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Ride Your Own Favorite Car With ICICI Car Loan

Everybody wishes to drive his/her own car. After all, the feeling of driving one’s’ own car is something different. You can take your car for unplanned long drives or planned trips to nearby exotic places. In case of any emergency, you can use your car for easy commutation. So have you saved some money for paying the down payment to the dealer. Are you thinking to avail a car loan but the high interest rates is acting as a barrier for you? If yes, then you can lay all your worries to rest. ICICI car loan has been designed to fuel your wishes of riding your own car.

ICICI bank is one of the leading private sector banks which has satisfied customers from all parts of the country. You can avail a car loan at attractive rates for a period up to seven years. The applicant, whether a salaried individual or a self-employed professional or self-employed non professional can avail funds from the bank. I have specially created this article to give you all the relevant important about the product.

Eligibility criteria: Interested applicants are supposed to fulfil the car loan eligibility norms if they want to avail finance from the bank. Check out the criteria for different applicants here-

Salaried Employee:

  • The applicant should be above the age of 25 years at the time of loan application and up to 58 years at the time of maturity of loan
  • The annual income needs to be at least Rs. 2.5 Lakhs
  • An employment stability of more than two years is required
  • The applicant needs to be employed with his/her current employer for a period of at least one year

Self-employed Professional:

  • The applicant needs to be above the age of 28 years but he/she has to below the age of 65 years at the time of maturity of the loan
  • The annual income should be at least Rs. 2 Lakhs
  • The business stability needs to be more than three years

Self-employed Non-professional:

  • Profit After Tax (PAT) of at least Rs. 2 Lakhs is important
  • The business stability needs to be more than three years

Documents required for an ICICI car Loan:

Documentation work is an important thing which has to be completed if you wish to obtain finance from ICICI Bank.  Have a key look at the essential documents required at the time of loan application-

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

Interest rates and processing fees-

ICICI bank offers car loan at a fixed interest rate which implies that the rate of interest will remain consistent during the entire given tenure and will not change as per the changes in bank’s MCLR. The segment of the car and the tenure period plays an important role in deciding the interest rate. 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.

A non-refundable processing fee is also charged from the applicants 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 EMI Calculator-

This is a magical tool my dear friend. Want to know why? I have called it magical because ICICI car loan EMI Calculator helps you to calculate your monthly installments that you have to pay to the bank, in few seconds. Yes buddy, that’s true. You are required to enter details like desired loan amount, rate of interest and tenure period. And then wait back to check the amount of EMI you have to pay and the total interest which is payable. Let’s make it simple for you with an

example- Let’s assume Abhishek wishes to take a loan of Rs. five lakhs and therefore approaches the bank. The bank checks his eligibility and after completion of documentation work offers him finance at a rate of 11% for a tenure of seven years. The monthly EMI is Rs. 8,562 and the total interest payable is Rs. 2,19,143. This instant calculation has been possible due to this magical tool only.

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