ICICI Car Loan – Interest Rates Nov 2018, EMI Eligibility Calculator

ICICI Bank Car Loan: 8.82% Interest Rates ✓ Eligibility Low EMI Rs.1600 ✓ Processing fee ✓ Documents ✓ Loan for women, NRI, Pensioners, Used / Second hand cars, Loyalty schemes. At Deal4loans you can get details of interest rates, EMI, eligibility and documents required to procure car loan. ICICI Bank offers car loans up to 100% ex-showroom price of the car, with attractive interest rates and up to 7 years tenure.

Latest Update – Car loan with special discount on Processing fee & ZERO Foreclosure charges*.

ICICI Bank Car Loan Interest Rates 2018

Interest Rates 8.82% – 12.75%
Repayment Period 7 Years
Lowest EMI per Lakh Rs. 1,600
Maximum loan amount Upto 1 Crore
PROCESSING CHARGES ₹ 2,500 to ₹ 5000

Compare, Calculate & Save more on Interest Rates & EMIs

Professional Details
Loan Amount

Occupation

Annual Income

City

Benefits of ICICI Bank Car Loan

✓ ICICI Bank provides car loans of up to 100% ex-showroom price of vehicle. The car loan comes at low interest rates and long repayment tenure of up to 7 years.

✓ Borrowers can apply online to get instant approval and faster processing.

About ICICI Bank

ICICI Bank is India’s largest private sector bank with total consolidated assets of Rs. 11,242.81 billion (US$ 172.5 billion) at March 31, 2018 and profit after tax of Rs. 67.77 billion (US$ 1.0 billion) for the year ended March 31, 2018. ICICI Bank currently has a network of 4,867 Branches and 14,367 ATMs across India.

ICICI Bank Pre-Owned / Used Car Loan

ICICI Bank provides loans up to 80% of the valuation of pre-owned cars. Loans with a maximum tenure of five years are available on second hand cars. Documentation process and other fee/charges are same as normal loan.

ICICI Bank provides loan on pre-owned and second hand cars at 15.50 per cent interest.

Processing fees & charges for used car are 2% of Loan amount or 6,000 whichever is lower

Top Up Loan on Existing Car Loan

If you are an existing customer of ICICI Bank, you can avail top-up loan to meet your financial requirements. You can even apply for a top-up on your car loan. Being an existing customer, documentation work will be easier and the processing of loan application will be faster.

Eligibility for ICICI Bank Car Loan

Particulars Salaried Individual Self-Employed Individual Partnership Firm Private / Public Ltd Co
Age Criteria
25 years at the time of application; 58 years at the time of loan maturity Above 28 years and below 65 years at the time of loan maturity
Limited companies should be in existence for at least 3 years
Income Criteria
Gross annual income of at least Rs 2.50 lakh
Gross annual income of at least Rs 2 lakh Minimum profit after tax (PAT) of Rs 2 lakh Minimum PAT of Rs 2 lakh
Stability Total employment stability should be more than 2 years. Current employment stability of minimum 1 year. Business stability of more than 3 years. Business stability of more than 3 years. Business stability of more than 3 years.

ICICI Bank Car loan EMI Calculator

ICICI car loan emi calculator helps you to know how much emi per month you have to pay against the loan taken for purchasing the new car. you can select or choose the right loan amount as per your financial condition and it helps you in selecting the car variant as per your paying capacity of EMI. For calculation you have to just select the right loan amount, Interest Rate and Repayment period.

Calculate Loans EMI Online

Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
 
Monthly EMI
Total Amount with Interest
Total Interest Amount
Yearly Interest Amount

For an example, You can take a loan amount of Rs.9 lakh for Maruti Ertiga ZDI or Honda City ZX car for 6 years repayment period at 8.90% rate of interest than you emi calculations are as follows:

  • Loan Amount = Rs. 9,00,000
  • Monthly Installment (EMI) = Rs. 16,178
  • Total Interest Amount = Rs. 2,64,841
  • Total Amount (Principal + Interest) = Rs. 11,64,841
Year Principal Interest Balance Amount
1 Rs. 118,804 Rs. 75,332 Rs. 781,196
2 Rs. 129,820 Rs. 64,316 Rs. 651,376
3 Rs. 141,856 Rs. 52,280 Rs. 509,520
4 Rs. 155,011 Rs. 39,125 Rs. 354,509
5 Rs. 169,383 Rs. 24,753 Rs. 185,126
6 Rs. 185,245 Rs. 9,047 Rs. 0

How much loan can I get?

The minimum loan on a new car loan is Rs 1,00,000. The maximum amount depends on customer profile and his capacity to repay loan, price, model and variant of the car.

ICICI Bank finances up to 90% of the ex-showroom price. The bank may sanction higher amount under increased income eligibility criteria.
Service Charge

Car loan interest charges vary according to model, loan tenure, customer and his/her location.

Description of Charges
Non-Refundable Loan Processing Fee and Documentation Charges (New Car)

Gross Loan Amount

Processing Fee Amount

Documentation Charges

Less than Rs 2.5 lakh Rs 2,500 Rs 350
Rs 2.5-3.9 lakh Rs 3,500 Rs 350
Rs 4-4.9 lakh Rs 4,000 Rs 350
Rs 5-9.9 Lakh Rs 4,200 Rs 350
Over Rs 10 lakh Rs 5,000 Rs 350

Documentation required for Vehicle Loans at ICICI Bank:

Income proof

Salaried: Latest salary slip and Form 16/I-T returns of last two years.
Self-Employed: I-T returns of last two years.
Partnership firms, societies & companies: I-T returns of last two years and financial/audit report
• Other documents include proof of identity, signature and address. For partnership deeds, the applicant(s) are required to submit partnership deed and letter signed by all partners to authorize the applicant to carry out loan documentation. In case of societies and companies, a resolution from the managing body and memorandum and articles of association or society deed needs to be submitted.

Repayment Options

Car loan repayment tenure options range from a minimum of one year to a maximum of 7 years.

Swift Application Process

Car Loan application process at ICICI Bank is simple and fast. A number of channels are available for the customers to access details and apply for car loan. You can contact over phone, apply online or send in an e-mail, send an SMS or visit the nearest branch of ICICI Bank.

Other Available Products of ICICI Bank:

ICICI Bank Home Loan

ICICI Bank Personal Loan

ICICI Bank Credit Card

ICICI Bank NRI Home Loan

ICICI Fixed Deposit Rates

ICICI Bank Two Wheeler Loan
Source: ICICI Bank official Website