A car is a dream that many of us wish to achieve one day, right. In the present scenario, buying a car has become easier as more and more lenders are coming up with a slew of easy and attractive financing options to appeal the customers. Unlike earlier when only a few elite class used to have the privilege of owning a car, today even an individual with a salary of say Rs. 15,000-20,000 can also buy the 4-wheeler. This has been made possible due to the repayment of the loan in the form of equated monthly installments (EMIs), which constitute a portion of interest and principal payable each month from your pocket.
Not only new cars, but even a used vehicle can also be bought on a loan. However, the repayment tenure can vary in each of the cases. The maximum loan tenure for new cars is seven years, while for used cars it is 5 years. Any individual, be it salaried, self-employed businessmen or professionals with a regular source of income can avail a car loan from banks and non-banking finance companies (NBFCs) across India.
If your score is below about 700, prepare for questions about negative items on your credit record and be able to document your answers,
The credit score needed to qualify for a car loan depends on the lender you are applying with. Different lenders have different criteria, so the minimum score needed to qualify will vary depending on which company is providing the financing.
Different lenders may also use different credit scoring models. Some scoring models assign different weights to the various elements in your credit score than others, which can cause scores to vary.
There are some lenders that specialize in approving loans for those with less-than-ideal credit scores. However, those loans typically come with higher interest rates and less favorable terms than those you would qualify for with better credit.
ICICI bank provides you a hassle-free car loan at affordable rates, special discounts on processing fee and NIL foreclosure charges. You can also take the auto loan for a brand new or used car. ICICI Bank Car loan offers many features like low processing charges, low EMI, less paperwork, short processing time and many others to mention.
In this article we will look at all aspects pertaining to ICICI Car Loan.
You definitely want to ensure that your lender (Bank) provides auto-adjusted benefits on interest rates that extends into the future. That’s the reason why you need a credible lending institution with a dedicated and experienced workforce who will guide you through the entire process.
3 basic criteria on which the loan interest rate would largely depend are:
• Loan amount: Car Loan amount will decide the interest rate you are going to pay. The more the loan amount, the lesser the interest rate will be
• Your Salary: higher the salary amount, lower would be the interest rate
• Type of loan opted for: Account holders have a fair deal now! They can enjoy a lower rate of interest on car loans.
It is generally advantageous to take a car loan as it will allow you to get tax exemptions. However, you must consult your CA/ income tax advisor to know the benefits/disadvantages in your specific case.
To become eligible for ICICI Bank car loan the eligibility standard must be matched. That becomes an important deciding factor for your loan amount. Instances like:
You can apply for ICICI Bank car loan by contacting the bank directly or by applying online. Availing a loan through an online marketplace improves the chances of getting best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process which includes checking your CIBIL score, the value of the property, technical and legal checks on the property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results.
If the answer is YES, you must be having a lot of questions in your mind like:
Further, the loan eligibility will also be dependent on the value of the vehicle selected by you.
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