ICICI Car Loan Interest Rate And Application Requirements
ICICI bank provides car loan depending upon the type of car we choose. The two different types of car loans are new car type loan and old car type loan. ICICI Bank requires important documents to certify that the applicant is eligible to get the loan. The documents are identity proof, address proof and age proof.
The applicant can submit
- Passport
- Photo PAN Card
- Photo ration card
- Voter's identity card
- Driving license
- Defense identity card
- Government identity card
The applicant can submit the following documents for address proof. The documents are :
- Passport
- Ration card
- Society outgoing bill
- Telephone (land/mobile) bill
- Electricity bill
- Driving license
- Voter's identity card
- Life Insurance Policy.
The documents which can be submitted for age proof are
- Passport
- Birth certificate
- valid driving license
- Voter's identity card
- School leaving certificate
- LIC Policy or Premium receipt clearly indicating the applicant's age
- Letter from the employer stating the age of the employee.
Another important point is that passport only can be used for both personal identities as well for address proof. These are the personal documents to be submitted for loan. The important financial documents are salary slip for employees and salary certificate for self-employed applicants.
The interest rate differs according to the car model we choose. For New Cars it is Up to 100% of the 'on road' cost on select car models and a loan of up to 95 % on the 'ex-showroom price' with a minimum loan amount limit of Rs. 1,00,000 will be credited as car loan. For a Used Car it is Up to 90% of the valuation amount of the car with a minimum loan amount limit of Rs. 75,000. The various service charges in ICICI bank are listed below. Charges for late payments is 2% per month, for Cheque Swap Charges it is Rs 500 per transaction, for Statement of Account ,the charge is Rs 200/- per statement , for Cheque return the charge is Rs. 400/- per return.