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ICICI Car Loan

ICICI Bank Car Loans are highly convenient, versatile and quick. Get a wide range of plans, flexible interest rates as well as fast approval of loan with minimum documentation with just a single click. Car Loan from HDFC Bank would help to meet the dream of owning a car whether it is used or new. The bank offers appealing EMI plans which can match almost anyone's budget. Nearly all bank provide car loans but Hdfc bank offers innovative offers such as 100% financing, adjustable tenures and easy EMIs. Loans can be taken by both salaried and non-salaried applicants.

Loan Name Interest Rate Processing Fee Loan Amount Tenure
ICICI Bank Car Loan 8.65% - 18.00%, Fixed 3,500 up to 100% of show room price of the new car 7 Years
Details
Documents Required

For Salaried Employees

  • Proof of Identity: Passport, Aadhaar Card, Election Identification Card, Driving License, PAN Card
  • Proof of Residence: Ration Card, Driving License, Aadhaar Card, Passport Copy, Election Identification Card, Passport, Electricity Bill, Telephone Bill, Life Insurance Policy
  • Signature Verification
  • Recent Bank statement for the last 6 months
  • Proof of Income: Recent salary slip and Form 16
  • Employment stability proof

For Self Employed Professionals

  • Proof of Identity: Passport, Aadhaar Card, Election Identification Card, Driving License, PAN Card
  • Proof of Residence: Ration Card, Driving License, Aadhaar Card, Passport Copy, Election Identification Card, Passport, Electricity Bill, Telephone Bill, Shop & Establishment Act Certificate, SSI Registered Certificate, Sales Tax Certificate
  • Recent Bank statement for the last 6 months
  • Proof of Income: Profit and Loss Account for the previous 2 years, Audited Balance Sheet, Company Income Tax Returns for the last 2 years
  • Signature Verification
  • Business Stability proof or ownership proof

For Self -employed Non Professionals

  • Duly filled in application form along with recent photographs
  • Proof of Identity: Passport, Aadhaar Card, Election Identification Card, Driving License, PAN Card
  • Proof of Residence: Ration Card, Driving License, Aadhaar Card, Passport Copy, Election Identification Card, Passport, Electricity Bill, Telephone Bill, Life Insurance Policy
  • Signature Verification
  • Proof of Income: Profit and Loss Account for the previous 2 years, Audited Balance Sheet, Company Income Tax Returns for the last 2 years
  • Business stability proof or ownership proof
  • Partnership deed and letter signed by all partners authorizing one partner
  • Companies and Societies – Resolution by Board of Directors and Memorandum and Articles of Association
Benefits

  • Flexible schemes
  • Quick processing of car loans
  • Attractive Interest rates
  • Low documentation charges
  • Part Prepayment facility is available for salaried applicants
Eligibility

  • Minimum age of the applicant should be 23 years
  • Maximum age of the applicant is 70 years
  • The applicant can either be a salaried employee of self-employed with a regular source of income
  • The applicant should have a regular monthly income
  • Income of the applicant
  • Educational Qualification
Other Details

  • The loan is available up to 100% of the on-road price of the vehicle
  • Pre-approved and pre-qualified car loans are available for the existing customers
  • The tenure of the loan is spread up to 7 years
  • Processing fee depends on the loan amount and ranges between Rs 3,500 – Rs 8,500

Features of ICICI Car Loan

  • Get offers on your car loan up to 100% of on-road price of the car.
  • Get attractive interest rates and tenure up to 7 years.
  • Selected applicants can get a pre-approved car loan offer.
  • Get an option to download approval letter by logging into ICICI Internet Banking
  • Get flexible tenure of 1 year to 7 years.
  • Salaried applicants can get Part-payment feature with minimal charges.
  • Get an option offer to refinance up to 140% of the car value.
  • Moto insurance funding is available in the auto loan amount
  • Get Top-up Loans available with repayment schedule consisting of more than 12 Equated Monthly Instalments (EMIs).
  • Get full prepayment for a loan with minimal charges.

Eligibility

For Salaried Applicants

  • Must have a minimum age of 25 years to a maximum of 58 years at the time of maturity
  • Must have a minimum income of Rs 2.50 Lac p.a
  • Must have a total experience of 2 years and current employment experience of 1 year

For Self Employed

  • Must have a minimum age of 28 years to a maximum of 65 years
  • Must have a minimum income of Rs 2.00 Lac p.a
  • Must have business stability of more than 3 years

Partnership Firm

  • Firm must have a minimum PAT (Profit After Tax) of Rs 2 Lac
  • Must have business stability of more than 3 years

Private / Public Ltd Co.

  • Current company must have an existence of more than 3 years
  • Must have a minimum PAT (Profit After Tax) of Rs 2 Lac
  • Must have business stability of more than 3 years

Documents Required

Income Proof

  • Salary Statement of last 3 months and Form 16/Income Tax Returns of last 2 years.

    (For Salaried Applicants)

  • Income TAX Return proof of last 2 years (For Self Employed Applicants)
  • Income TAX Return proof of last 2 years and copy of financial/audit report (For Partnership Firm, Societies and Companies)

Identity Proof

  • Aadhar Card, PAN Card, Driving License, Passport
  • Signature Proof
  • Bank account statement
  • Utility Bills

ICICI Car Loan Interest Rate

ICICI Car Loan includes a fixed rate of interest and is based on various conditions such as customer relationship, car segment and tenure of loan etc. Interest rate for used car loan is based on period and segment of car, tenure of loan and product variant like top-up, refinance etc. Below mentioned are the interest rates for different segments.

For New Car Loan

Minimum Interest Rate- 8.80%

Maximum Interest Rate- 15.00%

Mean- 9.92%

For Used Car Loan

Minimum Interest Rate- 10.90%

Maximum Interest Rate- 18.50%

Mean- 14.60%

Note: Mean rate = Sum of rate of interest of all loan accounts / Number of all loan accounts.

FAQs

Q: What are the documents required to avail the car loan from ICICI bank?

A: ICICI bank offers car loans up to 100% of the on-road price with attractive interest rates and the required documents are listed below:

  • KYC: Identity proof, Residential proof, Age proof and photographs.
  • Latest bank statement from the last 6 months.
  • If you are a salaried employee then salary payslips and Form 16 are required.
  • For self-employed applicants, IT returns and the business proof is required to avail the car loan from ICICI bank.

Q: What are the types of cars that ICICI Bank finance for customers?

A: ICICI Bank offering a car loan for all types of passenger cars along with pre-owned cars and used cars.

Q: Does ICICI Bank provide the joint application facility to car loan borrowers?

A: Yes, joint applications can be done for an ICICI Bank car loans by customers along with their spouses or any family member from the same residential address.

Q: What are the charges that customer has to pay to avail the car loan from the ICICI bank?

A: Customers have to pay stamp duty, documentation charges and application processing charges to avail a car loan from ICICI bank.

Q: Does ICICI Bank provide top-up loans for existing car loan customers?

A: Yes, ICICI Bank provides top-up loan facilities for existing car loan customers with quick processing and easy documentation.

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