Whenever any car is launched in a grand manner in the market, there are people who are eager to know about the minute details. After all, a car adds to the style statement of a person and gives him/her the freedom to go to anywhere.

The best part is you can always go on a long drive with your loved ones. You don’t have to worry about catching a public bus in the morning to go to your office. In case, you too want to buy a dream car, I have some exciting news for you. With a monthly EMI of Rs. 8,000 to Rs. 15,000 you can now become a proud owner of a car. That’s completely true. An ICICI car loan can turn your dream into reality.

ICICI bank is one of the prominent banks in the country that offers a wide range of products to its customers. This article will give you key knowledge about the product.

Eligibility criteria-

The bank provides the product to both salaried employees and self-employed individuals. An applicant has to meet the car loan eligibility criteria set by the bank, to successfully obtain the loan amount from the bank. A salaried customer has to be over the age of 25 years when the loan is applied and up to 58 years when the tenure matures. The annual income of the person should be at least Rs. 2.5 Lakhs. He/she must have an employment stability of over two years. He/she should be working with the current employer for a minimum period of one year.

In case, the applicant is a self-employed professional then the age should be more than 28 years. The loan amount should be fully repaid within the age limit of 65 years. The annual income should be at least Rs. 2 Lakhs. The business needs to be stable for more than three years. For a self-employed non-professional, the Profit After Tax (PAT) should be at least Rs. 2 Lakhs. Also the business needs to be stable for more than three years.

Documents required for an ICICI car Loan:

Check out the list of important documents here.

Salaried Employee:

  • Photographs of passport size
  • Proof of Identity- Aadhar card/Voter ID card/PAN Card/Passport/Driving License
  • Bank statement along with verification of signature
  • Completely filled application form
  • Proof of Income- latest salary slip and Form 16
  • Proof of Residence- Allotment letter/Passport/Telephone Bill/Electricity Bill/Leave and license agreement
  • Proof of Age- Birth certificate/Passport/High school marksheet/PAN card
  • Document that can act as a proof of your employment stability

Self-employed Professional:

  • Photographs of passport size
  • Proof of Identity- Aadhar card/Voter ID card/PAN Card/Passport/Driving License
  • Proof of Income- Income tax (IT) returns of the previous two years
  • Loan application form which is completely filled
  • Proof of Residence- Allotment letter/Passport/Telephone Bill/Electricity Bill/Leave and license agreement
  • Proof of ownership or Proof of business
  • Proof of Age- Birth certificate/Passport/High school marksheet/PAN card
  • Bank statement along with verification of signature

Self-employed Non-professional:

  • Application form which is fully filled
  • Proof of Identity- Aadhar card/Voter ID card/PAN Card/Passport/Driving License
  • Proof of Residence- Allotment letter/Passport/Telephone Bill/Electricity Bill/Leave and license agreement
  • Proof of Age- Birth certificate/Passport/High school marksheet/PAN card
  • Bank statement along with signature verification
  • Proof of Address- Passport/Allotment letter/Leave and license agreement
  • Proof of Income- Income tax returns of the last two financial years along with audited Balance Sheet and Profit & Loss account
  • For companies and societies two things are needed -Memorandum & Articles of Association plus Resolution by board of directors
  • Proof of ownership or Proof of business stability
  • Partnership deed and a letter duly signed by the present partners whereby they give complete authority to one partner

Interest rates and processing fees

The bank charges a fixed rate of interest from the applicants. The rates for a new car have been given below.

Up to 23 months- 12.75%

24 to 35 months- 12.25%

36 to 84 months-  10.75%

For an used car, the rate of interest is 15.50% for a tenure between 24 to 35 months.

The bank charges a processing fee from the applicants which lies between the range of Rs. 2,500 to Rs. 5,000. In case of an used car the processing fee can be charged up to Rs. 6,000.

ICICI car loan EMI Calculator

Calculating the monthly EMIs can turn out to be quite a complex process for anyone. But now you can easily calculate the entire thing within seconds. All thanks to ICICI Car Loan EMI calculator, a person can know about his/her monthly installment amount and the total interest payable. All he/she has to do is enter the details of the loan amount, interest rate and tenure. Within few seconds the tool will display all the relevant information.

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