ICICI Bank Ltd has decreased its car loan interest rates by 0.10%, or 10 basis points with effect from Wednesday, August 01, 2018. This interest rate cut will reduce the cost of funds for those people who want to avail auto loans for buying their new cars.
New Delhi (Delhi, India), January 16, 2020
The ICICI Bank Limited has decreased its new car loan interest rates by 0.10 percent, or 10 basis points with effect from Wednesday, August 01, 2018.
ICICI Bank Limited has revised its minimum new car loan interest rate from 9.40 percent to 9.30 percent per annum for 3 to 7 years (36 to 84 months) loan tenure, from 12.95 percent to 12.85 percent per annum for 24 to 35 months loan tenure and from 12.95 percent to 12.85 percent per annum for up to 23 months loan tenure.
ICICI Bank Limited’s current interest rate cut will reduce the cost of funds for those people who want to avail auto loans for buying their new cars.
ICICI Bank New Car Loan Interest Rate for 36 to 84 Months: 9.30% Per Annum
ICICI Bank New Car Loan Interest Rate for 24 to 35 Months: 12.85% Per Annum
ICICI Bank New Car Loan Interest Rate for up to 23 Months: 12.85% Per Annum
ICICI Bank New Car Loan Interest Rate for 36 to 84 Months: 9.30% Per Annum
ICICI Bank New Car Loan Interest Rate for 24 to 35 Months: 12.85% Per Annum
ICICI Bank New Car Loan Interest Rate for up to 23 Months: 12.85% Per Annum
ICICI Bank New Car Loan Rate of Interest is Floating or Fixed: Fixed Interest Rate
ICICI Bank New Car Loan Interest Amount Calculation Method: Monthly Reducing Balance
ICICI Bank New Car Loan Processing Fee: 0.50 to 1.00% of the Loan Amount (Minimum ₹2,500 plus GST and Maximum ₹5,000 plus GST)
ICICI Bank New Car Loan Documentation Charges: ₹250 plus applicable GST
Minimum Tenure for the ICICI Bank New Car Loan: Minimum Tenure for ICICI Bank New Car Loan is 12 Months
Maximum Tenure for the ICICI Bank New Car Loan: Maximum Tenure for ICICI Bank New Car Loan is 84 Months
Minimum Age Limit for Getting the ICICI Bank New Car Loan Sanctioned: Minimum Age 21 Years for Salaried Applicants and 25 Years for Self-Employed Applicants at the Time of New Car Loan Commencement
Maximum Age Limit for Getting the ICICI Bank New Car Loan Sanctioned: Maximum Age 58 Years for Salaried Applicants and 65 Years for Self-Employed Applicants at the Time of New Car Loan Maturity
ICICI Bank New Car Loans Minimum Income Eligibility Criteria for Salaried Individuals: (i) Minimum Net Annual Salary of ₹96,000 based on Latest Salary Slip and Form 16, and (ii) Minimum of 1 Year of Continuous Employment
ICICI Bank New Car Loans Minimum Income Eligibility Criteria for Self-Employed Individuals: (i) Minimum Net Annual Business Income of ₹120,000 based on Latest 2 Years Income Tax Returns, Audited Financials and Computation of Income, and (ii) Minimum 3 Years of Employment in the Same Line of Business
ICICI Bank New Car Loans Minimum Borrowing Amount: ICICI Bank’s Minimum New Car Loan Amount is ₹1,00,000
Maximum Quantum of ICICI Bank New Car Loan: Up to 95% of the Ex-Showroom Value or Up to 90% of the On-Road Price of Vehicle (Maximum New Car Loan Amount is ₹2,00,00,000)
Different Options for Making ICICI Bank New Car Loan EMI Payments: The three options for making EMI payments are Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)
ICICI Bank New Car Loan Foreclosure or Pre Closure Charges: 5% of the Principal Outstanding plus GST (After 180 Days from Date of Disbursement)
ICICI Bank New Car Loan Part Payment or Prepayment Penalty: 5% of the Part Payment Amount plus GST (Minimum Amount Equal to One EMI and Maximum Amount 25% of the Balance Principal in One Year)
