The car is one of the assets that we all want to own once we start saving. The first thing that attracts us about the car is the design, long drive and the status that comes with it. In the modern life when fulfilling a wish can become difficult due to the maintenance of the lifestyle. The standard of living is one of the things that keeps on improving as per the growth in the social ladder.
There are different schemes and products that are available in the market which can make the purchasing of car relatively easy. The Car loan is one such financial products that can assist the people in buying their dream car. It is one of the solutions where the financial burden is almost non-existent as a small installments have to be paid to the bank. For the determination of the installment, the first thing one should know is the interest rate. One of the affordable and attractive rates are provided in ICICI Car loan interest rate.
ICICI bank offers the loan products for both new cars as well as used cars. Thus, one can avail the loan and seek financial support for all types of cars from the bank. To get the loan amount is one of the
Interest rate and processing fee:
The bank offers the finance at the interest rate of 11.59% to 22% per annum. The processing fee charged is 2.25% of the amount availed by him/her plus the service taxes applicable. A prepayment charge of 5% of the principal amount which is outstanding along with service tax is levied if someone wants to prepay his loan.
Anybody who wants to avail finance from the bank has to meet the below eligibility norms-
- The age of the applicant should fall under the age group of 23- 65. The applicant age at the time of application should be 23 years and 65 at the time of maturity of the loan.
- He /she needs to earn the minimum monthly salary of at least Rs. 17,500. In case of residents of New Delhi and Mumbai, the income should be at least Rs. 25,000. For people living in Chennai, Pune, Kolkata, Bengaluru and Hyderabad, the income should be at least Rs. 20,000.
- The work experience of the borrower should be at least two years.
- The applicant should be working with the current employer for period of at least one year
- The applicant should fall in the age bracket of 28 to 65 years. In case of doctors, the minimum age is 25 years. Thus, the age at the time of application should be 25 or 28 accordingly and should be 65 at the time of the completion of the loan tenure.
- A non-professional must have a turnover of at least Rs. 40 Lakhs and a professional must have turnover of a minimum of Rs. 15 Lakhs
- The minimum profit after tax for non-professionals should be Rs. 1 Lakh and for self- employed/proprietorship firm it should be Rs. 2 Lakhs
- They need to be employed in their present business for a minimum period of five years. In case of doctors, it is three years
- A minimum of one year of liability or asset relationship with the bank in the past 36 months is required.
Documentation needed for a car loan:
In order to avail finance from ICICI, documentation work is necessary to be completed by the applicant. The papers should be legal, valid and complete before submitting it to the bank. The documents which are required to be deposited to the bank have been mentioned below-
- Identity Proof:- Aadhar card/Driving License /Passport /PAN Card/ Voters ID card
- Two Photographs of Passport size
- Proof of Residence: – Utility Bill / Passport/Leave and License Agreement
- Bank Statement of the past three months in which the salary is credited
- Salary slips of the past three months.
- Self-employed Individuals:
- Proof of Identity- Aadhar card/PAN card/ Passport/Voter ID card
- Address Proof- Utility Bill / Passport/Leave and License Agreement
- Proof of Age- Passport/Birth certificate/ High school mark sheet
- Bank statement of the previous six months
- Proof of continuity of business.
- Proof of Income- Audited Balance Sheet and Profit & Loss account of the previous two years
- Proof of Office address
- Proof of office ownership.
With all the above mentioned information and the ICICI Car loan interest rate that is charged to the applicant, one can easily avail the car loan. It is one of the best ways to avail the car loan and fulfill the desire of owning the car. It is one of the best ways to do it. The dreams to have a long drive in nights with all the thrill and excitement attached can now be possible and become a reality. Thus, avail the amount and get the experience of all the fun that come with the new car.