ICICI Car Loan

ICICI Car Loan Key Features – Jan 2021

About ICICI Car Loan

ICICI Bank has formed 26 years ago in 1994 with a registered office in Vadodra, Gujrat, and a Corporate office in Mumbai, Maharashtra.
ICICI Banks stands in the Big Four Banks In India with subsidiaries in the UK and Canada with branches present in more than eight countries.
ICICI Bank has more than ten subsidiaries present across the nation and has more than 85,000 employees.

ICICI Bank provides Instant Car Loan to its customers for fulfilling their dream of buying their car at a reasonable Rate of Interest.

Advantages of ICICI Car Loan

ICICI Car Loan Eligibility

ICICI Bank Car Loan Interest Rates and Charges

How to Increase Your Eligibility for ICICI Bank Car Loan

• Opt for a shorter tenure – When you opt for a shorter tenure to repay the money, the EMI that you will be paying each month will be higher. This will be an indication of your higher repayment capacity which will build a sense of confidence in you. So, if you wish to boost your eligibility criteria for a car loan, you can opt for a shorter repayment tenure.
• Keep your credit score in check – If you wish to increase your Eligibility for a Car Loan for an ICICI Bank car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score. Checking your credit score regularly will allow you to take corrective measures to improve it if your score is low or if it gives you the confidence to approach the bank if it is high.
• Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you have a good balance between your earnings and your spendings. Before banks decide to lend to you, they will check the percentage of your earnings that goes into paying your debts and a low debt-to-income ratio will indicate your high repayment capacity. To enhance your eligibility for a car loan, you should ensure that you maintain a low debt-to-income ratio.
• Apply for a loan for a lower amount – By applying for a loan for a lower amount, you can increase your eligibility for an ICICI Bank car loan. A lower loan amount means that the loan will be repaid faster. Therefore, the chances of you being eligible for a loan are higher.

Factors Affecting ICICI Bank Car Loan Eligibility

The eligibility for availing an ICICI Bank car will depend on the below-given factors:

• Income – If your income is on the higher side, there is a good chance that your eligibility for an ICICI Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for an ICICI Bank car loan, your yearly income should be at least Rs.3 lakh.
• Loan amount – Your Eligibility Criteria for Car Loan from HDFC will be higher if you apply for a lower loan amount as if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan.
• Repayment tenure – Choosing a longer repayment tenure can decrease your eligibility for a car loan. It might give an impression to the bank that you do not possess the ability to pay the loan. This is because longer repayment tenure results in lower EMIs and the lender will think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
• Credit score – This is an important factor that every bank, including ICICI Bank, considers when finding out your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and your eligibility will be much higher.
• Relationship with the bank – As stated earlier, ICICI Bank offers instant car loans to their existing customers through the Zip Drive feature which allows ICICI Bank customers to can avail of loans instantly, at their convenience, with very few List of documents required for Car Loan. This indicates that your relationship with the bank is an important factor while determining your eligibility.

Processing fees* (Non – refundable)

All loan providers from both the private and public sector usually charge some amount as a fee for providing a loan to the applicant, these fees are basically used to cover all the external expenses at the time of providing the loan or during the loan tenure. The two most commonly charged loans are as follows:

• Charges for Foreclosure: If you try to pay off the whole debt before the expiration of the term, you’ll have to pay certain fees. After paying one EMI, ICICI Bank makes you pay off your car loan with a 5% prepayment penalty.
• Processing Fee: ICICI Bank charges a processing fee of at least 2,500 rupees and up to 5,000 rupees, plus applicable service tax.

ICICI Car Loan Documents Required

Salaried Individual

Self-Employed Individuals

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

2. Private Limited/Limited Companies

New Car Loan: Pre-owned car Loan & Loan against Car:

Pre-owned car loans are also available from ICICI Bank. With quicker approval, an ICICI Bank Car Loan allows you to easily buy a wide variety of certified/pre-owned vehicles.

Features of a Pre-Owned Car Loan:

• Customers who take out an Insta Car Loan will borrow up to 80% of the deal value.
• Loans with a maximum term of 5 years are available.
• As applied to a new car loan, the loan balance available could be smaller. As a result, EMIs shall be less on a monthly basis.
• The repayment period is long.
• The loan application process is straightforward and can be done entirely online.
• As compared to a new vehicle, the insurance premiums and depreciation rates are lower.
• Just the bare minimum of documents must be requested.

As compared to this a loan against a car is when individual pledges his vehicle for the purpose of quick funds like in case of a medical emergency, etc.

