Are you planning to get a car loan? If yes, then you can consider ICICI bank car loan. The bank is one of the best car loan providers out there that offers funds to make your dream car a reality at highly competitive rates. You can get up to 100% of the on-road price of the vehicle you have your eyes on. Apart from the attractive interest rates and maximum finance, the bank offers you to repay the loan within seven years which gives a sense of ease to borrowers. Let us launch the section and find more about the ICICI new car loan.
Loan Amount |
Up to 100% of the on-road price of select car |
Interest Charges |
7.80% per annum to 9.85% |
Processing Fees |
2% of the loan amount (or Rs 15,0000) |
Repayment Tenure |
Ranges from 1 year to 7 years |
Prepayment |
Up to 5% of principal outstanding |
From loan amount to prepayment charges, here are the must-know features of ICICI bank car loan:
ICICI bank car loan is designed to meet your financial requirements to fund the purchase of your dream car. This loan backs the financial needs of salaried and self employed individuals who need sufficient funds to buy the desired car.
ICICI bank car finance offers up to 100% of the on-road price of the select cars. However, you must note that the lender considers multiple parameters to decide the car loan amount including your income, credit history, repayment capacity, age and type and model of car.
ICICI bank car loan interest rates range from 7.80% per annum to 9.85% per annum. Know that ICICI vehicle loan interest rates are affected by many factors such as the loan repayment tenure, your credit score, model of car etc.
ICICI bank car loans come packed with convenient loan repayment tenure options. The ICICI car loan repayment tenure ranges from 1 year to 7 years.
ICICI bank lets you prepay and part prepay your car loan. This facility helps you to close the loan early without going with the tenure length and save your money from interest rates.
You can only make a car loan prepayment after 12 months of tenure. The bank charges a prepayment fee of 5% of the principal outstanding. Apart from that, you will be charged a part-payment fee of 6% of the amount paid in part.
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 |
You must ensure you fulfill all the ICICI bank car loan eligibility conditions which builds your chances to get the loan easily. Your age, income, credit history, employment status etc. are some of the factors upon which the lender checks your eligibility. Therefore, it is necessary that you meet the criteria.
Here are the ICICI bank car loan eligibility requirements:
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% |
|
8.00% to 10.75% |
|
8.80% to 10.50% |
|
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% |
ICICI bank car loan EMI calculator makes you see the total payable ICICI car loan EMI amount. This tool is an easy way to help yourself know the monthly spend on a loan and plan your budget according to that. On top of that, it also allows you to reconsider the loan repayment tenure options if required.
Here are the steps to calculate ICICI bank car loan EMI using the ICICI bank vehicle loan EMI calculator:
Now, you can check the amount of payable ICICI bank vehicle loan EMI amount.
You can also go to the BankSathi car loan EMI calculator. It is a fast and friendly tool using which you can know the amount for your payable ICICI car loan EMI. All you need to do is fill in the car loan amount along with the applicable interest rate and loan term and you will find the monthly and yearly spends on your car loan.
Here are the different ways you can opt to apply for ICICI bank car loan:
To apply for ICICI car loan offline, you can hop to the nearest branch of ICICI bank. There you will have the bank representative’s assistance with the loan application. You will be asked to submit the documents for the procedure for which it is best that you carry the required documents to the bank.
Follow the steps given below in order to apply for ICICI bank used car loan:
Once your ICICI bank car loan application is submitted online, the bank will soon get in touch with you regarding the further steps.
For more assistance or any query/ assistance or complaints/grievances related to the ICICI bank car loan, you can reach out to the ICICI bank customer support.
Here is the ICICI bank car loan customer care number:
1860 120 7777
The ICICI bank car loan interest rates start at 7.80% per annum and range up to 9.85% per annum. The interest rates are determined by the loan applicant’s profile, repayment history, type and model of car and other factors.
The ICICI car loan processing fee is 2% of the loan amount plus applicable taxes (or Rs 15,000).
You can either track your ICICI car loan application status online via the official website of ICICI bank or you can reach out to the ICICI bank customer service to enquire about it.
You have two ways to apply for an ICICI bank car loan- online or offline. Here’s how you can do that:
You can also contact the ICICI bank customer care for assistance regarding the car loan application.
Last Updated on : 06/May/2021Know 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