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

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.