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Car Loan Eligibility
ICICI Bank offers Car Loans with eligibility criteria tailored for diverse applicants. Salaried individuals are those aged between 20 and 65 years with a minimum monthly income of Rs 30,000, Self-employed individuals must be aged between 21 and 70 years. An existing relationship with ICICI Bank is advantageous.
Car Loan Documents
ICICI Bank simplifies Car Loan applications with a concise document list. Required documents include KYC details, identity and address proofs, income evidence and business or employment stability proofs. Salaried individuals need recent salary slips whereas self-employed applicants must provide financial statements or income tax returns. This streamlined process ensures a quick and stress-free Car Loan experience with ICICI Bank.
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Car Loan FAQs
What is a Car Loan?
Car Loans are extended for the purchase of a passenger four-wheeler, new car or a pre-owned car. Car Loans can also be used as a Cash Loan through products like Refinance, Top-up on an existing Car Loan or to carry out a Balance Transfer.
How is a Car Loan application processed?
A. There are two types of application processes when applying for a Car Loan - one is digital process and the other Manual Process.
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The manual process:
- Customer walks in
- Probing is done
- Scheme and IRR are shared
- Documents are collected
- Lead is generated on the Sales CRM
- Case is introduced through MCAS
- For pre-approved customers, the case moves directly to the operations tray. For non-pre-approved customers, the case is moved to the credit tray
- Credit team approves the case
- Post-approval, documents are submitted
- The loan is disbursed
Can I get 100% funding to buy a car?
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 pre-approved customers, 100% on-road funding is possible basis parameters like income, stability, FOIR, CIBIL and internal checks.
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