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Car Loan Eligibility
ICICI Bank offers Car Loans with eligibility criteria tailored for diverse applicants. Salaried individuals are those aged between 20 and 65 years with a minimum monthly income of Rs 30,000, at least 2 years of professional working experience. Self-employed individuals must be aged between 21 and 70 years, with a minimum business vintage of 5 years. An existing relationship with ICICI Bank is advantageous.
Car Loan Documents
ICICI Bank simplifies Car Loan applications with a concise document list. Required documents include KYC details, identity and address proofs, income evidence and business or employment stability proofs. Salaried individuals need recent salary slips whereas self-employed applicants must provide financial statements or income tax returns. This streamlined process ensures a quick and stress-free Car Loan experience with ICICI Bank.
Car Loan FAQs
What is a Car Loan?
Car Loans are extended for the purchase of a passenger four-wheeler, new car or a pre-owned car. Car Loans can also be used as a Cash Loan through products like Refinance, Top-up on an existing Car Loan or to carry out a Balance Transfer.
How is a Car Loan application processed?
A. There are two types of application processes when applying for a Car Loan - one is manual and the other digital.
The manual process:
- Customer walks in
- Probing is done
- Scheme and IRR are shared
- Documents are collected
- Lead is generated on the Sales CRM
- Case is introduced through MCAS
- For pre-approved customers, the case moves directly to the operations tray. For non-pre-approved customers, the case is moved to the credit tray
- Credit team approves the case
- Post-approval, documents are submitted
- The loan is disbursed
What are the eligibility criteria to apply for a Car Loan?
A. Anybody can apply for a Car Loan provided their age is greater than 18 years. Customers declared as defaulters by the RBI and applications from customers belonging to countries excluded by the OFAC are also not eligible to apply for a Car Loan.
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