ICICI Bank Car Loan Services with Low Interest and Quick Approval
ICICI Bank is one of the leading choices when it comes to new and pre-owned car loans. Interest rates on new car loans start from 9.10%, whereas ICICI used car loans can be availed at an interest rate starting from 10.20% p.a.
Key Features of ICICI Bank Car Loan
Some notable features of ICICI Bank New Car Loans are:
- Minimal documentation
- Longer loan tenure up to 7 years
- Financing for up to 100% of on-road price
- Low processing fee
ICICI Bank Car Loan Fees & Charges
Here are some of the main fees and charges accompanying the ICICI Bank’s New and Used Car Loans:
Processing Fee
Used Car Loan | Up to 2% of the loan amount plus GST |
New Car Loan | Up to 2% of the loan amount plus GST |
Penal Charges
The penal charges that are levied are mentioned in the table below:
Applicable Penal Charges | 5% p.a. |
Existing Penal Charges | 24% p.a. |
Penal Charges
Category | Amount |
Loan Cancellation |
|
Cheque/ AD/ ECS/ NACH Dishonour Charges per Transaction | Rs.500 plus GST |
Late Payment Charges | 5% p.a. plus applicable taxes on the amount that is due |
Pre-Payment Charges |
|
On Application
Category | Amount |
Information Utility Charges | Rs.300 plus GST |
Used Car Valuation Charges | Auto – Used Car – Rs.800 plus GST |
Stamp Duty Charges | At Actuals plus GST |
Registration Certificate Collection Fees | Rs.600 plus GST |
Loan Documentation Charges | Rs.500 plus GST |
Loan Related Recovery Charges
Category | Amount |
Security Guard Charges | At actuals |
Repossession Charges | At actuals |
Paper Advertisement Charges | At actuals |
NMMP | Rs.800 plus GST |
Enforcement Charges | At actuals |
For Sending Different Notices | At actuals |
SARFAESI Proceedings | At actuals |
Service Charges
Category | Amount |
CERSAI Charges (Non-Refundable) | Rs.100 plus GST |
Prepayment Charges |
|
Cash Transaction Charges | Rs.100 plus GST |
Swap Charges for Repayment | Rs.500 plus GST |
Private to Commercial Conversion NOC | Rs.250 plus GST |
Commercial to Private Conversion NOC | Rs.250 plus GST |
Petrol to CNG/ LPG Conversion NOC | Rs.250 plus GST |
NOC Revalidation | Rs.250 plus GST |
Duplicate NOC | Rs.250 plus GST |
Prepayment Statement Charges | Rs.200 plus GST |
Duplicate Repayment Schedule Charges | Rs.200 plus GST |
ICICI Bank Car Loan Eligibility
To be eligible for an ICICI Bank New or Used Car Loan, applicants must adhere to the following criteria:
- Applicant must be a salaried or self-employed individual (professional or non-professional).
- Must provide proof of income stability
You can find more about Car loan eligibility here!.
Documents Required for ICICI Car Loan
Following are the documents to be furnished to apply for the ICICI Bank New or Used Car Loan:
Salaried Applicants
- Application form.
- KYC Documents: Photographs, proof of identity, proof of address, and proof of age.
- Bank statements.
- Signature verification.
- Income Proof: Form 16/ Salary slips.
- Employment Stability Proof.
Self-Employed Professionals
- Application form.
- KYC Documents: Photographs, proof of identity, proof of address, and proof of age.
- Bank statements.
- Signature verification.
- Income Proof: Last two years Income Tax Returns.
- Ownership Proof or Business Stability Proof.
Self-Employed Non-professionals
- Application form.
- KYC Documents: Photographs, proof of identity, proof of address, and proof of age.
- Bank statements.
- Signature verification.
- Income Proof: Last two years Income Tax Returns along with audit/financial report.
- Ownership Proof or Business Stability Proof.
- In the case of a Partnership, the deed and a letter with all partner signatures must be provided.
- In the case of Societies or Companies, Memorandum and Article of Association and Resolution by Board of Directors.
ICICI Car Loan EMI Calculator
FAQs on ICICI Bank Car Loan
- Will ICICI let me prepay or foreclose my car loan?
Yes, you can prepay or foreclose your car loan at a charge of 5% + GST on the remaining principal loan amount.
- What are the repayment options available with this car loan?
You can pay the car loan EMIs in a variety of ways. If you are an existing ICICI Bank customer, you can opt for the direct debit facility or ECS. Otherwise, you may also make the EMI payment via issuing post-dated cheques drawn in favour of ICICI Bank Ltd.
- Is there a provision to update my contact details on my ICICI Bank loan account?
Yes, you can easily update your contact details such as your email ID, mobile number, mailing address, etc., by walking into any ICICI Bank branch. When submitting your application, do remember to carry a valid photo ID proof.
- What are some factors which influence the interest rate for a new car loan?
The interest rate for new car loans is dependent on some factors like the tenure of the loan, the car you’re planning to get, and your relationship with the bank, among other factors.
- Are used car loan interest rates influenced by any factors?
Yes, interest rates for a used car loan can vary depending on some factors like the age and segment of the car you’re purchasing, the loan product type you are availing – refinance, top-up loan, and the loan term, to name a few.
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