ICICI Bank Car Loan

ICICI bank is an Indian financial institution that is headquartered in Mumbai, Maharashtra and offers its services to India as well as around the world, through its subsidiaries. Established in 1994, this banking institution has grown to be the second largest bank in India, with award winning status such as the recent number 1 ranking in ‘The Brand Trust Report, India Study 2016’, which was done by the Trust Research Advisory (TRA) under the banking and financial services category. ICICI bank offers car loans to both retail consumers and corporate entities and is a popular choice for many in the automotive loan category.

By introducing smart technology in Indian retail banking such as digital wallets application called Pockets and funds transfer schemes such as Icicibankpay, ICICI bank has expanded the way it provides banking services to the millennial citizens.

Overview Of ICICI Bank Car Loan

ICICI Bank Car Loans are a preferred choice for those who look for a reliable and hassle free way to own a vehicle. With quick loan sanctions and instant approvals that is easily accessible over the website, phone banking and even SMS messaging, ICICI bank has revolutionized the way it sanctions loans as well as how it provides service to its customers. Doorstep service, no guarantor required, e-approval and top-up loan are some of the best features of ICICI bank car loan.

Why Pick ICICI Bank Car Loan?

ICICI Bank is a number one choice for many consumers because of many factors that can be found here:

  • Minimum Documentation – Existing Icici bank customers can avail the benefits of a ICICI bank car loan with minimal documentation as most of the times they get the pre-approval that eases the loan process.
  • Upto 100% vehicle finance (ex-showroom price) – Managing finances become easier when ICICI bank provides 100% vehicle finance coverage on the ex-showroom price of the car.
  • Swift Approval Process – ICICI bank car loan applications have an average approval time of a day, which makes it one of the quickest approvers in the private sector.

Features of ICICI Bank Car Loan

ICICI Bank Car Loan offers a variety of features and benefits:

  • Lower Interest rate when you select a longer term – ICICI bank provides the benefit of a lower interest rate of 10.75% if the car loan term is more than 3 to 7 years.
  • Fixed Interest Rate – ICICI bank offers a fixed interest rate during the entire tenure of the car loan so that any market fluctuations do not affect your EMI.
  • Longer Tenure Period – At ICICI bank, you can extend your car loan upto 7 years thereby giving you a lesser EMI per month.
  • Attractive Schemes for existing customers – ICICI bank provides attractive schemes and offers for existing ICICI bank customers such as pre-approved loan benefits, lesser documentation and quicker loan processing.
  • Processing fees are non refundable and range between Rs. 2500 to Rs. 5000 depending on your car value.

Benefits of Applying ICICI Bank Car Loan on Letzbank

Letzbank lets you access loan details of all competitive banks at one go instead of the hassle of reading every individual document. The website allows you to make comparisons between different car loans offered by multiple banks and lets you select the one you prefer and process further. You can also check the Instant Quote option on Letzbank.com website to see the car loan quotation from different banks before you begin the application process. Not only that, Letzbank.com offers the entire handholding for the loan application. Simply fill up our online form with your details and let us take the trouble of the loan application formalities. You can avail all these benefits in just a matter of few minutes.

ICICI Bank Car Loan Eligibility

The eligibility to avail ICICI Bank Car Loan and the documents required is as follows:

For Salaried Individuals

Eligibility

  • Age Minimum – 23 years-Maximum – 70 years.
  • Minimum Income- Rs. 2 Lakhs per annum.

Documents Required

  • Identity Proof - Pan Card, Passport, Voter ID, Driving License.
  • Salary Proof –Last 3 months’ salary slip.
  • Address Verification - Driving License, Ration Card, Voter ID, Passport copy, Telephone bill, Electricity bill, Life Insurance policy (copy of any one of these).
  • Bank statement of salaried account of last 6 months.
  • Signature verification.
  • Employment stability proof.

For Self Employed Individuals

Eligibility

  • Age Minimum – 23 years-Maximum – 70 years.
  • Business Stability Proof Should be in the current business for at least 2 years.

Documents Required

  • Identity Proof - Pan Card, passport copy, Voter ID, Driving License.
  • Income Evidence– Income Tax Return of last 2 financial years.
  • Business Stability / Ownership Proof.
  • Address Proof - Driving License, Ration Card, Voter ID, Passport copy, Telephone bill, Electricity bill, Life Insurance policy (copy of any one of these).
  • Bank statements and signature verification.

ICICI Bank Car Loan Interest Rates

ICICI Bank Car Loan interest rates are fixed interest rates that are determined by various factors such as customer relationship, car segment and duration of loan. According to the duration of loan, the interest rates vary

Tenore Interest Rate
Up To 23 months 12.75%
Between 24-35 months 12.25%
Between 36-84 months 10.75%

ICICI Bank Car Loan EMI Calculator

Calculating your car loan monthly EMI has never been this easy. Simply visit Letzbank website and enter the requested details on loan such as the loan amount, the loan tenure and the rate of interest. Once you have entered the requested details, the EMI calculator will fetch you your monthly EMI in a few seconds.