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Car Loans

Car Loan

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Can I foreclose or prepay my Car Loan?

We charge prepayment fee of 5% on the outstanding principal amount and the Goods and Service Tax will be charged as applicable on the pre-payment fee.

To facilitate prepayment of your Car Loan / Two wheeler Loan , you are required to visit an ICICI Bank Asset Servicing (Retail asset operation group ) branch along with the below mentioned documents to complete the prepayment process:

  • Pre-payment Statement
  • Request letter signed by the loan applicant
  • Bank statement reflecting the clearance of the last installment
  • PAN Card (If the closing cash payment is more than Rs.50,000)
  • Vehicle Registration Certificate (R C Book Copy)
  • Vehicle Insurance Copy
  • Mode of payment can be cash, cheque or demand draft

Please note that 18% Goods and Service Tax (GST) w.e.f. July 1, 2017 will be applicable .

How can I foreclose my Car Loan / Two Wheeler Loan?

To facilitate prepayment of your Car Loan / Two wheeler Loan , you are required to visit an ICICI Bank Asset Servicing (Retail asset operation group ) branch along with the below mentioned documents to complete the prepayment process:

  • Pre-payment Statement
  • Request letter signed by the loan applicant
  • Bank statement reflecting the clearance of the last installment
  • PAN Card (If the closing cash payment is more than Rs.50,000)
  • Vehicle Registration Certificate (R C Book Copy)
  • Vehicle Insurance Copy
  • Mode of payment can be cash, cheque or demand draft

How do I update my mailing address, mobile number or e-mail ID registered under my loan account?

You may update your mailing address, mobile number or e-mail ID through any of the following modes:

  1. Through Internet Banking:

    STEPS:
    • Login to www.icicibank.com with your user ID and password
    • Click on the "Loans" option
    • Click on the "Requests" option
    • Select the option "Request for Address Change" or "E-mail and contact number updation"
  2. Through our Customer Care:
    • Call our 24-hour Customer Care and our executive will be glad to help you. To know the customer care number please click here.
  3. At any ICICI Bank branch:
    • Visit any ICICI Bank loan branch with a valid photo ID proof and submit an application.

How do I repay the Car loan?

The loan can repaid through Post Dated Cheques drawn on ICICI Bank Ltd. Alternately, if you have a Bank account with ICICI Bank, you can issue a direct debit mandate, to your existing ICICI Bank account or even opt for an ECS option for the repayment.

How do I approach ICICI Bank for a Car Loan?

How can I obtain my un-banked PDC or Security PDCs?

In the event of the applicant's/s' wishes: to procure the post-dated cheques and / or security post dated cheques that remain un-banked at the end of the loan tenure / change of repayment mode; or details of such un-banked post dated cheques and / or security post dated cheques, the applicant/s must make a request for the same, within thirty days of closure of loan / change of repayment mode. If this is not done, ICICI Bank shall have the discretion / responsibility to destroy the un-banked post dated cheques including security post dated cheques without any further notice and ICICI Bank shall not have the obligation to return the same to the Applicant/s.

Does ICICI Bank have a loan for the car I want?

ICICI Bank car loans are available for almost all passenger cars - New as well as Pre-Owned.

What is a Monthly Reducing Balance in Car Loan?

In the case of monthly reducing balance method, the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month.

What are the lending rates for Car Loan?

The lending rates vary on the basis of car models and tenure selected.

Can I avail of a loan on my existing car?

Yes.