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ICICI Bank, founded in 1994 and headquartered in Mumbai, is a leading private-sector bank in India with over 6,600 branches nationally. The bank’s Construction Equipment Loan supports contractors, mine owners, and equipment hirers with financing for earthmoving, material handling, road construction, concrete processing machinery, and more. Backed by
ICICI’s vast network and digital outreach, it offers up to 95% funding of invoice value, quick approvals, and minimal paperwork.
Loans are available for both new and used equipment via purchase, refinance, balance transfer, or working-capital bundles. Tenures range from 12 to 60 months, with repayment options including ECS, NACH, auto-debit, and post-dated cheques. Borrowers can prepay per the bank’s service charge structure, and machinery must be hypothecated in ICICI’s favor.
ICICI offers flat-rate interest based on the specific loan scheme, with typical annual rates between 9%–17%, depending on tenure and borrower profile. It also extends refinancing and switch financing for existing high-cost loans, along with doorstep documentation assistance and digital servicing for smoother processing.
ICICI’s Construction Equipment Loan is available to individuals, proprietorships, partnerships, companies, contractors, mine owners, and hirers with a minimum of 2 years in relevant business and a clean credit history and repayment capability.
PAN card, Aadhaar, voter ID, passport, or driving license and lates passport size photographs for identity verification.
Utility bill, Aadhaar, passport, voter ID, or rent agreement showing current residence or business location.
Registration certificate, partnership deed, Udyam/URC (for MSME classification).
Bank statements, ITRs or audited financials of last two years.
Proforma invoices, supplier quotations, and Registration Certificate (RC) with hypothecation.
Equipment hypothecation documents; guarantee or charge creation forms as applicable.
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ICICI Bank Equipment Loan covers a wide range of construction, earthmoving, and mining equipment. Eligible machinery includes excavators, backhoe loaders, wheel loaders, bulldozers, graders, compactors, crushers, and cranes. These equipment types are commonly used in infrastructure development, road construction, and mining projects, making them fully financeable under the ICICI Bank Construction Equipment Loan scheme.
The interest rate for ICICI Bank Equipment Loan typically ranges from 9.5% to 17.5%, depending on the equipment type, applicant profile, and loan tenure.
ICICI Bank Equipment Loan can be availed by individuals, proprietors, companies, contractors, healthcare professionals, and farmers who have a stable income source and relevant experience in their respective fields.
Under SBI Construction Equipment Loan, the loan amount can range from a minimum of ₹10 lakh (or ₹25 lakh for certain applicants) up to ₹100 crore, depending on the borrower’s profile, business size, and creditworthiness.
To apply for ICICI Bank Equipment Loan, you need to submit KYC documents (like PAN and Aadhaar), bank statements, business proof, income documents, and equipment quotation or invoice.
Yes, ICICI Bank Equipment Loan can also be availed for used or refurbished machinery, subject to equipment valuation and slightly higher interest rates compared to new equipment loans.
For ICICI Bank Equipment Loan, the financed equipment itself is hypothecated as collateral, and a valid insurance policy in the bank’s name is generally required to safeguard the asset.
ICICI Bank Equipment Loan offers flexible repayment tenures ranging from 12 months to 60 months, with options extending up to 84 months for medical and certain farm equipment.
The processing fee for ICICI Bank Equipment Loan is usually up to 2% of the loan amount plus applicable taxes, along with charges for documentation, valuation, and late payment penalties.
The approval timeline for SBI Construction Equipment Loan is typically around 14 working days for loan amounts up to ₹25 lakh, while higher-value loans may take longer based on the complexity of documentation and internal appraisal under SBI’s MSME credit norms.
ICICI Bank Equipment Loan is typically approved within 2 to 5 working days, provided all documents are complete and equipment valuation and verification are done on time.
Yes, ICICI Bank allows prepayment and foreclosure of the Equipment Loan, although foreclosure charges of up to 3% may apply based on the loan type and tenure.
Yes, ICICI Bank Equipment Loan is available for self-employed professionals, small businesses, and MSMEs, provided they meet the income, experience, and documentation criteria.
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