ICICI Car Loan Eligibility Calculator

• Income: You must meet the minimum income requirements set by the bank. A stable income helps determine how much loan you can get. Including your spouse’s income as a co-applicant can increase your loan eligibility.
• Credit Score: A good CIBIL score shows your creditworthiness. Banks rely on your credit history to ensure you can repay the loan.
• Existing Debt: Any ongoing loans or credit card balances affect your debt-to-income ratio, which influences the loan amount and EMI you can afford.
• Age: Your age matters. Applicants near the maximum age limit may have lower chances unless they can prove repayment capability.
• Employment Stability: Regular and steady employment increases your eligibility. Frequent job changes or inconsistent income may reduce your chances.

How CIBIL Score Affects ICICI Car Loan Eligibility

Your CIBIL score reflects your credit history and repayment behaviour. It is influenced by:

1. How much credit you have and how much you use.
2. Whether you pay your bills and loans on time.
3. Defaults or late payments, which can lower your score.

A good credit score shows that you are reliable, making banks more likely to approve your loan. It can also help you get better loan amounts, longer tenures, and lower interest rates.

How to Improve Your ICICI Car Loan Eligibility

If you want to increase your chances of getting a car loan or a higher loan amount, you can:

• Clear existing debts as soon as possible.
• Pay all bills on time, including credit cards.
• Pay credit card bills in full before the due date to boost your score.
• Add your spouse as a co-applicant to increase your combined income.
• Maintain steady employment and show consistent income.

ICICI Bank Car Loan Documentation Required

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score