ICICI Bank Car Loan

Overview About ICICI Car Loan

ICICI is a pioneer in promoting banking via social networking using its latest invention 'icicibankpay', the social networking site, Twitter being used by a capital transfer platform. ICICI has established a brand new digital wallet program and funds could be transferred to any contact recorded on a client's smartphone. ICICI and its group businesses offer a vast assortment of services and products consolidated through different delivery channels. As a element of its product listing, ICICI car loans are offered with interest rates and easy approvals. Since India's largest private sector bank, ICICI has a prevalent clientele comprising of retail and corporate customers. Formed in 1994, ICICI bank has been the financial institution to be listed in the New York Stock Exchange and was originally encouraged by ICICI Limited. In a bid to efficiently manage costs, ICICI has been encouraging clients to use cellular and internet modes of banks for transferring funds and for handling their account. ICICI Bank is an Indian banking and financial services firm head quartered in Mumbai. It is the 2nd largest bank in India by market capitalization and from resources. It offers a wide range of banking products and financial services to retail and corporate customers. Automobile Loans from ICICI Bank are extremely convenient, fast and flexible. They offer attractive rates of interest flexible schemes, and quick & easy-to-use program. Read on to get information on EMI, Rates of Interest, Documents and Qualification for ICICI Car loan.

ICICI Bank Car Loan Interest Rates

ICICI Bank offers car loans at predetermined interest levels wherein the interest rate remains the same throughout the mortgage . The interest rate of the new vehicle loan depends on bank loan tenure customer-relationship, and version of the car. The interest of a used car finance is contingent upon this and version of the vehicle, loan depreciation, and re financing facts (if any).

ICICI Bank New Car Loan

From passenger motor cars to commercial cars, ICICI Bank delivers new car loans to the purchase price of the majority of makes and types of automobiles on the market. You are able to get hold of your dream car using a flat-rate rate car finance from ICICI Bank. The Following are some important characteristics of ICICI Bank New-car Loan:

Services charges levied on ICICI Bank car loans

• You can avail a new car loan up to 100% of ex-showroom price of the car.
• A new car loan is available for a loan tenure of up to 7 years.
• ICICI Bank offers new cars loans at attractive rate of interests depending on the loan tenure, existing customer relationship and the model of car.
• Keeping the customer's convenience in mind, the bank offers easy documentation for the application of new car loans.
• The bank also offers insurance cover for loan liability which is repayable along with the car loan EMI.

Check ICICI Bank Car Loan Application Status

You can check your ICICI lender car finance software status about the bank web site by entering sort amount or the reference quantity and clicking over the'Publish' button. For those who have forgotten the reference variety you definitely can submit an online form with particulars like date of arrival, your own name, mortgage sum, and PAN variety to get the benchmark number.

ICICI Bank Car Loan For Existing Customers

Existing customers of ICICI Bank can avail car loans to purchase their fantasy vehicle. Additionally, they may appreciate speedier processing of car-loan app and minimal documentation. ICICI Bank additionally extends top-up bank mortgage on current car-loan to help the current clients meet their fiscal demands including household renovation, kid education, vacation, organization growth, etc.

ICICI Bank Car Loan Prepayment

Part prepayment of car loan is allowed only after 6 successful EMIs. The minimum amount that the borrower can prepay must be equivalent to 1 EMI. The maximum amount that can be prepaid is 25% of the principal outstanding due. Part prepayment of car loan is allowed only 2 times over the loan tenure and 1 time during a year

Features of an ICICI Car Loan

Part prepayment of car-loan is allowed after 6 EMIs. The minimal quantity that your borrower may prepay must be equal to at least one EMI. The maximum amount that can be prepaid is 25% of the principal outstanding due.. Part Pre Payment of automobile loan is allowed just Two occasions within One period and the loan payable during a Calendar Year

• ICICI offers an additional insurance coverage for loan liability which can be repaid along with the monthly installments.
• ICICI Bank finances up to 100% of the ex-showroom price of the new vehicle making it very convenient for a customer to manage his finances.
• ICICI car loans are non-refundable loans and the bank charges the following processing fees based on the loan amount taken. The documentation charges remain the same at Rs 350/- for any quantum of loan.

  Loan Amount Availed	Processing Charges
  Less than 2.5 lakhs	Rs.2500/-
  2.5 Lakhs to 3.9 Lakhs	Rs.3500/-
  4 Lakhs to 4.9 Lakhs	Rs.4000/-
  5 Lakhs to 9.9 Lakhs	Rs.4200/-
  Greater than 10 Lakhs	Rs.5000/-

• ICICI car loan tenures can be generally extended up to 7 years for new cars.
• ICICI bank also levies charges for late payment of monthly installments and customers are charged 2% of the outstanding loan balance.
• Part repayment of an ICICI car loan is not allowed by the bank, but customers can repay the loan in full with certain charges levied. ICICI charges 5% of the outstanding principal amount from the car loan or the outstanding interest for the remaining period of the loan, whichever is lower.
• ICICI bank customers can also take top-up loans on their existing car loans with easy processing of loan applications
• The bank has separate charges for getting loan and prepayment account statements, duplicate NOCs, Amortization Schedule, revalidation of NOC and also for getting NOC documents.