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Car Loan Products
Pre-Owned Car Loan
Pre-owned Car Loan interest rates are attractive.
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Top-up Car Loan
ICICI Bank Car Loan Top Up offers attractive interest rates and faster processing which allows customers to access additional funds conveniently.
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Refinance Car Loan
Car Refinance option includes easy documentation, loan tenure of up to 7 years and attractive interest rates for a seamless refinancing experience.
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Pre-Approved Car Loans
ICICI Bank Pre-approved Car Loan offers up to 100% on-road funding without any documentation and flexible tenure.
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Car Loan Eligibility
ICICI Bank offers Car Loans with eligibility criteria tailored for diverse applicants. Salaried individuals are those aged between 20 and 65 years with a minimum monthly income of Rs 30,000, Self-employed individuals must be aged between 21 and 70 years. An existing relationship with ICICI Bank is advantageous.
Car Loan Documents
ICICI Bank simplifies Car Loan applications with a concise document list. Required documents include KYC details, identity and address proofs, income evidence and business or employment stability proofs. Salaried individuals need recent salary slips whereas self-employed applicants must provide financial statements or income tax returns. This streamlined process ensures a quick and stress-free Car Loan experience with ICICI Bank.
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Car Loan FAQs
What is a Car Loan?
Car Loans are extended for the purchase of a passenger four-wheeler, new car or a pre-owned car. Car Loans can also be used as a Cash Loan through products like Refinance,Top-up on an existing Car Loanor to carry out a Balance Transfer.
How is a Car Loan application processed?
A. There are two types of application processes when applying for a Car Loan - one is digital process and the other Manual Process.
The manual process:
- Customer walks in
- Probing is done
- Scheme and IRR are shared
- Documents are collected
- Lead is generated on the Sales CRM
- Case is introduced through MCAS
- For pre-approved customers, the case moves directly to the operations tray. For non-pre-approved customers, the case is moved to the credit tray
- Credit team approves the case
- Post-approval, documents are submitted
- The loan is disbursed
Can I get 100% funding to buy a car?
Yes. Pre-approved customers can avail 100% of the on-road price. However, the on-road price should be equal to or less than the Offer amount.
For non pre-approved customers, 100% on-road funding is possible basis parameters like income, stability, FOIR, CIBIL and internal checks.
What is the maximum Loan amount that can be availed for a new car?
As no upper limit is prescribed for the maximum Loan amount, it will depend on the cost of the vehicle. E.g. if the on-road price of a car is Rs 20 lakh, a customer can avail Rs 20 lakh depending on the merits of the case.
What is the Loan Tenure to buy a new car?
The Tenure ranges from 12 to 120 months to secure a Loan for a new car.
What is the minimum credit score to get a Car Loan?
Credit scoreis one of the key factors to get a Car Loan approved. However, it would also depend on other parameters and on the reason why the applicant has a low credit score.
How much down payment needs to be made to buy a car?
The down payment would vary from car to car. However, before the disbursal of a Car Loan a margin money receipt is required from the car dealer.
When applying for an Auto Loan, is a guarantor required?
This would depend on the merits of the case. Generally, co-applicants are preferred in Auto Loan cases and a Guarantor will be considered if required.
What are the terms and conditions for Vehicle Loan?
Click hereto know about the terms and conditions ICICI Bank Car Loans.
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