ICICI Car Loan Eligibility Calculator
ICICI offer on car loans to customers exceeds expectations. ICICI Bank offers up to 100% of the ex-showroom price of the car. The car loans come with easy repayment tenures of up to 8 years. Customers can enjoy attractive rates of interest on their loans. ICICI car loans are easy to apply for online.
Parameter | Salaried Individuals | Self-Employed & Business Entities |
Age | 21 – 60 years | 21 – 65 years for individuals Business entities: Minimum 3 years of operations |
Minimum Income | ₹20,000 – ₹25,000 per month (varies by city and employer category) | ₹3 lakh p.a. for individuals ₹10 – ₹15 lakh annual turnover for businesses |
Employment / Business Stability | Minimum 2 years of total work experience At least 1 year in current job | Minimum 3 years of business continuity Proven business performance |
Credit Score | CIBIL 700+ preferred FOIR (Fixed Obligation to Income Ratio): up to 60% | CIBIL 700+ preferred Strong Debt Service Coverage Ratio (DSCR) required |
Loan Amount | Up to 90% of ex-showroom price (new cars) Up to 80% of valuation (used cars) | Up to 90% of ex-showroom price (new cars) Up to 80% of valuation (used cars) |
Loan Tenure | 1 – 8 years | 1 – 8 years |
Special Benefits | Preferential rates for ICICI salary account holders Women applicants eligible for concessions | Relationship benefits for ICICI business customers Priority processing for long-term clients |
Factors Affecting Your ICICI Car Loan Eligibility
Your eligibility for an ICICI car loan depends on several key factors:
- 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:
- How much credit you have and how much you use.
- Whether you pay your bills and loans on time.
- 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
Document Type | Salaried Individuals | Self-Employed & Business Entities |
Identity Proof | PAN Card, Aadhaar Card, Passport, or Driving Licence | PAN Card, Aadhaar Card, Passport, or Driving Licence |
Address Proof | Aadhaar Card, Passport, Utility Bill (Electricity / Water / Gas), or Registered Rent Agreement | Aadhaar Card, Passport, Utility Bill, or Property Ownership Documents |
Income Proof | Last 3 months’ salary slips Last 3 months’ bank statement (salary account) Form 16 (latest) | Last 3 years’ ITR Latest Profit & Loss Statement & Balance Sheet Last 6 months’ bank statements |
Business Proof | Company ID card / Employment certificate (if applicable) | Business registration certificate / GST certificate Partnership Deed / MOA & AOA (for firms or companies) |
Financial Documents | – | Last 2 years’ audited financials Board Resolution (if company) |
Vehicle Documents | Proforma Invoice from authorized dealer Valid Driving Licence | Proforma Invoice from authorized dealer Valid Driving Licence |
Additional Documents | Passport-size photographs Aadhaar-linked mobile number for eKYC Processing fee cheque / online payment | Passport-size photographs Aadhaar-linked mobile number for eKYC Processing fee cheque / online payment |
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