| Loans - Aquaculture Finance - FAQs - |
What are the stages involved in availing of a loan? The stages involved are:
What are the loan tenure options? Rupee working capital term loan / Overdraft Facility.1Years with renewal at the end of every year. Validity for 3 years ICICI Bank loans for funding aquaculture projects come to you at attractive rates of interest that are based on the prevailing market situation. How is the interest charged/calculated? In case of Overdraft facility borrower shall pay monthly interest on or before 10th day of next month. In case of Working Capital term Loan bullet re-payment of principal at the end of the year / loan tenure, with half yearly interest servicing. Do I have to pay any additional charges? Yes, there is a nominal one-time file-processing fee that needs to be paid, which is inclusive of service tax. Processing fee is 0.5% of the loan amount sanctioned to be collected at the time of disbursement . No prepayment and foreclosure charges would be levied.
How much time will it take for my loan to be sanctioned? Within 24 hours subject to submission of complete documents and completion of Field Investigation (FI) All co-owners of the land shall be taken as co-applicant? Your spouse or any blood relative of yours or can be the co applicant. Blood relatives include your father, mother, brother and son.
What security/collateral do I have to provide? The facility would be secured by
What is the maximum funding limit per borrower? Maximum exposure per borrower will be capped at lower of following
(Loan amount should be based on the total water spread area and not the total area of the tank) Is there any provision for balance transfer from other banks or Financial Institutions? Balance loan transfer from any other Bank and Financial Institutions (Private Bank, Public Sector Banks, and Cooperative Banks etc) will be allowed under the program, provided the farmer fits in the selection criteria mentioned in program. If I do not meet all the criteria for the loan, can I still avail of a loan? No, you cannot. Are there any charges levied for late payment of interest? Yes, 8% on the outstanding overdue amount. Do I need to open an account with ICICI Bank for availing and/or servicing of the loan? No, it is not mandatory for you to open an account with ICICI Bank.
Where will my account be opened? At any branch that you may specify. However, you can operate the loan and repayments from any of our branches under our Anywhere Banking facility.
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