Make Way to Dream Car Via ICICI Car Loan

ICICI Bank is an Indian multinational banking and financial services company. The headquarters of the bank are located in Mumbai and its registered office is in Vadodara.  Until 2014, it was the second largest in India in terms of assets and third in term of market capitalisation. It proffers a vast range of banking products and financial services for corporate and retail customers. It has all the products that can help in the wish fulfillment of the customers. Right from the deposits plans to loan products the bank has numerous products to cater variant needs of the people. Like to let people access the car of their choice, the bank grants car loan.

ICICI Car Loan provides you with the power of finance. The bank offers loan to the potential car buyers and helps them bring home their dream car. The ICICI car loan interest rates are reasonable so as not to affect the pocket of the borrower. The loan repayment is accepted by the bank in form of EMIs so that the customer is not burdened. The details of the car loan interest rates are mentioned in the article below.

ICICI Car Loan Interest Rates

ICICI bank offers car loan at fixed interest rates. In the case of a new car, the interest rate is 12.75% if the term is less than two years i.e up to 23 months. If an applicant wishes to take a loan for a period between  24 to 35 then the rate charged will be 12.25%. In case of tenure between 3 to seven years i.e. 36 to 84 months, the rate of interest is 10.75%. The rate of interest for an old car is 15.50% for a tenure of 24 to 35 months.

The bank provides a loan to the buyers who adhere to the car loan eligibility criteria. It evaluates the profile of each applicant. It is only after the verification that the bank approves the car loan application. The bank provides loan to the following:

ICICI Car Loan Eligibility Criteria

Salaried individual-

Age- The applicant needs to be over 25 years old when he/she applies for a car loan. He/she has to ensure that the loan is fully repaid by the age of 58 years. This clearly signifies the fact that the loan term matures by the time the applicant turns 58 years old.

Income- The applicant has to earn a regular gross income and that should be at least Rs. 2.5 Lakhs annually. In case, the applicant earns less, he/she won’t be eligible to apply for a car loan.

Employment stability- The applicant must have a total employment stability of above two years. He/she should be employed with his/her current employer for a minimum period of one year.

Self-employed individual-

Age- Any proprietor, professional, director or partner who is above the age of 28 years is eligible to apply for this product. The applicant should not exceed the age of 65 years when the tenure expires i.e. the loan has to be completely repaid before the age of 65 years.

Income- The applicant must earn a gross annual income of a minimum of Rs. 2 Lakhs for successfully availing finance from the bank.

Business stability- A business stability of more than three years is mandatory for the applicant if he/she desires to obtain a loan from ICICI.

Partnership firm-

• Profit after tax- The firm is required to post a profit after tax of at least Rs. 2 Lakhs. This is an important criterion that the firm is bound to fulfill.
• Business stability- The firm is supposed to have a business which is stable for more than three years.

Private and Public Limited Companies-

• The limited companies should be conducting operations for a period of at least three years. They should exist for this particular period if they wish to get financial help from the bank.
• Profit after tax- The profit after tax for any company should be at least Rs. 2 Lakhs. The company has to ensure that this criterion is met.
• Business stability-  The business should be stable for a period which is greater than three years.

The eligible candidates have to submit certain documents at the time of filing an application in order to get the loan sanctioned. The list of requisite documents are as follows:

Documents Required

• Fully filled Application form
• Proof of Age- Birth certificate/ PAN card/  High school marksheet/ Passport
• Photographs of passport size
• Proof of Identity- Passport/ Aadhar card/ Voter ID card/ PAN card/ Driving License
• Bank statement of the past six months
• Verification of your signature- PAN card/ Passport/ Driving License
• Proof of Income- For Salaried individuals- Latest salary slip of the past three months, Form 16 and ITR of the previous two financial years. For Self-employed individuals- Income Tax Returns of the past two financial years.  For Partnership firms and Limited companies- Income Tax Returns of the past two financial years plus Audited Balance Sheet and Profit & Loss account.
• Proof of employment stability ( For salaried individuals)
• Proof of Business stability ( For self-employed individuals)
• Memorandum and Articles of Association and Resolution by the board of directors ( For Societies and companies)
• Partnership deed along with a letter which is duly signed by the all the partners, which gives complete power to one partner ( For partnership firms)

If the product interests you, then you can avail its benefit. To apply for ICICI car loan you can either submit the application online or visit the nearest bank branch. The bank is always there to support you financially in all situations.