Check ICICI Car Loan Eligibility and Apply for Best Car Loan

A car that has taken your heart away is the one you would love to own. If you have been waiting a long time to buy your dream car, this is a perfect time. You can book luxury cars like Jaguar now with the option of car loans. ICICI Bank is one of the leading private sector banks and is also a leading bank when it comes to getting an affordable car loan.

Here, you can get new car loans as well pre-owned car loans at ICICI Bank. The interest rate and other details vary accordingly. The car loan interest rate is low along with the facility of a higher loan amount facility with the help of which you can book a car without worrying much about its cost. Hence, the opportunity to get a best car loan is here in front of you!

ICICI Car Loan Eligibility Criteria

At ICICI, just like any other loan, a car loan is also provided once the individual matches the eligibility criterion set by the bank. Having said that, this eligibility is subject to change from one profession to another. So, the eligibility is as follows:

For Salaried:

• The applicant’s age must be between 23-58 years
• The net monthly income should be at least ₹2.5 lakhs
• The minimum work experience that is required is 2 years with at least 1 year at the present organization

For Self-employed:

• The applicant’s age must be between 28-65 years
• The net annual income should be at least ₹2 lakhs
• The minimum experience in the profession should be 3 years

Since this financing service is an unsecured one, you do not have to provide any security to get this loan. Hence, your loan will be disbursed on the basis of the ICICI car loan eligibility and the factors as mentioned below:

Factors Affecting Car Loan Eligibility

Monthly Income- Be it any loan, your income is the most important factor as it will decide your repayment capacity. So, the more you earn, the more you can get.

Age- People who are young are generally free from burdened financial responsibilities and hence it is expected that they can make a smoother loan repayment. So, if you have just started your career and have a good source of income, you can get the loan approval without any hassle.

Car Value- The loan amount eligibility also depends on the on-road price of the car. ICICI Bank offers car loans upto 100% ex-showroom price of the car.

Car Model Type- The model of the car is also considered while approving the loan. So, taking a loan for an expensive would give you a better deal.

Credit History- Your credit history or CIBIL score is very important as it decides how smooth your past loan record is and hence it builds the trust between the bank and the customer.

Professional Stability- Be it any profession, you must have the required experience to get a car loan from ICICI Bank.

Category of the employer- If you are working in an MNC or any other big firm, your profile is strong and matching other relevant criteria can surely give you a smoother loan journey.

Existing Customer- If you are an existing customer of ICICI, you might not have to follow the KYC process as the bank already has it.

Documents Required

The list of documents that you must carry at the time of applying for a car loan at ICICI Bank is as follows:

For Salaried:

• Age Proof- PAN Card/Passport/Voter ID, School or College Leaving Certificate/ Aadhar Card
• Identity Proof- Driving License/Voter ID, Passport/PAN Card/Aadhar Card
• Address Proof- Passport/Voter ID/Electricity Bill/Telephone Bill/Insurance Policy/Aadhar Card
• Income Proof- Latest Salary Slip, Form 16
• Employment stability proof
• Duly signed filled application form
• 2 passport size photos

For Self-employed:

• Age Proof- PAN Card/Passport/Voter ID, School or College Leaving Certificate/ Aadhar Card
• Identity Proof- Driving License/Voter ID, Passport/PAN Card/Aadhar Card
• Address Proof- Passport/Voter ID/Electricity Bill/Telephone Bill/Insurance Policy/Aadhar Card
• Income Proof- Income Tax Return along with Audited Profit & Loss A/C Statement and Balance Sheet of Last 2 Years
• Business Stability Proof
• Duly signed filled application form
• 2 passport size photos