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FAQs
What
are the loan tenure options?
We offer loans upto
6 years for agricultural applications. For a commercial application,
loans upto 3 years are available.
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How is the interest
charged/calculated?
Interest is charged
on a monthly/quarterly/half-yearly reducing balance basis as the
case may be. Every installment that is paid has a component of principal
as well as interest. Interest is charged on the principal outstanding
after every installment payment.
Once the loan is disbursed,
you shall be getting a schedule of payment that will give details
of how the interest has been charged over the tenure of the loan.
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Do I have to pay any additional charges?
Yes, there is a nominal one-time file-processing fee that needs
to be paid. Service tax of 10.2% on the processing fees needs to
be paid separately
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How much time will
it take for my loan to be approved?
Loans can be approved
within 2 working days of submission of complete documents and the
field visit being completed.
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Who can be the co-applicants
for the loan?
Any blood relative
or spouse can be the co applicant. Blood relatives include father,
mother, brother and sister.
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Is a personal guarantor
a must?
Personal guarantor
is not required in case of a land mortgage.
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What security/collateral
do I have to provide?
The tractor will be
hypothecated in favour of ICICI Bank. If required, land can also
be mortgaged as a collateral.
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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 tenure of the loan. We will charge 4% of the principal outstanding
at the time pre-payment of the loan.
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What is a Reducing
Balance?
Reducing balance is a method of charging interest where the interest
is charged on the outstanding principal amount after each installment
has been paid. Under this method, you pay interest only on the loan
amount which is outstanding and not on a total flat basis.
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Do I need to open an account with ICICI Bank
for availing and/ or servicing the loan?
It is not mandatory for you to open an account with ICICI Bank.
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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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