ICICI Bank Car Loans

ICICI Bank was established in 1994, and its strong corporate relationships have helped the bank cement its position in the industry. ICICI Bank is recognized today as one of the most reputable banking institutions in the country, and is renowned for its customer-centric services and policies.

ICICI also boasts a country-wide presence, with an extensive network of branches and ATMs in the country. ICICI Bank offers an impressive array of financial products and services to individual customers, large corporations, MSME, agricultural enterprises, and retail businesses. Its products include  credit cards, home loans, personal loans, and much more.

In today’s fast -paced world, owning a car has become a necessity. A car is a sign of social status, a means of transportation, a means of livelihood, a measure of safety for one’s family, and a means of faster travel. Earlier, buying a car required prudent financial planning and lots of savings. But with ICICI Bank car loans, the common Indian man can think of acquiring a car too.

ICICI Bank car loans are specifically designed to fit the budget of most middle-class families, with affordable interest rates, minimal processing charges, and reasonable loan tenures. The loan tenures are optimally designed, and the loan amount depends on the on-road cost of the vehicle. If you can't afford to keep paying, you could even transfer the loan to someone else!

mymoneykarma provides you with all the information that you need about ICICI Bank car loans.

Features of ICICI Bank Car Loans

ICICI Bank car loans have a host of features and advantages that are customized for ICICI Bank customers, as given below:

1. Budget-friendly and sustainable car loan EMIs.

2. Easy application process

3. Hassle-free loan processing and quick loan approvals.

4. Flexibility in choosing the time of EMI payment

5. One of the lowest rates of interest among various car loan schemes in the market.

6. Minimal processing charges as compared to other banks

7. Loan amounts that cover up to 100% of the on-road prices of cars.

8. Long loan tenures, of up to 7 years.

9. Exclusive discounts for ICICI Bank salary account holders.

10. Minimum loan processing charges.

11. The facility of earning ICICI Bank eDGE reward points on every EMI payment.

ICICI Bank Car Loan Interest Rates

ICICI Bank offers attractive rates of interest on its car loans. The interest rates are set between 9.30% – 14.25% per annum.

Here is a summary of all the necessary information on ICICI Bank car loans.

Interest Rate	9.30% – 14.25%
Minimum Loan Amount	Rs 1 lakh
Maximum Loan Amount	Upto 100% of the on-road price of vehicle for some schemes
Minimum Repayment Tenure	1 year
Maximum Repayment Tenure	7 years

Fees and Charges Associated with ICICI Bank Car Loan

Here is a list of charges associated with ICICI Bank car loans.

Loan Processing Charges	2% of the loan amount or Rs 15,000, whichever is lower
Foreclosure Charges	nil
Documentation Charges	Rs 550 + GST
Prepayment or Part-payment Charges	5% of the loan amount + GST
Prepayment Statement Charges	Rs 200
Loan Cancellation / Re-booking	Rs 3,000
Charges for Late Payment of Loan Amount	2% of the outstanding amount + GST
Stamp Duty & other Statutory Charges	As applicable by state laws
Registration Certification Collection Charge	Rs 500
Bounce Charges	Rs 500
Duplicate Statement Issuance Charges	Rs 500
Duplicate No Dues Certificate / NOC	Rs 500
Amortisation Schedule Charges	Rs 500
Statement of Account Charges	Rs 200
Valuation Charges	Rs 800
Legal Charges	As actuals

ICICI Bank Car Loan EMI Calculator

ICICI Bank website features an EMI calculator for its car loans. Applicants can use it to check the tentative amounts that they need to pay as loan EMIs. The EMI calculator depends on the following factors.

1. Loan amount

2. Loan tenure

3. Interest rate

4. Current price of the car

5. Existing relationship with the bank

EMI Calculator Example

Payal needs to buy a car urgently, as she needs it for regular travel to the hospital along with her ailing father. She approaches ICICI Bank to take a car loan under the ICICI Bank New Car Loan Scheme. She wants to buy a Chevrolet Beat, whose on-road price is Rs 4.5 lakhs.

She receives the full amount of the car with a loan tenure of 7 years at an interest rate of 9.45% per annum. Using the car loan EMI calculator, Payal’s EMIs amount to a nominal sum of Rs. 7,344 per month.

Documentation Required For ICICI Bank Car Loans

The documents required for ICICI Bank car loans differ for different customers, according to their occupation. Mymoneykarma gives the list of essential documentation for each occupational category.

Salaried Customers

1. Copies of PAN card and Aadhaar card.

2. Copies of residence proof, such as electricity bills, rental agreements, property taxes, or telephone bills.

3. Salary slips for the last three months.

4. Copies of Form 16 for the last two years.

Self-employed Customers/ Businesspeople

1. Copies of PAN card and Aadhaar card.

2. Copies of residence proof, such as electricity bills, rental agreements, property taxes, or telephone bills.

3. Copies of ITR forms for the last two years.

4. Copies of Shop & Establishment Act Certificate.

5. Copies of sales tax certificate.

6. Audited balance sheet of the business for the last two years.

How to Apply For ICICI Bank Car Loans

The process of ICICI Bank car loan application is very simple. There are many different ways to avail the car loan.

