ICICI Bank Car Loan: In this article, we will provide you information about ICICI Bank car loan. If your dream is to buy a car then you can join ICICI Bank car loan. Before applying for any car loan, you should know what is a car loan?
Just like we take a bike loan to buy a bike, we take a car loan to buy a car. You can avail this loan to buy any type of new, used or luxury car.
In this article, we will know in detail what is ICICI Bank Car Loan. What is the interest rate, eligibility, documents of this ICICI loan and how can we apply for this ICICI loan etc. So you are requested to read this article completely till the end.
ICICI Bank Car Loan Details
Car loan comes under the category of secured loan i.e. you have to provide collateral or security to take this loan. But in a car loan, the car itself is a collateral. The bank checks your CIBIL score to grant the loan.
If you have a very good credit score and you fulfill all the requirements of the bank, then you can avail the attractive car loan interest rate of the bank.
You can apply for ICICI Bank car loan both online and offline. You can also buy a car with the help of a personal loan as you can take a personal loan for any of your personal expenses. But a personal loan may cost you more than a car loan.
ICICI Car Loan Interest Rate.
The interest rate of this loan starts from 8.8% per annum. The bank offers a variety of car loans according to the needs of the customers and the interest rates of which may vary.
Car loan interest rate largely depends on the CIBIL score of the customer. If you have a very good credit score, you have a good relationship with the bank, you can also get an ICICI Bank car loan at a lower interest rate.
ICICI Bank Car Loan Eligibility.
Only those people who are eligible can apply for this car loan. You can also calculate your eligibility with the help of car loan eligibility calculator by visiting the official website of the bank.
Following are the eligibility to apply for ICICI Bank car loan:
Eligibility for Salaried Person:
- The minimum age of the applicant should be 25 years at the time of applying.
- The age at the time of maturity of the loan should not exceed 58 years.
- The annual income of the applicant should be at least Rs 2.50 Lakh.
- The current employment stability of the client should be minimum 1 year and total employment should be 2 years.
Documents for Salaried Person:
Benefits of ICICI Bank Car Loan
ICICI Bank provides car loans of up to 100% ex-showroom price of vehicle. The car loan comes at low interest rates and long repayment tenure of up to 7 years.
Borrowers can apply online to get instant approval and faster processing.
ICICI Bank Pre-Owned / Used Car Loan
ICICI Bank provides loans up to 80% of the valuation of pre-owned cars. Loans with a maximum tenure of five years are available on second hand cars. Documentation process and other fee/charges are same as normal loan.
ICICI Bank provides loan on pre-owned and second hand cars at 15.50 per cent interest.
Processing fees & charges for used car are 2% of Loan amount or 6,000 whichever is lower
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