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What
are the minimum and maximum loan amounts?
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What are the loan
tenure options?
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What
are the lending rates?
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How is the interest
charged/calculated?
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What
documents do I need to submit to avail a Construction Equipments
Loan?
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How do I approach
ICICI Bank for a Construction Equipments Loan?
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How much time will
it take for my loan to be approved?
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Is a personal guarantor
a must?
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What security /collateral
would be required?
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If I do not meet all the criteria for the loan, can I still
avail of a loan?
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Can I prepay my
loan?
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Do I need to open
an account with ICICI Bank for availing and/or servicing the
loan?
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What are the stages
involved in availing a loan?
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Can I avail a
loan if I am entering into hiring or contract business for
the first time?
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What are the types
of equipments that will be financed?
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What is the margin
that I need to pay for availing a loan?
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Can I change
my non-ICICI Bank existing loan on equipments to an ICICI
Bank Construction Equipment
Loan?
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What
are the loan tenure options?
The tenure of
the loan can range from a period of one to five years, however
the same will be decided based on your profile and credit
strengths.
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How
is the interest charged/calculated?
Interest can be charged in any
of the following ways, as opted by you:
- Equated monthly instalments
with flat rate of interest
- Structured monthly instalments
with interest on reducing balance method.
We can also structure the repayments
based on your business needs.
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How
do I approach ICICI Bank for a Construction Equipments Loan?
You can approach us in any of
the following ways:
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How
much time will it take for my loan to be approved?
The loans are generally approved
within 2 working days of submission of complete documentation.
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Is
a personal guarantor a must?
Yes, a personal guarantor is
a must, but based on your profile and credit strength the
same can be waived, as per the discretion of ICICI Bank.
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What security
/collateral would be required?
The equipments that we finance
are taken as a primary security, any additional security is
based on you profile and credit strengths.
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If
I do not meet all the criteria for the loan, can I still avail
of a loan?
Yes, you can still avail of a
loan based on your profile, credit strengths and other criteria
as may be decided by ICICI Bank from time to time.
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Can
I prepay my loan?
Yes, we will give you the opportunity
to prepay your loan at any point of time during the tenor
of the loan. The fees will be 4% of the outstanding amount.
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Do
I need to open an account with ICICI Bank for availing and/or
servicing the loan?
We will encourage you to start
a banking relationship with us so that we will be able to
offer host of other value added services, which are complementary
to the loan, however opening an account with us is not mandatory.
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What
are the stages involved in availing a loan?
The stages involved are:
- Application along with necessary
supporting documents
- Documentation and Processing
of the Application
- Sanctioning the Loan
- Disbursement of the Loan
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Can
I avail a loan if I am entering into hiring or contract business
for the first time?
Yes, you can, we will consider
your application based on the strength of the co-applicant
or guarantor, who should have relevant experience of minimum
three years in construction contracts or hiring of equipments.
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What
are the types of equipments that will be financed?
We finance all types of new construction
and material handling equipments.
Please click
here for further information.
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What
is the margin that I need to pay for availing a loan?
You need to pay a minimum of
25% of the cost of the equipment as your margin, however the
margin amount varies depending upon your profile and credit
strengths.
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Can
I change my non-ICICI Bank existing loan on equipments to an
ICICI Bank Equipment Loan?
Yes, our value added product
"Switch" allows you to transfer your existing high
cost non-ICICI Bank loan to the one offered by ICICI Bank,
we can also extend the period of the loan to match your business
requirements.
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Can I apply
for loan for purchase of a used equipment / existing equipment
being sold by the owner of the equipment?
Yes, we will extend loan for
purchase of used equipment / existing equipment being sold
by the owner of the equipment provided the same meets the
norms of ICICI Bank.
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