Dreaming of buying a luxurious car? It is now possible to own the automobile of your dreams. Buying a car has become easier with ICICI Bank’s flexible auto loan solutions. ICICI Bank provides loans that are affordable and come with a variety of options to suit different borrower financial circumstances.
ICICI Bank provides advantages including 100% on-road funding alternatives, fast digital clearance, and the chance to obtain loans of up to Rs. 1 crore to assist you easily purchase your ideal car, whether it’s a new or pre-owned vehicle.
In this article, we’ll go over the main benefits of applying for an ICICI Bank Car Loan and how it may help you easily acquire the money you need to buy the automobile of your dreams.
What Makes Opting For An ICICI Bank Auto Loan A Good Choice?
Here are the key features-
- High loan amount
ICICI Bank offers a generous Car Loan amount of up to Rs. 1 crore* which helps in financing luxury vehicles or high end models without the need for payments upfront.
- 100% on road financing
Another key advantage of the ICICI Bank Car Loan is its provision for 100% on road funding which covers all expenses related to the car purchase such as road tax and insurance.
- Instant online loan approval
With a hassle-free online loan process from ICICI Bank in place, you can conveniently and efficiently obtain approval for your Car Loan digitally without any delays or prolonged waiting periods for funding to be secured.
- Extended loan durations
ICICI Bank provides loan durations for as long as up to 84 months, giving you the flexibility to select a repayment time frame that aligns with your financial circumstances. You have the choice to opt for longer tenure to spread your monthly instalments or decide on a shorter duration for quicker repayment of the borrowed amount.
How to Apply for a Loan Online?
You can complete the Car Loan application process online right from your home or anywhere. ICICI Bank’s online platform allows you to monitor your loan status easily while also managing repayments and accessing services effortlessly.
You can use the internet banking platform to apply for the Car Loan as per below steps:
- Log in to the internet banking site and log in
- Select the car and model which you have chosen to purchase.
- Customise your loan as per your requirements, loan amount, tenure etc.
- Complete your personal details and submit to get a quick loan sanction.
You can also get a pre-approved Car Loan offer through the iMobile app, if you are an existing ICICI bank customer. Here are the steps:
- Log in to your banking account through your credentials
- Click on the ‘Pre-approved Loans/Offers’ tab
- In the Auto Loan section click Apply now
- Customise your Loan
- eSign your Agreement
- Disburse to Dealer’s Account
- Download Delivery Note
- Handover the Delivery Note to your dealer and get your dream car.
ICICI Bank provides competitive interest rates to help you secure a Car Loan which aligns with your financial situation. The interest rates may fluctuate based on factors like your credit history and the loan duration.
Using The Car Loan EMI Calculator
Calculate your Car Loan instalment payments with the ICICI Bank Car Loan EMI calculator. Before you decide to apply for a Car Loan, make sure you fully understand the obligations that come with it. It’s helpful to have an understanding of the amount of money you will need to repay each month.
The ICICI Bank Car Loan EMI calculator can be really helpful in giving you an estimate of your instalments which are calculated based on factors such as the loan amount, interest rate, and repayment duration. Here’s how you can use it-
- Enter the amount you would like to borrow for the loan application. The maximum amount available is up to Rs. 1 crore*.
- Please provide the interest rate offered by ICICI Bank. It may differ depending on your credit history and other relevant factors.
- Choose the repayment period for your Car Loan between 1 year to 7 years.
After entering these details into the calculator you can view the instalment on the EMI calculator. This will assist you in organising your finances and figuring out the payment amount.
Requirements for Qualifying for an ICICI Bank Car Loan
Here’s the essential eligibility you should be aware of-
| Applicant Type | Age Range | Minimum Monthly Income | Additional Advantage |
| Salaried Individuals | 20 to 65 years | Rs. 30,000 | Existing relationship with ICICI Bank is advantageous |
| Self-Employed Individuals | 21 to 70 years | Not specified | Existing relationship with ICICI Bank is advantageous |
Conclusion
Owning your dream car can now be easy with ICICI Bank’s Car Loan. With perks such as 100% on road financing, the ability to secure loans up to Rs. 1 crore and fast loan processing, it allows you to bring home the car of your dreams without worrying about financial strain.
The Car Loan EMI calculator provided by the bank assists you in organising your repayment plan. ICICI Bank offers various flexible tenure options to enable you to select the most suitable repayment schedule.
Whether you work for a company or run your business, ICICI Bank offers customised loan options to suit your requirements.
When looking to purchase a vehicle consider ICICI Bank as your option for a Car Loan where you can experience a quick application process, attractive interest rates, diverse choices and budget friendly monthly payments that accompany it.