- 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 !