ICICI Car Loan
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ICICI is the second largest bank in India with a network of 2,532 branches and 6,244 ATMs across the country. With a network of more than 604 channel partners in over 1000 locations, the bank has tie-ups with all leading automobile manufacturers to ensure the best deals. Its flexible car loan schemes, quick processing, Hassle-free application process makes many users opt for the ICICI car loans.
Interest Rates
The lending rates change on the basis of discounts offered by manufacturers and dealers as the bank has tie-ups with manufacturers and dealers. Interest is calculated on monthly reducing balance basis. Usually, interest rates of ICICI car loan varies between 9-15 per cent.
Charges
^All charges are liable to change without notice at the discretion of the bank.Charges^
Amount
Loan Processing Fees
Varies between Rs 2,500 to Rs 5,000
Documentation charges
Rs 350
Stamp Duty
Actuals
Prepayment Charges
Lower of the two amounts given below:
1. 5% of principal outstanding or
2. Interest outstanding for unexpired period of the loan.Charges for late payment (loans)
2% per month on the outstanding installment
Cheque Swap Charges
Rs 500 per transaction
Cheque return charges^
Rs 400 per return
Amortization Schedule Charges
Rs 200 per schedule
Statement of Account Charges
Rs 200 per statement
Prepayment Statement Charges
Rs 100 per statement
Duplicate NOC Charges
Rs 500 per NOC
NOC for conversion from Petrol to LPG/CNG
Rs 500 per NOC
NOC to convert from Private to Commercial Registration
Rs 2,000 per NOC
NOC to convert from Commercial to Private Registration
Rs 2,000 per NOC
Flexibility
- Eligibility
* The criteria may change according to the bank’s discretion.Particulars
Salaried
Self-employed
Age Criteria*
The applicant should be above 25 years of age at the time of application, and up to 58 years of age at the time of maturity of the loan
Any proprietor, partner, professional or director should be above 28 years, but below 65 years at the time of loan maturity
Income Criteria*
Minimum gross annual income of Rs 2.50 lakh
Minimum gross annual income of Rs 2 lakh
Stability
The total employment stability should be more than 2 years and current employment stability of minimum 1 year.
Business stability should be more than 3 years.
- Amount: The minimum amount available is Rs 1 lakh. ICICI finances up to 90 per cent of the ex-showroom price of car. In addition to this, loan amount would also depend on the car model. Higher loan amount will be ensured by high income of the applicant.
- Repayment options
- Tenure can be selected between 1 to 5 years for new cars.
- Payments can be made through Post-dated cheques and/or Electronic clearing system (ECS).
- Part pre-payment is not allowed.
- Time taken for processing: According to the official website, the loan will be approved within 24 hours of submission of the complete documentation.
Example
Loan amount: Rs 4 lakh
Interest rate: 11.25%
Tenure in months: 36 months
Repayment schedule
Repayment amount (Rs)
Interest repayment (Rs)
Principal repayment (Rs)
Year 1
1,57,715
39,003
1,18,712
Year 2
1,57,715
24,937
1,32,778
Year 3
1,57,715
9,205
1,48,632
EMI calculated: Rs 13,142
You end up paying: Rs 4,73,144
Other Details
- Pre Sales Information: The website contains adequate per-sales information in a clear format. Other than the current interest rates all information is available. For interest rates you will have to get in touch with the sales executives, who will in-turn negotiate the interest rates for you with the dealer/manufacturer.
- Customer Support: You can apply online for loans. For the support of the customer, 24-hour customer care is available, and the contact numbers are displayed on the website. Apart from this, customer education material is also available for you to go through.
Documents Required
Documents required
Salaried applicants
Self-employed applicants
Income proof:
Latest Salary Slip and 2 years Form 16/ Income tax returns.
Income Tax Returns of 2 previous financial years.
Identity proof
The documents have not been disclosed. The sales staff will help in choosing the documents.
Signature proof
Address proof
Ratings
Parameter
Rating out of 5
Speed of processing
3
Documentation
3.5
Customer service
3.5
Value for money
3
Overall
3
@ Customer service levels are adjudged through number and types of consumer complaints across consumer forums, user reviews, blogs and sample customer care calls.
Published on June 2, 2011 · Filed under: Car Loan;
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