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FAQs
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.
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How is the
interest charged/calculated?
Interest is calculated on a monthly reducing balance basis.
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Do I have
to pay any additional charges?
Please click here to know the existing service charges.
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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.
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How do I
approach ICICI Bank for a Commercial Vehicle 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 decisioned?
The loans are generally decisioned within 24 to 48 hours of submission of complete documents. However, the time may vary depending upon the nature of the loan, quantum of funding, documents provided by the customer, etc.
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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
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Is a personal
guarantor a must?
A personal guarantor is not a must. However, the bank may insist for a personal guarantor for some deals depending upon financial strengths of the customer.
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What
security/collateral do I have to provide?
No additional collateral
required other than the vehicle on which the funding is extended.
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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 taking a loan?
The various stages
involved are:
- Application
- Discussion on specific requirements
- Evaluation and Approval
- Documentation
- Completion of formalities and disbursement.
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