There is a feeling of ecstasy when a stylish car passes by you. Buying a stylish car is the dream of so many people. A car is not only a medium of transportation but also a jewel in your crown. It adds a spark to your style statement. Do you wish to buy a dream car someday? Have you pooled up some savings for your car? If yes, then I have a news for you.
You can take an ICICI car loan and purchase a car of your dreams. That’s true my dear friend. The bank offers a car loan to every eligible salaried employee, self-employed professional and nonprofessional at affordable rates of interest.
The amount can be used to buy either a new car or a pre-owned car. The Car loan can be repaid within a flexible period of seven years for a new car. Now it is very important to know about the interest rate that is offered to you on a car loan. So today, I will be telling you about ICICI car loan interest rates so that you can secure the best deal for you.
ICICI Car Loan Interest Rates
ICICI bank is one of the leading players in the car loan segment and provides affordable rates of interest to the loan seeker. The bank charges a fixed rate of interest on the car loan, that means the rate of interest remains the same during the entire duration of the loan. ICICI car loan interest rates remain constant and do not change at all. The interest rate which you will manage to secure will depend on your relationship with the bank, the tenure of the loan and the segment of the car.
Let's talk about a new car loan first. In case, you take up a car loan for a period up to 23 months then the interest rate charged will be 12.75%. If the loan period is between 24 to 35 then the rate of interest 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%. If we talk about an old car loan for a tenure of 24 to 35 months, then the rate of interest is 15.50%.
As a matter of fact, The bank charges a non-refundable processing fee for both new and old car. In case of a new car the maximum and minimum amount charged is Rs. 5,000 and Rs. 2,500 respectively. The processing fee for an old car is 2% of the loan amount or Rs. 6,000 whichever is lower.
ICICI Car Loan Eligibility
The car loan seeker should also be well versed with the eligibility criteria imposed by the bank. The person can manage to secure the loan only if he is deemed eligible by ICICI bank.
Salaried employees must have crossed the age of 25 years while applying for a car loan. The loan needs to be completely repaid by the age of 58 years. The annual income of the person must be at least Rs. 2.5 Lakhs. The person must have an employment stability of more than two years and should be employed with his/her current employer for a minimum period of one year.
In case the applicant is a self-employed professional then he must be above the age of 28 years and must have annual income of a minimum of Rs. 2 Lakhs. When the loan term matures, he/she should be below the age of 65 years. The business stability needs to be more than three years.
A self-employed non-professional must have a profit after tax (PAT) of at least Rs. 2 Lakhs and a business stability of more than three years.
Documents required
There are certain documents that the applicant has to submit to the bank in order to secure a loan. Check them out here-
Salaried Employee:
- Photographs of passport size
- Completely filled application form
- Proof of Identity- Aadhar card/Voter ID card/PAN Card/Passport/Driving License
- Proof of Age- Birth certificate/Passport/High school marksheet/PAN card
- Proof of Residence- Allotment letter/Passport/Telephone Bill/Electricity Bill/Leave and license agreement
- Proof which can show employment stability
- Proof of Income- latest salary slip and Form 16
- Bank statement along with verification of signature
Self-employed Professional:
- Photographs of passport size
- Loan application form which is completely filled
- Proof of Identity- Aadhar card/Voter ID card/PAN Card/Passport/Driving License
- Proof of Residence- Allotment letter/Passport/Telephone Bill/Electricity Bill/Leave and license agreement
- Proof of Age- Birth certificate/Passport/High school marksheet/PAN card
- Proof of ownership or Proof of business
- Bank statement along with verification of signature
- Proof of Income- Income tax (IT) returns of the previous two years
Self-employed Non-professional:
- Application form which is fully filled
- Proof of Address- Passport/Allotment letter/Leave and license agreement
- Proof of Identity- Aadhar card/Voter ID card/PAN Card/Passport/Driving License
- Proof of Residence- Allotment letter/Passport/Telephone Bill/Electricity Bill/Leave and license agreement
- Proof of Age- Birth certificate/Passport/High school marksheet/PAN card
- Bank statement along with signature verification
- Proof of Income- Income tax returns of the last two financial years along with audited Balance Sheet and Profit & Loss account
- Partnership deed and a letter duly signed by the present partners whereby they give complete authority to one partner
- For companies and societies two things are needed -Memorandum & Articles of Association plus Resolution by board of directors
- Proof of ownership or Proof of business stability
Now you have known about the ICICI Car loan Interest Rates and other relevant information, I believe you will be able to take a good decision. So what are you waiting for? Get the best deal from ICICI bank today.
No comments:
Post a Comment