ICICI Bank Commercial Vehicle Loans cater to a range of vehicles, including trucks, buses, tippers and light commercial vehicles. Funding can go up to 100% of the chassis value, with body funding available on special request.
Straightforward Eligibility
The loan is available to individuals, partnership firms and companies engaged in transportation or logistics business, with a minimum of 2 years of operational experience and ownership of at least 2 commercial vehicles.
Multiple Repayment Modes
The loan offers flexible repayment terms ranging from 12 to 60 months. Borrowers can choose from multiple modes like NACH and Auto-Debit (for ICICI Bank account holders).
Detailed Documentation Required
Applicants must submit documents such as address proof, experience proof, past loan records, bank statements, financials (for higher funding) and the Udyam Registration Certificate (URC) if applying as an MSME.
FAQs
What types of vehicles can I finance through this loan?
You can get financing for a wide variety of commercial vehicles, including trucks, buses, tippers and light commercial vehicles. ICICI Bank also provides funding for the chassis and, where required, the vehicle body as well.
What are the eligibility criteria for applying?
To be eligible, the applicant must be an individual, a partnership firm or a company with more than 2 years of business experience. Additionally, ownership of at least 2 commercial vehicles is required. Captive customers and transporters are also eligible.
What repayment options are available?
Repayment terms range from 12 to 60 months, depending on the customer profile and loan structure. You can repay the loan through NACH or via Auto-Debit instructions if you hold an ICICI Bank Account.
Can I pre-pay or foreclose my loan early?
Yes, ICICI Bank allows pre-payment or foreclosure of Commercial Vehicle Loans. However, a pre-payment fee is applicable as per the Bank's service charges. Customers are advised to refer to the latest fee structure on the official website or by visiting any Branch.
How do I apply for a Commercial Vehicle Loan?
You can apply in multiple ways: by submitting an online application, calling ICICI Bank’s Customer Care on 1800 1080, visiting any ICICI Bank Branch or contacting a direct sales agent. The process is supported by simple documentation and quick sanctioning.
