Check out ICICI Car Loan Interest Rates for a hassle free loan journey

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.

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.