ICICI Bank Car Loans

    

The # 1 financier for car loans in the country. Network of more than 1800 channel partners in over 1000 locations. Tie-ups with all leading automobile manufacturers to ensure the best deals. Flexible schemes & quick processing. Hassle-free application process

Car Loans
Particulars Salaried Individual The applicant should be atleast 25 years old at time of application, and below 58 years of age at time of maturity of the loan. Gross annual salary is Rs 2 lakh p.a (Gross Income) minimum and this varies with respect to the state of application. Self-Employed Individual Any Proprietor, partner, professional or director above 28 years of age but below 65 at the time of the loan's maturity Partnership Firm Private / Public Ltd Co Limited companies should have been in existence for at least 2 years

Age Criteria

Income Criteria

Gross annual income is Rs 2 lakh p.a minimum

Firm should have a minimum PAT (profit after tax) income of Rs 60,000

Minimum PAT (profit after tax) of Rs 60,000

Documents required

Salaried

    

KYC Documents Latest 3 months Salary slip Last 2 years form 16/ ITR & Bank statement which reflects 6 months salary credit photograph

Self Employed

     

KYC Documents Business proof in name of applicant Latest 3 years ITR along with computation statement Ownership proof of either office or residence Photograph

Partnership Firm

     

Application form Photograph of signing partner Last two years' income proof (audited account or ITRs + CA certified financials) Partnership deed Partners authority letter

Private / Public Ltd Co

Application form

   

Guarantor's photograph (for private limited company only) Last two years audited financials Certified true copy of the MOA & AOA Board resolution (format available on request)

Car Loans Amount New car

  
Used car

We finance upto 90% of the ex-showroom cost of the car. The Loan amount also depends on the car model. Higher loan amounts are available under specific enhanced income eligibility criteria. Minimum loan amount for new car Loan is Rs.1 lac.

 

For a used car, we finance up to a maximum of 80% of the valuation of the car Minimum loan amount for a used car loan is Rs. 75000/-

Loan Enhancement

   
Rates & Fees Car Loans :

To enhance your loan amount, the certified income of the co-applicant can be considered, if requested by the applicant. The co-applicant can be the spouse or son/daughter living in the same city. Similarly, in case of a partnership firm or a limited company one of the partners or a director can be taken a co-applicant / guarantor for increasing the loan amount However, in both cases, the asset has to be registered in the name of a single owner, not joint ownership.

We offer Interest rates Interest is

most competitive interest depend on Car model, Loan calculated on a

rates Tenure, monthly

in the Customer & reducing

industry. Location. balance

Processing Fee For loan amounts up to Rs. 0.25 million = Rs. 2500; For loan amount between Rs. 0.25 Mn to 0.50 Mn = Rs. 3100; for loan amount between Rs. 0.50 Mn to Rs. 1.00 Mn = Rs. 4000, for loan amount more than Rs. 1.00 Mn = Rs. 5,000 Car Loans Documents
Salaried Individual KYC Documents Self-Employed Individual KYC Documents Partnership Firm Application form Photograph of signing partner Last two years' income proof (audited account or ITRs + CA certified financials) Private / Public Ltd Co Application form Guarantor's photograph (for private limited company only) Last two years audited financials

Photograph

Photograph

Latest 3 months Salary slip

Business proof in name of applicant

Last 2 years form 16/ ITR & Bank statement which reflects 6 months salary credit

Latest 3 years ITR along with computation statement Ownership proof of either office or residence

Partnership deed

Certified true copy of the MOA & AOA Board resolution (format available on request)

Partners authority letter

Application Process

 

You may contact the nearest ICICI Bank branch for the best deal available on the car of your choice. You may also contact us by

     

Log in to ICICI Bank website and apply through loans section Send SMS with message "CARLOAN" to 5676766 Email us at customer.care@icicibank.com Click here to reach our call centre nearest to you or call their Toll Free number 160022-9191.

