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Car Loan Products

Pre-Owned Car Loan

Pre-owned Car Loan interest rates are attractive.

Pre-Owned Car Loan

Top-up Car Loan

ICICI Bank Car Loan Top Up offers attractive interest rates and faster processing which allows customers to access additional funds conveniently.

Top-up Car Loan

Refinance Car Loan

Car Refinance option includes easy documentation, loan tenure of up to 7 years and attractive interest rates for a seamless refinancing experience.

Refinance Car Loan

Pre-Approved Car Loans

ICICI Bank Pre-approved Auto Loan offers up to 100% on-road funding without any income documentation and a flexible tenure of up to 84 months.

Pre-Approved Car Loans

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Interest Rate, Fees & Charges

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Car Loan EMI Calculator

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Service Charges and Fees

Find service charges for an ICICI Bank Car Loan

Car Loan documentation

Quick, easy and minimal documentation required

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:

  1. Customer walks in
  2. Probing is done
  3. Scheme and IRR are shared
  4. Documents are collected
  5. Lead is generated on the Sales CRM
  6. Case is introduced through MCAS
  7. 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
  8. Credit team approves the case
  9. Post-approval, documents are submitted
  10. 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.

What are the documents required for a Car Loan?

2 sets of documents are required for a Car Loan:
  • Pre-approval documents
  • Post-approval documents.

Pre-approval documents:

  • Photograph
  • Application form
  • Pro-forma Invoice
  • KYC documents (Identification, Address and Signature Verification)
  • Banking documents (Salary Account documents for salaried customers and Current Account documents for entities and self-employed individuals)
  • Income documents (Salary Slip/ITR/Form 16)
  • Relationship proof in the case of a co-applicant
  • Partnership deed in the case of partnership companies
  • MOA or AOA in the case of companies.

Post-approval documents:

  • Agreement kit
  • Insurance
  • Partnership Authority letter in the case of partnership firms
  • Board resolution in the case of companies.

Can I get 100% funding to buy a car?

Yes. Pre-approved customers can avail 100% of the on-road price. However, the on-road price should be equal to or less than the Offer amount.
For non pre-approved customers, 100% on-road funding is possible basis parameters like income, stability, FOIR, CIBIL and internal checks.

What is the maximum Loan amount that can be availed for a new car?

As no upper limit is prescribed for the maximum Loan amount, it will depend on the cost of the vehicle. E.g. if the on-road price of a car is Rs 20 lakh, a customer can avail Rs 20 lakh depending on the merits of the case.

What is the Loan Tenure to buy a new car?

The Tenure ranges from 12 to 84 months to secure a Loan for a new car.

What is the minimum credit score to get a Car Loan?

Credit score is one of the key factors to get a Car Loan approved. However, it would also depend on other parameters and on the reason why the applicant has a low credit score.

How much down payment needs to be made to buy a car?

The down payment would vary from car to car. However, before the disbursal of a Car Loan a margin money receipt is required from the car dealer.

When applying for a Car Loan, is a guarantor required?

This would depend on the merits of the case. Generally, co-applicants are preferred in Auto Loan cases and a Guarantor will be considered if required.

What are the terms and conditions for a Car Loan?

Click here to know about the terms and conditions for ICICI Bank Car Loans.

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