Know how ICICI car loan differs from that of other banks, with features like Smart car loan EMI, competitive car loan interest rates, hassle-free documentation, and dealer tie-ups with car sellers.
Today we will talk about the ICICI car loan. All you need to do first is check if your desired car is first available on the ICICI car loan website. After this, follow the below steps to avail of the car loan through a quick and easy process.
- Eligibility:
In the “Check your eligibility” option, fill in your personal and professional details, including name, mobile number, company information, how long you have been living at your present address, and the type of car loan you want to avail of. There is also a column for car cost calculation in which you mention the details of the car you are interested in. Once you are done, the bank comes up with an “offer they have for you”, based on the details you have previously mentioned. You can easily complete the application and upload all the documents on the website itself.
- Car loan EMI:
ICICI car loan provides a feature known as Smart EMI, which is inclusive of everything starting from full tenure insurance, maintenance, and risk protection. Also, the estimated resale value of the car is deducted upfront to lower your EMI – at the end of the tenure, and you can either choose to buy or surrender your option based on preference with attractive bonus payments. Due to their Smart EMI option, you don’t have to worry about unbudgeted and unforeseen expenses, investing in depreciating assets, and risk of resale value.
- Car loan interest rate:
ICICI Bank offers new car loans with fixed interest rates. In a fixed interest rate, the car loan interest rate will remain fixed during the tenure of the loan. The interest rate for new cars is based on factors such as customer relationship, car segment, and tenure of the loan, etc. If your tenure of credit is up to 23 months, your car loan interest rate will be 12.85%, if your tenure of credit is 24-35 months, the rate of car loan interest will be the same. However, if your tenure is 36-84 months, the rate of your car loan interest will be 9.30%. These rates are for new car loans. ICICI bank provides you with competitive rates on new cars, loan servicing at your doorstep, and the widest choice of dealer tie-ups. It also ensures hassle-free and straightforward documentation.
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