ICICI Bank Car Loan Fees, Charges, Interest Rate

ICICI Bank Car Loan.
ICICI Bank Car Loan.

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

Fee and Charges of Car Loan.
Fee and Charges of Car Loan.
  • 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.

You may be interested in HDFC Education Loan for Students.

Required documentation for the application of ICICI Bank Car loan

Salaried individuals
  • 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.

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