Car Loan

A Car Loan is extended for the purchase of a passenger four wheeler, be it a new car or a used one. A Car Loan can also be used as a Cash Loan for used cars to support transactions like refinance, top up an existing Car Loan or carry out a balance transfer.

There are two types of application processes when applying for a Car Loan, one is manual and the other is digital.

The manual process:

• 1. Customer walk-in
• 2. Probing is done
• 3. Scheme and IRR is shared
• 4. Documents are collected
• 5. Lead is generated on the Sales CRM
• 6. Case is introduced through MCAS
• 7. For pre-approved customers the case moves directly to the operations tray. For non-preapproved customers the case is moved to the credit tray
• 8. Credit approves the case
• 9. Post-approval docs are submitted
• 10. The case is disbursed.

For the digital process please refer to the following video through the mentioned link:

https://icici.cogdam.secureanycloud.com/index/login?key=qk1638163163696qr&partial=true&b=1&e=0

Yes. Pre-approved customers can avail 100% of the on-road price. However, the on-road price should be equal to or less than the offer amount.

For non-preapproved customers 100% on-road funding is possible basis the merits of the case like income, stability, FOIR, CIBIL and internal checks.

As no upper limit is prescribed for the maximum loan amount, it will depend on the cost of the vehicle. E.g. if the on-road price of a car is 20 lakh a customer can avail 20 lakh depending on the merits of the case.

The tenure ranges from 12 months to 84 months to secure a loan for a new car.

Anybody can apply for a Car Loan excluding customers below the age of 18 years, customers declared as defaulter by the RBI and applications from countries excluded by the OFAC.

Credit score is one of the key factors to get a Car Loan approved. However, it would also depend on other parameters and on the reason why the applicant has a low credit score.

The down payment would vary from car to car. However, before the disbursal of a Car Loan a margin money receipt is required from the car dealer.

2 sets of documents are required for a Car Loan:

• Pre-approval documents
• Post approval documents.

Pre-approval documents:

• Photograph
• Application form
• Performa Invoice
• KYC documents (Identification, Address and Signature Verification)
• Banking documents (Salary Account documents for salaried customers and Current Account documents for entities and the self-employed)
• Income documents (Salary Slip/ITR/Form 16)
• Relationship proof in the case of a co-applicant
• Partnership deed in the case of partnership companies
• MOA or AOA in the case of companies.

Post approval documents:

• Agreement Kit
• Insurance
• Margin Money receipt
• Partnership Authority letter in the case of partnership firms
• Board resolution in the case of companies.

This would depend on the merits of the case. Generally, co-applicants are preferred in Auto Loan cases and the Guarantor can be taken if required.