ICICI car loan: ICICI Bank is a name that is considered to be of high standards in the Indian banking industry. It is a vital part of the Indian economy and its specialty is dedicated to offering friendly financial services to its customers. ICICI Bank Car Loan is one such service that helps customers to buy their dream car.
ICICI Bank Car Loan is an attractive option for those who are looking to buy a new or used car. The interest rates and other terms available here are designed to give customers a comfortable financial experience.
ICICI Bank Car Loan offers customers a wide range of options, such as a loan of 100% of the ex-showroom price, and also gives them the convenience of monthly payments. Moreover, the bank has customized its interest rates to provide financial support to the customers according to their financial circumstances.
Although the interest rates and terms may change, ICICI Bank provides services to its customers with consistency and reliability. They understand the needs of their customers and help them achieve their financial goals.
This feature of ICICI Bank car loan makes it a suitable option for personal as well as business purposes.
ICICI Car Loan Eligibility
Salaried Persons
- Age: Between 25 years to 58 years
- Annual income: At least Rs 2.5 lakh
- Job experience: At least 2 years
Self-Employed Persons
- Age: Between 25 years to 65 years
- Annual income: At least Rs 2 lakh
- Business establishment: At least 3 years ago
ICICI Car Loan Highlights
| Features | Used Car Loan | New Car Loan |
|---|---|---|
| Interest Rate | 11.25% – 18% | Starting from 8.95% |
| Loan Amount | 80% of Ex-showroom Price | 100% of Ex-showroom Price |
| Loan Tenure | 5 Years | 7 Years |
| Prepayment Charges | 5% of the remaining amount or interest | 5% of the remaining amount or interest |
| Processing Fee | 2% of the loan amount or Rs. 15000 | 0.5% of the loan amount |
ICICI Car Loan Benefits
- Loan up to 100% of the ex-showroom price of the car: Loan up to 100% of the ex-showroom price of the new car is offered. Loans up to 80% are available for used cars.
- Minimal documentation and quick loan approval: Fewer documents are required for the application and the loan is approved instantly.
- Fixed interest rates: Interest rates remain fixed throughout the loan tenure and the EMI remains the same every month.
- Loan tenure: The loan tenure for a new car can be up to 7 years, while for a used car it is 5 years.
- 100% online process: ICICI Bank car loan application can be completed online, there is no need to visit the bank.
ICICI Car Loan Interest Rate
New Car Loan
- 12 – 35 months: Starting from 10.00%
- 36 – 38 months: Starting from 8.95%
- 39 – 96 months: 8.75% (Based on CIBIL score and car model)
Old Car Loan
- 12 – 35 months: 11.25% (Based on CIBIL score and car segment)
- 36 – 38 months: “
- 39 – 96 months: “
ICICI Car Loan Charges
- Documents Charges: Rs.550 + GST
- Registration Charges: Rs.450 + GST
- Prepayment Charges: 5% of the remaining amount or interest + GST
ICICI Car Loan Documents
- Aadhar card
- PAN card
- Passport
- Driving license
- Ration card
- Driving license
- Passport
- Aadhar card
- Electricity and telephone bills
- Salary slips
- Bank statements
- Income tax return (ITR)
Apply Process For ICICI Car Loan
- First of all you have to visit the official website of ICICI Bank icicibank.com
- After coming to the website, go to the home page and go to the ‘Loan’ section and click on ‘Car Loan’.
- Now a new page will open, in which you have to click on the option of ‘Book Your Dream Car’.
- Now another new page will open in front of you, in which you have to enter your personal information like name, date of birth, address, mobile number etc.
- After filling all the information, click on ‘Submit’.
- If you are eligible for ICICI Bank’s car loan, your loan application will be approved quickly and the loan amount will be automatically transferred to your bank account.
Through this process you can easily apply for car loan online from ICICI Bank and get help in purchasing your dream car.
