Last updated: December 17th, 2019 2:58 PM

ICICI GST Business Loan

ICICI Bank bank has announced a new working capital loan known as GST Business Loan. Under this facility, the Micro, Small and Medium Enterprise (MSMEs) can get an overdraft (OD) limit based on GST Returns. In this article, we look at the ICICI GST Business Loan in detail.

Eligibility Criteria

The following are eligible for the loan:

• Sole proprietorship firm
• Partnership firm
• Private limited company
• Public limited company

Note: Also, any manufacturer/service provider/retailer/wholesaler or a trader engaged in import/export services are eligible to apply for the loan.

Features of the GST Business Loan

The features of the ICICI GST Business Loan are as follows:

• An individual can avail a minimum loan amount of about Rs. 10 lakhs and the maximum amount of about Rs. 1 crore without providing financial statements.
• Under this scheme, the loan amount will be sanctioned within 2 working days from the date of application.
• ICICI bank offers overdraft facility up to Rs.1 crore against the self-occupied residential/ commercial/ industrial property.

Rate of Interest

The interest rate for the GST Business loan is calculated on the assessment of business profile, past track record, financial records, loan amount and the tenure of the loan. However, the sanctioning branch will offer the exact details once the loan is approved.

Documents Required

The required documents are to be submitted while applying for ICICI GST Business loan.

• PAN Card of Primary Applicant or the organization.
• Duly filled application form with passport size photograph of the primary applicant.
• 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 3 months), Sale Agreement / Bank Statement (not older than 3 months) Registered Lease Deed, etc.
• Ownership proof of either residence or office.
• Copy of GST returns filing documents of the past 6 months
• Proof of Business Continuity: Bank Statement, ITR, Certificate of Incorporation, Shops and Establishment Certificate, Partnership Deed, Sales Tax Challans, etc.

Application Procedure for GST Business Loan

The eligible applicant who wants to apply for the GST business loan has to approach the nearest ICICI branch of your area and collect the application form from the bank. Complete the application form with the necessary details and attach the required documents. After filling the form, submit the same to the appropriate bank.

Security

The minimum collateral security in the form of self-occupied residential/ commercial/ industrial property is obtained under the ICICI GST business loan and are returned when the loan amount is repaid.