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.