The loan will be disbursed within one day of submitting all the required post-sanction documents. If the vehicle is readily available with the dealer, you can get your car as soon as the disbursal is made to the dealer. However ICICI Bank is in no way responsible for car deliveries as they are regulated by the car manufacturer's delivery schedules. You can retain the original Registration Certificate, Invoice and the Insurance Policy. We simply require a photocopy of these documents. If you wish to cancel your loan application any time before the loan is disbursed, you may do so by informing the representative who has collected your documents or send us a written request.

 

How to Repay

  

Repayment tenure ranges from 1 year to 7 years for New Car Loans. Six Year and Seven year loans are available for specific models. Maximum loan tenure for used car would depend on the age of the car. The car should not be more than 8 years old at the time of maturity of the loan. You may change the tenure of the loan before the loan is disbursed. The interest rate & EMI would change accordingly. The repayment due dates are 1st and 7th of every month and would depend on the date of disbursement. Payment due dates cannot be changed. You can make the Payments through post-dated cheques (PDCs) Repayment option through Direct Debit Mandates is also available for all ICICI Bank account holders. Option of repaying through ECS is also available in select cities. Payments through cash or credit cards are not accepted. You may change the PDC's in case your Bank Account is changed . However, we would require verification of signatures by new banker. A nominal fee of Rs.750/- (Swap Charges) would be charged for exchange of cheques. A full pre-payment of the loan is accepted. Part pre-payment is not allowed. Service Tax will be charged as applicable.

 

 

 

  
ICICI

We charge pre-payment fee of 5% on the outstanding principal amount,Service Tax will be charged as applicable. We charge Rs.250/-per bounced cheque. Note: All charges are subject to Service Tax as applicable. Bank Limited ICICI Bank Phone Box Hills P. No. Banking Centre 20 O.

P. O. Banjara Hyderabad 500 034, India

FAQs - Car Loans

What are the loan tenure options? The tenure of the loan could range from one to seven years for new cars and from one to five years for used cars. What are the lending rates? The lending rates vary on the basis of discounts, which are offered by manufacturers and dealers. ICICI Bank has a tie-up with most of the manufacturers and authorised dealers and our sales team will help you negotiate the best deal on your car loan.

  

How is the interest charged/calculated? Interest is calculated on a monthly reducing balance basis. Do I have to pay any additional charges? We charge a processing fee of Rs.750 for used car loans on loan amounts upto Rs.1.01 lac. How do I approach ICICI Bank for a Car Loan? You can approach us in any of the following ways * Apply online * Write to us at customer.care@icicibank.com * Call us at our 24 hour Customer Care Centre * You can just walk into any of our branches. * Contact any of our direct sales agents. How much time will it take for my loan to be approved? The loans are generally approved within 24 hours of submission of complete documentation. Who can be the co-applicants for the loan? Your spouse or any blood relative staying in the same residence can be a co-applicant. Is a personal guarantor a must? No, a personal guarantor is not a must. What security/collateral do I have to provide? No additional security/collateral needs to be provided, apart from the car against which the loan is granted, being hypothecated to ICICI Bank. If I do not meet all the criteria for the loan, can I still avail of a loan? Yes, it is possible for you to avail of a loan even if you do not meet all the criteria, at the discretion of ICICI Bank. You can approach us in any of the following ways

   

    

Apply online Write to us at customer.care@icicibank.com Call us at our 24 hour Customer Care Centre You can just walk into any of our branches. Contact any of our direct sales agents.

How do I repay the loan? The loan can repaid through post dated cheques drawn on ICICI Bank Ltd. Alternately, if you have a Bank account with ICICI Bank, you can issue a direct debit mandate to your existing ICICI Bank account for the repayment.

Can I prepay my loan? We charge prepayment fee of 5% on the outstanding principal amount,Service Tax will be charged as applicable.

