ICICI Car Loan is one of the best car loans in India as it gives new car loans as well as pre-owned car loans. The combination of a low-interest rate and a higher loan amount facility makes it easier for you to buy your dream car. Just like any other loan, car loans or automobile loans are also disbursed on the basis of some criterion. The interest rate and the maximum loan amount limit depends on the factors like your salary, age, your employer’s category, and others. However, if you have everything matching, you can use the interest calculator to be prepared. The interest calculator is the EMI calculator or loan EMI calculator that is used to calculate the EMI. This is available for all kinds of loans like home loans, personal loans, car loans, etc.
With the help of an EMI calculator, you get the exact figure that you will have to pay to the bank. All you have to do is fill in the loan amount, interest rate and the tenure that is applicable on your car loan. On the basis of these, the calculator would tell you the EMI, the total interest outgo, and the total amount that you need to pay your car loan. Other than these payments, there is processing fee on ICICI Bank car loan which is a one-time payment done in the beginning itself. So, getting these details in advance can really help you build a hassle-free loan journey. Let us take an example for you to understand the functioning of this tool.
Car Loan EMI Calculator
For instance, let us suppose you have applied for a new car/auto/vehicle or a pre-owned car loan at ICICI Bank. You decide to calculate the EMI so that you can manage your other financial responsibilities accordingly. The car loan EMI calculator at ICICI is quite interesting. You get the graphical representation of the payment depending on the amount and the tenure. You can choose the amount, tenure and the interest rate for the respective slide-bar. So, the detail of your payment will be as follows:
New Car Loan
Let us see the payment details for a new car loan for the loan amount ₹7.5 lakhs for the tenure of 7 years which is the maximum tenure here and the bank has offered you the interest rate of 10.75% per annum.
Total Interest Payable- ₹3,20,451
Pre-Owned Car Loan or Used Car Loan
Let us see the payment details for a pre-owned car loan for the loan amount ₹7.5 lakhs for the tenure of 7 years which is the maximum tenure here and the bank has offered you the interest rate of 15.50% per annum.
Total Interest Payable- ₹4,83,436
ICICI Car Loan Eligibility
Once you have got the idea of your EMI, you can proceed the loan process. To get a car loan from ICICI Bank, you must match the eligibility criteria set by the bank which is subject to change from one profession to another.
- The applicant’s age must be between 23-58 years
- The net monthly income should be at least ₹2.5 lakhs
- The minimum work experience that is required is 2 years with at least 1 year at the present organization
- The applicant’s age must be between 28-65 years
- The net annual income should be at least ₹2 lakhs
- The minimum experience in the profession should be 3 years
How to Apply
You can apply for ICICI car loan offline as well as online. However, the online process is more convenient as it does not consume much of your time. So, if you apply for a car loan online, below is the process you must follow:
Step 1: Check Eligibility
- Go to the official website
- Mention if it is a new car loan or a used one.
- Mention your contact number
- Residence details
- There is a car cost calculation wherein you have to mention the model of the car and its ex-showroom price
- You also have to mention your employment type
- Mention if you are an existing customer of the bank or not
- Submit your application
Step 2: Here you will get the offers that you can get on the basis of your eligibility
Step 3: Complete Application
- Mention your personal details
- Professional Details
- Income details
Step 4: Upload Documents:
- Here you have to upload scanned copy of the documents listed by the bank
- Duly-signed loan application form
- 2 passport size photos