ICICI Bank car loan interest rate 2019, other factors that you must know before applying

ICICI Bank car loan interest rate 2019: If you are planning to buy a new car, private lender ICICI Bank is ready to provide you hassle free car loan which can be up to 100% ex-showroom price of your selected car model with easy documentation process. The bank also gives priority to existing account holders and the loan amount is extended on low interest rates, besides reduced documentation, according to bank website.

ICICI Bank's car loan EMI is a fixed amount that you need to pay each month till the end of loan tenure. Lowest EMI offered by ICICI Bank is Rs 1,603 per lakh at lowest car loan interest rate of 9.25%. Your EMI depends upon the amount of loan you are going to borrow. Your loan EMI will be high if you apply for a high loan amount.

Customers can also avail insurance cover for car loan liability, but ICICI Car loan interest rate depends upon certain factors. Most banks offer lower interest rates for higher amount, but ICICI Bank offers 100% of ex-showroom price of your car. However, there are certain factors on which loan interest rate depends:

1. Those individuals with higher salary bracket are offered loans at lower interest rates, and car loan interest rate varies with your net monthly income.

2. Employer category is also considered to be a major deciding factor to determine rate of interest, as the ICICI Bank keeps a list of company categories of salaried individuals. It, therefore, becomes one of the criteria to decide low ICICI car loan rate.

3. ICICI Bank also offers special rates, offers and charges to the existing account holders. This includes those who have managed their accounts well and made payments on time would get benefit of low vehicle loan interest rate.

4. ICICI Bank vehicle loans are offered for longer repayment tenure of 7 years. The bank, however, also looks at repayment capacity before giving loan to the borrower. It verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. Notably, CIBIL also gives the information of credit card bills payment.

Eligibility for ICICI Car loan: The borrower should be between the age group of 18 to 65 years with a minimum annual income for salaried individual is Rs 2.50 Lakhs, self-employed professionals to have Rs 2 lakhs, while self employed businessmen also to have Rs 2 lakhs. Notably, car loan eligibility relies upon different factors, but the most important factor is your ability to repay the loan. 

Further, job stability is important to improve your status and eligibility for vehicle loan from ICICI Bank. If you are working with a reputed company, probability of getting car loan increases as the income is considered to be more stable and bank offers the best ICICI car loan interest to such employees.

Your CIBIL history and repayment record of existing loans and credit cards would directly impact your ICICI Bank car loan eligibility. If you have a poor repayment record, you may not get the loan but with a regular repayment record your loan eligibility increases. Generally, bank give loan at a CIBIL score of 700 and above.

ICICI Auto loan fee and charges

You need to pay foreclosure charges, if you want to repay your entire loan amount before the tenure period. ICICI Bank allows prepayment of vehicle loan after paying one EMI with prepayment 5%.  The bank also charges processing fee and the minimum amount is Rs 2500 and maximum amount is Rs 5,000 along with service tax. 

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Documents required for salaried employees: 

1. You need to fill up loan application form, 2 Passport Size Photo, and copy of Income Tax PAN, Identity Proof through Aadhaar, Passport/ Driving License/ Voter ID/ PAN.

2. You also need to have residential address proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport, Income Documents – 3 months pay slip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit.