ICICI bank provides an auto loan at simple conditions. ICICI auto loan will help anybody to own a car of their dream. Anybody who is eligible under the conditions stated by the bank for the availability of loan can apply for it. He/she needs to follow some simple steps and the loan will be available to them.
Following are the procedures for the availability of ICICI Auto Loan:
• The borrower should be minimum 21 years of age and maximum of 60 years of age for service person and 65 years for self employed persons.
• He/she should submit his/her identity, age, residence proof along with employment and income details.
• The annual income of service person should be Rs 1 lakh and Rs. 65000 for self employed person.
• Minimum of 1 day is taken for the processing of loan. Loans are available within 2 hours of submission of all the post sanctioned documents. Applications through emails are also accepted by the bank authorities.
• Some conditions are same for both new car and used car loans while some conditions differ.
• The loan type available for both new and old car is term loan.
• The tenure of repayment of ICICI auto loan is a maximum of 12 years.
• Another feature of this bank is the authorities accept a full pre payment of the loan amount but not the half prepayment.
• The rate of interest for new car is 14.25% and for used car is 16%.
• The preferred manufacturers for both new car and old car are Maruti, Hyundai, Honda, Fiat, Ford, Tata Motors, Toyota, Mercedes Benz etc.