ICICI Bank is one of the leading private sector banks in India that offers various financial products and services to its customers. One of the key products offered by ICICI Bank is a car loan. A car loan is a type of secured loan that can be availed to purchase a new or used car. With a car loan from ICICI Bank, customers can easily fulfill their dream of owning a car without having to make a lump sum payment.
ICICI Bank offers car loans with competitive interest rates and flexible repayment tenures ranging from 1 to 7 years. The bank provides up to 100% of the car's on-road price as a loan, subject to the borrower's credit score and repayment capacity. ICICI Bank also offers a hassle-free loan application process with minimal documentation, making it convenient for customers to avail of a car loan.
Advertised Rate
Available Terms
Credit Score
Loan Amount
Identity Proof: You need to submit any one of the following documents as identity proof: PAN card, passport, driving license, or voter ID card.
Address Proof: You need to submit any one of the following documents as address proof: Aadhaar card, passport, driving license, voter ID card, or utility bill.
Income Proof: You need to submit income proof documents to demonstrate your repayment capacity. Salaried individuals need to submit salary slips, Form 16, and bank statements of the last 3 months. Self-employed individuals need to submit income tax returns, profit and loss statement, and bank statements of the last 6 months.
Bank Statements: You need to submit bank statements of the last 6 months to demonstrate your financial stability and repayment capacity.
Proof of Employment: Salaried individuals need to submit proof of employment such as employment letter or ID card, while self-employed individuals need to submit business proof such as registration certificate or GST certificate.
Proforma Invoice of the Car: You need to submit the proforma invoice of the car you intend to purchase to ascertain the loan amount.
Passport-size Photographs: You need to submit passport-size photographs as per the bank's requirements.
Q: What is a car loan?
A: A car loan is a type of secured loan in which a borrower borrows money from a lender to purchase a car. The car serves as collateral for the loan, and the borrower repays the loan amount along with interest in EMIs over a fixed tenure.
Q: What is the maximum loan amount that can be availed for a car loan from ICICI Bank?
A: The maximum loan amount that can be availed for a car loan from ICICI Bank depends on the borrower's credit score, repayment capacity, and the value of the car being purchased. Generally, lenders offer up to 100% of the car's on-road price as a loan.
Q: What is the loan tenure for a car loan from ICICI Bank?
A: The loan tenure for a car loan from ICICI Bank can range from 1 year to 7 years, depending on the borrower's repayment capacity and the value of the car being purchased.
Q: What is the interest rate for a car loan from ICICI Bank?
A: The interest rate for a car loan from ICICI Bank depends on various factors such as the borrower's credit score, repayment capacity, and the value of the car being purchased. Generally, the interest rate for car loans starts from 7.95%.
Q: What are the documents required to apply for a car loan from ICICI Bank?
A: The documents required to apply for a car loan from ICICI Bank may vary depending on the borrower's employment type and other factors. Generally, you need to submit identity proof, address proof, income proof, bank statements, and other relevant documents related to the car being purchased.
Q: Can I prepay the car loan? Are there any charges for prepayment?
A: Yes, you can prepay the car loan. ICICI Bank allows prepayment of the loan without any charges.
Q: Can I take a loan for a used car?
A: Yes, ICICI Bank offers loans for used cars as well. However, the loan amount, tenure, and interest rate may vary compared to a new car loan.
Q: Can I negotiate the interest rate for a car loan from ICICI Bank?
A: Yes, you can negotiate the interest rate for a car loan from ICICI Bank based on your credit score, repayment capacity, and other factors.
Our goal at loanmani is to provide with the best suitable loan considering your finanacial eligibility we beleive that there is a lender for every borrower.Apply now to get the best offers for your need of unsecured personal loan, unsecured business loan, home loan, loan against property,car loan and any other loan requirement.
© Copyright 2022 | LM Loanmani Marketing Service Pvt. Ltd.