ICICI Car Loan

(Are you eligible for an ICICI Bank Car Loan?)

ICICI Bank Car loans offer car loans as per customer’s requirements. The minimum loan amount that can be availed by a customer is Rs. 1,00,000. Price of the car, model variant, profile of the customer, etc. are other variants that affect the loan amount that the Bank offers to its customer. Some of the common prerequisites for eligibility include - applicant should be 23 years old or above at the time of application, maximum age limit is 58 years, he/she should be self-employed with a regular income, and so on. EMIs of other loans lower eligibility of the applicant to avail the car loan.
ICICI Bank offers car loans for New Car, Pre-Owned car and even a loan against car.

About ICICI Bank

ICICI Bank is the second largest multinational banking and financial services company that offers a wide range of banking products and financial services to corporate and retail customers in India. It was established in 1994 in Vadodara and now has its headquarters in Mumbai. It offers a wide range of banking products and financial services to its customers, including convenient and pocket-friendly car loans at attractive interest rates.

Features of ICICI Car Loan:

• Loan up to 100% of ex-showroom price can be availed through ICICI Bank based on some applicable conditions.
• Maximum loan tenure of up to 7 years.
• Attractive rate of interest.
• Easy documentation.
• Insurance cover for Loan Liability available, repayable along with EMI.

Eligibility:

Salaried Individual:

• Any proprietor, partner, professional or director above 28 years but below 65 years at the time of the loan maturity, can apply.
• Annual income should be at least Rs. 2.50 lakhs.
• Employment stability : Applicant should have been employed for more than 2 years and should be having current employment stability of at least a year.

Self-Employed Individual

• Minimum annual income should be Rs. 2.00 lakhs.
• Business stability: The applicant should be conducting the business for more than 3 years.

Partnership Firm:

• Limited companies should have been in existence for at least 3 years.
• Firm should have a minimum profit after tax should be Rs. 2.00 lakhs.
• Business stability : the applicant should have been conducting business for more than 3 years.

Private / Public Ltd Co

• Minimum profit after tax should be Rs. 2.00 lakhs.
• Business stability : the applicant should have been conducting business for more than 3 years.

Documentation for salaried applicants:

• Proof of residence.
• Photo ID and age proof
• Duly filled application form with photograph.
• Latest bank statement of 6 months.
• Salary slips of the last 3 months.
• Form 16 or Income Tax Returns.

Documentation for self-employed applicants:

• Proof of residence.
• Photo ID and age proof
• Duly filled application form with photograph.
• Latest bank statement of 6 months.
• Last 3 years Income Tax Returns with computation of Income
• Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Documentation for self-employed non-professional applicants: 

• Duly filled and signed application form
• Proof of ID, address, age proof, etc.
• Bank statement
• Income Tax returns of 2 previous financial years along with complete financial/audit report.
• Business Stability proof / Ownership proof
• Partnership deed and Letter signed by all partners authorising one partner.

Companies and Societies need to provide a resolution by Board of Directors and Memorandum and Articles of Association.ICICI Bank’s Car Loan EMI Calculator is a multi-purpose tool for calculating EMIs on car loans.