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The information on ICICI bank equipment loans are mentioned below. The ICICI bank offers numerous types of equipment loans. Some of the equipments which you could purchase using the ICICI bank equipment loans include the likes of the construction equipments, medical equipments, office equipments and farming equipments. The various details and the formalities involved, as far as the loans offered by the ICICI bank, vary with the type of loan which you desire to get. The mode of repayment and the time period within which the loan amount is expected to be returned with interest also depends on the type of equipment loan which you are looking for.

• Farm Equipment Loans

Preferred financier for almost all leading tractor manufacturers in the country.
Financing farm equipments in over 381 locations spread across the country.
Fast processing of files with easy documentation.
Flexible repayment options in tandem with the farmer’s seasonal liquidity.
Monthly, Quarterly and Half-yearly repayment patterns to choose from.
Comfortable repayment tenures from 1 year to 6 years.’;’

Eligibility

Any individual aged above 21 years at the beginning of the tenure and below 65 years by the end of the tenure
Having minimum 2 acres of land.
Staying in the same place for at least 3 years.
Tractors used for commercial purpose also being funded
Mortgage of land of value equal to 2 to 3 times of the loan amount
Option of funding without mortgage of land also available

Documentation

The following documents are required from the applicant:

Agricultural use
Application form with photograph of the customer and all co applicants and/or guarantor.
Proforma Invoice of the asset to be funded from an authorized dealer.
Land records of the borrower/s.
Land valuation and title search report of the land.
Residence proof of the borrower/s.
Identity proof of the borrower/s.
Signature verification of the borrower/s.
Loan agreement, duly signed by the applicants and guarantor.
2 SPDCs(Security Post Dated Cheques) for entire tenure.

Commercial Use
Application form with photograph of the customer and all co applicants and/or guarantor.
Proforma Invoice of the asset to be funded from an authorized dealer.
Proof of Income (any of the following) :
Billing statement for the past one year
Latest Income tax Return
Last 6 months bank statement
Residence proof of the borrower/s.
Identity proof of the borrower/s.
Signature verification of the borrower/s.
Loan agreement, duly signed by the applicants and guarantor.
2 SPDCs(Security Post Dated Cheques) for entire tenure.

• Construction Equipment Loans

ICICI Bank offers attractive financial packages through our excellent distribution network.
These products are customised for new entrepreneur to large business houses.
ICICI Bank have tie-up with leading construction equipment manufacturers for wide range of products.
ICICI Bank take over existing high cost loans at competitive terms resulting in huge savings.
Quick processing due to easy formalities and one time sanction of loans for disbursement over a period of time.

Eligibility
You should be construction companies or contractors with 3 yrs of relevant experience.
Individuals / Firms / Companies in hiring of construction equipments for minimum period of three years.
You can also be an entrepreneur with an individual of the above profile as co-applicant who enjoys the above status.

Documentations

The documentation requirement depends upon the financing option and the eligibility criteria while the right of rejection will remain with ICICI Bank Ltd.

Individual – Your Residence & Office proof, Last six month bank statement, List of contracts in hand, Copy of the contracts in hand, Statement of accounts of your existing financiers, IT Returns if available for 3 years, List of equipments presently owned with details of free and finance details, a brief note about your profile.

Partnership Firms – Your Office proof, List of contracts in hand, Copy of the contracts in hand, Statement of accounts of your existing financiers, Audited Financials for last three years, List of equipments presently owned with details of free and financed assets, a brief note about your profile.

Corporate houses – Your Office proof, List of contracts in hand, Copy of the contracts in hand, Statement of accounts of your existing financiers, List of equipments presently owned with details of free and financed assets, audited financials for last three years and brief note about your profile.

• Office Equipment Loans

Technological empowerment is a critical factor for the growth of small and medium enterprises (SMEs). SMEs need to invest in state-of-the-art office equipment to increase productivity and efficiency. With this in mind,ICICI Bank have created the Office Equipment Loan for our SME customers, a totally hassle-free way to buy the equipment. Minimal paperwork and quick processing ensure fast and easy funds.

Asset Category :

* IT products like PCs, laptops, networking equipment, monitors, etc.

*Copiers, scanners, multi-functional devices, EPABX.

*Printers (digital, low and high-end, wide format printers), plotters.

*UPS, inverters, stabilizer, server racks.

*Plasma, LCD, digital projectors, OHP, copy board, interactive board.

*Air conditioners

*Gensets

ELIGIBLITY

Minimum age of the applicant – 21 Years.

Minimum experience in business – 2 years in existing business.

Funding not for domestic purpose. Assets funded to be used for commercial purpose only.

Eligible Borrower Category

- Proprietary firms
- Partnership Firms.
- Pvt Ltd and Ltd Companies.
- Trusts and Societies

Co-Applicants acceptable (as per the Terms and conditions)

DOCUMENTATION

Pre-Sanction documents:

* Duly filled and signed application form with one photograph
* Latest 2 years’ financials with income tax returns
* Last 6 months bank statements
* Identification proof/address proof/ownership proof and signature verification proof
* Repayment track of previous loans served
* Proforma invoice of the proposed assets

• Medical Equipment Loans

Features:

Loan amounts from Rs.50,000 up to Rs.10 crore
Loans up to 85% of the invoice value
Repayment period of 12 – 60 months
Repayment through post-dated cheques / direct debit of the account
Equipment to be hypothecated to ICICI Bank.
Easy documentation and quick approval
Widest coverage – available at more than 250 locations
Personalised service, delivered at door step
Attractive interest rates
Flexible repayment options

Eligible borrowers:

1. Self-employed doctors
2. Diagnostic centres
3. Nursing homes
4. Hospitals.

Products:

* Loan for purchase of new equipment / refurbished equipment
* Takeover of existing loans
* Top-up.

Eligibility

The applicant can be a

* Doctor
* Hospital
* Nnursing home
* Diagnostic centre

Documentation

If you are a doctor or a medical professional looking for an easy and convenient medical equipment loan / hospital loan / nursing home loan at an attractive interest rate, you should apply for ICICI Bank Medical Equipment Loan

For the purpose of verification,ICICI Bank require following documents (any one from each category): For example for proof of identity any one of the documents mentioned under the category “Proof of Identity” viz. Voter ID, Driving License, Passport, PAN Card, Photo Credit Card, Photograph.

Sources : http://www.icicibank.com