1. Online registration:  Applicants can visit the ICICI Bank website, download the ICICI Bank car loan application form, fill it in, and upload the required documents. Upon approval of the loan, the loan amount is credited to the applicant’s account for the car purchase.

2. Walk-in: Customers can also visit the nearest ICICI Bank branch and request for an ICICI Bank car loan application form. They must submit copies of required documents along with the filled in application form. The loan is then processed and approved within a few working days.

3. SMS Registration: Customers can now apply for an ICICI Bank car loan with a simple SMS. All they need to do is send “CAR” to the number 5676766. ICICI Bank officials then contact the applicant and send an executive to their doorstep to collect the required documentation.

4. Request-a-call facility: Alternatively, customers can also go to the ‘Car loan’ section of the ICICI website , click on ‘Request a call,’ and fill up their details including a suitable time to call them.  ICICI Bank officials then contact the applicant and send an executive to their doorstep to collect the required documents.

ICICI Bank Car Loan Schemes

ICICI Bank offers two kinds of car loan schemes to its customers. The highlights of each scheme are given below.

ICICI Bank New Car Loan Scheme

ICICI Bank offers this loan scheme to its customers for buying new cars. Here are a few features of ICICI Bank New Car Loan Scheme.

1. The loan can be used to buy new passenger cars, sport utility vehicles (SUV), or multi utility vehicles (MUV).

2. The car loan covers up to 100% of the on-road price of the new car, on select models.

3. The loan is made available to a large pool of customers.

4. Nominal interest rates, of 12.85% for loan tenures of up to 3 years and 9.30% for loan tenures of up to 7 years but more than 3 years.

5. Minimal documentation

6. Complimentary insurance coverage for loan liability.

7. Special reductions in rates of interest for ICICI Bank account holders.

Eligibility for ICICI Bank New Car Loan Scheme

1. Age range of 21-60 years for salaried customers.

2. Age range of 18-65 years for self-employed customers or businesspeople.

3. Must be a salaried employee, self-employed individual, or business person.

4. Must have a decent credit score

5. Minimum income of Rs 2.5 lakhs per year for salaried individuals

6. Minimum income of Rs 3 lakhs per year for businesspeople or self-employed individuals.

7. Minimum work experience of 1 year for salaried customers.

8. Minimum work experience of 2 years for self-employed customers or businesspeople.

ICICI Bank Pre-Owned Car Loan

ICICI Bank offers the pre-owned car loan scheme to its customers for buying certified pre-owned cars from trusted dealerships. The features of ICICI Bank Pre-Owned Car Loan Scheme are given below.

1. The loan can be used to buy any kind of pre-owned passenger car, sport utility vehicle (SUV), or multi utility vehicle (MUV).

2. The minimum loan amount is Rs 1 lakh and the maximum loan amount covers up to 80% of the on-road price of all car models.

3. The maximum age of the pre-owned car can be 5 years.

4. The rate of interest on loans under this scheme is set at 14.25% per annum. 

5. Transparency in loan processing proceedings.

Eligibility for ICICI Bank Pre-Owned Car Loan Scheme

1. Age range of 21-60 years for salaried customers.

2. Age range of 18-65 years for self-employed customers or businesspeople.

3. Must be a salaried employee, self-employed individual, or business person.

4. Must have a decent credit score

5. Minimum income of Rs 2.5 lakhs per year for salaried individuals

6. Minimum income of Rs 3 lakhs per year for businesspeople or self-employed individuals.

7. Minimum work experience of 1 year for salaried customers.

8. Minimum work experience of 2 years for self-employed customers or businesspeople.

 

Frequently Asked Questions

Q: What credit score is needed for an ICICI car loan?

A: Generally ICICI Bank requires a minimum credit score of 700. If your credit score is less than 700, your loan application will most likely get rejected.

Q: Can I avail ICICI Bank Car Loan for buying an old car?

A: Yes, ICICI Bank provides car loans for buying pre-owned cars under its Pre-Owned Car Loan Scheme.

Q: What happens if I miss paying an EMI for ICICI Bank car loan?

A: It is better to pay the ICICI Bank car loan EMIs on time, as ICICI Bank charges a hefty penalty fee of 2% of the outstanding loan amount.

Q: What is the processing charge for ICICI Bank car loans?

A: ICICI Bank charges 2% of the loan amount or Rs 15,000, whichever is lower, as loan processing charge.

Q: I am 20 years old and working for my first company. Can I get an ICICI Bank car loan?

A: Salaried customers must meet the age range of 21-60 years to be eligible for ICICI Bank car loans.

Q: How can I pay the EMI for my ICICI Bank car loan?

A: Customers can pay the EMIs through any of the following payment channels:

1. Post-dated cheques.

2. UPI ID apps such as Google Pay and Bhim UPI.

3. ICICI Bank netbanking.

4. Auto payment channel on an ICICI debit card.

Q: Why has my ICICI Bank car loan application been rejected?

A: For an ICICI Bank car loan to be approved, all applicants need to meet all the eligibility criteria and upload the required updated documentation within the given time. The applicant should also have no history of defaulted EMI payments in the past, should have a good debt-to-income ratio, as well as a decent credit score.