FAQS
- What are the loan tenure options?
- What are the lending rates?
- How is the interest charged/calculated?
- What documents do I need to submit to avail a Car Loan? ---
- How do I approach ICICI Bank for a Car Loan?
- How much time will it take for my loan to be approved?
- Who can be the co-applicants for the loan?
- Is a personal guarantor a must?
- What security/collateral do I have to provide?
- If I do not meet all the criteria for the loan, can I still avail of a loan?
- How do I repay the loan?
- Can I prepay my loan?
- What is a Monthly Reducing Balance?
- What is an Annual Reducing Balance?
- Do I need to open an account with ICICI Bank for availing and/ or servicing the loan?
- What are the stages involved in availing a loan?
- Does ICICI Bank have a loan for the car I want?
- If I am not able to furnish my income documents is there a special scheme for persons like me?
- Can I avail of a loan on my existing car?
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What are the loan tenure options?
The tenure of the loan could range from one to seven years for new cars and used cars.
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What are the lending rates?
The lending rates vary on the basis of discounts, which are offered by manufacturers and dealers. ICICI Bank has a tie-up with most of the manufacturers and authorised dealers and our representative will help you negotiate the best deal on your car loan.
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How is the interest charged/calculated?
Interest is calculated on a monthly reducing balance basis.
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How do I approach ICICI Bank for a Car Loan?
You can approach us in any of the following ways
- Apply online
- Write to us at customer.care@icicibank.com
- Call us at our 24 hour Customer Care Centre
- You can just walk into any of our branches .
- Sms ‘carloan <city>’ to 676766 (For example sms ‘carloan mumbai’ to 676766)
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How much time will it take for my loan to be approved?
The loans are generally approved within 24 hours of submission of complete documentation.
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Who can be the co-applicants for the loan?
Your spouse or any blood relative staying in the same residence can be a co-applicant.
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Is a personal guarantor a must?
No, a personal guarantor is not compulsory.
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What security/collateral do I have to provide?
No additional security/collateral needs to be provided, apart from the car against which the loan is granted, being hypothecated to ICICI Bank.
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If I do not meet all the criteria for the loan, can I still avail of a loan?
Yes, it is possible for you to avail of a loan even if you do not meet all the criteria, at the discretion of ICICI Bank.
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How do I repay the loan?
The loan can repaid through post dated cheques drawn on ICICI Bank Ltd. Alternately, if you have a Bank account with ICICI Bank, you can issue a direct debit mandate to your existing ICICI Bank account for the repayment. In some cities, you can opt to repay your loan through Electronic Clearance System.
Please click here for further details.
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Can I prepay my loan?
We charge prepayment fee of 5% on the outstanding principal amount,Service Tax will be charged as applicable.
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What is a Monthly Reducing Balance?
In the case of monthly reducing balance method, the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month.
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Do I need to open an account with ICICI Bank for availing and/ or servicing the loan?
We will encourage you to start a banking relationship with us so that we will be able to offer host of other value added services, which are complementary to the loan, however opening an account with us is not mandatory.
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What are the stages involved in availing a loan?
The stages involved are:
- Application
- Processing
- Documentation
- Sanctioning of the loan
- Disbursement
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Does ICICI Bank have a loan for the car I want?
ICICI Bank car loans are available for almost all passenger cars - new as well as used.
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If I am not able to furnish my income documents is there a special scheme for persons like me?
Yes, ICICI Bank has tailor made schemes for persons like you.We offer funding without the income proof also.
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Can I avail of a loan on my existing car?
Yes, we do offer loans on existing cars, provided the cars are not hypothecated to any financier
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