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  • ICICI Car Loan Interest Rates 16 Oct 2019

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    ICICI Bank Car Loan interest rate for New Car Loans ranges from 8.95% to 13.40% & for Used Car Loans is 14.25%. The interest rate for new cars depends on factors like loan tenure, relationship with the bank, category of the car, etc.

    The interest rate for used cars is determined by factors like loan tenure, age of the vehicle, and nature of the loan such as refinance, top-up, etc.

    ICICI Bank Car Loan

    Features New Car Loan Used Car Loan

    Interest rates

    • For tenure up to 23 months – 12.85%
    • For tenure between 24 and 35 months – 12.85%
    • For tenure between 36 and 84 months – 8.95%

    14.25% (For all tenures)

    Loan tenure

    Up to 7 years

    Up to 5 years

    Processing fee

    Rs.3,500 to Rs.8,500

    2% of the loan amount or Rs.15,000, whichever is lower

    Loan amount

    Up to 100% of the on-road price

    Up to 80% of the car’s valuation

    Lowest EMI per lakh

    1,624 INR

    Rs.2,340

    Prepayment charges

    5% on the outstanding principal or interest

    5% on the outstanding principal or interest

    Other Charges

    Type of charge Fees
    Documentation Charges Rs.450 + GST
    CIBIL Report Charges Rs.50
    Registration Certificate Collection Charges Rs.350
    Stamp Duty Actuals
    Part Prepayment Charges 6% of the outstanding loan amount + GST
    Late payment charges 2% charged per month on the outstanding EMI.
    ICICI Bank Car Loan Interest Rates
    ICICI Bank Car Loan Interest Rates

    Factors Affecting ICICI Bank Car Loan Interest Rates

    The ICICI Bank car loans for the purchase of new cars are based on a fixed interest rate. The interest rate will remain the same throughout the tenure of the loan. The interest rates offered could possibly range from 8.89% p.a. to 14.50% p.a. Your eligible interest rate for new and pre-owned cars depends on a few factors.

    Credit score – Your credit history is an important factor that decides the rate of interest charged on your loan. If you have a good repayment history, your loan application will also be easily approved.

    Income of the applicant – When applying for car loans, it is good to bear in mind your debt-to-income ratio. As far as the lender is concerned, this indicates that you will not find it difficult to repay the loan. This also reduces the possibility of defaulting on the EMI.

    Customer relationship -ICICI is concerned with the relationship you have with them. Having a good credit history within the bank, a savings or current account, or a corporate salary account factors into your interest rates. The average quarterly balance you maintain with the bank will also play a role in your car loan. A person who has no relationship with the bank will most likely attract higher rates of interest if a loan is sanctioned from ICICI.

    Car segment -The type of car you are looking to purchase will also be an important factor in determining interest rates on your?ICICI car loan. Cars can be distinguished on their type, model and price. A sedan, a hatchback, a premium car and an SUV will attract different interest rates. Every car segment and the particular model will have different rates of depreciation as well. So if the bank needs to recover the loan amount in case you cannot pay back the loan, cars that retain their value will fetch a higher resale price. Therefore, your interest rates could be lower when you seek a loan on a highly valued car.

    Loan tenure -The longer your loan tenure, the lower your rates of interest will be. At ICICI Bank, if you take a loan for less than 2 years, you’ll attract a higher interest rate. When you take a loan for a longer tenure, you will pay more interest over the years. However, the monthly repayment amount will be lower.

    Age of the car-When you choose to buy a pre-owned car, the age and condition of the car will play a role in your eligibility and interest rates. Your eligible loan quantum will also be affected. Therefore, when buying a used car, ensure to get it checked out by a trustworthy mechanic. An old car means a shorter life of the car. ICICI offers loans of up to 80% on the valuation of the car for tenures as long as 5 years.

    Product Variant -For existing loan customers seeking a car loan or a top up, ICICI takes into consideration the relationship you already have with them. Your interest rates will be decided based on your previous history and the loan amount you are seeking. Your previous loan amount cleared,and repayment behaviour will also factor into the interest rates. If you are refinancing an existing loan, ICICI will determine your rates of interest based on the outstanding loan amount and current interest rates you are paying.

    FAQs

    1. How do I check my ICICI car loan status?
    2. You can log in to the ICICI bank website and access the loan status segment for car loans.

      Here, you will have to update your details such as mobile number, application number, date of birth, etc. and submit the online form to get the loan application status. In case you do not have the application number, you can enter the one-time password (OTP) that you get on your registered mobile number and submit the form.

      Here, you will have to update your details such as mobile number, application number, date of birth, etc. and submit the online form to get the loan application status.

    3. What rate of interest will I get for my car loan if my credit score is 650?
    4. In India, CIBIL is the most popular credit score. A score of 650 or less is considered to be low; and it will be difficult for you to get a loan with this score. Before applying for a car loan, try to improve your credit score so that it is 750 or more. This will help you get a loan with a low interest rate.

    5. What is the lowest EMI per lakh for the ICICI Bank car loan?
    6. The lowest EMI per lakh you will be required to pay towards the ICICI Bank car loan is Rs.802. This is under the assumption that the interest rate is the lowest amount, i.e., 8.89%.

    7. When applying for a car loan can I add the income of my spouse to increase my loan eligibility?
    8. Yes, this is possible. You may also be able to acquire a higher loan amount this way.

    9. Will my car loan interest rate be affected by part-payment?
    10. No, part-payment does not affect the future interest rates of your car loan. ICICI Bank has some restrictions on part-payment of car loan. You will have to pay a charge of 6% + GST on the amount that is part prepaid. The minimum prepayment is equal to 1 EMI and the maximum prepayment is 25% of the principal outstanding. Another point to note is that prepayment is allowed only twice (with a gap of 12 months) during the loan tenure.

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