Car Loans from ICICI Bank are extremely convenient, flexible and quick. With more than 604 channel partners in over 1000 locations reach out to millions of customers and help them realise their dream of possessing a car.
The minimum loan amount for taking a new car loan is Rs. 1,00,000. The maximum loan amount will depend upon the price of the car, model variant, profile of the customer, etc.
- finance up to 90% of the ex-showroom price of the car.
- The Loan amount also depends on the car model. Higher loan amounts are available under specific enhanced income eligibility criteria.
Salaried individuals :
Latest Salary Slip and 2 years Form 16/ Income tax returns.
Income Tax Returns of 2 previous financial years.
Partnership Firms, Societies & Companies :
Income Tax returns of 2 previous financial years along with complete financial/audit report.
Documents supporting customer information :
Identity Proof, Signature Proof and Address Proofs as per ICICI Bank norms (Our representative will help you choose suitable documents).
Partnership Firms: Partnership deed and Letter signed by all partners authorising one partner to execute the required Car Loans documentation.
Societies and Companies: Resolution by Board of Directors (or such managing body) & Memorandum & Articles of Association (or Society/Trust deed).
- Repayment tenure ranges from 1 year to 5 years for new car loans.
- You may change the tenure of the loan before the loan is disbursed. The interest rate & EMI would change accordingly.
- The repayment due dates for the loan are 1st and 15thof every month and would depend on the date of disbursement. Payment due dates cannot be changed.
- You can make the Payments through post-dated cheques (PDCs)
- Repayment option through Direct Debit Mandates is also available for all ICICI Bank account holders.
- Option of repaying through ECS is also available in select cities.
- Payments through cash or credit cards are not accepted.
- You may change the PDC's in case your Bank Account is changed . However, we would require verification of signatures by new banker. A nominal fee of Rs.500/- (Swap Charges) would be charged for exchange of cheques.
- A full pre-payment of the loan is accepted. Part pre-payment is not allowed.