ICICI Bank Pre-Owned Car Loans Other Charges

ICICI Car Loan EMI Calculator

Know your EMI even before being sanctioned for the loan by using ICICI car loan Calculator provided below:

Car Loan EMI Calculator

ICICI Car Loan Types

ICICI Bank provides an extended range of loans to choose from depending on your needs; some of them are:

1. New Car Loan –  Provides credit to the applicant who is willing to buy a brand new car and gives the tenure of as long as seven years.
2. Used Car Loan – You can buy any used car with all necessary documents using an ICICI used car loan with a tenure of 5 years.
3. Loan Against Car – Use your car as security and get a loan against it for quickly allocating essential funds.

ICICI Car Loan Pre Calculated EMI

How to Apply for ICICI Car Loan?

1. Go on to Dialabank and fill the form with your details.
2. Get free guidance from our well-trained Relationship Manager towards your loan.
3. Get to choose from various options available in the market.
4. Dialabank provides the best deal on Car Loans based on your personal needs.

Tips to decide the right amount of EMI

• Ascertain the amount you need to borrow: It is important that before approaching a bank for a loan, you inform them about the amount of loan you need to borrow. Limit your loan amount after accounting for your own available funds. Furthermore, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans can result in huge interest outgo.
• Review your current obligations: Before taking a loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you to estimate the amount of EMI which you will be able to pay comfortably after taking into account other obligations. Once you arrive at the EMI, you can also decide on the right loan tenure.
• Calculate your ICICI Bank car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. ICICI Bank provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money
• Multiplier-based loan amount eligibility – ICICI Bank also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating loan eligibility used by banks. Usually, it is 2.5 to 3 times the annual salary for salaried individuals and 6 times the annual income for self-employed professionals. The multiplier depends on the bank’s internal categorization of your company that is based on its reputation, stability, size, and growth in turnover.
• FOIR based loan amount eligibility – ICICI Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Generally, banks lend up to a maximum FOIR of 0.50. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. ICICI Bank’s assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short-term loans to improve your eligibility.

The car loan EMI – EMI changes in case of prepayment

In case you prepay your vehicle loan, a small penalty is issued. Prepayment in ICICI Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. ICICI Bank gives you two options:

• Reduce your loan tenure and keep EMI on your car loan unchanged
• Reduce the amount of EMI and keep your loan tenure the same

ICICI Car Loan for Top Selling Cars

Other Available Products from ICICI 

ICICI Bank EMI Calculator

Before you Avail Car Loan Online from ICICI Bank, you should know how much amount you will be paying every month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

You can calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E is the EMI, P the principal amount, r is the interest rate, and n the number of years or tenure of the loan.

You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

Compare ICICI Car Loan With Other Banks In India

ICICI Car Loan Customer Care – Toll-Free Number

ICICI bank is famous for its customer relations management, as a result, they provide special Car Loan customer care service contact number to ensure convenience for the customer:

1800-200-3344  

Customer does not need to look up customer care number every time, they can just get one contact number for all their financial needs with India’s First Financial Helpline with Us.

Dialabank: 9878981166

Other Available Products from ICICI

News for the ICICI Bank Car Loan

2021-04-27 :

ICICI Bank posted a huge 261 per cent increase in Q4 earnings in 2021-04-27. For the quarter ended March 31, 2021, ICICI Bank’s net profit increased by 260 percent to Rs 4,403 crore. Retail loans such as a house, LAP, personal, two-wheeler, auto, school, and doctor loans, as well as company and mudra loans, boosted profit. In addition, the bank posted a total income of Rs 23,953 crore in January-March, compared to Rs 23,443.66 crore the previous quarter.

2021-03-04: 

ICICI’s banking service, iMobile Pay, is used by 10 lakh customers of other banks. According to ICICI Bank, 10 lakh customers from other banks have begun to use its app, iMobile Pay. The Bank accomplished this achievement in just three months after making the app available to all, including non-customers. The bank predicts that in two months, the figure will have doubled.

2020-12-08:

ICICI Bank released an interoperable banking app on December 8, 2020.ICICI Bank has released a new version of its mobile payment app that is interoperable and enables customers of other banks to make payments and use other banking services. Customers will be able to connect their bank accounts, create a UPI ID, and use resources such as online deposits, savings accounts, portfolios, loan applications, and credit card applications without having an ICICI Bank account.

2020-10-01 :

ICICI Bank declares festive benefits on a two-wheeler and car loans on October 1, 2020. ICI Bank has announced the introduction of a festive bonanza for customers who own a two-wheeler or have a home loan. Flexible schemes have been revealed by the bank to assist consumers in owning a vehicle with custom-made EMIs. The EMIs will start at $1,554 per lakh for an 84-month term. Women will be charged a one-time processing fee of $1,999. In the case of two-wheeler loans, the bank gave an EMI as low as 36 per $1,000 for a 36-month term with a 999 processing fee.

