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FAQs
What are the loan tenure options? The tenure of the loan could range from one to seven years for new cars and from one to five years for used cars.
The lending rates vary on the basis of discounts, which are offered by manufacturers and dealers. ICICI Bank has a tie-up with most of the manufacturers and authorised dealers and our sales team will help you negotiate the best deal on your car loan.
How is the interest charged/calculated? Interest is calculated on a monthly reducing balance basis.
Do I have to pay any additional charges? Please click here to know the existing service charges.
How
do I approach ICICI Bank for a Car Loan?
How
much time will it take for my loan to be approved?
Who can be the co-applicants for the loan? Your spouse or any blood relative staying in the same residence can be a co-applicant.
Is a personal guarantor a must? No, a personal guarantor is not a must.
What security/collateral do I have to provide? No additional security/collateral needs to be provided, apart from the car against which the loan is granted, being hypothecated to ICICI Bank.
If I do not meet all the criteria for the loan, can I still avail of a loan? Yes, it is possible for you to avail of a loan even if you do not meet all the criteria, at the discretion of ICICI Bank. You can approach us in any of the following ways
The loan can repaid through post dated cheques drawn on ICICI Bank Ltd. Alternately, if you have a Bank account with ICICI Bank, you can issue a direct debit mandate to your existing ICICI Bank account for the repayment. Please click here for further details.
You can prepay the loan, if you are closing it fully. We charge for prepayment of loan by the customer. The details of charges are given in service charges page.
What is a Monthly Reducing Balance? In the case of monthly reducing balance method, the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month.
What is an Annual Reducing Balance? In the case of annual reducing balance method, the principal gets reduced at the end of the year and the interest is calculated on the outstanding principal at the end of the year.
Do
I need to open an account with ICICI Bank for availing and/ or servicing
the loan?
What are the stages involved in availing a loan? The stages involved are:
Does ICICI Bank have a loan for the car I want? ICICI Bank car loans are available for almost all passenger cars - new as well as used.
If I am not able to furnish my income documents is there a special scheme for persons like me? Yes, ICICI Bank has
tailor made schemes for persons like you. We offer funding without
the income proof also.
Can I avail of a loan on my existing car? Yes, we do offer loans on existing cars, provided the cars are not hypothecated to any financier.
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