Icici Car Loan Eligibility

Icici Car Loan Eligibility

Bank Finance Amount Interest Rate Tenor Processing Fee Advance Part Payment Action
12,00,00,000/- 9.00 - 14.50 84 5000 YES Check Eligibility

ICICI was incorporated in the year 1955. ICICI emerged as a financial organization as an enterprising initiative of World Bank, Government of India, and representatives of Indian Financial Industry. ICICI was formed with a vision to establish and operate a financial organization that would offer mid-term as well as long term project finance for all types of businesses segments across the country. ICICI Bank enhanced its scope and started imparting financial services by offering a broad range of products and services through its subsidiaries in the year 1990. With extreme hard-work and passion, ICICI rose up as the first Indian organization and the first Indian bank in non-Japan Asia to be enlisted on NYSE in the year 1999. ICICI Bank has a robust network of 4,070 Branches and 13,235 ATM's that are spread wide across the country through which the bank offers a number of trouble-free loans including ICICI Car Loans to meet financial needs of many Indians across the country.

Features of ICICI Car loans

  • Loan Amount: ICICI offers car loans upto Rs.12 Crore depending on the eligibility of the borrower. The bank offers car loan finance upto 100% of the ex-showroom price of the car you wish to purchase at very nominal rate of interests, instant approvals, and quick disbursal of car loan.
  • Rate of Interest: The rate of interest at which you can avail car loan is 9% to 14.50% per annum. If you are a customer of ICICI you may be offered special interests rates based on your relation with the bank.
  • Loan tenure: The bank offers loan for a loan tenure of 84 months, however if you wish to pay off your debt quickly you may as well pay the entire loan amount at a shorter loan tenure thereby lowering the amount you would pay as interest.
  • Processing Fee: You may be charged a processing fee of Rs.5000/- which may be charged only once while processing your car loan.
  • Fore-closure Charges: The fore closure charges that the bank would charge if you wish to close your loan quickly is 5% on the outstanding amount.

Eligibility for ICICI Car Loan

For Salaried

  • Minimum age 23 years and maximum age 70 years
  • Income should be a minimum of Rs. 2 lakhs.

For Self Employed

  • Minimum age 23 years and maximum age 70 years
  • One must be in the current business for at least a period of 2 years.

Documents Required

The documents that are required to apply for car loan at ICICI includes:

  • Identity Proof
  • Address Proof
  • Income Proof
  • Bank Statement.

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