Commercial Vehicle Loans FAQs

What are the eligibility criteria for availing an ICICI Bank Commercial Vehicle Loan?

What are the minimum & maximum loan amounts?

Loan amount can vary from a few thousands to crores depending upon the specific requirement. Funding can be upto the extent of 100 % of the chassis, body funding can be extended on special requirement & on the past experience. Our excellent relationship with leading manufacturers and dealers allow us to offer you the best deals.

What are the loan tenure options?

The tenure of the loan can range from a period of six months to sixty months depending on the product and your requirements.

How is the interest charged/calculated?

Interest is charged on a flat rate based on the scheme applicable for the particular product.

Do I have to pay any additional charges?

Additional charges are applicable for specific products and are nominal in nature.

What documents do I need to submit to avail a Commercial Vehicle Loan?

To avail a Commercial Vehicle Loan you will have to submit the following documents:

  • Proof of Address e.g. Passport, Ration Card, Voters ID
  • Proof of Experience in the relevant area
  • Track Record of past loans if availed
  • Bank Statement
  • ITR in case of specific category of customers
  • Additional documents like the Financial statements for the last two years
  • Transportation Contracts to be submitted for higher quantum of funding.

How do I approach ICICI Bank for a Commercial Vehicle Loan?

You can approach us in any of the following ways:

How much time will it take for my loan to be approved?

The loans are generally approved within 24 to 48 hours of submission of complete documents, however the time taken may vary depending upon the nature of the loan, quantum of funding and location.

Who can be the co-applicants for the loan?

You can have the following as your co-applicants depending upon your status:

  • Blood relatives in case of individuals.
  • Partners in case of Partnership firms
  • Directors in case of Private Ltd companies

Is a personal guarantor a must?

Based on your profile and credit strengths the requirement can be waived, however in other cases you may be required to provide a personal guarantor.

What security/collateral do I have to provide?

No additional collateral required other than the vehicle on which the funding is extended.

If I do not meet all the criteria for the loan, can I still avail of a loan?

Yes you can, your application will be considered based on the credit strength of your co-applicant Approval will be at the sole discretion of ICICI Bank Ltd.

How do I repay the loan?

Can I prepay my loan?

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.

What are the stages involved in taking a loan?

The various stages involved are:

  • Application
  • Discussion on specific requirements
  • Evaluation and Approval
  • Documentation
  • Completion of formalities and disbursement.