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.
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.
|
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 |
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 |
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 |
|
BANKS |
INTEREST RATE |
|
9.05% to 11.30% |
|
|
14.80% to 16.80% |
|
|
13.99% |
|
|
15.00% |
|
|
8.00% to 10.75% |
|
|
8.70% to 9.20% |
|
|
9.75% |
|
|
8.70% to 9.5% |
|
|
8.80% to 10.50% |
|
|
12.75% to 15.30% |
|
|
13.75% to 16% |
|
|
8.00% to 24% |
|
|
9.25% |
|
|
9.30% to 12.85% |
|
|
9.30% to 9.90% |
|
|
12% to 14% |
|
|
10.65% to 15.50% |
|
|
8.85% |
|
|
8.95% |
|
|
7.75% to 10.30% |
|
|
8.45% |
|
|
8.9% to 9.35% |
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
There are two ways to get a car loan with ICICI Bank i.e.
Offline Method : Visit near ICICI Bank branch
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
|
|||||||
The maximum tenure of car loan in ICICI Bank is 7 years.
The loan amount of ICICI Bank car loan is financing upto 100% of the on road price of the car.
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.
The processing fees charged by ICICI Bank car loan is Rs.3500 to Rs.8500.
You can apply online or offline both for ICICI Bank car loan.
Last Updated on : 27/Jul/2020Know More About
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
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