ICICI Bank Car Loan
Latest ICICI Bank Car Loan Interest rates – 2015
| Tenure Option | Interest rates |
| Up to 23 Months (Less than 2 years) | 12.75% – 15.00% |
| 24 to 35 Months (2 years to 2 years 11 months) | 12.20% – 14.50% |
| 36 to 84 Months (3 years to 7 Years) | 10.75% – 12.50% |
Eligibility Criteria for Car Loan by ICICI Bank
With ICICI Bank Car Loans, you can avail of car loans as per your needs.
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. | - | 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
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| 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 Options-
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.
Source: ICICI Bank official Website
