The purpose of ICICI Bank Vehicle loan is to provide assistance in buying new or used four wheeler as well as new two wheeler. Let us check here some basic details regarding ICICI bank Car loan eligibility and interest rates
- All individuals/firms/companies are eligible to avail except Hindu Undivided Family
- Minimum age of an individual should be 23 years and maximum should be 70 years
- Maximum tenure for repayment of new car loan is 84 months
- ICICI bank finance up to 100% of on-road price. In other words, no margin money require
- Processing fee for new car loan is 3,500/- to Rs. 8,500/-
- Processing fee for old car loan is Rs. 2% of loan amount or Rs. 15,000/- whichever is higher
- Documentation charge is Rs. 550/- excluding GST
- Quantum of finance for old car is 80% of cost of car valuation
- Maximum tenure for repayment of old car loan is 60 months
- Minimum income of a salaried individual should be Rs. 2.5 Lakhs p.a. and in case of non-salaried individual it is Rs. 2 Lakhs p.a.
- Salaried individual must have at least 2 years of work experience and non-salaried must have the business running for at least 2 years
Rate of Interest for ICICI Bank car loan
| Period of Credit Facility | Up to 35 months | Above 36 months to 84 months |
| Types of Credit Facility | Rate of Interest | |
| New Car Loan | 12.85% | 9.30% |
| Used Car Loan | 14.25% | 14.25% |
Basic details of ICICI Bank two-wheeler loan
- Minimum age of an individual should be 21 years and maximum should be 65 years
- Salaried and self-employed both can avail ICICI bank two wheeler loan
- Person should be employed or in business for at least 1 year. He should be at least 6 months with current employer/business
- Maximum tenure for repayment of ICICI bank two wheeler loan is 60 months
- Bank will pay 90% of loan amount. In other words, margin is 10% of loan amount
- Margin money is NIL for existing ICICI bank customer i.e. customer can get loan up to 100% of on-road price
- Minimum net annual income of a salaried individual should be Rs. 50,000/-
- Processing fee is maximum of 2.5% of loan amount subject to maximum of Rs. 2,500/-
- Documentation charge is 2.25% of loan amount subject to maximum of Rs. 1,000/-
- Rate of Interest is in the rage of 10.00% to 26.00%
Documents required for an ICICI Bank Vehicle loan
For salaried individuals
- Your bank statement for past six months
- Two passport-sized photographs
- Proof of identity: any one of the following – passport, Aadhaar, voter id
- Address proof: any one of the following – utility bills, ration card, Aadhaar card, passport
- Latest salary slip
- Form 16 or Income Tax returns of the past two years
For self-employed individuals
- Your bank statement for the past six months
- Two passport-sized photographs
- Proof of identity – any one of the following – passport, Aadhaar, voter id
- Proof of address – any one of the following – utility bills, ration card, Aadhaar card, passport
- Registration certificate of your establishment
- Form 16 or Income Tax returns for the past two year
- Audited balance sheet and P&L account statement
That’s all for ICICI bank vehicle loan eligibility and its interest rates. Hope you have understood better. Thanks for visiting us !