ICICI Bank Car Loans

Find details of icici bank car loan through ICICI Bank EMI calculator. Just enter the loan amount of car you want to get financed and rate of interest. ICICI Bank EMI calculator automatically calculates the installment on reducing balance and it does not have any other processing fee.

Also see :   Car Loan Emi Calculator
ICICI Bank
ICICI Bank

New Car Loan Rates

Tenure3 Years
Down Payment9.5%
Processing FeeRs.2500/- to Rs.5000/-
Interest Rate7.90%
Document ChargesRs 350
ICICI Bank avails you with host of services and facilities online with which you can get car loan approval in an easier way. The customers who are dreamt of owning their desired car will turn their dream into reality via the golden opportunity provided by ICICI Bank. The eligibility criteria set by the bank that any individual having minimum gross income of Rs. 1.00 lakh per annum erases the hindrance that only silver-spooned can purchase the latest available cars. The bank even churns out the repaying capacity of an individual who had applied for loan by extending the tenure up to 8 years for new car while it is 5 years for used cars. Vicky. in proves to be the powerful tool through the provision of accurate information on processing fee, documentation charges, EMI amount of such banks

Loan Eligibility Calculator

ICIC Bank Car Loan eligibility, Interest Rate, documents and process

Eligibility Criteria for Car Loan by ICICI Bank

With ICICI Bank Car Loans, you can avail of car loans as per your needs.

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Age Criteria*
Particulars Salaried Individual Self-Employed Individual Partnership Firm Private / Public Ltd Co
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.
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.
Income Criteria*
Gross annual income of at least Rs. 2.50 lakhs.
Gross annual income of at least Rs. 2.00 lakhs.
Firm should have a minimum PAT (profit after tax) of Rs. 2.00 lakhs.
Minimum PAT (profit after tax) of Rs. 2.00 lakhs.
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
    Non Refundable Loan Processing Fees and Documentation Charges
    New Car
    Gross Loan Amt Processing Fee Amt Documentation Charges
    <2.5 L
    Rs.2500/-
    Rs.350/-
    2.5 L to 3.9 L
    Rs.3500/-
    Rs.350/-
    4 L to 4.9 L
    Rs.4000/-
    Rs.350/-
    5 L to 9.9 L
    Rs.4200/-
    Rs.350/-
    >10 L
    Rs.5000/-
    Rs.350/-
    Stamp Duty Actuals
    Prepayment Options Part prepayment of the loan is not allowed
    Prepayment Charges Lower of the two amount given below. 1. 5% of principal outstanding or 2. Interest outstanding for unexpired period of the loan.
    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
    Charges for changing from fixed to floating rates of interest Not Applicable.
    Charges for changing from floating to fixed rates of interest 1.75% on principal outstanding

    Documentation required for Vehicle Loans at ICICI Bank:

    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 terms of your car loan – Repayment tenure ranges from 1 year to 7 years for new car loans.
    Application Process of your Car Loan
    Car Loans from ICICI Bank are extremely convenient, flexible and quick. Keep It Simple and Swift. That’s the idea behind the easy and quick application process of ICICI Bank Car Loans. We have multiple channels for you to access ICICI car loan services. You can call us on the contact numbers given below, apply online, send us an email, call for our representative to visit you, visit ICICI bank branch or SMS us your interest.