ICICI Bank is one of the most customer-friendly banks that has been serving people with care keeping in mind their needs. Talking about the car loan, ICICI Bank understands what a car loan borrower would look for when he/she comes to a bank. Having said that, the borrower would want to have a lower interest rate and flexible repayment options so that the loan doesn’t become the burden. For people who belong to middle-class, a car of one’s own is a dream and ICICI Car Loan helps to make this dream change into reality.
In India, even though there are many banks and NBFCs that provide car loans but the car loan offered by ICICI Bank is gives you many advantages. Have a look at some of the benefits:
Benefits of applying online for ICICI Car Loan:
Fixed Interest Rates– With fixed rates, the rate of interest remains the same throughout the loan tenure and so as the amount of EMI. When you know the fixed amount of EMI to be paid over the loan term, you can easily budget your expenditure and enjoy a hassle-free car loan experience. ICICI Bank is just that medium to avail the same due to its fixed rate regime.
Extended Tenure– You have a plenty of time to pay off the loan availed from ICICI Bank to buy a car as the repayment tenure can go to as long as 7 years for new cars. While for older cars, you have a time of upto 5 years to pay off the loan.
No Guarantor needed– The applicant does not have to provide any security at the bank to get this loan.
Pan-India Presence– ICICI Bank operates with approximately 5,000 branches and over 14,000 ATMs across the country. Not only it has a wide presence in India, but also operates from 18 other countries, including the likes of the US, the UK, Canada.
Convenient- The online option is for sure convenient as you can do it anywhere anytime. Hence, relax and know the car loan interest rates online and then apply.
Time-Saving- With online medium, you save something more valuable than money-time. So, why waste time running from one bank to another when you can do everything in just one click?
Accuracy- Online process gives the accurate results when it comes to the loan application. You do not get confused, unlike the offline process where every other loan provider takes your valuable time.
Instant- Yes, everything that is online is instant, be it the application or the approval. So, if you will follow the e-process, you can get instant loan approval as well.
Safer- In the case of loans, your money is involved, so you have to be sure where you are applying. So, be stress-free once you apply online.
ICICI Car Loan Interest Rates– One of the biggest reasons why you must choose ICICI Bank is that the bank offers fixed rate. Having said that, the rate for new car and used cars are both on monthly reducing balance and affordable. So, for new cars, the rate is between 10.75%-12.75% per annum and for used cars, the rate is 15.50% p.a.
ICICI Car Loan Eligibility– The car loan eligibility criteria for a car loan at ICICI Bank is subject to change from one profession to another. So, have a look at the eligibility:
- Your age must be between 25-58 years
- Your minimum annual salary should be ₹2.5 lakhs
- You must have the overall work experience of at least 2 years with the experience of minimum 1 year with the current employer
- Your age must be between 28-65 years
- Your minimum annual income should be ₹2 lakhs
- You must have the minimum 1 year of stability in the profession
ICICI Car Loan EMI Calculator- The loan calculator lets you know the EMI in advance with the help of which you can be prepared and so as to have relaxed loan journey. The calculator is the tool that takes into account the following details:
- Loan amount
- Interest rate
On the basis of these detail, you get to know the EMI, the total interest outgo and the total amount (interest+principal). For example, if you have plans to take the loan with below details:
- Loan amount- ₹5 lakhs
- Tenure- 7 years
- Interest rate- 10.75% p.a.
So, the details of the payment will be:
Total Interest- ₹2,13,633
Total Amount (Interest+Principal)- ₹7,13,633
Thus, with all the above attractive benefits, you might not be able to say no to this option. So, do not wait and enjoy a beautiful journey at ICICI Bank.