There are times when you simply feel like avoiding the metro or bus for traveling purpose, isn’t it?Then you wish you had a car. We all have big dreams of buying our favorite car but we have to neglect it due to a shortage of funds. But why apply brakes on our dreams when ICICI Car Loan is there to give petrol to them.
ICICI Car Loan is one of the major private sector banks in India which has a huge network of 4,450 Branches and 14,404 ATM's. It doesn't matter if you are a salaried employee or a self-employed professional or self-employed non-professional, the bank is ready to offer a helping hand to you. The bank offers finance up to 100% of the ex-showroom price and a tenure which extends to seven years.
Eligibility Criteria:
The applicant belonging to any one of the three categories can be eligible only if he meets the following requirements.
Salaried Individual:
- Should be over 25 years of age when applying for a loan and up to 58 years when the tenure ends
- Should earn a minimum annual income of ₹ 2.50 Lakhs
- Should be working with current employer for a minimum of one year
- Should have a total employment stability of more than two years
Self-Employed Professional:
- Need to be over 28 years of age but below 65 years when the loan matures
- Need to have a minimum annual income of ₹ 2 Lakhs
- Should be in business for more than three years
Self-employed NonProfessional:
- Need to have a Profit After Tax (PAT) of minimum ₹ 2 Lakhs
- Need to be in business for more than three years
Documents required to avail a car loan:
An applicant has to submit the following documents to the bank
Salaried Individual-
- Application form
- Proof of Identity
- Proof of Employment Stability
- Photographs
- Proof of Age
- Proof of Income- Latest Form 16
- Proof of Address
- Bank Statements with signature verification
Self-employed Professional:
- Completely filled Application form
- Proof Of Age
- Photographs
- Proof of Identity
- Proof Of Address
- Proof of Income- IT returns of the past two years
- Bank statements with signature verification
- Proof of Business stability or Proof of Ownership
Self-employed NonProfessional:
- Completely filled Application form
- Bank statements with signature verification
- Residence Proof
- Proof of Identity
- Proof of Age
- Proof of Income- Complete audit/financial report along with IT returns of the past two years
- Proof of Business stability or Proof of Ownership
- In case of Companies and Societies, a resolution from Board of Directors is required in addition to Memorandum & Articles of Association
- Partnership deed along with a Letter duly signed by every partner granting authority to one partner
ICICI Car Loan Interest Rates:
The bank offers car loan at a fixed rate of interest which means that rate of interest does not change and remains same during the entire tenure period. In the case of 23 months, the Car loan interest rate for a new car is 12.75%. For a time period between 24-35 months the interest rate is 12.25% and for 36-84 months, it is 10.75%. One can avail a finance for an old car for a tenure between 24-35 months at a rate of 15.50%.
ICICI Car Loan EMI Calculator:
A loan should be taken keeping in mind the monthly EMIs as well. They determine how much money you will pay each month to repay the fund you took from the bank. ICICI Car Loan EMI Calculator is the perfect tool to calculate your EMIs. Just enter the amount of finance you wish to take, interest rate along with the tenure period. This will provide you with the monthly EMI you will have to give to the bank and the total interest payable.
Suppose your loan amount is ₹ 5,00,000 Lakhs, the interest rate is 10% and the tenure is 5 years i.e. 60 months. Then you will have to pay an EMI of ₹10,624 for 60 months. The total interest which is going to be payable will be ₹ 1,37,412.
So don’t wait any longer. Why trouble yourself by standing in the metro when you can own a stylish car and pay EMI for it.
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