ICICI Car Loan

Factors Affecting ICICI Car Loan Interest Rates

Interest rates on car loan varies from bank to bank. Car Loan interest rate in ICICI Bank depends upon

• Loan amount: Generally banks offer lower interest rates for higher amount. However ICICI Bank offers 100% of ex-showroom price of your car.
• Your Salary: Higher salary bracket individuals are offered loans at lower interest rates. ICICI Bank interest rate varies with your net monthly income.
• Employer Category: Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. ICICI Bank has a list of company categories of salaried individuals to which they avail car loan. So, a higher company category leads to a low rate of interest.
• Relationship with the Bank - ICICI Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in the past will get the benefit of low ICICI Bank Car loan interest rate.
• Loan Tenure - ICICI car loans are of longer repayment tenure of 7 years.
• Repayment Capacity - Before giving loan to the borrower, ICICI Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.

Eligibility of car loan in ICICI relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

• Age: Age plays an important role to know your eligibility and repayment capacity. ICICI offers car loan to those who are atleast 18 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
• Income: ICICI Bank car loan calculator calculates your eligibility based upon your income. Usually bank set minimum levels of income to apply for car loan. ICICI Bank asks for net annual income of minimum Rs. 2.50 lakh.
• Job stability and Profession: Job stability is important to improve your status and eligibility for car loan from ICICI Bank. You must be in a full time job for at least 12 months. If you are working with a reputed company, probability of getting a Car loan from ICICI Bank increases as the income is considered to be more stable and the bank offers low interest car loan to the employees of reputed companies.
• CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has a direct impact on your ICICI Bank car loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your car loan eligibility.
• Loan Amount: ICICI Bank gives you a car loan depending upon your income. ICICI Bank gives you 100% of ex-showroom price depending upon the value of the car. To improve chances of approval, apply for a loan amount that you can comfortably service.

The dream to own a car that you thought you couldn't afford in this lifetime can now be fulfilled by a car loan. Getting a car loan is easy if you improve your car loan eligibility by following these tips.

Tips to improve your car loan eligibility

• Opting for pre-approved car loans: Like every bank, ICICI Bank also provides better offers in the form of less paperwork, instant loan approval, and loan disbursal than its competitors. It is done to retain existing customers. You should not miss such car offers as if you apply for the car loan with the existing bank, you can save yourself from cumbersome paperwork and approval process.
• Maintaining a good credit score: To improve your eligibility for availing a car loan without any hurdle, you should clear all your credit card dues, make the payment of other loans on time and also, strike a balance between secured and unsecured loans.
• Opting for a co-applicant: You can opt for a co-signer or co-applicant for your car loan. A co-applicant with good credit history and score can improve the chances of approval of a car loan.
• Using the online eligibility calculator: You can use the online eligibility calculator to determine the tenure of the loan. The lower mandate would imply higher EMI's and vice versa. The online eligibility calculator can also help to maintain a low debt-to-income ratio, which may improve your chances of getting a loan approved.

Car Loan EMI of ICICI Bank is a fixed amount that you pay each month towards the repayment of your car loan till the end of tenure. Lowest EMI offered by ICICI Bank is Rs. per lakh loan amount at lowest car loan interest rate of 7.90%. Car Loan EMI of ICICI Bank depends on factors like:

• Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
• Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
• Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

Car loan ICICI Bank documents for salaried employees

• Filled up loan application form
• 2 Passport Size Photo
• Copy of Income Tax PAN
• Identity Proof - Passport/ Driving License/ Voter ID/ PAN
• Quotation of car
• Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
• Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
• R.C of Vehicle and Insurance of Car.

Car loan ICICI Bank documents for self-employed

• Filled up loan application form
• 2 Passport Size Photo
• Copy of Income Tax PAN
• Identity Proof - Passport/ Driving License/ Voter ID/ PAN
• Quotation of car
• Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
• Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
• R.C of Vehicle and Insurance of Car.

• Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. ICICI Bank allows prepayment of car loan after paying 1 EMI’s with 5%
• Processing Fee - ICICI Bank asks for a processing fee of 2.00% of loan amount Min. Rs. 3,500 and Max. Rs. 8,500 with applicable service tax

• ICICI offers car loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of ICICI Bank
• You can avail additional top-up car loan from ICICI Bank, subject to your eligibility

✅How much interest is charged by ICICI Bank on car loan?

ICICI car loan interest rates today are 7.90% to 9.85%.

✅What is the lowest EMI per lakh on ICICI Bank car loan?

If you apply for a car loan from ICICI Bank, your lowest EMI per lakh will be Rs. 1553.64.

✅What is the maximum tenure of ICICI Bank car loan?

You can repay your car loan from ICICI Bank in a flexible period of 7 years.

✅How much car loan can I borrow from ICICI Bank?

ICICI Bank offers you 100% of ex-showroom price of the car as loan.

✅How much processing fee is charged by ICICI Bank on car loan?

ICICI Bank charges a processing fee of 2.00% of loan amount Min. ₹ 3,500 and Max. ₹ 8,500 with applicable service tax.

✅Is age an eligibility factor to get car loan from ICICI Bank?

Yes, age is an important eligibility factor to get ICICI Bank car loan as you should be at least 18 years old at loan approval time and 65 years old at loan maturity time.

✅Are there any prepayment charges on ICICI Bank car loan?

You can take a car loan from ICICI Bank with 5% prepayment charges.

✅Can I add my spouse's income while applying for car loan from ICICI Bank ?

You can combine your income with the income of your spouse to increase your loan eligibility and to get a higher loan amount.

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