ICICI Car Loan: Features & Customer Reviews

By Sanesh Mathew | July 12, 2018

Planning to bring home the car of your dreams? Here’s everything you need to know about ICICI Car Loan, including reviews from our customers.

ICICI Car Loan: Features & Customer Reviews

Buying a car is not an easy decision and we get it. It’s an investment-heavy step and you can’t just take it without giving it some serious thought. If you’re worried about the financial part of applying for a Car Loan, let’s assure you that it’s not that complicated. At least with us around!

However, some key questions that you need to ask yourself before actually applying for a Car Loan are:

  • Do I want a used car or a brand new one?
  • Does my Credit Score allow me to opt for a Car Loan right now?
  • What will this loan actually cost me?
  • From where should I take it?

Once you’ve taken a decision regarding the first three points, we can surely help you with the last one. In case you decide to buy a brand new set of wheels, and you have all the other things figured out, it’s time to actually think about the loan.

Have you heard about ICICI Car Loan? No? Don’t worry. We have all the details you need. Let’s cover it all, point-by-point.

Eligibility

Anyone above the age of 23 years and less than 70 years old, salaried, self-employed professionals or non-professionals can apply for an ICICI Car Loan. ICICI also extends their Car Loan offers to their existing customers. Existing customers can enjoy benefits such as lower interest rate and minimal documentation.

Term of loan

ICICI lets you choose a loan term from one to seven years for a new Car Loan.

Rate of interest

Currently, the rate of interest on ICICI Car Loan is between 8.75% and 13% (fixed). A one-time processing fee of Rs. 5,000 is applicable. P.S. Interest rates are subject to change.

Paperwork 

Here’s the list of documents that you’ll need to provide:

  • Address proof
  • ID proof, photo ID
  • Signed Car Loan application form with photograph attested
  • Bank statements – Last six months
  • Salaried applicants must also provide salary slips for the last three months/Form 16/Income Tax Returns
  • Self-employed applicants must provide the following:
  • Last 3 years Income Tax Returns with a computation of income
  • Last 3 years CA Certified/Audited Balance Sheet and Profit & Loss Account

Part repayments and preclosure

Part-payment is not allowed in the first six months of the loan tenure and the last 12 months of the loan tenure. Part-payments are allowed only twice during the loan tenure and once in a year. Only a maximum of 25% of the loan amount and a minimum of 1 EMI is permitted as part payment.

If the part payment is made within 12 months of loan tenure, a fee equivalent to 6% of the outstanding loan amount will be charged. If the payment is made between the 13th and 24th month, 5% is charged, and thereafter, 3% is charged.

Want to close your Car Loan before the loan tenure? ICICI charges no preclosure fees post 18 months of the loan tenure for salaried individuals and post 24 months for the self-employed.

Customer Reviews

Here’s what our customers are saying about the ICICI Car Loan:

“I took a car loan from the ICICI bank for 5 Lacs, I got the loan amount within 2 days. The documentation was also easy with the Aadhaar and PAN. The application was done at the showroom and it has been so easy to get the loan from ICICI bank.” – Mohammed, New Delhi

“Got the car loan from the ICICI bank around 4months ago. They have disbursed the loan amount within 2 days of time. The customer support service and the response is good from ICICI bank. The rate of interest and the charges are average from the ICICI bank car loan services.” – Bir Bahadur, Lucknow

“I have taken a car loan with ICICI bank and my experience was good, the loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. Customer service was good, they responded on time and the tenure period for this loan is 5 years.” – Rayeesa B, Hyderabad

Want to know what our other customers have to say? Click here to read more reviews.

Checklist

After reading about all these features, if you plan on taking a Car Loan, here’s a checklist you need to keep in mind:

  • EMIs: Before opting for any loan, you need to do some math. Depending on various factors like your salary, other financial commitments etc., you need to calculate the value of the monthly instalments you are capable of paying. Hate crunching numbers? Don’t worry. You can use our EMI calculator to make things simpler.
  • Eligibility: You need to check the points we’ve mentioned above to see if you’re actually eligible to apply. Still confused? Check out our Car Loan eligibility calculator. Or just hop on to our website here, provide a few details and we’ll help you with the rest.
  • Compare: Before randomly applying for the first Car Loan offer that pops up on your computer screen, it’s better to compare. Consider various factors and decide if opting for a loan makes sense for you. If it does, start by keeping your options open. After going through some offers, choose the one that suits you the best.

Ready to apply for your Car Loan? Click the link below to proceed.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: Car Loans Car purchase

About Sanesh Mathew

A talkative sleepyhead, Sanesh, enjoys watching horror movies, listening to music, reading all things related to personal finance and wandering aimlessly (walking meditation, he calls it!). He refers to himself as a 'simple human being with a rather chaotic mind'.

Leave a Reply

Your email address will not be published. Required fields are marked *