ICICI Car Loan

ICICI Bank New Car Loan Interest Rate starts at 9.30 percent and ICICI Bank Used Car Loan Interest Rate starts at 14.25 percent. These are fixed-rate loans and are one of the best car loan rates in India by bank. Interest rate varies depending on the occupation of the borrower, the amount of the loan and loan tenure.

Features New Car Loan Used Car Loan
Processing Fee Min Rs. 2,500 Max Rs. 5,000 2.00% Min Rs. 2,500 Max Rs. 6,000
Loan Tenure Up to seven years Up to Five years
Lowest EMI Rs. 1,624 per lakh Rs. 2,090 per lakh
Loan Amount Upto 100% of ex-showroom price Upto 80% of market value
Prepayment Charges 5% 5%

ICICI CAR LOAN ELIGIBILITY

Eligibility Criteria Eligibility Details
Age 18 years – 65 years
Minimum Annual Income Salaried: ₹ 2.50 Lakhs
Self Employed Professionals: ₹ 2 Lakhs
Self Employed Businessmen: ₹ 2 Lakhs
Minimum Credit Score 700 and above
Loan Tenure Seven years
Loan to Value Ratio 100 percent of ex-showroom price

Car loan eligibility relies upon different factors but the vital factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are as follow:

  • Age: Age plays an important role in understanding your eligibility and willingness to repay. ICICI Bank provides a car loan to those at least 18 years of age at the time of the approval of the loan and a period of 65 years at the time of the maturity of the loan.
  • Income: ICICI Bank Car Loan Calculator determines your eligibility based on your salary. Typically the bank has set minimum income thresholds to qualify for a car loan. ICICI Bank asks for a net annual income of at least Rs. 2.50 lakhs.
  • Job stability and Profession: Job stability is essential to improve the status and eligibility of ICICI Bank’s vehicle lending. If you work for a reputable company, the chances of securing a car loan increases as income is deemed to be more secure and the bank provides the best ICICI car loan interest to employees of reputable businesses.
  • CIBIL Score: Your previous experience of CIBIL and the repayment of current loans and credit cards has a significant effect on the eligibility of your ICICI Bank Car Loan. If you have a bad repayment record, you will not get the loan, but on the other hand, a regular repayment record will increase your vehicle’s eligibility for the loan. Generally, the bank is giving the loan at a CIBIL score of 700 and above.
  • Loan Amount: The amount of ICICI auto loan depends on your salary. ICICI Bank gives 100% of the ex-showroom price, depending on the value of the vehicle. To boost your chances of approval, apply for a loan sum that you can comfortably service and review your ICICI car loan status online and avail multiple benefits.

DOCUMENTS REQUIRED FOR ICICI BANK CAR LOAN.

  • Salaried Employees
  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof –Aadhaar, Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
  • Income Documents – three months’ pay slip, two years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • C of Vehicle and Insurance of Car
  • Self-Employed
  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof – Aadhaar, Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
  • Income Documents – three months’ pay slip, two years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • C of Vehicle and Insurance of Car.