Introduction: ICICI Bank is one of the leading banks and the best choice when it comes to the loans like new car or pre-owned car loans. ICICI Bank Car loan interest rate on new car loans will be ranging in between 8.95% to 13.40% where as the pre-owned car loans or used car loans will have a rate of interest of 14.25%.
Eligibility criteria required for the application of ICICI Bank Car loan
- The age of the applicant should be in between 23 years to 69 years.
- ICICI Bank car loans can be taken by individuals who are salaried, self-employed and even the non-professionals.
Quick key features of ICICI Bank Car loan
- Very minimum documentation is required for this loan application.
- Loan tenure will be up to a maximum of 7 years.
- Financing will be done to a maximum of 100% of on-road price.
- Processing fee for loan is less.
Fees and charges of ICICI Bank Car loan
Below are a few of the main fees and charges which come with the ICICI Bank New and Used Car loans
- Processing fee for a non-refundable loan will be between the amounts of Rs.3,500/- to Rs.8,500 for the new car loans and this is completely based on the car segment. When coming to the used car loans it is 2% of the amount of loan which would be subjected to a minimum amount of Rs.15,000.
- Charges for late payment would be 2% per month on the outstanding balance amount.
- Charges for cancellation of loan is an amount of Rs.3,000/- per loan.
- Validation charges for a used car is an amount of Rs.800/- and added GST is also applicable.
- Charges for prepayment is 5% on interest or a percentage on principal due for the balance loan tenure.
- Charges for part prepayment of loan is 6% along with added GST on the amount which is being prepaid and this will be subjected to conditions.
- Charges for a statement of prepayment is an amount of Rs.200/- per statement.
- Charges for Amortisation schedule is an amount of Rs.500 per schedule.
- Charges for documentation is an amount of Rs.550 along with application GST.
- Stamp duty charges will be as per the actuals.
- Charges for cheque bounce will be an amount of Rs.500/- per transaction.
- Charges for ICICI Bank Car loan statement is an amount of Rs.200/- per statement.
- Charges for legal repossession or incidental charges will be at actuals.
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Required documentation for the application of ICICI Bank Car loan
- You will have to submit a proof of identity such as your PAN Card, Aadhaar card.
- Any address proof like driver’s licence, voter ID.
- Application form which is duly-filled.
- Proof of Income in the form of Form 16 and latest salary slip.
- Any other documentation like proof of the stability of the employment.
Self-employed professionals and non-professionals
- Application form which has been filled completely.
- Identity proof in the form of PAN Card, Aadhaar card etc.
- Address proof in the form of Aadhaar card, driver’s licence etc.
- You will be required to submit Income Tax Returns for the last two years as income proof.
- Proof of ownership or stability of the business. Non-professionals have to submit the partnership deed and a letter signed by the partners giving authority to one of the partners. For more information on the loans, you can contact nearest ICICI Bank branch.