New/Used Car Loans
Here's how you can own that fancy ride
Buy that car for your family of 4 or the fancy ride that just hit the store
Now you can get the money to bring a new car home with ICICI Direct Car Loans, being offered through ICICI Bank. With this auto loan option, you can finance up to 100% of the on-road price of the car you've set your eyes on.
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ICICI Direct Car Loan Features and Benefits
- Attractive interest rates
- Loan tenure of up to 7 years
- Loan of up to 100% of car's on-road price
- Simple, hassle-free documentation
- Insurance cover for loan liability available, repayable along with EMI
- Interest rate on new car loan remains fixed throughout tenure
- Interest rate based on customer relationship, car segment, tenure of loan, etc
Documents Required for Car Loan
| Documents | Salaried | Self Employed Professional | Self Employed Non Professional |
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| Application form |  |
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| KYC | |||
| Photographs | |
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| Identity Proof | |
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| Address Proof | |
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| Age Proof | |
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| Bank Statements | |||
| Signature Verification | |
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| Income Proof | |||
| Latest Salary Slip / Form 16 | |
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| Income Tax returns of 2 previous financial years along with complete financial/audit report. | |
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| Income Tax Returns of 2 previous financial years. | |
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| Other Documentation | |||
| Business Stability proof / Ownership proof | |
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| Employment Stability Proof | |
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| Partnership deed and Letter signed by all partners authorising one partner | |
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| Companies and Societies: Resolution by Board of Directors (or such managing body) and Memorandum and Articles of Association | |
Car Loan FAQs
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How do I repay the Car loan?
The loan can repaid through Post Dated Cheques drawn on ICICI Bank Ltd. Alternately, if you have a Bank account with ICICI Bank, you can issue a direct debit mandate, to your existing ICICI Bank account or even opt for an ECS option for the repayment.
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What is a Monthly Reducing Balance in Car Loan?
In the case of monthly reducing balance method, the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month.
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What is pre-approved Auto Loan?
Pre-approved Auto Loan from ICICI Bank is offered to our existing customers on the basis of the existing relationship with the bank. It is offered to selected customers. Customers having pre-approved offers are eligible for the LOAN AMOUNT (in lacs) and tenure as per the offer available.
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What are the documents I need to submit, if I have
pre-approved offer?
You just need to submit one application form along with one recent coloured photograph, KYC documents, Performa Invoice of the car and Disbursement Kit.
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What is the maximum LOAN AMOUNT (in lakhs) and tenure
for pre-approved car loan?
Maximum LOAN AMOUNT (in lakhs) and tenure shall depend on the offer available. You can avail of lower LOAN AMOUNT (in lakhs) or tenure as per the cost of car. You will get loan up to 100% of on road price of the car, if the same is within the range of the offer amount.