ICICI Car Loan will help you buy your favorite Car

Are you drained traveling in the metro? Don’t like using public transport much? If inadequate savings is stopping you from buying a perfect car, then ICICI Car Loan is the ultimate solution for your problem. ICICI is one of the largest private banks in our country with 4,450 Branches along with 14,404 ATM’s. The bank provides interested applicants loan for buying the new car, used car as well as the loan against a car. Anybody, whether a salaried employee or a self-employed ( both professional and non-professional ) can avail a Car Loan from ICICI Bank.

icici car loan

ICICI Car Loan is offered to the applicants at a fixed rate of interest which implies that the interest rate will remain constant during the entire duration of the loan. The tenure of the loan for a new car lies between one to seven years, whereas it is up to five years for a pre-owned car. The rate of interest for a new car with a tenure up to 23 months is 12.75%. It is 12.25% and 10.75% for a tenure period between 24-35 months and 36-84 months respectively. In the case of used car loans, the interest rate stands at 15.50% for a tenure of 24-35 months.

ICICI Car Loan Eligibility:

In order to be eligible for ICICI Car Loan, one must meet the following requirements-

For Salaried Employee:

  • Should be above 25 years when loan is applied, and up to 58 years during the time of loan maturity
  • Earn a minimum of Rs. 2.5 Lakh per annum
  • Should be working with the present employer for at least one year
  • Should have an employment stability of more than two years

For Self-employed Professional:

  • Should be above 28 years of age but less than 65 years of age during the time loan matures
  • Earn a minimum of Rs. two Lakh annually
  • Have a business stability of more than three years

For Self-employed Non-Professional:

  • A minimum Profit After Tax (PAT) of Rs. two Lakh is required
  • Business stability of more than three years is compulsory

Documents needed for ICICI Car Loan:

For Salaried Employee:

  • Completed Application form with signature
  • Proof of Identity
  • Residence Proof
  • Photographs
  • Proof of Age
  • Proof of Income- Form 16
  • Proof of Employment Stability
  • Bank Statements with signature verification

For Self-employed Professional:

  • Completed Application form with signature
  • Photographs
  • Residence Proof
  • Proof of Age
  • Proof of Identity
  • Bank statements with signature verification  
  • Proof of Income- previous two financial years Income Tax returns
  • Proof of Ownership or Proof of Business stability

For Self-employed Non-Professional:

  • Completed Application form with signature
  • Proof of Age
  • Residence Proof
  • Proof of Identity
  • Bank statements with signature verification
  • Proof of Income- previous two financial years Income Tax returns plus complete audit report
  • Proof of Business stability or Proof of Ownership
  • Partnership deed and a Letter which has a signature of all the partners duly giving authority to one partner
  • For Companies and Societies, one has to submit a resolution from Board of Directors along with Memorandum & Articles of Association

ICICI Car Loan EMI Calculator:

After reading all the above relevant information you must have a clearer idea. Now you must be thinking about the amount of Equated Monthly Installment (EMI) you need to pay. This is where ICICI Car Loan EMI Calculator will help you with the matter. Simply type in your loan amount, the rate of interest plus the tenure period. This will give you instant results about the EMI which you have to pay along with the total interest which is payable.

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