ICICI Bank provides car loans for
both new and old cars. Here is useful information regarding ICICI
Bank car loans.
ICICI Bank
ICICI Bank offers car loans up to 90% of the ex-showroom price of the car. Loan tenure can be extended up to 6 years which makes it easier to repay. ICICI Bank is the top financier for car loans in India. The bank has a network of more than 1800 channel partners in more than 1000 locations.
Loan Amount
The loan amount depends on the car model. Minimum loan amount for a new car loan is Rs.1 lakh. For a used car the bank arranges finance for a maximum of 85% of the valuation of the car. Minimum loan amount sanctioned for a used car loan is Rs. 75000. For used cars the maximum tenure can be five years.
Interest Rates & Documents Required
Car Loans are available with Fixed and Floating Interest Rates. The amount of loan sanctioned depends on the strength of income related documents. On absence of income proof, loan could be sanctioned on producing the bank statement, loan repayment track record, etc. Income Proof has to be submitted for last two years. Prepayment of loan is allowed. However, one is not permitted to prepay in parts. ITR, Form 16, and Salary Slip can be submitted as the proof of income. One also has to submit proof of bank account continuity. Apart from these, address proof and identity proof are also admitted.
Possession of Documents
Customers can retain the original Registration Certificate, Invoice and the Insurance Policy. The bank just requires a photocopy of these documents within 30 days of getting the loan disbursement.
| Particulars |
Salaried Individual |
Self-Employed Individual |
Partnership Firm |
Private / Public Ltd Co |
| Age Criteria |
The applicant should be at least 21 years old at the time of
application, and below 58 years of age at time of maturity of the
loan |
Any Proprietor, partner, professional or director above 21
years of age but below 65 at the time of the loan's maturity |
- |
Limited companies should have been in existence for at least 2
years |
| Income Criteria |
Gross annual salary above Rs 1 lakh p.a |
Gross annual income above Rs 60,000 |
Firm should have a minimum PAT (profit after tax) income of Rs
60,000 |
Minimum PAT (profit after tax) of Rs 60,000 |
New Car Loan
The bank finances upto 90% of the ex-showroom cost of the car. The loan
amount also depends on the car model. Minimum loan amount for new car
loan is Rs.1 lakh.
Used Car Loan
For a used car the bank finances up to a maximum of 85% of the
valuation of the car. Minimum loan amount for a used car loan is Rs.
75000.
The tenure of the loan ranges from one to seven years for new cars and
from one to five years for used cars.
Documentation Required
| Salaried Individual |
Self-Employed Individual |
Partnership Firm |
Private / Public Ltd Co |
| Application form |
Application form |
Application form |
Application form |
| Photograph |
Photograph |
Photograph of signing partner |
Guarantor's photograph (for private limited company only) |
| Proof of bank account continuity |
One proof of income (ITR for the last two years) |
Last two years' income proof (audited account or ITRs + CA
certified financials) |
Last two years audited financials |
| One income proof for the last two years (ITR, Form 16, salary
slip) |
One proof of residence (driving license / voters' identity card
/ ration card / passport / utility bills for the last 3 months)
|
Partnership deed |
Certified true copy of the MOA & AOA |
| One proof of identity (driving license / voters' identity card
/ passport / PAN card / photo credit card / photo ration card) |
One proof of residence (driving license / voters' identity card
/ ration card / passport / utility bills for the last 3 months)
|
Partners authority letter |
Board resolution (format available on request) |
| One proof of residence (laminated driving license / voters'
identity card / photo ration card / passport /utility bills for the
last 3 months / company ID - limited company or government / PAN
card) |
One proof of office address (utility bill / lease deed / excise
or sales tax receipt / Shops and Establishment Act Registration) |
|
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