| Loans - Nri of CarLoans - FAQs - |
What are the cars eligible for finance under this product? We finance all car models sold in India through manufacturer authorised dealers. a. Please download the documents attached and fill up in hand. Please don’t omit to mention your day phone number and the e-mail address in the application form. b. You will also need to give the name and details of your co-applicant residing in India, who holds the custody of your car. c. After filling up the documents, you need to attach the required documents mentioned in Sanction Documents section and courier the documents to the following address: The NRI Car Loans d. Please attach an a/c payee cheque drawn on your NRO/NRE account for Rs.3000/- favouring “ICICI Bank Ltd – Car Loans”. e. Power of Attorney needs to be notarized by a local Notary Public and sent to your representative staying in India.
How will the sanction be communicated to me? Our NRI Car Loans helpdesk will send you an e-mail with the sanction details, reference number for future communication, and process further within 48 hours of receipt of the application form. Who will be the owner of the car? You can choose to be the owner of the car or can let your spouse or any of your blood relatives be the owner of the Car. What are the conditions for availing the loan? You will have to bring in a co-applicant in India, who is either your spouse or a blood relative. The loan will be used for a car purchased and used within India only. How much loan can I get? What is the period for which I can take a loan? The minimum loan tenure is 12 months and the maximum is 60 months What are the Income documents I need to submit? We do not need any Income documents from the NRIs. We finance on the strength of your Rupee Checking account. You need to submit the bank statements or your Rupee checking a/c for 6 months or if it is an ICICI Bank a/c, just quote the account number in your application form.
What are the Interest Rates payable on my loan? Interest Rates are dependant on the Car Model and tenure you choose. At the time of sanction, our NRI Car Loans desk will give you the Interest Rate quotation for your loan. What is the validity for my loan sanction? Your loan sanction is valid for a period of 30 days from the date of sanction, within which you can select the specific car you want and submit the Post-Sanction documents for availing the loan. What is the process after getting a Sanction letter? Once your loan is sanctioned, our Bank’s representative will contact your co-applicant and attorney holder. There will be a verification process at your co-applicant’s residence, which will take place within 48 hours of your sanction. Post Sanction documents like RTO sets, terms and conditions, Deed of Hypothecation etc will be executed by your co-applicant, and attorney holder on your behalf. You need to pay your contribution for the car and also insure the specific car you selected, which our representatives will help you with. In whose name will the loan be released? The loan will be released in the name of the Dealership from where you intend to buy the car. In case of any queries after loan disbursement, can my co-applicant contact ICICI Bank? Your co-applicant can contact the Bank and avail all the services that you would be eligible to as a customer of the Bank How will the registration of the Car take place? Your attorney holder can sign the RTO documents on your behalf and register the car. |