Charges for ICICI Bank New Car Loan EMI Late Payment: Minimum 2% Per Month of the ICICI Bank New Car Loan EMI Outstanding Amount
ICICI Bank New Car Loan EMI Cheque, SI, or ECS Bounce Charges: ₹500 plus GST
ICICI Bank New Car Loan Security Requirement: Hypothecation of New Car to be Purchased out of Loan is Compulsory
ICICI Bank New Car Loan Guarantor Requirement: No Guarantor is Required
ICICI Bank Used Car Loan Interest Rate for Up to 3 Years Tenure: 14.25% Per Annum
ICICI Bank Used Car Loan Interest Rate for Above 3 Years Tenure: 14.25% Per Annum
ICICI Bank Certified Pre-Owned Car Loan Interest Rate for Up to 5 Years Tenure: 14.25% Per Annum
ICICI Bank Used Car Loan Rate of Interest is Floating or Fixed: Fixed Interest Rate
ICICI Bank Used Car Loan Interest Amount Calculation Method: Monthly Reducing Balance
ICICI Bank Used Car Loan Processing Fee: 2.00% of the Loan Amount (Maximum ₹6,000 plus applicable GST)
ICICI Bank Used Car Loan Documentation Charges: ₹250 plus applicable GST
Minimum Tenure for the ICICI Bank Used Car Loan: Minimum Tenure for ICICI Bank Used Car Loan is 12 Months
Maximum Tenure for the ICICI Bank Used Car Loan: Maximum Tenure for ICICI Bank Used Car Loan is 60 Months
Minimum Age Limit for Getting the ICICI Bank Used Car Loan Sanctioned: Minimum Age 21 Years for Salaried Applicants and 21 Years for Self-Employed Applicants at the Time of Used Car Loan Commencement
Maximum Age Limit for Getting the ICICI Bank Used Car Loan Sanctioned: Maximum Age 58 Years for Salaried Applicants and 65 Years for Self-Employed Applicants at the Time of Used Car Loan Maturity
ICICI Bank Used Car Loans Minimum Income Eligibility Criteria for Salaried Individuals: (i) Minimum Net Annual Salary of ₹96,000 based on Latest Salary Slip and Form 16, and (ii) Minimum of 1 Year of Continuous Employment
ICICI Bank Used Car Loans Minimum Income Eligibility Criteria for Self-Employed Individuals: (i) Minimum Net Annual Business Income of ₹120,000 based on Latest 2 Years Income Tax Returns, Audited Financials and Computation of Income, and (ii) Minimum 3 Years of Employment in the Same Line of Business
ICICI Bank Used Car Loans Minimum Borrowing Amount: ICICI Bank’s Minimum Used Car Loan Amount is ₹1,00,000
Maximum Quantum of ICICI Bank Used Car Loan: Up to 80% of the Market Value of Vehicle (Maximum Used Car Loan Amount is ₹2,00,00,000)
Different Options for Making ICICI Bank Used Car Loan EMI Payments: The three options for making EMI payments are Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)
ICICI Bank Used Car Loan Foreclosure or Pre Closure Charges: 5% of the Principal Outstanding plus GST (After 180 Days from Date of Disbursement)
ICICI Bank Used Car Loan Part Payment or Prepayment Penalty: 3% to 5% of the Part Payment Amount plus GST (After 180 Days from Date of Disbursement and Minimum Amount is Equal to One EMI and Maximum Amount is 25% of the Balance Principal in One Year)
Charges for ICICI Bank Used Car Loan EMI Late Payment: Minimum 2% Per Month of the ICICI Bank Used Car Loan EMI Outstanding Amount
ICICI Bank Used Car Loan EMI Cheque, SI, or ECS Bounce Charges: ₹500 plus applicable GST
ICICI Bank Used Car Loan Security Requirement: Hypothecation of Used Car to be Purchased out of Loan is Compulsory
ICICI Bank Used Car Loan Guarantor Requirement: No Guarantor is Required
ICICI Bank Limited – Deposits and Loans Interest Rates
Current Deposits and Loans Interest Rates of ICICI Bank Limited