Manufacturers, service providers, retailers, wholesalers and import-export traders can now avail of a business loan based on Goods and Services Tax (GST) returns. This facility is available to SME including Non-ICICI Bank customers. Sole proprietors, partnership firms, Private limited companies and Public limited company engaged in manufacturing, service or trade sectors can apply for GST OD basis the turnover reported in the GST returns.

Simplified GST documentation and easy assessment norms make the processing and disbursement of loan easy and seamless. Sanctioning of the loan amount happens swiftly as it only takes about 48 hours for the sanctioning to happen. An overdraft of up to Rs 2 crore is offered to eligible customers under this facility.

Flexible collateral options are offered to the customers wherein self-occupied residential, commercial or industrial property are accepted as collaterals. Moreover, liquid securities like Fixed Deposit are also accepted. Competitive interest rates are offered for the loan and the interest for each loan is determined based on the assessment of customer’s business profile, past track record, financial records, loan amount required and the tenure of the loan.

Click here to know more.

Image source: shutterstock.com