ICICI Car Loan: Cars are certainly one of the most prized possessions of an individual.
It is a dream that everyone has grown up with ever since as a child.
Most importantly, having a four-wheeler is not only a desire anymore but more or less a necessity.
However, buying one is not as simple as it sounds considering modern-day extravagant rates.
These days, most people can’t even think of purchasing a car without availing of a loan from a prestigious institution.
While some people can’t afford to, others simply just don’t want to.
And for both these cases, this is where ICICI Car Loan comes to your rescue.
ICICI Bank Car Loan is one of the safest options available not only because of the bank’s persisting status but truly because of its marvelous service as well.
If you are looking to apply for an ICICI car loan and wish to dig up more information about it such as ICICI Car Loan Interest Rate, ICICI Car Loan Statement, ICICI Car Loan Status, ICICI Car Loan Payment, or anything else, we’re here to guide you through it all!
In this article, we will try to answer all your questions revolving around ICICI car loans including How to Get Car Loan Statement from ICICI Bank, How to Check Car Loan Balance in ICICI Bank, and much more. So make sure to read this post till the end.
ICICI Bank Car Loan
ICICI is one of the most prestigious banks that offer different kinds of loans and ICICI Bank car loan is one of them.
It caters to the needs and preferences of all the people who wish to buy a new or used four-wheeler for various purposes such as safety, comfort, or anything else.
Whatever the reason may be, purchasing a car is now made easy with an ICICI bank car loan by paying EMI, or equated monthly installments to the bank.
The bank makes sure to finance the maximum number of people given that the application and all the necessary documents are rightfully submitted.
Different types of ICICI Bank Car Loan
ICICI Bank Car Loan offers you different types of loans that are suitable for all needs and preferences. Let’s have a look at some:
- ICICI New Car Loan: This type of car loan offers a loan to the borrower who wishes to purchase a brand new four-wheeler. The repayment tenure for this loan is 7 years.
- ICICI Used Car Loan: You can also purchase any used four-wheeler if you have all the required documents under the used car loan by ICICI. The repayment tenure for this loan is 5 years.
- ICICI Loan Against Car: Through this type of loan, you will be able to use your automobile as security with the bank and avail of a car loan against the same for rapidly dispensing necessary funds
Benefits of choosing ICICI Bank Car Loan
There is a range of benefits you get when you opt for an ICICI bank car loan. Some of these are as follows:
- Get up to 100% of the on-road price as ICICI bank car loan amount
- Apply from the comfort of your home and get quick approval; no hassle of visiting the bank branch now and then
- Stress-free application procedure
- Get ICICI bank car loan for purchase all types of both new as well as used cars
- Repayment tenure of the loan is as long as 7 years
- Pre-approved as well as pre-qualified loans for ICICI bank existing customers
- A simple and hassle-free documentation procedure
- A variety of modes available for ICICI Car Loan Payment
Also read – ACKO Bike insurance
Eligibility Requirements for ICICI Bank Car Loan
The minimum age limit for salaried individuals is 21 years and the maximum age limit is 60 years.
The minimum age limit for self-employed individuals is 21 years and the maximum age limit is 65 years.
Note: The maximum age limit pertains to the time of completion of the repayment term.
For Salaried individuals: Minimum two years of continuous employment
For Self-employed individuals: Minimum two years of continuous employment (in the same business line)
ICICI Bank Car Loan amount
Up to 100% of the on-road price of the car
ICICI Bank Car Loan Interest rate
Starts from 7.5%
Calculate your eligibility for an ICICI car loan by clicking here.
How to Boost Your Eligibility for Car Loan at ICICI
- Choose a shorter repayment term: If you go for a shorter car loan term for repaying the amount, the EMI or Equated Monthly Installment that you will have to pay every month is going to be higher. This will indicate your great repayment capability to the ICICI bank for repaying the car loan. It will help the bank in building a sense of faith in you.
- Maintain a decent credit score: In case you are willing to boost your Eligibility for ICICI Car Loan, You must make sure that you maintain a decent credit score. The preferable credit score must be 750 or above.
- Make sure to keep your debt-to-income (DTI) ratio low: A low DTI, or debt-to-income ratio while getting a car loan suggests that you can strike a reasonable balance between your spending and earnings. Before the bank approves your car loan application, they are going to take a look at the proportion of your revenue that you use for paying your obligations. Therefore, a low DTI, or debt-to-income ratio is going to indicate a greater repayment ability to the bank.
- Go for a lower car loan amount: When you apply for a relatively lower car loan amount, you will certainly be able to boost your eligibility for getting an ICICI car loan. A lower amount will be paid much faster by the applicant and therefore, the likelihood of your application being approved by the bank will rise.
Documentation required for ICICI Car Loan
The following is a list of all the documents that you will need to submit with your ICICI Bank car loan application:
Any one of the ID proof documents as mentioned below:
- Aadhar Card
- PAN Card
- Voters ID Card
- Driving License (must be recent, legible, as well as laminated)
Recent salary slips as well as Form 16 or ITR for income proof
Any one of the address proof documents as mentioned below:
- Aadhar Card
- Driving License (must be recent, legible, as well as laminated)
- Ration Card
- Voters ID Card
- Telephone Bills
- Electricity Bills
- Water Bills
- Life Insurance Policy Documents
Bank statement of the applicant for the last 6 month
Also read – DHFL Home Loan
ICICI Car Loan EMI Calculator
You can check the EMI amount on your ICICI car loan by clicking here.
ICICI Bank Car Loan Interest Rate
The current ICICI Bank Car Loan Interest Rate starts at 7.50%.