What is a Monthly Reducing Balance? In the case of monthly reducing balance method, the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month. What is an Annual Reducing Balance? In the case of annual reducing balance method, the principal gets reduced at the end of the year and the interest is calculated on the outstanding principal at the end of the year. Do I need to open an account with ICICI Bank for availing and/ or servicing the loan? We will encourage you to start a banking relationship with us so that we will be able to offer host of other value added services, which are complementary to the loan, however opening an account with us is not mandatory.

What are the stages involved in availing a loan? The stages involved are:

      

Application Processing Documentation Sanctioning of the loan Disbursement

Does ICICI Bank have a loan for the car I want? ICICI Bank car loans are available for almost all passenger cars - new as well as used. If I am not able to furnish my income documents is there a special scheme for persons like me? Yes, ICICI Bank has tailor made schemes for persons like you.We offer funding without the income proof also.

Can I avail of a loan on my existing car? Yes, we do offer loans on existing cars, provided the cars are not hypothecated to any financier.

CAR OVERDRAFT The CAR OVERDRAFT product converts your Car into CASH , Yes ! all you need to do is Hypothecate your Car in our favour and we will give you:

 

An Overdraft facility - An Overdraft limit / Cash upto 90% of the assessed value of your vehicle. Interest Charged only on utilization - Interest is charged only on the amount utilized and the time period utilized for. In case of non- utilization of the funds no interest will be charged. Flexible Repayment - No fixed Equated Monthly Installments , every month pay only minimum 5% of the total utilization of the overdraft facility.

An HPCL Debit Card : which allows you to transact at any VISA Merchant outlets who have electronic swipe machines. You can also use this card to withdraw cash from any ICICI Bank ATM. A Roaming Current account - with the facilities of Any Where Banking & NIL Minimum Balance requirement. Multicity Cheque Book - We value your time and money. Your cheques will be treated as local cheques at over 100 centres across India. Internet Banking : effect fund transfers , accesses your statements , pay your bills etc...from the place of your convenience. Phone Banking : carry out basic banking operations over the telephone National Accesses - access to 450 branches and 1750 ATMs.

    

Car Overdraft Loan amount A maximum overdraft facility of upto 90% of the value of the car may be availed subject to the above limits ( Car value is determined through a valuation ) Car Overdraft rates

   

Interest is charged only on the amount drawn and for the period that it is utilized. The rate of interest would depend on the scheme selected by the customer. Processing fees as applicable will be directly payable to ICICI Bank Ltd at the time of submitting the application The interest is debited to your current a/c on the last day of every month. A valuation fees will have to be paid directly to the valuation agency identified by ICICI Bank Ltd.

Car Overdraft

   

You may contact our Toll Free number 1600-22-9191 for all sales / product related queries. Apply Online on their website. Reach our call center nearest to you. SMS "carloan <city>" to 676766, for eg. Sms "carloan mumbai" if you stay in Mumbai.

Car Overdraft
Salaried Individual Application form Self-Employed Individual Application form Partnership Firm Application form Photograph of signing partner Last two years' income proof (audited account or ITRs + CA certified financials) Private Ltd. Co. Application form Guarantor's photograph (for private limited company only)

Photograph

Photograph

Proof of bank account continuity

One proof of income (ITR for the last two years )

Last two years audited financials

One income proof for the last two years (ITR, Form 16, salary slip)

One proof of residence (driving license / voters' identity card / ration card / Partnership deed passport / utility bills for the last 3 months) One proof of residence Partners authority

Certified true copy of the MOA & AOA Board resolution

One proof of identity (driving

license / voters' identity card / passport / PAN card / photo credit card / photo ration card) One proof of residence (laminated driving license / voters' identity card / photo ration card / passport /utility bills for the last 3 months / company ID - limited company or government / PAN card) FAQ - Car Overdraft

(driving license / voters' letter identity card / ration card / passport / utility bills for the last 3 months) One proof of office address (utility bill / lease deed / excise or sales tax receipt / Shops and Establishment Act Registration)

(format available on request)

What is a revolving credit? Every accountholder is entitled to withdraw funds from his Car overdraft account upto the limit sanctioned in the account. This limit will get reduced each time the accountholder withdraws from the account to the extent of the funds withdrawn either by cheque or cash. The limit will increase on re-payment of the funds withdrawn. Therefore this credit line in the account will keep revolving depending on withdrawals and payments

 

What is the purpose of the limit set up? Revolving line of credit for any purpose of customers' choice, with their car as security What is the advantage of Car overdraft over Car Loans and Personal Loans? The flexibility of withdrawing money as and when the customer needs it.

