ICICI Bank Car Loan
About Car Loan
Amount of money which is borrowed from any financial institution or Bank for the purpose of Car known as ‘Car Loan’. Car Loan is a type of loan listed under the Vehicle loan. Car Loan is also known as ‘Four wheeler Loan’.
Car Loan is a type of loan which is quite similar to other loans and charges for interest which is fixed or flexible. Car Loan is a loan which is taken for the purchasing of a car or on the car.Car loan is considered for two reasons , one of personal and second for Business Purpose.
Car Loan is a loan designed to help the people for purchasing luxury vehicles due to their need.Car Loan is projected to assure easy buying of cars with banks. Car Loan is designated to assure cars with our flexibility of small amounts.
Reasons for Car Loan
- We have not to wait for the purchasing of a car due to low amount of money , car loans provide easy purchasings of cars.
- Don’t require collateral , fast and easy buying of a car.
- Car Loan charges Low interest rates which is better to pay from car emi’s from showrooms.
- Increase and positive credit score which leads to future credit easy and furious.
- You can go for easy travelling for self such as Road trips.
- No need to liquidate other savings or FD’s.
- To assure the dreamed car easily with flexible repayments.
ICICI Bank Car Loan
ICICI Bank offers purchasing of cars with an easy fiance. ICICI Bank offers financial services for the buying of cars to their customers as in form of facility or services. As ICICI Bank offers Car loans to those individuals who maintain their accounts or savings in their banks.
ICICI Bank offers car loans to fulfill the small dreams of people. ICICI Bank introduced car loans to attract more people with it , titled them as a Large Bank among India. ICICI Bank Car Loan is a type of loan but subjected to or to cars , not for other reasons.
ICICI Bank offers a Car Loan slogan of ‘Magic of instant sanction of Car Loan’ which motivates or raises the people’s dream to buy a car for them and their family.ICICI Bank car loan assure the population with their simple and easy process of terms.
ICICI Bank car loan is personal loan in which they justify the need of Loan and help them in purchasing of best cars with best offers and their terms. ICICI Bank car loan for the cars and their buyers which share their ownership with the bank due to the amount of help.
Necessary Information about the ICICI Bank Car Loan
- ICICI Bank assures the car loan from Rs.1 Lakh to Rs.50 Lakh.
- As the Interest of ICICI Bank Car Loan is fixed upto certain amounts.
- ICICI Bank car loan doesn’t put any mortgage inspirite of car paper.
- ICICI Bank Car Loan provides Loan 100% of road price of car.
Benefits of ICICI Bank Car Loan
- As the Car Loan is sanctioned instantly with basic requirements and terms.
- ICICI Bank car loan is considered on existing cars , which is used by them in their own way.
- Instant finance and their services on cars.
- Dream of owning a car became a fact.
- Increase the amount of money saved for the car.
- Easily redemption of car expenses or emergency issues to the car.
- Charge lower interest rates which are best offers assuring Car showroom finance emi’s.
- Privilege provided during car loan if they are a customer of ICICI Bank.
Eligibility of ICICI Bank car Loan
Eligibility conditions of ICICI Bank car loan are as follows :
- Should be equal or above 18 years.
- Should be residential in India.
- Should be associated with the ICICI Bank in form of maintaining Bank accounts etc.
- Should be Particular with necessary documents.
- Should Earning individuals such as professional , self employed , salaried.
Documents required for ICICI Bank Car Loan
Documents required for assuring Car Loan from ICICI Bank , they are as follows :
- KYC (Know your customer).
- Copy of bank passbook of 6 months.
- Income statement.
- Income tax return for 1 years.
- Previous year Balance sheet , profit and loss account.
- Identity Proof such as aadhar card , pan card , driving license , voter ID Card.
- Proof of address.
- Credit score certificate or points.
- If multiple accounts , then their statement.
Calculation of Interest charges on car loan
ICICI Bank approve car loan from two ways :
- Used car
- Interest charged by ICICI Bank on used car based on age and used of car which is calculated on basis of kilometre and their product variant. ICICI Bank considers loan after analysis of refinance of cars.
- New Car
- Interest Rate charge by the ICICI Bank on the car loan on the factor of relationship of customer , Model of car and time limit of repayment of loan.
Rate of Interest for Car Loan charge by ICICI Bank are as follows :
- Used Car
- Tenure of Car loan between 24 months to 35 months interest would be 14.25%.
- New Car
- Tenure of Car loan between between or within 23 Months to 35Months interest would be 12.85%.
- Tenure of car loan from 36 to 84 months interest rate would be 9.30%.
No other charges would be applicable such as processing or any. ICICI Bank only charges interest rate on car loans above basis.
Registration of Car Loan in ICICI Bank
For registering ICICI Bank car loan , you have to follow these basic steps :
- Visit the official website of ICICI Bank ‘www.icicibank.com’.
- Click on top , link of Loan.
- Assure car loan in it.
- Then fill required details in the proper manner.
- Click on the submit button.
Then ICICI Bank rewards the bank for your application , then visits nearby ICICI Bank and signs a contract of car loan with the proper terms and conditions , after that you are liable for the repayment of the amount to ICICI Bank within the tenure year.
Repayment of Car Loan in ICICI Bank
For Repayment of car Loan to ICICI Bank in following ways :
- Instalment Would be committed to the bank on a fixed date with a fixed amount.
- If in case of unable to repay during 3 months or more than , then the Bank will charge double EMI amount in form of charges.
- prepayment of instalment is granted.
- Repayment preference may be online or offline.
- Repayment is taken from any bank account but the account would be maintained on the ICICI Bank.
- Repayment is considered by any person but the name of repaying would be on the borrower’s name.