• ICICI Bank Car Loan

    ICICI Bank is one of the leading choices when it comes to new and pre-owned car loans. Interest rates on new car loans start from 7.90%, whereas, ICICI used car loans can be availed at an interest rate ranging between 12.00% and 14.50%
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    ICICI Bank Car Loan

    Key Features of ICICI Bank Car Loan

    Some notable features of ICICI Bank New Car Loans are:

    • Minimal documentation
    • Longer loan tenure up to 7 years
    • Financing for up to 100% of on-road price
    • Low processing fee

    ICICI Bank Car Loan Fees & Charges

    Here are some of the main fees and charges accompanying the ICICI Bank’s New and Used Car Loans:

    Charges New Car Loan Used Car Loan
    Non-Refundable Loan Processing Fee Rs.3,500 Lower of 2% of loan amount or Rs.15,000
    Late Payment Charges 2%/month on outstanding installment amount
    Loan Cancellation Charges Rs.3,000 per loan
    Used Car Valuation Charges Rs.800 + applicable GST
    Prepayment Charges Lower of 5% on interest or % on principal due for remaining loan tenure
    Part Pre-payment Charges 6% + GST on amount being prepaid, subject to conditions
    Prepayment Statement Charges Rs.200/statement
    Amortisation Schedule Charges Rs.500/schedule
    Documentation Charges Rs.650 + applicable GST
    Stamp Duty At actuals
    Bounce Charges Rs.500/transaction
    Account Statement Charges Rs.200/statement
    Legal Repossession/Incidental Charges At actuals

    ICICI Bank Car Loan Eligibility

    To be eligible for an ICICI Bank New or Used Car Loan, applicants must adhere to the following criteria:

    • Applicant must be a salaried or self-employed individual (professional or non-professional).
    • Must provide proof of income stability

    You can find more about Car loan eligibility here!.

    Documents Required for ICICI Car Loan

    Following are the documents to be furnished to apply for the ICICI Bank New or Used Car Loan:

    Salaried Applicants

    Category Documents Required
    Application Form Duly filled-in application form
    KYC Address proof, ID proof, age proof, and photographs
    Bank Statements Signature Verification
    Income Proof Form 16 or latest salary slip
    Other Documentation Proof of employment stability

    Self-employed Professionals

    Category Documents Required
    Application Form Duly filled-in application form
    KYC Address proof, ID proof, age proof, and photographs
    Bank Statements Signature Verification
    Income Proof Income Tax Returns for last 2 years
    Other Documentation Proof of business stability/ownership

    Self-employed Non-professionals

    Category Documents Required
    Application Form Duly filled-in application form
    KYC Address proof, ID proof, and age proof
    Bank Statements Signature Verification
    Income Proof
    • Income Tax Returns for past 2 years
    • comprehensive audit/financial report
    Other Documentation
    • Proof of business stability/ownership
    • Partnership Deed & letter signed by all partners giving authority to one partner
    • Memorandum/Articles of Association & Resolution by Boar of Directors

    FAQ

    1. Will ICICI let me prepay or foreclose my car loan?
    2. Yes, you can prepay or foreclose your car loan at a charge of 5% + GST on the remaining principal loan amount.

    3. What are the repayment options available with this car loan?
    4. You can pay the car loan EMIs in a variety of ways. If you are an existing ICICI Bank customer, you can opt for the direct debit facility or ECS. Otherwise, you may also make the EMI payment via issuing post-dated cheques drawn in favour of ICICI Bank Ltd.

    5. Is there a provision to update my contact details on my ICICI Bank loan account?
    6. Yes, you can easily update your contact details such as your email ID, mobile number, mailing address, etc., by walking into any ICICI Bank branch. When submitting your application, do remember to carry a valid photo ID proof.

    7. What are some factors which influence the interest rate for a new car loan?
    8. The interest rate for new car loans is dependent on some factors like the tenure of the loan, the car you’re planning to get, and your relationship with the bank, among other factors.

    9. Are used car loan interest rates influenced by any factors?
    10. Yes, interest rates for a used car loan can vary depending on some factors like the age and segment of the car you’re purchasing, the loan product type you are availing – refinance, top-up loan, and the loan term, to name a few.

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    ICICI Bank Car Loan Reviews

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