ICICI Bank provides you with a low-cost auto loan, as well as special fee discounts and no foreclosure fees. It is also possible to use an auto loan for a brand new or used auto. There are numerous benefits to ICICI Bank auto loans, including low processing fees, low EMIs, minimal paperwork, and a quick processing time.
INTEREST RATE FOR AUTO LOAN
Firstly, the different cost factors involved in the auto loan in connection with bank funding and personal contributions are important to understand (down payment). In the category 10.75 percent to 15.50 percent, ICICI has different interest rates.
| ICICI | New Auto Loan | Used Auto Loan |
| Interest Rate | 10.75% | 15.50% |
| Loan Tenure | Upto seven years | Upto seven years |
| Lowest EMI | Rs. 1,699 per lakh | Rs. 1,699 per lakh |
| Loan Amount | Maximum of 100% ex showroom price | Maximum of 100% ex showroom price |
| Prepayment Charges | 5% | 5% |
You certainly want to see to it that your lender (bank) delivers self-adjusted advantages on future interest rates. That is why you need a reputable credit agency with a dedicated and experienced workforce to guide you throughout the process.
ELIGIBILITY CRITERIA FOR AUTO LOAN
The eligibility criterion has to be matched to qualify for ICICI Bank auto loans. This makes your loan a major decisive factor. Cases such as:
- Salaried, Self- Employed Professional or a Businessman,
- Income,
- Age,
- Qualifications,
- Number of dependents,
- Co-Applicants Income,
- Assets, Liabilities, Stability, and Continuity of Occupation of the borrower,
- Savings History.
In addition, the eligibility of the loan will also depend on the value of your chosen auto. The following are some of the most significant eligibility factors:
| Interest Rate | 10.75% |
| Age | 18 – 65 years |
| Job Stability in case of Salaried (in years) | 2 years |
| Loan to Value Ratio | Upto 100% ex showroom price |
PENALTIES/OTHER CHARGES FOR AUTO LOAN
In addition to the interest rates mentioned above, auto loans are also subject to the processing fee, foreclosure charges and related registration fees as well as other fees. Let’s talk in detail about some charges:
- Processing Fee: ICICI Bank charges maximum of 5,000 processing fee.
- Prepayment Charges: You must submit an application for the ICICI bank for it and comply with the RBI rules when you decide to forfeit or transfer your auto loan to another bank.
PROCESS OF APPLYING FOR AUTO LOAN
By contacting the bank directly or by applying online, the ICICI Bank Auto Loan is available. By providing a loan through the online market, the odds of receiving best loan rates, low processing fees and special cash bills are improved. Once you reach the bank, your papers are collected and the loan process is initiated, which involves checking your CIBIL score, the value of the property, checks on the technical and legal property, calculation of eligibility. Based on assessment results, the Bank will make a decision on your loan.
