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ICICI Car Loan

ICICI bank provides car loans. There are various requirements for obtaining the ICICI Car Loan and they are discussed below:

Eligibility Criteria:

Age:

   *  Salaried individuals must be 25 years old at the time of applications and a maximum of 58 years when the loan matures.
   *  Proprietor, professional, partner or director must have a minimum age of 28 when applying and a maximum of 65 on loan maturity.
   *  Private and public limited companies must have a minimum of three years of existence.

Income:

   *  Minimum gross annual income of 4.00 lakhs for salaried individuals.
   *  For self-employed individuals, the minimum requirement is Rs. 2.50 lakhs.
   *  Partnership firms must have a minimum of Rs. 2.50 lakhs of profit after tax.
   *  Private and public limited companies must have a minimum of Rs. 2.50 lakhs of profit after tax.

Stability:

   *  The salaried person must have completed two years in job and a minimum of 1 year in the current job.
   *  Minimum of 3 years of business stability for the self-employed individuals.
   *  More than 3 years of business stability for partnership firms is required.
   *  Private and public limited companies must have more than 3 years of business stability.

Loan amount of ICICI Car Loan:

The minimum loan amount is Rs. 1,00,000 and the maximum amount depends on the model of the car, a price of the car and the customer profile.

Documents required:

The documents needed for ICICI Car Loan are:

  • Income proof
  • Identity proof
  • Signature proof
  • Address proof
  • Partnership deeds and IT returns, balance sheet etc (not for salaried people).

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