ICICI Car Loan – Compare Interest Rates, EMI, Documents and Eligibility for ICICI Car loan. Apply online for car loan. Icici Bank is the most preferred financier for car loans in the country.
Car Loans with Fixed Interest Rates: ICICI Bank offers new car loans with fixed rate option only. compare car loan interest rate
Eligibility Criteria for Car Loan
With ICICI Bank Car Loans, you can avail of car loans as per your needs.
| Particulars | Salaried Individual | Self-Employed Individual | Partnership Firm | Private / Public Ltd Co |
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Age Criteria*
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The applicant should be above 25 years old at the time of application, and upto 58 years of age at the time of maturity of the loan.
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Any proprietor, partner, professional or director above 28 years but below 65 years at the time of the loan maturity.
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Limited companies should have been in existence for at least 3 years.
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Income Criteria*
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Gross annual income of at least Rs. 2.50 lakhs.
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Gross annual income of at least Rs. 2.00 lakhs.
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Firm should have a minimum PAT (profit after tax) of Rs. 2.00 lakhs.
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Minimum PAT (profit after tax) of Rs. 2.00 lakhs.
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| Stability | The total employment stability should be more than 2 years and current employment stability of minimum 1 year. | Business stability should be more than 3 years. | Business stability should be more than 3 years. | Business stability should be more than 3 years. |
Loan Amount
The minimum loan amount for taking a new car loan is Rs. 1,00,000. The maximum loan amount will depend upon the price of the car, model variant, profile of the customer, etc.
New Car
- Icici Bank finance up to 90% of the ex-showroom price of the car.
- The Loan amount also depends on the car model. Higher loan amounts are available under specific enhanced income eligibility criteria.
Service Charges:
Icici Bank car loan interest charges differ according to the car model, the tenure of the loan, the customer and his location.
| Description of Charges | Car Loans | |||||||||||||||
| Loan Processing Fees |
New Car
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| Stamp Duty | Actuals | |||||||||||||||
| Prepayment Charges | Lower of the two amount given below. 1. 5% of principal outstanding or 2. Interest outstanding for unexpired period of the loan. |
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| Charges for late payment (loans) | 2% per month on the outstanding installment | |||||||||||||||
| Cheque Swap Charges | Rs. 500/- per transaction | |||||||||||||||
| Cheque return charges^ | Rs. 400/- per return | |||||||||||||||
| Amortisation Schedule Charges | Rs. 200/- per schedule | |||||||||||||||
| Statement of Account Charges | Rs. 200/- per statement | |||||||||||||||
| Prepayment Statement Charges | Rs. 100/- per statement | |||||||||||||||
| Duplicate NOC Charges | Rs. 500/- per NOC | |||||||||||||||
| NOC for conversion from Petrol to LPG/CNG | Rs. 500/- per NOC | |||||||||||||||
| Revalidation of NOC Charges | Rs. 500/- per NOC | |||||||||||||||
| NOC to convert from Private to Commercial Registration | Rs. 2000/- per NOC | |||||||||||||||
| NOC to convert from Commercial to Private Registration | Rs. 2000/- per NOC |
Documentation
Income proof:
Salaried individuals : Latest Salary Slip and 2 years Form 16/ Income tax returns.
Self-Employed individuals: Income Tax Returns of 2 previous financial years.
Partnership Firms, Societies & Companies : Income Tax returns of 2 previous financial years along with complete financial/audit report
Documents supporting customer information :
Identity Proof, Signature Proof and Address Proofs as per ICICI Bank norms (Our representative will help you choose suitable documents).
Other documents:
Partnership Firms: Partnership deed and Letter signed by all partners authorising one partner to execute the required Car Loans documentation.
Societies and Companies: Resolution by Board of Directors (or such managing body) & Memorandum & Articles of Association (or Society/Trust deed).
Repayment -
Repayment terms of your car loan – Repayment tenure ranges from 1 year to 5 years for new car loans.
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