ICICI Bank Car Loan – Offers 100% financing of on-road price

Some notable features of ICICI Bank New Car Loans are:

  • Minimal documentation
  • Longer loan tenure up to 7 years
  • Financing for up to 100% of on-road price
  • Low processing fee

ICICI Bank Car Loan Eligibility

To be eligible for an ICICI Bank New or Used Car Loan, applicants must adhere to the following criteria:

  • Applicant must be a salaried or self-employed individual (professional or non-professional).
  • Must provide proof of income stability

Salaried Applicants

Category Documents Required
Application Form Duly filled-in application form
KYC Address proof, ID proof, age proof, and photographs
Bank Statements Signature Verification
Income Proof Form 16 or latest salary slip
Other Documentation Proof of employment stability

Self-employed Professionals

Category Documents Required
Application Form Duly filled-in application form
KYC Address proof, ID proof, age proof, and photographs
Bank Statements Signature Verification
Income Proof Income Tax Returns for last 2 years
Other Documentation Proof of business stability/ownership

Self-employed Non-professionals

Category Documents Required
Application Form Duly filled-in application form
KYC Address proof, ID proof, and age proof
Bank Statements Signature Verification
Income Proof
  • Income Tax Returns for past 2 years
  • comprehensive audit/financial report
Other Documentation
  • Proof of business stability/ownership
  • Partnership Deed & letter signed by all partners giving authority to one partner
  • Memorandum/Articles of Association & Resolution by Boar of Directors

You can find more about Car loan eligibility here!.

FAQ

    1. Will ICICI let me prepay or foreclose my car loan?

Yes, you can prepay or foreclose your car loan at a charge of 5% + GST on the remaining principal loan amount.

    1. What are the repayment options available with this car loan?

You can pay the car loan EMIs in a variety of ways. If you are an existing ICICI Bank customer, you can opt for the direct debit facility or ECS. Otherwise, you may also make the EMI payment via issuing post-dated cheques drawn in favour of ICICI Bank Ltd.

    1. Is there a provision to update my contact details on my ICICI Bank loan account?

Yes, you can easily update your contact details such as your email ID, mobile number, mailing address, etc., by walking into any ICICI Bank branch. When submitting your application, do remember to carry a valid photo ID proof.

    1. What are some factors which influence the interest rate for a new car loan?

The interest rate for new car loans is dependent on some factors like the tenure of the loan, the car you’re planning to get, and your relationship with the bank, among other factors.

    1. Are used car loan interest rates influenced by any factors?

Yes, interest rates for a used car loan can vary depending on some factors like the age and segment of the car you’re purchasing, the loan product type you are availing – refinance, top-up loan, and the loan term, to name a few.

 

Maruti Suzuki is buckled up to come up with quite a few new launches this year. One of the most anticipated SUVs from the brand has been unveiled recently – the Maruti Suzuki XL6. The six-seater car which is primarily based on the Ertiga, has been placed above the outgoing MPV. The XL6 will be sold through the premium Nexa dealerships of the brand.

The XL6 is powered by a K15B petrol engine which comes with a mild-hybrid system. The 1.5-litre 4-cylinder engine which lies under the hood of the car is mated with either a 5-speed manual transmission system or a 4-speed torque convertor gearbox. This allows the engine to churn out about 105 hp of max power and 138 Nm of peak torque. This is the same transmission setup which is found in the Ertiga and the Ciaz. Maruti usually has 4 trims for their cars – Sigma, Delta, Zeta, and Alpha. Th XL6, however, has been launched in the top 2 variants. The price tag on the XL6 starts at Rs.9.80 lakh and goes up to Rs.11.46 lakh. Some of the important features on the Alpha variant of the car are the rear parking camera, automatic headlamps which comes with the follow-me-home feature, and leather seats and steering wheel.

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