ICICI Bank is an Indian multinational banking and financial services company head quartered in Mumbai. It is the second largest bank in India by assets and by market capitalization. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels. Car Loans from ICICI Bank are extremely convenient, flexible and quick. They offer flexible schemes, attractive interest rates, and quick & hassle-free application. Read on to get details on Interest Rates, EMI, Documents and Eligibility for ICICI Car loan.
At least 23 years old
Less than 58 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Minimum income required
Rs.20,800 per month
Loan capped @
80% of the Ex-Showroom price of Car value
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 7 years
|Interest Rate (Monthly reducing balance)||10.50% to 15.75%|
|Processing Fees||0.25% of loan amount or Rs.3,000 whichever is minimum|
|Loan Tenure||1 year to 7 years|
|Pre-closure Charges||Upto 5% on outstanding loan amount|
|Guarantor Requirement||No guarantor required|
ICICI Bank, India’s largest private sector bank offers a plethora of financial products caters to a wide range of customers. Of these, car loans offer a quick and hassle free mode of buying your dream car. The bank grants car loans for new cars, pre-owned cars and even loan against cars.
ICICI Bank’s car loan offering comes with a maximum tenure of 7 years and up to 80% of the ex-showroom value of the car. There are different ways of applying for a car loan - you can visit the branch, apply online and track the application, request for a relationship manager to call you either online or by sending a SMS or even call and speak to the customer service representative.
In addition to the Know Your Customer documents and the bank statements, you will need to provide an income proof which can either be a salary slip, form 16, income tax returns, business/employment stability proof or ownership proof for self employed individuals. Other documents include partnership deed and letter of authorisation in case of a partnership firm and resolution by Board of Directors and Memorandum and Articles of Association for companies and societies.
Who doesn’t love to apply for ICICI Bank Car Loan, after comparing all available options and that too sitting at the comfort of your home? BankBazaar.com in tie up with ICICI Bank offers instant car loans approvals online. You can check your car loan eligibility online and know your EMI outflow using our loan calculator. Our tie up with the bank helps you to get the best deal available.
ICICI Bank offers up to 80% of the ex-showroom price of the car as the loan amount for new cars and 80% of the car valuation in case of pre-owned cars. The minimum loan amount is Rs.1 lakh. Interest rates for new car loans range from 10.50% to 12.25%, depending on the segment of the vehicle and the tenure opted for. Pre-owned car loans are given for up to 23 months, with interest rates varying between 13.75% and 17%, depending on the segment of the vehicle.
The biggest benefits are the quick turnaround time and the various touch points with which one can communicate with the bank, indicating good service levels. In addition, existing customers get pre-qualified car loans. You can also get instant approvals by filling in the necessary details online on the bank’s website. There are flexible repayment options and full pre-payment of the loan is also accepted. The bank claims attractive deals from associated car dealers and also offers zero pre-payment charges under the 'Multi Advantage Car Loans' product.
The eligibility criteria fall into 3 buckets - age criteria, income criteria and stability - for different types of applicants - salaried, self employed individuals, partnership firms and companies. Salaried individuals should be above 25 years old at the time of application, and up to 58 years of age at the time of maturity of the loan, should have a minimum gross annual income of Rs. 2.5 lakhs and should be in employment for atleast 2 years, with current employment of 1 year. Self employed individuals should be above 28 years but below 65 years at the time of the loan maturity.
The current business stability should be 2 years or total more than 3 years and the gross annual income should be atleast Rs. 2 lakhs. Partnership firms should have a minimum profit after tax of Rs. 2 lakhs and current business stability of 2 years. Total business stability should be more than 3 years. The business income is considered as per the income tax returns or profit as per the income statement. In case of private and public limited companies, the company should have been in existence for atleast 3 years and minimum profits should be Rs. 2 lakhs.
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