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ICICI BANK CAR LOAN 

ABOUT ICICI BANK CAR LOAN :

ICICI Bank is a leading private sector bank in India. It offers a wide range of banking and financial services to corporate and retail customers. ICICI Bank personal loans also known as unsecured loans and helps to meet financial needs during emergencies. 

Having a car is not a big deal nowadays; the real deal is that you get what you want. Most people have a car in their mind which they want to buy for their needs. Some of them can buy it and others can't, some of them go for low price and average looking cars and some want to buy expensive and beautiful cars. Most people love to buy or we can say have a dream to buy a certain expensive car but they can’t, the only reason is budget.  People get upset and lose hope for that car and compromise with the choice then they purchase a low budget car. 

Here, we talk about all things above that are quite normal but there is change in it, now everyone can buy their dream car with ease. You all think that “how it is possible? To overcome with this issue ICICI Bank came with an exciting opportunity i.e. ICICI Bank car loan.

BENEFITS OF ICICI BANK CAR LOAN :

ICICI bank car loans come with most suitable features and benefits. And all the schemes of the bank are customer friendly and easy to understand.

1. Minimal documentation :

ICICI Bank car loan required less documentation for the processing of the car loans.The documents submitted by the customers are KYC, address proof and income proof with the loan application form.

2. Longer loan tenure :

ICICI Bank provides a longer tenure period for car loans and the minimum tenure is 1 years and the maximum tenure is 7 years. The ICICI Bank car loans are taken to meet their sudden needs of the customers for their dream cars.

3. Instant approval :

ICICI Bank provides car loan approval in a very speedy way for the customers so they don't have to waste their precious time for loan approval. They can easily get approval for the car loan online.

4. Low processing fee :

The ICICI Bank charges a very low processing fee of Rs.3500 to Rs.8500 for car loan.

5. Attractive interest rate :

The minimum interest rate of ICICI Bank car loans starts from 9.30% and maximum interest rate is 12.85%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score. So, there will be a very good chance for the customer to get a car loan at an attractive and best interest rate.

FEE AND CHARGES OF ICICI BANK CAR LOAN :

TYPE

CHARGES

Loan cancelation fee

Rs 3000 per loan

Loan processing charge(non-refundable)

Rs 3500 to Rs 8500

Late payments fee

2% p.m.

Prepayment charge

5% of loan amount plus GST

Cheque swap charge

Rs 500

Cheque bounce charge

Rs 500

Loan statement charge

Rs 200 per statement

Duplicate NOC/NDC

Rs 500

NOC for LPG/CNG

Rs 500

Convert from private to commercial (vise-versa) NOC

Rs 2000

ELIGIBILITY CRITERIA FOR ICICI BANK CAR LOAN :

If you are going for the car loan from ICICI bank must check that you come under eligibility criteria. 

ELIGIBLE 

Salaried, self employed professionals and businessman

AGE

18 years to 65 years 

MINIMUM ANNUAL INCOME

For salaried : Rs.2.5 lakh 

For professionals : Rs.2 lakh 

For businessmen : Rs.2 lakh

DOCUMENTS REQUIRED FOR ICICI BANK CAR LOAN :

While applying for a car loan properly check all the documents that are mentioned below. Without these documents loan is not possible to get. 

TYPE

ID PROOF 

ADDRESS PROOF 

INCOME PROOF

Salaried employees

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill

Latest salary slip or Form 16, Last 3 month bank statement, proof of employment stability 

Self-employed professionals

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill

Last 3 month bank statement, Last 2 years ITR, proof of business stability/ownership

Self employed non professionals 

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill

Last 2 years ITR, comprehensive audited/financial report, proof of business stability/ownership, partnership deed and letter signed by all partners, Memorandum/ articles of association and resolution by board of directors

COMPARE OTHER BANK CAR LOAN INTEREST RATE :

BANKS

INTEREST RATE

AXIS Bank New Car Loan

9.05% to 11.30%

AXIS Bank Pre-Owned Car Loan

14.80% to 16.80%

AXIS Bank Loan Against Car

13.99%

AXIS Bank Balance Transfer and Topup Car loan

15.00%

SBI New Car Loan Scheme

8.00% to 10.75%

SBI Combo Loan Scheme

8.70% to 9.20%

SBI Pre-Owned Car Loan

9.75%

SBI Loyalty Car Loan Scheme

8.70% to 9.5%

HDFC Bank New Car Loan

8.80% to 10.50%

HDFC Bank Used car loan

12.75% to 15.30%

HDFC Bank Loan Against Car

13.75% to 16%

Kotak Mahindra Bank Car Loan

8.00% to 24%

Yes Bank Car Loan

9.25%

ICICI Bank Car Loan

9.30% to 12.85%

IDBI Bank Car Loan

9.30% to 9.90%

RBL Bank Car Loan

12% to 14%

IndusInd Bank Car Loan

10.65% to 15.50%

Bank of Baroda Car Loan

8.85%

Bank of India Car Loan

8.95%

Canara Bank Car Loan

7.75% to 10.30%

Indian Bank Car Loan

8.45%

Punjab National Bank Car Loan

8.9% to 9.35%

OTHER PRODUCTS OF ICICI BANK :

  1. ICICI Bank Personal Loan 

  2. ICICI Bank Car Loan 

  3. ICICI Bank Credit Card

  4. ICICI Bank EMI Calculator

HOW TO CALCULATE EMI OF ICICI BANK CAR LOAN :

Use this formula to calculate your EMI :

EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]
Here, 

P is the principal amount, 

N refers to the number of installments, and 

R is the rate of interest for each month

HOW TO APPLY FOR ICICI BANK CAR LOAN :

There are two ways to get a car loan with ICICI Bank i.e. 

  1. Offline Method : Visit near ICICI Bank branch 

  2. Online method :

  • Initially visit ICICI bank official website

  • At home page click on go to “Personal” section

  • Now go to on “Products” section and then click on “loans”

  • Select the “Car loan”

  • Click on apply now and complete the application form carefully

  • Attached all mandatory documents with the application form and submit it

  • Now wait for few minutes and you will notify soon whether you are eligible for loan or not

FINANCIALS PRODUCTS OFFERED BY BANKS :

BUSINESS LOAN

 

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

FREQUENTLY ASKED QUESTIONS :

1. What is the maximum tenure of car loan in ICICI Bank?

The maximum tenure of car loan in ICICI Bank is 7 years.

 2. What is the loan amount of ICICI Bank car loan ?

The loan amount of ICICI Bank car loan is financing upto 100% of the on road price of the car.

 3. Is age eligibility important to get a car loan from ICICI Bank?

Yes, age eligibility is important to get a car loan from ICICI Bank. The age should be 18 years to 60 years for salaried employees and 21 years to 65 years for self employed professionals.

 4. How much processing fees charged by ICICI Bank car loan?

The processing fees charged by ICICI Bank car loan is Rs.3500 to Rs.8500.

 5. How to apply for an ICICI Bank car loan ?

You can apply online or offline both for ICICI Bank car loan.

Last Updated on : 27/Jul/2020

Know More About

Icici Bank Car Loan

You're eligible for a Icici Bank Car Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Car Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Icici Bank Car Loan Interest Rates

Updated on 25 Nov 2017

Icici Bank Car Loan Details
Interest Rate (Monthly reducing balance) 9.3% - 12.85%
Processing Fees Rs.3500 to Rs.8500
Loan Tenure 1 year to 7 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Car Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959