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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 .