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ICICI Bank Car Loan

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ICICI Bank Car Loans

A car is something that everyone has dreamed as from our childhood. A car could be used for many purposes like going on a family trip, going on a long trip with friends. A single car could mean different things to different people. India is also a growing market for automobiles, the passenger car market showed double digit growth in the last year. The growth is also seen across car categories which include compact car, sedan and utility leading to the breaking of a long-held belief that India is just an economic small car market. International car manufacturers have also made their presence felt by creating cars for the Indian soil.

From a period where owning a car itself was difficult we have moved to what type of car and brand should we choose. Not everyone can choose the car they want and pay in a single check. This is where a car loan from ICICI bank can help you.

What is ICICI Bank Car Loan?

ICICI Bank provides cars loans. On discovery that many people are interested in buying a car for either comfort, safety or any other reason will not be able to buy their dream car on their own. They should either go for a car that they don’t want because it is cheaper or wait and save to buy the car which will take time and the car model might change. The borrower can pay back ICICI Bank through equated monthly instalments or EMI(s). ICICI Bank believes in providing the right applicant by providing with loans which are cost effective way to purchase a car.

ICICI Bank Car Loan Eligibility

AgeMinimum age for salaried people to apply for a loan is 21 years while the maximum age limit at the time of completing the loan is 60 years.
Minimum age for self-employed individuals to apply for a loan is 21 years while the maximum age limit at the time of completing the loan is 65 years.
Salary requirementThe minimum net salary required for applying a car loan depends on the bank policy
Employment statusSalaried: Must have continuous employment of at least 2 years
Self-employed: Minimum 2 years of employment in the same line of business
Tenure7 years
Loan amount100% of the car value provided the customer has the capacity to repay
Interest rateStarting from 8%

ICICI Bank Pre-Owned Car Loans

ICICI bank also provides loans for used or pre-owned cars for 100% of the car price.

Documents required for ICICI Bank Car Loan

The following are the documents required for ICICI Bank car loan

Salaried Individuals:

  • Any of the following identity proof documents:
    • Aadhar Card
    • Passport
    • PAN Card
    • Voters ID Card
    • Driving License (recent, legible, laminated)
  • Latest salary slip and Form 16 as income proof
  • Any of the following documents as address proof:
    • Aadhar Card
    • Ration Card
    • Driving License (recent, legible, laminated)
    • Voters ID Card
    • Passport Copy
    • Telephone Bill
    • Electricity Bill
    • Life Insurance Policy
  • Bank statement of the previous 6 months

How to apply for a car loan with ICICI Bank

Before applying for any credit, it is best to know how you have performed on credit in the past, this can be done in the form of doing your credit score check from CreditMantri based on which you will be mapped to the best car loans from the top lenders in the segment.

ICICI Bank Car Loan Eligibility Check

Before a person applies for an ICICI Bank car loan it is best to do an eligibility check which is available on the ICICI Bank website and at CreditMantri.com This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible.

Car Loan EMI Calculator

Customers can use the car loan EMI calculator to know how much EMI they will be paying each month. Customer can make use of the CreditMantri Car Loan EMI calculator and the ICICI Bank Car Loan EMI calculator.

The importance of this is that customers will know how much EMI they will have to pay based on their loan requirement. This helps them to plan far ahead.

CreditMantri’ s Car Loan EMI Calculator and ICICI Bank Car Loan Calculator are among the best and probably the easiest ways to compare various car loan offers and choose the loan best suited to your requirements. Using the Car Loan EMI Calculator, you get a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.

ICICI Bank Car Loan – FAQ

1. Does ICICI bank provide 100% finance for car loans?

Yes, it is one of the biggest features of ICICI bank. They do provide 100% finance for new car loans.

2. What is the maximum tenure for ICICI Bank car loan?

The maximum loan tenure is 7 years for new car loans and 5 years for used car loans

3. What type of cars do ICICI bank provide car loans for?

ICICI Bank offers. Auto Loans for most passenger cars, multi-utility vehicles and sports-utility vehicles that are available in India and are bought for personal use.

4. Do I have to provide any security to avail an ICICI Bank car loan?

ICICI bank car loan is a form of secured loan where your car will act as a collateral.

5. Can I sell my vehicle before I repay the entire car loan taken from ICICI bank?

You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from ICICI Bank. The NOC can only be obtained after foreclosure or after you have paid off your loan

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