ICICI Bank is an Indian multinational bank and financial services company headquartered in Mumbai, Maharashtra, India. It offers a wide range of banking products and services to corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.
The Bank has a network of 4,850 branches and 14,404 ATMs in India and presence in 19 countries. ICICI Bank is the second largest bank in India by assets and third largest by market capitalization.
Types Of ICICI Bank Four-Wheeler Loan
1. New Car Loan: This type of loan is available to purchase a new car. It offers up to 100% on-road finance and attractive interest rates. The repayment tenure for this loan is upto 7 years.
2. Pre-Owned Car Loan: As the name suggests, this loan is meant for the purchase of a used or pre-owned car. It offers competitive interest rates and a repayment tenure of upto 5 years.
3. Balance Transfer Car Loan: Under this facility, you can transfer your outstanding car loan from another bank to ICICI Bank at attractive interest rates. This will help you save on interest payments and also enjoy the convenience of having a single lender for all your banking needs.
Interest Rates and Charges for ICICI Bank Car Loan
The interest rate on an ICICI Bank automobile loan starts at 9.25% p.a. for a tenure of 1 to 5 years. The processing fee is Rs. 2,500 + GST and the pre-payment charges are 4% on the principal outstanding.
Eligibility Criteria for ICICI Bank Car Loan
To be eligible for an ICICI Bank car loan, you must:
– Be at least 21 years of age and not more than 65 years of age at the time of loan maturity
– Be a salaried employee with a minimum work experience of 2 years
– Be a self-employed professional with a minimum work experience of 3 years
– Earn a minimum monthly income of Rs. 25,000/-
Documents Required for ICICI Bank Car Loan
To apply for an ICICI Bank car loan, you will need to submit the following documents:
-A completed application form
-Your most recent pay stub
-Your most recent bank statement (at least 3 months old)
-A copy of your car insurance policy
-The vehicle registration and title paperwork
-Identity proof (any one of PAN Card/ Passport/ Voter ID card/ Driving License)
-Residence proof (any one of Rent Agreement/ Passport Copy/ Recent Telephone Bills/ Electricity Bills)
How To Apply For ICICI Bank Car Loan?
To apply for an ICICI Bank automobile loan, you can either visit your nearest ICICI Bank branch or apply online.
If you are applying online, you will need to fill in an application form with your personal and financial details. Once your application is submitted, an ICICI Bank representative will get in touch with you to discuss your loan options.
If you are visiting an ICICI Bank branch to apply for an automobile loan, you will need to bring along some documents such as your identity proof, income proof and address proof. The bank representative will then evaluate your eligibility and offer you a suitable loan option.
FAQs On ICICI Bank Car Loan
1. How do I apply for an ICICI Bank Car Loan?
You can apply for an ICICI Bank automobile Loan online, through our website, by visiting any of our branches, or by calling our customer care.
2. What are the eligibility criteria for an ICICI Bank Car Loan?
To be eligible for an ICICI Bank Car Loan, you must:
– Be aged 21 years or above (at loan application)
– Be a resident Indian citizen
– Have a regular source of income
– Hold a valid Indian driving license
3. How much loan amount can I avail from ICICI Bank under the automobile Loan scheme?
The maximum loan amount that you can avail from ICICI Bank under the Car Loan scheme is Rs 10 lakhs.
4. What will be the interest rate charged on my ICICI Bank Car Loan?
The interest rate on your ICICI Bank automobile Loan will depend on various factors such as your income, employment history, credit history, etc. The current starting interest rate is 10.99%.
5. Can I prepay my ICICI Bank Car Loan? If yes, what are the charges?
Yes, you can prepay your ICICI Bank automobile Loan. There are no prepayment fees for flexible rate loans. For fixed rate loans, a 2% charge will be applicable on the outstanding principal amount if you prepay within 6 months from the date of availing the loan.
6. What is the tenure of an ICICI Bank automobile Loan?
The maximum tenure for an ICICI Bank Car Loan is 7 years.
7. How do I make my ICICI Bank Car Loan EMIs payments?
You can make your ICICI Bank Car Loan EMI payments through any of the following modes:
– Online banking
– Mobile banking
– Debit card
8. How much EMI will I have to pay for an ICICI Bank Car Loan?
Your EMI depends on the loan amount, interest rate and tenure that you choose. It is advisable that you choose a tenure that is comfortable for you to repay. You can use a car loan EMI calculator to calculate your approximate EMI amount.
9. How can I pay my ICICI Car Loan EMI?
You can pay your ICICI Car Loan EMI online through Internet Banking, Auto Debit mandate, or using NEFT/RTGS facility from other bank accounts. You can also pay your EMI offline by visiting the nearest ICICI branch or through a check-drop box facility available in some branches.
10. What is the maximum tenor of an ICICI Car Loan?
The maximum tenor of an ICICI Car Loan is 7 years. This means that you can repay your loan over this period by paying EMIs every month. However, you should choose a shorter tenor as it will reduce your total interest cost and help save money in the long run.