Eligibility Criteria for ICICI Bank Car Loans
Exclusive Features of ICICI Bank Car Loans
High Loan Amounts: Finance up to 100% of the car’s ex-showroom price for eligible applicants.
Competitive Interest Rates: Starting as low as 8.50% per annum.
Customizable Loan Options: Choose flexible tenure and repayment plans to suit your needs.
Pre-approved Offers: Exclusive car loan offers for ICICI Bank customers.
Quick Disbursal: Funds disbursed in as little as 24 hours for eligible borrowers.
How to Check Your ICICI Bank Car Loan Eligibility Online
ICICI Bank offers a seamless process to check your car loan eligibility online. Here’s how:
Visit the Car Loan Section on ICICI Bank’s official website.
Navigate to the Eligibility Calculator tool.
Enter basic details such as income, tenure, and loan amount.
Instantly view your eligibility status and available offers.
ICICI Bank Car Loan Eligibility by Applicant Type
Salaried Individuals
- Employment Continuity: At least 1 year of continuous employment.
- Documents Needed: Salary slips for the last 3 months and 6 months’ bank statements.
Self-Employed Individuals
- Business Vintage: Minimum of 3 years in the current business.
- Documents Needed: Audited financial statements and income tax returns for the last 2 years.
Corporate Entities
- Eligibility:Companies registered in India with stable financials.
- Documents Needed: Business registration certificate, audited financials, and bank statements.
Documents Required for ICICI Bank Car Loan Eligibility
| Document Type | Examples |
|---|---|
| Identity Proof | PAN Card, Aadhaar Card, Passport, Voter ID |
| Address Proof | Utility Bills, Passport, Rent Agreement |
| Income Proof | Salary Slips, IT Returns, Bank Statements |
| Vehicle-Related Docs | Proforma Invoice for new cars, Registration Certificate for used cars |
| Photographs | Two recent passport-sized photos |
FOIR and Multiplier-Based Eligibility for ICICI Car Loans
ICICI Bank employs two primary methods to evaluate loan eligibility:
FOIR-Based Eligibility (Fixed Obligation to Income Ratio):
ICICI Bank employs two primary methods to evaluate loan eligibility:
Example Calculation:
- Net Monthly Income: ₹70,000
- Existing Obligations: ₹20,000
- FOIR Limit: 50% of income
- Maximum EMI Eligibility: ₹70,000 × 50% = ₹35,000
- Car Loan Amount (at 8.75% interest for 5 years): ₹16.2 lakhs
Multiplier-Based Eligibility:
This approach uses a pre-set income multiplier to determine the loan amount.
Example :
- Annual Income: ₹5,00,000
- Multiplier: 4x
- Maximum Loan Amount: ₹5,00,000 × 4 = ₹20,00,000
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Why Choose ICICI Bank for Your Car Loan?
| Feature | Details |
|---|---|
| Loan Amount | Finance up to 100% of the car’s ex-showroom price. |
| Interest Rates | Starting from 8.50% per annum. |
| Processing Fees | 0.50% of the loan amount (minimum ₹2,500). |
| Foreclosure Charges | 5% of the outstanding principal (post 6 months). |
| Loan Tenure | Flexible tenure up to 7 years. |
Frequently Asked Questions (FAQs) on HDFC Bank Personal Loan Eligibility
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