ICICI Bank Car Loan
ICICI Bank is one of the leading choices when it comes to new and pre-owned car loans. Interest rates on new car loans start from 9.10%, whereas, ICICI used car loans can be availed at an interest rate starting from 11.25% p.a.
Key Features of ICICI Bank Car Loan
Some notable features of ICICI Bank New Car Loans are:
- Minimal documentation
- Longer loan tenure up to 7 years
- Financing for up to 100% of on-road price
- Low processing fee
ICICI Bank Car Loan Fees & Charges
Here are some of the main fees and charges accompanying the ICICI Bank’s New and Used Car Loans:
| Charges | New Car Loan | Used Car Loan |
|---|---|---|
| Non-Refundable Loan Processing Fee | Rs.4,000 to Rs.9,000 | Lower of 2% of loan amount or Rs.20,000 |
| Late Payment Charges | 2% per month on outstanding installment amount | 2% per month on outstanding installment amount |
| Loan Cancellation Charges | Rs.2,000 plus GST | Rs.2,000 plus GST |
| Used Car Valuation Charges | Rs.800 + applicable GST | Rs.800 + applicable GST |
| Prepayment Charges | 3% plus GST on principal due for remaining loan tenure | 3% plus GST on principal due for remaining loan tenure |
| Part Pre-payment Charges | Up to 6% plus GST on amount being prepaid, subject to conditions | Up to 6% plus GST on amount being prepaid, subject to conditions |
| Prepayment Statement Charges | Physical Statement: Rs.150 plus GST Digital Statement: Nil |
Physical Statement: Rs.150 plus GST Digital Statement: Nil |
| Amortisation Schedule Charges | Physical Statement: Rs.150 plus GST Digital Statement: Nil |
Physical Statement: Rs.150 plus GST Digital Statement: Nil |
| Documentation Charges | Rs.650 plus applicable GST | Rs.650 plus applicable GST |
| Stamp Duty | At actuals | At actuals |
| Bounce Charges | Rs.500 plus GST | Rs.500 plus GST |
| Account Statement Charges | Physical Statement: Rs.150 plus GST Digital Statement: Nil |
Physical Statement: Rs.150 plus GST Digital Statement: Nil |
Documents Required for ICICI Car Loan
Following are the documents to be furnished to apply for the ICICI Bank New or Used Car Loan:
Salaried Applicants
Application Form – Duly filled-in application form
KYC- Address proof, ID proof, age proof, and photographs
Bank Statements – Signature Verification
Income Proof – Form 16 or latest salary slip
Other Documentation – Proof of employment stability.
Self-Employed Professionals
| Category | Documents Required |
|---|---|
| Application Form | Duly filled-in application form |
| KYC |
|
| Bank Statements | Signature Verification |
| Income Proof | Income Tax Returns for past 2 years |
| Other Documentation | Proof of business stability/ownership |
Self-employed Non-professionals
| Category | Documents Required |
|---|---|
| Application Form | Duly filled-in application form |
| KYC |
|
| Bank Statements | Signature Verification |
| Income Proof | Income Tax Returns for past 2 years, comprehensive audit/financial report |
| Other Documentation |
|
FAQs on ICICI Bank Car Loan
- Will ICICI let me prepay or foreclose my car loan?
Yes, you can prepay or foreclose your car loan at a charge of 5% + GST on the remaining principal loan amount. - What are the repayment options available with this car loan?
You can pay the car loan EMIs in a variety of ways. If you are an existing ICICI Bank customer, you can opt for the direct debit facility or ECS. Otherwise, you may also make the EMI payment via issuing post-dated cheques drawn in favour of ICICI Bank Ltd. - Is there a provision to update my contact details on my ICICI Bank loan account?
Yes, you can easily update your contact details such as your email ID, mobile number, mailing address, etc., by walking into any ICICI Bank branch. When submitting your application, do remember to carry a valid photo ID proof. - What are some factors which influence the interest rate for a new car loan?
The interest rate for new car loans is dependent on some factors like the tenure of the loan, the car you’re planning to get, and your relationship with the bank, among other factors. - Are used car loan interest rates influenced by any factors?
Yes, interest rates for a used car loan can vary depending on some factors like the age and segment of the car you’re purchasing, the loan product type you are availing – refinance, top-up loan, and the loan term, to name a few.
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