* The flexibility to repay in variable amounts, to minimise the interest liability of the customer. * The interest is charged on a daily reducing balance. * The interest is charged on the use of the credit line only - the interest is not charged on the total sanctioned overdraft amount (limit) , but only on the amount of money used by the customer E.g. if out of the total sanctioned overdraft limit of Rs. 100000, a customer withdraws Rs. 25000 for 14 days, the Bank charges interest from the customer for 14 days on Rs. 25000 only.

Who is the eligible for a Car Overdraft?

  

Salaried and self employed individuals. Self-employed individuals include sole Proprietors, Partners in Partnership Firm, Partnership Firms. Customers with repayment track record from approved Financiers - serving as a surrogate of ability to pay

What is the USP of the product?

    

Interest charged only on utilization , i.e. amount utilized and time period utilized. Flexible re-payment: i.e minimum 5% of total outstanding to be paid every month. Roaming current account wil nil balance requirement. HPCL International Debit card.

What are the Car OD product features?

Revolving Credit Facility: Only product which offers a clean revolving credit facility in a Banking account based on any one or more of the following

  

Income base (Based on income of the applicant) Credit behaviour (past repayment track records with approved financiers) Surrogates (Credit Card / Bank Statements of applicant)

Cash Advance: This product provides the customer Car overdraft through ICICI Bank and ICICI Bank ATMs across the country. The entire credit limit can be withdrawn as a Cash advance. Cash can also be withdrawn through the Bank's branches across the country.

 

Multicity Banking: Customer will be issued Multicity chequebooks on request at no additional cost. Repayment: Customer will have the flexibility of paying the entire outstanding lumpsum or repaying the minimum outstanding of 5% as billed each month, till the end of the tenor of the OD facility.

 

Cheque Drop Box Facility: Cheque Drop Boxes are placed at convenient locations; customers can use these Drop Boxes to drop their repayment cheques. Interest: Interest to be paid by the customer on debit outstanding: The interest to be paid by the customer is calculated only on outstanding debit balance in the Car overdraft account on a daily basis and charged to the customer on a monthly basis. A minimum payment of 5% per month is due from the customer.

Under the Car OD schemes, what is the Loan to Value ratio against the cars for setting up the limit? The customer can get a limit of upto 60 to 80% of valuation of car depending on the car model and his income. What is the tenure for the Car OD facility? The Car OD facility is given for a period of one year and can be renewed for one more year. The renewal is at the sole discretion of the Bank. What is the minimum payment due each month? Minimum payment due - 5% of the debit balance, each month All cheques to be drawn favouring: "ICICI Bank A/C -Car OD A/C NO (customer account number)" What is the payment cycle? Payment cycle will be 5th of every month and customer has to make the payment (either total amount due / minimum amount ) in his account by 25th of each month.

What are the advantages of having a Car OD account? Car Overdraft provides the following advantages

Flexibility / Convenience

Withdrawals permitted through Multicity cheque book / HPCL DEBIT card as and when the customer wishes Customer can plan his finances and choose to repay, provided the minimum dues are paid each month No customer financial contribution (i.e. down payment) required for account set up HPCL debit card issuance is a value add for the customer

   

Limit set up against a movable asset - "unlock the cash potential of a used car" (in case of car cash in). Interest charged only for the period the funds are utilised.

How does an applicant apply for a Car OD account? Through an account opening form and completion of other formalities like valuation of car etc.

