Features of ICICI Car Loan
- Loan Amount: ICICI offers car loans upto Rs.12 Crores for its eligible customers. Customer’s eligibility depends on the age, income and the credit score of the individual. So basically one’s age should be between 21 years to 60 years to borrow a car loan from ICICI. Income of an individual should be not less than Rs.15000/- per month to borrow car loan. If the person borrowing ICICI car loan is salaried then he should have a work experience of more than 2 years whereas if a person borrowing ICICI car loan is self-employed then he should have a business continuity proof of 3 years. Credit score of an individual is an important factor that leads to determination one’s eligibility to borrow ICICI car loans – so if you are an individual with good credit score – having paid all your debt in time, you stand a fair chance to borrow ICICI car loans with great ease. You can also make use of Letzbank Car Loan Eligibility Calculator to know your eligibility to borrow ICICI Car Loan.
- Rate of interest: The rate of interest at which one can borrow ICICI car loan ranged from 9%p.a. to 14.50% p.a.
- Loan Tenure: You can borrow ICICI car loan for loan tenure of 84 months depending on your preference to pay back. If you can pay a higher installment you can opt for shorter loan tenure whereas, if you cannot afford a higher monthly installment you can opt for loan tenure as long as 84 months and repay your car loan.
- Processing Fee: A one-time processing fee of Rs.5000/- is charged if you wish to borrow ICICI car loan.
- Fore-closure charges: if you wish to close your loan account at any point of time during the loan tenure then you do so by paying a fore-closure charge upto 5% on the outstanding amount of the loan at the point of making a fore-closure.
Once you know the features and what makes you eligible to borrow ICICI car loan, you need to plan your EMI, the best and guaranteed way to determine your EMI is to make use of Letzbank Car Loan EMI Calculator. Using a Car Loan EMI Calculator tool is a simple 3 stepped procedure:
- Step 1: Enter the Loan Amount in the Car Loan EMI calculator tool
- Step 2: Enter the rate of interest
- Step 3: Enter the Loan Tenure for which you are going to borrow the loan
Once you have entered the details all you need to do is to click on Submit and you will be able to know the following:
- Equated Monthly Installments (EMI)
- The amount charged towards the rate of interest
- Loan Stages through the loan tenure for better financial planning.
At Letzbank, you can compare various Car Loan offers and apply online to avail waiver 100% Waiver on Service Fee.