ICICI bank offer loans up to 100% of ‘on-road’ cost on select models, and up to 95% of the ex-showroom price on others. Loan process is very convenient and fast. You can get very competitive interest rate.

ELIGIBILITY

• The applicant should be at least 21 years old at time of application, and below 59 years of age at time of maturity of the loan.
• Any Proprietor, partner, professional or director above 21 years of age but below 64 at the time of the loan's maturity
• Limited companies should have been in existence for at least 2 years.
• Gross annual salary of at least Rs. 1.5 lac per annum for salaried individuals.
• Gross annual income of at least Rs. 1.25 lacs per annum for self employed individuals.
• Partnerships firm should have a minimum PAT (profit after tax) of Rs. 1.25 lacs.
• Minimum PAT (profit after tax) of Rs. 1.25 lacs for private and public ltd. Companies.

Get Finance For: 

• For Purchase of new four wheeler, for personal or professional use
• Second hand cars.

Loan Amount

For New Car

Minimum Loan Amount – Rs. 1,00,000.
Maximum Loan Amount – up to 95% of the ex-showroom price. No upper limit but it depends upon price of car and customer profiles.

For Used Car: 

Minimum Loan Amount – Rs 75,000
Maximum Loan Amount – up to 90% of the value of used car.

Repayment

• Repayment tenure ranges from 1 year to 6 years for new car loans.
• You may change the tenure of the loan before the loan is disbursed. The interest rate & EMI would change accordingly.
• The repayment due dates for the loan are 1st and 15thof every month and would depend on the date of disbursement. Payment due dates cannot be changed.
• You can make the Payments through post-dated cheques.
• Repayment option through Direct Debit Mandates is also available for all ICICI bank account holders.
• Option of repaying through ECS is also available in select cities.
• Payments through cash or credit cards are not accepted.
• You may change the Post Dated Cheques (PDC) in case your Bank Account is changed. However, we would require verification of signatures by new banker. A nominal fee of Rs.500/- (Swap Charges) would be charged for exchange of cheques.
• A full pre-payment of the loan is accepted. Part pre-payment is not allowed.
•  Rs.200 charge per bounced cheque

All charges are subject to Service Tax as applicable.

Documents Required

Income proof: Salaried individuals – Latest Salary slip or salary certificate. Form 16 of the previous Financial Year or latest Income Tax Returns.

Self-Employed individuals - Income Tax Returns of 2 previous financial years.  

Partnership Firms, Societies & Companies - Income Tax Returns of 2 previous financial years along with Profit & Loss Account Statements and Balance Sheets of both years.  

Documents supporting customer information - Identity Proof, Signature Proof and Address Proofs as per ICICI bank norms (ICICI bank representative will help you choose suitable documents).   

Other documents

Partnership Firms - Partnership deed and Letter signed by all partners authorizing one partner to execute the required Car Loan.

Societies and Companies - Resolution by Board of Directors (or such managing body) & Memorandum & Articles of Association (or Society/Trust deed).

Service Fee

Other Fee

NOTE:
Service Tax and other govt. taxes, levies, etc. applicable as per prevailing rate may be charged over and above these charges at the discretion of ICICI Bank.
                                     
The charges or fees given in above table are subject to change.

Interest Rate

• Call toll free number 1600-22-9191
• Send an SMS with the message "carloan <city>" to 5676766,
  For example: SMS "carloan mumbai" if you stay in Mumbai.