Owning a car with the most affordable car loan is now possible because of the ICICI car loan. Getting a car is a dream for many families. Finding the lender for your car loan is as important as deciding on a suitable car for your family. ICICI Bank gives you a great option with one of the best interest rates on the market. It also offers a comfortable payment period of up to 7 years. What else do we need?
If you want to avoid the hassle of visiting the branch, you can choose the online application process for your car loan.
| Features | New Car Loan | Used Car Loan |
| Interest Rate | 7.5% to 14% | 10% to 18% |
| Loan period | Up to 7 years | Up to 5 years |
| Processing fee | Starting from Rs. 3500 | Rs.15000 or 2% of the loan amount, whichever is lesser |
| Loan amount | Up to 100% of the ex-showroom cost | 80% or more of the car’s valuation |
ICICI Bank Car loan Eligibility
| Criteria | Eligibility details |
| Age | 18 to 65 years |
| Loan period | 7 years |
| Loan to value ratio | 100% of ex-showroom cost |
| Minimum Annual Earning | Salaried- Rs. 2.50 lakhs Self-Employed individuals- Rs. 2 lakhs Self-Employed Businessman- Rs. 2 lakhs |
Documents required while applying for ICICI Bank Car Loan:
- Application form
- KYC
- Bank Statement
- Address proof
- Income proof
- Age Proof
- Signature Verification
- Recent salary slip or Form 16
- Employment stability proof
- partnership agreement and the letter signed by all partners
- past 2 years of ITR along with audit report
- Other Documentation