However, the ICICI Car Loan Interest Rate that you will be charged on your car loan with ICICI depends on a variety of aspects.
Let’s look at some crucial factors that can affect your ICICI Car Loan Interest Rate.
Factors affecting your ICICI Car Loan Interest Rate
It is worth noting that just like all other banks, ICICI doesn’t offer car loans to every individual who applies.
There are certain things the bank takes into account while evaluating your application and the corresponding ICICI Bank Car Loan Interest Rate such as credit score, applicant’s income, age, and others.
The following are 8 different factors that play a key role in determining your ICICI Car Loan Interest Rate:
The applicant’s credit score is the primary and most crucial component involved in evaluating the ICICI Bank Car Loan Interest Rate.
A decent score will imply a decent history of credit repayment. Thus, the bank will put their faith in you and ensure a lower ICICI Car Loan Interest Rate for you.
The monthly income of the applicant is another vital element in calculating your ICICI Bank Car Loan Interest Rate.
A higher-income will indicate that you will most likely be repaying your car loan amount on time. Thus, the bank will certainly take this into account.
Moreover, Self-employed individuals are likely to have an advantage in this aspect since most of them usually earn more than salaried individuals.
A young borrower is going to have a much longer duration to repay the car loan amount than an older borrower.
Therefore, the bank is more favorable to the former kind and a lower ICICI Bank Car Loan Interest Rate is possible for them.
Model and Age of the vehicle
A new car purchased from a reputed brand will get a lower ICICI Bank Car Loan Interest Rate as compared to used cars. This is because the value of the vehicle depreciates with time.
Relationship with the Bank
Any bank gives great preference to borrowers who have a decent ongoing relationship with the bank.
This increases the bank’s reliance on the applicant and a long-term of faith will come into play.
Thus, there will be high odds of getting a lower ICICI Bank Car Loan Interest Rate for such clients.
For individuals who have more members in the family earning well enough, adding them as co-applicant in your ICICI car loan application may be a good idea.
This will not only boost your eligibility but also help you get a lower ICICI Car Loan Interest Rate.
Down payment amount
If you pay a higher amount of downpayment on your car loan, the bank will probably offer you a lower ICICI Bank Car Loan Interest Rate. This increases the repayment capacity of the applicant.
Existing liabilities and investments
Lastly, any ongoing liabilities or investments of yours will have a crucial part to play in evaluating your eligibility as well as ICICI Bank Car Loan Interest Rate.
A significant number of obligations will imply that your pressure is only going to increase with an additional car loan. Thus, the bank may doubt your repayment capacity.
How to apply for ICICI Car Loan
Now coming to one of the most crucial parts of a loan, let’s see how to apply for an ICICI car loan.
You will be able to select from different options when it comes to ICICI car loan applications.
These include submitting an online application, sending an SMS at 5676766, visiting the nearest branch of the bank, as well as filing an application online, and getting a call from an executive at the bank (at your time preference).
You must keep in mind that you fill in your application form for the ICICI car loan with utmost carefulness and accuracy.
Submit all the necessary documents rightfully to ensure a smooth investigation process and disbursement.
ICICI Car Loan Status
Checking the ICICI Car Loan Status is a major concern of many people. As soon as you are done submitting your ICICI Car Loan Application, the subsequent thing that you need to concentrate on is checking your ICICI car loan status.
It is very likely for the bank to delay some applications because of certain discrepancies. And it only gets worse when you don’t keep a check on your ICICI car loan status and remain uninformed about it.
Thus, keeping a track of your ICICI car loan status is crucial. The first way to do so is by simply heading to the official ICICI website online. Alternatively, You can also visit the nearest branch of ICICI bank in your area.
Once you check your ICICI car loan status, you will not only be informed of the phase your application is going through but also the anticipated time of disbursement.
ICICI Car Loan Statement
If you wish to know How to Check Car Loan Balance in ICICI Bank or get your EMI repayment record, ICICI Car Loan Statement is your answer. Let’s see how.
Going through your ICICI car loan statement is a crucial thing to do during your car loan period.
The ICICI car loan statement informs you about the repayment information of your EMIs including the split-up of the principal amount as well as the charged interest amount.
Moreover, if you’re wondering how to check Car Loan Balance in ICICI Bank, the ICICI car loan statement will also notify you of the same.
Through the ICICI car loan statement, you will understand your outstanding car loan balance at different terms of your car loan.
Apart from this, in case any late fee charges were deducted from your account, you can also find that in your ICICI car loan statement.
Now for all those who are wondering How to Get Car Loan Statement from ICICI Bank, you can simply do so by heading to the nearest ICICI branch and filing a plea for the same.
Frequently Asked Questions (FAQs)
Can I make my ICICI Car Loan Payment online?
Yes, of course! You can make your ICICI car loan payment online in a variety of ways. Net banking, Credit card, debit card, and even your Paytm wallet are different modes of making your ICICI car loan payment online.
What is the longest repayment term offered by ICICI Bank on their car loans?
The repayment term offered by ICICI bank on their car loans is 7 years in case of new cars and 5 years in case of used cars.
How to Check Car Loan Balance in ICICI Bank?
If you wish to know How to Check Car Loan Balance in ICICI Bank, the procedure is fairly simple. All you have to do is check your ICICI car loan statement and there, you will find your outstanding balance during different intervals of your car loan repayment term.
How to get Car Loan Statement from ICICI Bank?
It is also crucial to understand how to get Car Loan Statement from ICICI Bank. You can simply do so by heading to the nearest ICICI branch and filing a plea for the same.
Do I need to offer any kind of security for availing of a car loan with ICICI?
No, the car you are going to purchase will be the only collateral involved when getting a car loan at ICICI.