FAQs for ICICI Car Loan

✅ What is ICICI Car Loan?

ICICI Car Loan is a financial product of ICICI bank which provides Loans to the customers for purchasing a Car.

✅ How can I get a Car Loan from ICICI Bank?

You can apply for a car loan with ICICI Bank by directly contacting the branch or apply with Dialabank for exciting offers on a Car Loan.

✅ How does ICICI Car Loan work?

ICICI Bank provides Loans to applicants willing to purchase a new car and the car is the only collateral involved in the process. Monthly EMIs are fixed with interest rates being charged on them.

✅ What are the ICICI Car Loan Rates?

7.50% Per Annum is the Minimum car loan interest rate charged by the Bank against the loan.

✅ How to Check the ICICI car loan status?

You can check your Car Loan status by directly entering your Loan details in the “Loan Status” address on the ICICI Bank official website. Or contact your ICICI car Loan Department.

✅ How to Calculate Car Loan Interest in ICICI?

You can easily calculate the Interest as well as the EMI of your Loan by using Dialabank’s EMI Calculator.

✅ What is the maximum loan amount I can avail myself of on a Car Loan from ICICI Bank?

Maximum Loan depends upon the Profile of the applicant and the Price/variant of the car. Whereas, you can get a loan up to 100% value of the ex-showroom price.

✅ What is the loan tenure of the ICICI Bank Car Loan?

Tenure of ICICI bank car Loan can go up to 7 Years.

✅ Can I get a 100% Car Loan from ICICI Bank?

Yes, you can avail 100% Car Loan on the ex-showroom price of the car.

✅How much Processing Fee is applicable on ICICI Car Loan?

0.40% of the principal amount is the basic Processing Fee charged by ICICI Bank on Car Loans.

✅What are the EMI options available on ICICI Bank car loan?

The options available are Step-Up EMI and Balloon EMI.

✅What are the ICICI Car Loan Prepayment charges?

Up to 5% of the outstanding amount can be charged as Foreclosure Charges on Prepayment of the loan and to know the ICICI car loan foreclosure process you can contact the bank.

✅Can I get a top-up loan on my existing ICICI Bank car loan?

Yes, ICICI Bank provides an option of a Top-up Loan on ICICI Bank Car Loan for existing customers.

✅Do I need to provide a guarantor to avail myself of a car loan from ICICI Bank?

No, ICICI Bank Car Loan Doesn’t require any guarantor.

✅How to get ICICI Bank Car Loan Statement?

Get your ICICI Car Loan statement by logging in to a car loan portal or Get it directly from the branch.

✅How to Pay ICICI Bank Car Loan Interest Online?

Pay your ICICI Bank car Loan online by using Net Banking on ICICI Bank official website.

✅What if I can’t pay the interest on ICICI Car Loan for three months?

The Bank charges around Rs.100 + GST for each EMI not paid on time.

✅How can I apply for EMI Moratorium on ICICI Car Loan?

You can apply for EMI Moratorium by the direct link provided by the Bank through SMS or By visiting the ICICI Bank Official Website.

✅What is the number for ICICI Car Loan agent?

Dialabank is the most reliable Car Loan agent of ICICI Bank so Call us at 9878981166.

✅ How to close an ICICI car loan online?

You can initiate the Loan Closure procedure online but have to visit the branch to finish it.

✅ What is ICICI Car Loan Customer Care Number?

Ring us at 9878981166 for any of your questions.

✅ How can I get an ICICI car loan NOC online?

Follow the following steps to get your ICICI bank car loan NOC online or to place an ICICI car loan NOC request:
> Log in to ICICI Bank’s website with your credentials -> Customer Service -> Service Request -> Product -> Request for NOC.
OR
Visit the nearest ICICI Bank Branch.

✅ What is the ICICI Car Loan closure procedure?

• Just go to the bank with the documents required for a car loan.
• Write a letter for pre-closure of the ICICI Car Loan account.
• Pay the pre-closure charges as per ICICI Car Loan.

✅ What are the ICICI Car Loan preclosure charges?

ICICI Car Loan preclosure charges are up to 5%+ GST.

✅ What is the ICICI Car Loan maximum tenure?

The ICICI Car Loan’s maximum tenure is 7 years.

✅ What is the ICICI Car Loan minimum tenure?

The ICICI Car Loan minimum tenure is 1 year.