How is the car, against which the overdraft limit set up, valuated? Valuation of the car is done at the request of the customer. In case the customer is to buy a new car with the limit facility, the invoice price of the new car serves as the surrogate for the car valuation. Are there any restrictions on usage of the Car OD limits? The customer can use the funds for any personal or business expenses. When and how will the Car OD outstanding become payable? The customer can choose to withdraw the funds and repay them immediately. There is no restriction on when the total outstanding should be repaid. However, a minimum of 5% of the outstanding becomes payable each month on the due date stated in the statement of account. What happens to the Car OD credit limit on withdrawal of funds? Cheque and or cash withdrawal will reduce the credit limit on the Car overdraft account to the extent of the funds withdrawn. The credit limit will increase to the extent of the payments (after clearance of the funds) made into the Car overdraft account. What happens if accountholder skips a Minimum Amount Due payment? The Minimum Amount Due is payable each month. In case the accountholder skips a payment, an additional charge of Rs 500/- or 10% of the Minimum amount due, whichever is higher, will be levied as late payment fee Will there be any charges if Car OD facility is not used? No - there are no charges if the Car Overdraft facility is not used. Is there any foreclosure penalty under Car OD? No, there is no foreclosure penalty. The customer is free to close the Car OD account whenever he wants to, by requesting the Bank to do so in writing, and along with the same surrendering the unutilised chequebook and Debit Card and making payment of the entire outstanding. Can the accountholder exhaust his / her entire credit limit in one shot? Yes, the accountholder can utilise the entire credit limit. However he / she will not have any available credit limit to withdraw in emergency situations, until outstandings are repaid. Can the accountholder withdraw cash on Car OD? Yes, the accountholder can withdraw cash on the Car overdraft account. There is no restriction on the cash to be withdrawn (subject to ATM withdrawal guidelines , Rs. 25,000 max. withdrawal a single day )) What will the account holder get upon approval? A sanction letter indicating the limit assigned, account number, brief details etc will be sent by the Bank to the accountholder at the mailing address. Simultaneously, the following will also be despatched separately

   
Car Finance

HPCL Debit card & Personalised Multi city Cheque Book ICICI Bank ATMs list Schedule of Charges Phone banking Numbers

ICICI offers car finance for new as well as old cars. Loan Amount The car loans are offered to individuals as well as companies.

The loans cover up to 90% of value of the car One can avail upto 90% of value of the car one wants to purchase through the loan Tenor Options are available where you can pay back the loan by way of monthly installments spread over a period ranging from 1 year to 5 years. The repayment due dates for every monthly installment are the 1st or the 7th of every month and payment would be collected through post dated cheques. Eligibility Salaried Individual : Gross Annual Income should be above Rs. 1,00,000 Self employed : Individual If you are a proprietor, a partner, a professional, or a director, with a Gross Annual Income o f above Rs.60,000, you are eligible to apply for an ICICI Car Loan. Partnership Firm The firm should have a minimum PAT (Profit After Tax) of Rs. 60,000 for a standard car or minimum PAT of Rs 1,00,000 for a premium car. Private or Public Limited Company

Private Limited Companies should have been in existence for at least 2 years and have a minimum PAT of Rs. 60,000 for a standard car or a minimum PAT of Rs. 1,00,000 for a premium car. Public Limited Companies should have been in existence for at least 2 years and have a minimum PAT of Rs. 1,00,000 for a standard or a premium car.

Documentation Application Form Photograph Bank signature verification Income Proof (Any one of the following)

  

ITR ( Income tax returns ) Form 16 Salary Slip

Identity Proof (Any one of the following )

     

Laminated Driving License Voters' Identity Card Passport PAN Card Photo Credit Card Photo Ration Card

Proof of Residence (Any one of the following)

   

Driving License Voters' Identity Card Photo Ration Card Passport

 

Utility Bills for the last 3 months Limited Co or Govt. ID card/ PAN Card)