ICICI Bank is the second largest private sector bank in India. ICICI Bank has a huge network of branches and served both corporate and retail customers through a variety of offerings spanning across the financial landscape. ICICI Bank offers very convenient, flexible and quick loans for cur buyers. The interest rate and terms offered by ICICI bank on its car loans are amongst the most competitive in the market.
Documentation needed to apply for an ICICI Bank Car Loan
|1. Signed application form with a photograph
|2. Photo ID & age proof
|3. Proof of Residence
|4. Last 6 months bank statement
|5. For salaried:
- Last 3 months salary – slips
- Form 16 or Income Tax Returns
|6. For self-employed:
- Last 3 years Income Tax Returns with Income computation
- Last 3 years Audited Balance Sheet and P&L Account
Features of an ICICI Car Loan
ICICI Bank has some great schemes for car loans and it makes the journey of owning a car extremely easy for everyone. ICICI bank offers attractive car loan schemes with instant e-approvals.
- ICICI Bank car loans offers a loan of upto 100% of the ex-showroom price of the new vehicle
- ICICI car loan have flexible tenure options going up to 7 years for new cars.
- ICICI car loans are non-refundable loans. There is also a processing fees which is based on the loan amount. Additionally there is a documentation charge which is a fixed amount of Rs 350/- for any loan amount.
|Loan Amount Availed
|Less than 2.5 lakhs
|2.5 Lakhs to 3.9 Lakhs
|4 Lakhs to 4.9 Lakhs
|5 Lakhs to 9.9 Lakhs
|Greater than 10 Lakhs
- ICICI Bank doesn’t allows a pre-payment of the car loan. Though with a certain charge, customers have an option of paying the entire loan remaining outstanding. ICICI Bank levies lower of the following, a charge of 5% of the outstanding principal amount or the outstanding interest for the remaining period of the loan.
- Any late payments of EMI are charged 2% of the outstanding loan balance.
- ICICI Bank also provides additional insurance coverage for loan liability the payment of which can be adjusted in the EMIs.
- ICICI bank customers also have the facility to take top-up loans on existing car loans