A car loan is a secured loan that one can avail of from a bank or lending organization. ICICI bank is one of the banks that provides you with a car loan facility if you meet their criteria.
The car that you choose depends on your capability to pay back the car loan as per the EMI plan selected by you if you think you are not capable of paying the EMI on time or if you are a first-time car owner, I suggest you go in for a used car loan. Many banks provide a used car loan too, one being ICICI. A used car, in other words, is a pre-owned car.
Car loan interest rate is desirable with a smooth documentation process and a loan tenure of up to 5 years, all provided by the ICICI bank.
ICICI provides you with a facility known as “Insta car loan” in this facility for existing consumers. They can view and understand the offer presented by ICICI Bank for a used car loan by sending an SMS from a mobile phone number, which is filed by ICICI bank.
A used car loan customer can produce an approval letter online by understanding the below steps:-
The first thing you do is log in to your internet banking.
You then view car loans “pre-approved” via the offered widgets on the ICICI bank website.
You then navigate to the offer and select the manufacturer details of your choice.
If everything is as per your needs, you accept the offer and generate the approval letter. If something bothers you with the offer, you can always call the ICICI bank customer care to help you out.
Once you generate the approval letter, the next step is to visit the ICICI bank branch and submit the disbursal case.
Guess what? You can now drive home in the car of your choice!
The lowest interest rate you can get for a used car is 13.75%. Since a used car has lost some of its value, the maximum loan amount too will differ. Also, a used car loan is available at both fixed and floating rates.
Features:-
The process for application of a used car loan is most of the time identical to that of a new car loan.
Any individual with a permanent source of income can apply for a used car loan. The loan granted for the Used Car varies from 60% to 80% of the on-road value of the car. As the risk correlated with the used car loan is higher. So, the price charged on used car loans is on the upper side and begins from 13.75%.
Conclusion:-
The 1st reason you should choose, you can avail of it anywhere, many banks are wishing to provide you with used car loans, and if you have the money, you can buy another car.
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