ICICI Bank Business Loan Interest Rate will be high. So, repaying the debts in time will increase your CIBIL score which lowers down your business loan interest rates in ICICI Bank.

• ITR

  ICICI Bank Business Loan interest rate gets highly affected by the ITR details. You must produce ITR copy of past 2years and updated bank statement of past 6 months for a lower ICICI Bank Business Loan Interest Rates.

• Geographical Location

  ICICI Bank Business Loan Interest Rates differs based on your geographical location. If your geographical location is an urban-based metropolitan city, then your ICICI Bank Business Loan Interest Rates will be low. But if your geographical location is a rural area, then your ICICI Bank Business Loan Interest Rates will be high. Moreover staying in the red marked area pointed by the financial institutions will increase your ICICI Bank Business Loan Interest Rates.

• Housing Situation

  Your housing situation is a very important factor which affects ICICI Bank Business Loan Interest Rates Calculator. Staying in own house will lower your ICICI Bank Business Loan Interest Rates. But staying in a rented house/flat will increase your ICICI Bank Business Loan Interest Rates. Your repaying capacity will get reduced because of the extra liability of paying the rent. Having your own work place will also lower your ICICI Bank Business Loan Interest Rates.