Car Loan for used cars

February 28, 2019

IBank_Used-Car-Sale-PurchaseRefinance-Top-up

How to get a Car Loan processed for a second-hand car

ICICI Bank Used Car Loan is provided against purchase of a second-hand car or loan is provided against any car which is more than 30 days old (basis invoice). A customer can Apply Online by providing asset details and complete the application.

Here are the steps to apply online:

  • Check eligibility by providing eligibility criteria and asset details
  • View ‘Offer for you’ and ‘Accept Offer’
  • Complete application
  • Upload document.

Ten things to look while buying used car

  • Look carefully at the car’s exterior and interior
  • Go for test drive
  • Perform leak test
  • Have a mechanic inspect it
  • Read reviews on the make and model
  • Figure out a fair purchase price
  • Decode and review vehicle history report
  • Consider looking at certified pre-owned vehicles
  • Take your time to help avoid buyer’s remorse

Used Car Loan for pre-approved customers:

Used car-sale purchase is extended to Pre-Approved Car Loan customers with eligibility up to 80% of the offer amount. The offer amount will vary subject to valuation of the user car. Maximum tenure is up to 48 months. The customer can log in to Internet Banking and check pre-approved offers and get approval letter. Walk in to the nearest branch for further completion of the request.

How to refinance your car:

The refinance option can be availed of provided your existing car is not hypothecated to any: Financial institution or has hypothecated but nil outstanding. ICICI Bank also provides Maxx Refinance Option to get loan up to 140% of car valuation

Apply online for refinance:

  • Check eligibility by providing eligibility criteria and vehicle asset age details of existing car
  • View ‘Offer for you’ and ‘Accept Offer’
  • Complete application
  • Upload document.

Car Loan Top-up

Availing of Top-up loans on existing Car Loan is easier. Please ensure to have good repayment track record for existing Car Loan to get hassle-free disbursal. Top-up can be utilised for personal needs like business development, wedding, personal engagements.

Apply online for Topup:

  • Check eligibility by providing eligibility criteria and existing Car Loan details
  • Provide vehicle asset age details
  • View ‘Offer for you’ and ‘Accept Offer’
  • Complete application
  • Upload document.

 

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The contents of this document are meant merely for information purposes. The information contained herein is subject to update, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject lClCl Bank or its affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment. Any investment decisions that may be made by you shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient’s own risk. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith by lClCl Bank and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. lClCl Bank does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Past performance cannot be a guide to future performance. ‘lClCl’ and the ‘I-man’ logo are the trademarks and property of lCICl Bank. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.

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