Find out more about your loan with ICICI Car Loan Calculator

Buying our dream car is like crossing a major milestone in our life. Many of us wait patiently over the years to be able to afford that one car that fits in all our wishes and desires. With ICICI Car Loan, we move a step closer to realising this dream. ICICI is amongst the largest private banks of the country with about 4,450 branches and about 14,000 ATMs to facilitate money transactions for its customers. And amongst its many other tools and schemes, ICICI Car Loan Calculator proves to be one of the most worthy. For those who are considerably new to this tool, Car Loan Calculator is of two types- Car Loan Eligibility Calculator and Car Loan EMI Calculator.

ICICI Car Loan EMI Calculator functions like a general EMI calculator which fetches important details pertaining to your monthly installments, total interest amount payable and total loan amount payable in a jiffy. Similarly, Car Loan Eligibility Calculator is an electronic tool which when fed with your personal details, ascertains your eligibility for availing the ICICI Car Loan.   

The tenure of ICICI Car Loan if up to 5 years for the pre-owned cars and up to 7 years for new cars. The rate of interest varies on the basis of loan tenure and whether the car is new or pre-owned. The interest rate for a pre-owned car for a tenure of 24-35 months is 15.50%. The interest rate for a new car for a tenure of up to 23 months is 12.75%. The rate of interest ranges between 12.25% and 10.75% for a new car for a loan tenure ranging between 24-35 months and 36-84 months, respectively.

Eligibility for ICICI Car Loan:

The following is the eligibility criteria for availing the ICICI Car Loan-

For Salaried Professionals:

  • Age limit: Should be above 25 years when loan is applied, and up to 58 years during the time of loan maturity
  • Monthly Income: Earn a minimum of Rs. 2.5 Lakh per annum
  • Work Experience: Should be working with the present employer for at least one year
  • Income Stability: Should have an employment stability of more than two years

For Self-employed Individuals:

  • Age limit: Should be above 28 years of age but less than 65 years of age during the time loan matures
  • Annual Income: Earn a minimum of Rs. two Lakh annually
  • Income Stability: Have a business stability of more than three years

For Self-employed Non Professionals:

  • A minimum Profit After Tax (PAT) of Rs. two Lakh is required
  • Business stability of more than three years is compulsory

Documentation required for ICICI Car Loan:

For Salaried Professionals:

  • Filled Application form with signature
  • Identity Proof
  • Residence Proof
  • Photographs
  • Proof of Age
  • Proof of Income- Form 16
  • Proof of Employment Stability
  • Bank Statements with signature verification

For Self-employed Individuals:

  • Filled Application form with signature
  • Identity Proof
  • Residence Proof
  • Photographs
  • Proof of Age
  • Proof of Income- previous two financial years Income Tax returns
  • Bank statements with signature verification  
  • Proof of Ownership or Proof of Business stability

For Self-employed Non Professionals:

  • Filled Application form with signature
  • Identity Proof
  • Residence Proof
  • Proof of Age
  • Bank statements with signature verification
  • Proof of Income- previous two financial years Income Tax returns plus complete audit report
  • Proof of Business stability or Proof of Ownership
  • Partnership deed and a Letter which has a signature of all the partners duly giving authority to one partner
  • For Companies and Societies one has to submit a resolution from Board of Directors along with Memorandum & Articles of Association

ICICI Car Loan EMI Calculator:

ICICI Car Loan EMI Calculator is an electronic tool which helps in determining the monthly instalments that the borrower needs to pay towards his/ her Car Loan. This tool yields the monthly EMIs when fed with particular loan details such as loan amount, interest rate and the tenure of the loan. Besides, EMI Calculator also helps in ascertaining the total interest amount that is payable towards the loan over the set period.

ICICI Car Loan Eligibility Calculator:

Car Loan Eligibility Calculator is a tool that helps in determining whether an individual is eligible to avail the Car Loan. The tools asks for the particulars of the applicant such as name of the city where the borrower resides, type of residence, period of stay in the current residence, date of birth and the details of the car he/she wants to buy. By filling in these details, one can check their eligibility for availing the Car Loan.

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