Read To Know About ICICI Car Loan Eligibility

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We all wish to buy a car one day. After all, having a car at your disposal has so many benefits. You can go on a long drive, plan a trip to any nearby hill station or use it for a smooth traveling journey. Nobody wants to take the same public bus everyday to go to office. In case of any emergency, your car proves to be very beneficial. In case you want to buy a car of your choice, I would suggest you to opt for an ICICI car loan.

ICICI Bank is one of the prominent private sector banks in India which offers a wide range of products for the customers. The bank offers finance to interested applicants so that they can buy a new car or an old car as well. You can even take a loan against your car. The tenure for a new car loan goes up to seven years.

The interest rate for a tenure up to 23 months is 12.75%, for 24-35 months it is 12.25% and for 36-84 months it is 10.75%. Check out this article to know about the ICICI car loan eligibility in detail.

Eligibility criteria- An applicant has to ensure that he/she meets the required norms of eligibility set by the bank. There are certain factors like age, job/business stability and income, that determine whether you are eligible for a loan or not. Check the norms for different categories right now-

Salaried individual-

Age- The applicant needs to be over 25 years old when he/she applies for a car loan. He/she has to ensure that the loan is fully repaid by the age of 58 years. This clearly signifies the fact that the loan term matures by the time the applicant turns 58 years old.

Income- The applicant has to earn a regular gross income and that should be at least Rs. 2.5 Lakhs annually. In case, the applicant earns less, he/she won’t be eligible to apply for a car loan.

Employment stability- The applicant must have a total employment stability of above two years. He/she should be employed with his/her current employer for a minimum period of one year.

Self-employed individual-

Age- Any proprietor, professional, director or partner who is above the age of 28 years is eligible to apply for this product. The applicant should not exceed the age of 65 years when the tenure expires i.e. the loan has to be completely repaid before the age of 65 years.

Income– The applicant must earn a gross annual income of a minimum of Rs. 2 Lakhs for successfully availing finance from the bank.

Business stability– A business stability of more than three years is mandatory for the applicant if he/she desires to obtain a loan from ICICI.

Partnership Firm-

Profit after tax– The firm is required to post a profit after tax of at least Rs. 2 Lakhs. This is an important criteria that the firm is bound to fulfil.

Business stability– The firm is supposed to have a business which is stable for more than three years.

Private and Public Limited Companies-

  • The limited companies should be conducting operations for a period of at least three years. They should exist for this particular period if they wish to get financial help from the bank.
  • Profit after tax- The profit after tax for any company should be at least Rs. 2 Lakhs. The company has to ensure that this criterion is met.
  • Business stability-  The business should be stable for a period which is greater than three years.

Documents Required-

Once the applicant is able to meet the criteria of eligible, he/she is supposed to complete the very important task of submitting the documents to the bank on time. The list of important documents have been mentioned below. Don’t miss to check them out.

  • Fully filled Application form
  • Proof of Age- Birth certificate/ PAN card/  High school marksheet/ Passport
  • Photographs of passport size
  • Proof of Identity- Passport/ Aadhar card/ Voter ID card/ PAN card/ Driving License
  • Bank statement of the past six months
  • Verification of your signature- PAN card/ Passport/ Driving License
  • Proof of Income- For Salaried individuals- Latest salary slip of the past three months, Form 16 and ITR of the previous two financial years. For Self-employed individuals- Income Tax Returns of the past two financial years.  For Partnership firms and Limited companies- Income Tax Returns of the past two financial years plus Audited Balance Sheet and Profit & Loss account.
  • Proof of employment stability ( For salaried individuals)
  • Proof of Business stability ( For self-employed individuals)
  • Memorandum and Articles of Association and Resolution by the board of directors ( For Societies and companies)
  • Partnership deed along with a letter which is duly signed by the all the partners, which gives complete power to one partner ( For partnership firms)

Go realise your dreams today and avail a car loan apply from the bank at the best rates.

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