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Commercial Vehicle Loans

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

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You can approach us in any of the following ways:

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

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Can I foreclose or prepay my Commercial Vehicle Loan?

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  • Prepayment of the loan is allowed, at a charge indicated on the ‘Service Charges’ page.

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

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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 repay the Commercial Vehicle Loan?

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  • The tenure of the loan may vary from 12 to 60 months, depending upon the nature of the deal and the repayment capacity
  • Repayment can be made through post-dated cheques (PDCs) / ECS or through Auto-Debit (in the case of ICICI Bank account holders)
  • Prepayment of the loan is allowed, at a charge indicated on the ‘Service Charges’ page
  • In the event of an accident, you need to inform our local representative of it

How is the interest charged/calculated for Loan for Commercial Loan?

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

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

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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.