How to Apply for ICICI Bank Car Loan

ICICI Bank Car Loan

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ICICI Bank Limited is an Indian Private bank. It offers a wide range of banking products and financial services. In this post, we are going to discuss about ICICI Bank Car loan. The procedure to apply for a car loan and the eligibility criteria.

What do you mean by Car Loan?

A car loan or a vehicle loan is a loan that is obtained to purchase two and four-wheelers for personal use. The lender loans the money to the borrower while the buyer must repay the loan in equated Monthly installments (EMIs) over a specific tenure at a specific interest rate.

How to Apply for an ICICI Bank Car Loan?

To apply for a Car loan from ICICI Bank is easy. ICICI Bank Car loans offer flexible schemes and quick processing of your loans. You can apply for the Car loan by visiting your ICICI Bank branch and filling up the application form whereas you can also apply online.

New and existing customers can apply for loans at the convenience of ICICI Bank’s online facility. Customers can choose from a wide range of car models from various manufacturers and also have the option to choose a preferred dealership. The online facility will help customers in gaining perspective on car picking.

To apply online for a Car loan from ICICI Bank you will have to follow the following methods:

• Apply Online from the ICICI Bank website
• Fill out and submit your Car Loan application and check your eligibility
• Select Loan amount and tenure, as per your requirement

Also Read: How to apply for ICICI Bank Home loan

ICICI Bank Car Loan Products

1. Pre-Owned  Car Loan

ICICI Bank also offers pre-owned Car loans. ICICI Bank Pre-owned Car loans makes it possible to own a wide range of certified/pre-owned cars, conveniently

Feature

• Instant Car Loan customers can avail of a loan with up to 80% of the offer amount
• Loan tenure can be up to 7 years
• You get an attractive rate of interest
• Easy documentation

2. Refinance Car loan

Refinance refers to granting a loan on an existing car, which is not hypothecated to any bank/financial institution or is hypothecated but has zero outstanding. The Maximum refinance that can be availed, is up to 140% of the car’s valuation.

Feature

• Easy documentation
• You get an attractive rate of interest
• Your loan gets processed faster

3. Top-Up Car loan

Existing Car loan customers of ICICI Bank can also avail of additional top-up loans. These loans can be used for any other requirements such as business development, wedding, personal engagements, home renovation, etc.

Feature

• Easy documentation
• You get an attractive rate of interest
• Your loan gets processed faster

Interest Rates

Car loan interest rates are the rate charged by ICICI Bank for a loan to purchase a vehicle. It shows the percentage of your principal to be paid each month in addition to a part of the principal, the sum of which represents your EMI.

Car loan interest rates are expressed as Annual Percentage Rates (APR) and are based on a variety of factors including your income, debt, and credit score, the value of the vehicle, the amount of the car, its duration, and the RBI Repo Rate. ICICI Bank Vehicle loan interest rates are amongst the lowest.

ICICI Bank offers you the best deals for financing your new car at Low Interest Rates, Low EMIs, minimal paperwork, and quick disbursement. So don’t miss it and apply for a car loan now.

For New Car

Interest rate is based on car segment, CIBL score, customer relationship, tenure, or loan, etc.

For Used Car

Interest rate is based on customer relationship, age and segment of car, product variant like purchase, top up, refinance, etc.

Car Loans – Indicative lending rates effective from 5^th Dec, 2022

Also Read: Acalypha – 20+ Uses, Medicinal Qualities, Benefits, and Side Effects

Who is Eligible for ICICI Bank Car Loan

The eligibility criteria for ICICI Bank car loan are

For the Salaried Individual

• The individual must be between the ages of 25 and 58
• A minimum annual salary of Rs 2.50 lakh is required
• Must have a total of two years of experience and one year of current work

For partnership firms

• A minimum PAT (Profit After Tax) of Rs 2 lakh is required
• There will have to be at least three years of business stability

For Self-Employed Applicants

• Must be at least 29 years old and no older than 65 years old
• A minimum annual salary of Rs 2.00 lakh is required
• Must have at least three years of business stability

For companies

• The current company must have been in operation for more than three years
• A minimum PAT (Profit After Tax) of Rs 2 lakh is required
• There would have to be a minimum of three years of business stability

Documentation Required

ICICI Bank offers convenient, flexible, and quick car loans to salaried individuals, self-employed professionals, and self-employed non-professionals. The documentation required for a car loan is as mentioned below:

• KYC
• Photographs
• ID Proof
• Address Proof
• Age Proof
• Bank Statements
• Income Proof

ICICI Bank Car Loan Fees and Changes

Non-Refundable Processing Fees for New Cars

Non-Refundable Processing Fees for Used Cars

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

FAQs

1. What will happen if I make a late payment?

Ans: In the case of late payment, a penalty equivalent to 2% per month on the outstanding installment will be charged as a late payment fee.

2. How do I access my car loan sanction letter online?

Ans: Follow the below steps to access the loan sanction letter.

• Log into your ICICI Bank Internet Banking account.
• Under the ‘Offers’ tab, select the ‘Car Loan Pre Approved’ option
• In the offers list, select the relevant manufacturer details
• Accept the offer and generate the approval letter
• Take this letter along when you visit the nearest ICICI Bank branch
• Submit the disbursal kit and drive home your dream car.

3. Can I foreclose the ICICI Car loan?

Ans: Yes, you can prepay or foreclose your car loan at a charge of 5% + GST on the remaining principal loan amount.

Dev Kirtonia

Hi, I’m Dev Kirtonia, Founder & CEO of Dev Library. A website that provides all SCERT, NCERT 3 to 12, and BA, B.com, B.Sc, and Computer Science with Post Graduate Notes & Suggestions, Novel, eBooks, Biography, Quotes, Study Materials, and more.