ICICI Bank to offer MSMEs loans up to Rs 10 mn based on their GST returns

Firms availing loans needn't submit several other financial statements, the bank says the move will reduce paperwork, cut lead time between application and sanction

In order to make working capital for easily available to them, ICICI Bank on Monday announced a new overdraft facility for medium, small and micro enterprises based on their GST returns. Under the new system, firms can submit their GST returns to avail overdraft up to Rs 10 million without having to furnish a whole lot of other financial statements. 

In a press statement, the bank said that this facility is available to all firms including non-customers of ICICI Bank. Additionally, this reduces paperwork and cuts the lead time between application and sanction of a loan, claimed ICICI Bank.

“This