Are you planning to purchase your dream car in the near future? If yes, why buy it in the future when you can get it today with an ICICI Bank car loan. ICICI Bank offers an extensive range of credit such as car loan, new and pre-owned car loan ad even a loan against your car. The ICICI Bank car loan is easy to apply and the entire process can be availed online. Existing customers can avail instant approval and quick processing, along with a repayment tenure of 7 years with an attractive rate of interest. With so many benefits and features, ICICI Bank has also set a standard criteria for eligibility. To begin with, you need to know about CIBIL score. Read more to find out.
The CIBIL score of an individual is an important indicator of their financial health and credit history. It is generated by TransUnion CIBIL as a part of your credit information report. The CIBIL score is dependent on a variety of factors such as your credit limit and your past/recent payment patterns. ICICI Bank generally prefers customers with a high credit score as these people have proven themselves in the past of their creditworthiness. Such a customer is looked upon by the bank as a potential borrower. With a good credit score, ICICI Bank will likely offer him/her better deals on loan amount, interest rates and tenure. The minimum CIBIL score required for ICICI Bank car loan is 750. Therefore, it is ideal for you to have a good credit score before applying for an ICICI Bank car loan.
ICICI Bank car loans are one of the most secured and popular car loans across India. Apart from this, you can also check the additional features provided by ICICI Bank such as ICICI Bank Car Loan EMI, Eligibility and Interest Calculator for free. You can also check your loan application status online.
Refinance - ICICI Bank offers loan on an existing car which is not hypothecated to any bank/financial institution or is hypothecated, but with nil outstanding. The features are mentioned below:
Top-Up - ICICI Bank also provides additional Top-Up loans to existing car loan customers which can be used for personal purposes. The features are mentioned below:
| Documents | Salaried | Self Employed Professional | Self Employed Non Professional |
|---|---|---|---|
| Application form | Yes | Yes | Yes |
| KYC | |||
| Photographs | Yes | Yes | |
| Identity Proof | Yes | Yes | Yes |
| Address Proof | Yes | ||
| Age Proof | Yes | Yes | Yes |
| Bank Statements | Yes | Yes | Yes |
| Signature Verification | Yes | Yes | Yes |
| Income Proof | |||
| Latest Salary Slip / Form 16 | Yes | ||
| Income Tax returns of 2 previous financial years along with complete financial/audit report. | Yes | ||
| Income Tax Returns of 2 previous financial years. | |||
| Other Documentation | |||
| Business Stability proof / Ownership proof | Yes | Yes | |
| Employment Stability Proof | Yes | ||
| Partnership deed and Letter signed by all partners authorising one partner | Yes | ||
| Companies and Societies: Resolution by Board of Directors (or such managing body) and Memorandum and Articles of Association | Yes | ||
| Minimum | Maximum | Mean | |
|---|---|---|---|
| New Car Loan | 8.40% | 14.51% | 9.43% |
| Used Car Loan | 10.25% | 17.51% | 14.30% |
Note: The above information has been sourced from the official website of ICICI Bank.
| Description | Charges |
|---|---|
| Non Refundable Loan Processing Fees | Gross Loan Amount
- <2.5 Lakhs - 2.5 to 3.99 Lakhs - 4 to 4.99 Lakhs - 5 to 9.99 Lakhs - >10 Lakhs Processing Fee Amount - Rs.3,500 - Rs.5,000 - Rs.6,000 - Rs.7,000 - Rs.8,500 For a used car, it is 2% of loan amount or Rs. 15,000 whichever is lower. |
| Prepayment Charges | 5% on principal outstanding or interest outstanding for unexpired period of loan (whichever is lower). |
| Charges for late payment of loans | 2% per month on the outstanding installment. |
| Loan Cancellation Charges | Rs. 3,000 per loan |
| Age | - 23 years - min
- 70 years - max |
Note: The above information has been sourced from the official website of ICICI Bank.
ICICI Bank lets you calculate your EMI instantly for free. Simply visit the official website of ICICI Bank and switch to the car loan section. Fill up the mentioned details such as loan amount, tenure and interest rate. You can also modify the above parameters in order to determine the exact EMI. Knowing your EMI is as important as your payback capacity. Purchasing a car is not an easy task as it requires capital expenditure. You need to avoid all financial constraints as the tenure is for a long time. To help you counter such situations, you need to know the exact loan as well as EMI amount as it will help you avoid unnecessary stress.
What are Car loan interest rates for ICICI Bank Car loan?
The rate of interest offered by ICICI Bank for a car loan depends on the type of car. For a new car loan, the interest rate varies from 8.40%-14.51%. For a used car, the interest rate varies between 10.25%-17.51%.
What If I have a low CIBIL score, will ICICI Bank still give me a car loan?
No, the minimum CIBIL score required by ICICI Bank is 750 for a car loan.
Does skipping an ICICI Bank car loan payment affect my CIBIL score?
Yes, skipping even a single EMI or car loan payment will further downgrade your CIBIL score. Ensure that you do not miss out on these payment.
Does ICICI Bank provide the facility of prepayment?
Yes, the prepayment charges are 5% on principal outstanding or interest outstanding for unexpired period of loan (whichever is lower).
Do I have options for ICICI Bank loan tenure?
Yes, the tenure depends upon a number of factors. For new cars, it varies between 1-7 years and for pre-used cars, it is up to 5 years.
