New Car Loans to the following:
- Salaried individuals in the age group of 21 to 60 years (at the end of the tenure)
- Self-employed individuals in the age group of 21 to 65 years (at the end of the tenure)
- Partnership Firms
- Public & Private Ltd. companies
- HUFs and Trusts
Most passenger cars and multi-utility vehicles manufactured by India's leading automobile companies.
You can borrow up to 90% of the invoice value. However, the minimum loan amount is Rs.50000.
The choice is yours. You can choose any repayment option from 12 to 84 months all specially designed to suit your requirements. The tenure will change from bank to ban and will also differ for New can and used cars.
Within 24-48 hours of completing documentation.
Yes. One can pre-pay the loan any time after 6 months of availing of the loan. One merely has to pay a small prepayment fee on the outstanding loan amount.
You need not necessarily have an account with the back to apply for a loan.
Generally no. But if your income does not meet the bank credit criteria, then you may be required to have a guarantor to stand surety for your loan.
The lending rates vary on the basis of discounts, which are offered by manufacturers and dealers. Banks have a tie-up with most of the manufacturers and authorized dealers to be able to get a best deal.
Based on the bank the Interest is calculated on a monthly reducing balance or an annual reducing balance basis.
Your spouse or any blood relative staying in the same residence can be a co-applicant
No additional security/collateral has to be provided apart from the car against which the loan is granted, which should be hypothecated to ICICI Bank.
Yes, it is possible for you to avail of a loan even if you do not meet all the criteria, at the discretion of ICICI Bank.
The loan can repaid through post dated cheques drawn on ICICI Bank Ltd. Alternately, if you have a Bank account with ICICI Bank, you can issue a direct debit mandate to your existing ICICI Bank account for the repayment.
In the case of monthly reducing balance method, the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month.
In the case of annual reducing balance method, the principal gets reduced at the end of the year and the interest is calculated on the outstanding principal at the end of the year.
The stages involved are:
• Application
• Processing
• Documentation
• Sanctioning of the loan
• Disbursement
Car Loans are available for almost all new passenger cars.
Yes Banks have tailor made schemes for persons like you. Some banks also fund without the income proof.
No, we do offer loans only for new cars.
