ICICI BANK CAR LOAN

ICICI BANK CAR LOAN

Searching out for the best Car Loan in Delhi? Want a Car Loan at the lowest interest rate? Then your search for the best Car Loan Online ends here. Find out the Car Loan from ICICI Bank that will meet your dream of bringing home your favorite car.

ICICI Bank offers Car Loan for the purchase of new car. The interest rate charged by ICICI Bank ranges from 9.30% to 12.85% p.a. The tenure can range upto 7 years.

Why Car Loan from ICICI Bank?

Apply online for ICICI Bank Car Loan which provides Car Loan of up to 100% ex-showroom price of vehicle. The car loan comes at low interest rates and long repayment tenure of up to 7 years.

If you are looking for availing a Car Loan then ICICI Bank may be your lender to your dream car:

  • 1. ICICI Bank offers financing of up to 100% of the on-road price of the vehicle
  • 2. Thanks to instant approval and quick processing, you can receive the car loan amount superfast
  • 3. Customers are allowed to make part prepayments, subject to charges
  • 4. The car loan amount includes the motor insurance funding
  • 5. Easy documentation process and minimal documents required when applying for an ICICI Bank car loan
  • 6. Competitive interest rates
  • 7. Insurance cover for Loan Liability available, repayable along with EMI

Fees and Charges

The mentioned below are the fees and charges applicable which are levied by Axis Bank:
TYPES OF FEESCHARGES APPLICABLE
Interest Rate9.30% to 12.85% p.a
Loan Processing ChargesRs. 2500 to Rs. 5000
Lowest EMI Per LakhRs. 1,624
Repayment Period7 years
Documentation ChargesRs. 550 + GST
Maximum Loan amountUpto 1 Crore
Cheque Swapping ChargesRs. 500
Amortization Schedule ChargesRs. 500
Cheque Bounce ChargesRs. 500
Legal/Incidental ChargesAt actuals

Advantages of ICICI Bank Car Loan

ICICI Bank provides Auto Car loan with the best interest rates in India. The bank provides you with the numerous facilities and advantages to choose it as your lender when compared with other options

Check out the benefits and features offered by ICICI Bank:

  • 1. Loan amount of up to 100% of the on-road price of the vehicle
  • 2. Flexible repayment tenure extending up to 7 years
  • 3. Low processing fees depending upon the car model (Rs.3,500 for entry-level cars, Rs.4,500 for mid-lower level cars, Rs.6,500 for mid-upper level cars, Rs.7,000 for premium cars, and Rs.8,500 for luxury cars)
  • 4. Borrowers can apply online to get instant approval and faster processing.
  • 5. Minimum income required to get ICICI Bank Car Loan is Rs. 16,700 per month.
  • 6. These are fixed rate loans and are one of the best car loan rates in India.
  • 7. Insurance cover for car loan liability available

Eligibility Criteria for applying for ICICI Bank Car loan

Your loan application can be approved only once you meet the eligibility criteria. Below mentioned are the prerequisites you need to meet for availing the Auto Car loan in India:

Salaried Individual
  • 1. Age – 25 years at the time of application; 58 years at the time of loan maturity
  • 2. Income – Gross annual income of at least Rs 2.50 lakh
  • 3. Stability – Total employment stability should be more than 2 years. Current employment stability of minimum 1 year.
Self-Employed Individual
  • 1. Age – Above 28 years and below 65 years at the time of loan maturity
  • 2. Income – Gross annual income of at least Rs 2 lakh
  • 3. Stability – Business stability of more than 3 years.
Partnership
  • 1. Income – Minimum profit after tax (PAT) of Rs 2 lakh
  • 2. Stability – Business stability of more than 3 years.
Private / Public Ltd Co
  • 1. Income – Minimum profit after tax (PAT) of Rs 2 lakh
  • 2. Stability – Business stability of more than 3 years.
Documents required for applying for a Car Loan from ICICI

Apply Online for ICICI Bank Car Loan. Complete the required documents for availing instant loan approval with minimal documentation:

Salaried Individuals
  • 1. Loan Application duly filled with photographs
  • 2. ID Proofs
  • 3. Address Proof
  • 4. Signature Proof
  • 5. The latest salary slip along with the Income Tax Returns or Form 16 of the past two years
Self-Employed Individuals
  • 1. Loan Application duly filled with photographs
  • 2. ID Proofs
  • 3. Address Proof
  • 4. Signature Proof
  • 5. Income Tax Returns of the past two financial years
Partnership firms, companies, and societies
  • 1. Loan Application duly filled with photographs
  • 2. ID Proofs
  • 3. Address Proof
  • 4. Signature Proof
  • 5. Income Tax Returns of the past two financial years in addition to a complete audit/financial report
  • 6. In case of partnership firms, applicants must submit their partnership deeds along with a letter that is signed by each partner, authorizing one of the partners to execute the necessary car loan documentation
  • 7. In case of companies and societies, the applicant must submit a resolution by the Board of Directors in addition to the Articles and Memorandum of Association (or Trust/Society deed)

Procedure for applying for ICICI Bank Car Loan Online

One can apply online for Car loan through our website with few simple steps by registering online:

  • 1. Enter the required details including your employment type, name, e-mail address, city you are currently living in, type of business, annual income, required loan amount, and mobile number.
  • 2. Provide your consent.
  • 3. Choose ICICI Bank as your Car Loan partner.
  • 4. Fill in the form by providing some basic details like your gender, marital status, PAN Number, and others and click proceed.

Know more about ICICI Car Loans – FAQs

Q. What are the loan tenure options offered by ICICI bank?

A. The tenure of the loan offered by ICICI Bank varies between one to seven years for new car.

Q. How is interest charged by the bank?

A. Bank charges interest on monthly reducing balance basis.

Q. Does ICICI Bank offers options of loan prepayment?

A. Yes, with the processing fee of 5% on the outstanding principle, a borrower can pre pay the existing loan amount.

Q. Can I have a car loan co-applicant?

A. Yes, a blood relative staying in the same residence or your spouse can be co-applicants for an ICICI Bank car loan.

Q. How much processing fee is charged by ICICI Bank on car loan?

A. ICICI Bank charges a processing fee of Min. Rs. 2,500 and Max. Rs. 5,000 with applicable service tax.

Q. How much car loan I can borrow from ICICI Bank?

A. ICICI Bank offers you 100% of ex-showroom price of car as loan.

QUICK OVERVIEW
Apply online at interest rate starting @ 9.25% p.a.
Free doorstep documents pick-up service
Quick approval and disbursal rate
Competitive and transparent process
Flexible repayment options