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NEW CAR LOANS

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Loan Amount - Car Loans | Car Overdraft

Car Loans

New car

We finance upto 95% of the ex-showroom cost of the car.
The Loan amount also depends on the car model. Higher loan amounts are available under specific enhanced income eligibility criteria.
Minimum loan amount for new car Loan is Rs.1 lac.

Used car

For a used car, we finance up to a maximum of 90% of the valuation of the car
Minimum loan amount for a used car loan is Rs. 75000/-

Loan Enhancement

To enhance your loan amount, the certified income of the co-applicant can be considered, if requested by the applicant.
The co-applicant can be the spouse or son/daughter living in the same city.
Similarly, in case of a partnership firm or a limited company one of the partners or a director can be taken a co-applicant / guarantor for increasing the loan amount
However, in both cases, the asset has to be registered in the name of a single owner, not joint ownership.

Car Overdraft

A maximum overdraft facility of upto 90% of the value of the car may be availed subject to the above limits ( Car value is determined through a valuation )

Documentation :

Car Loans | Car Overdraft

Car Loans

Salaried Individual	Self-Employed Individual	Partnership Firm	Private / Public Ltd Co
Application form	Application form	Application form	Application form
Photograph	Photograph	Photograph of signing partner	Guarantor's photograph (for private limited company only)
Proof of bank account continuity	One proof of income (ITR for the last two years )	Last two years' income proof (audited account or ITRs + CA certified financials)	Last two years audited financials
One income proof for the last two years (ITR, Form 16, salary slip)	One proof of residence (driving license / voters' identity card / ration card / passport / utility bills for the last 3 months)	Partnership deed	Certified true copy of the MOA & AOA
One proof of identity (driving license / voters' identity card / passport / PAN card / photo credit card / photo ration card)	One proof of residence (driving license / voters' identity card / ration card / passport / utility bills for the last 3 months)	Partners authority letter	Board resolution (format available on request)
One proof of residence (laminated driving license / voters' identity card / photo ration card / passport /utility bills for the last 3 months / company ID - limited company or government / PAN card)	One proof of office address (utility bill / lease deed / excise or sales tax receipt / Shops and Establishment Act Registration)

Car Overdraft

Salaried Individual	Self-Employed Individual	Partnership Firm	Private Ltd Co
Application form	Application form	Application form	Application form
Photograph	Photograph	Photograph of signing partner	Guarantor's photograph (for private limited company only)
Proof of bank account continuity	One proof of income (ITR for the last two years )	Last two years' income proof (audited account or ITRs + CA certified financials)	Last two years audited financials
One income proof for the last two years (ITR, Form 16, salary slip)	One proof of residence (driving license / voters' identity card / ration card / passport / utility bills for the last 3 months)	Partnership deed	Certified true copy of the MOA & AOA
One proof of identity (driving license / voters' identity card / passport / PAN card / photo credit card / photo ration card)	One proof of residence (driving license / voters' identity card / ration card / passport / utility bills for the last 3 months)	Partners authority letter	Board resolution (format available on request)
One proof of residence (laminated driving license / voters' identity card / photo ration card / passport /utility bills for the last 3 months / company ID - limited company or government / PAN card)	One proof of office address (utility bill / lease deed / excise or sales tax receipt / Shops and Establishment Act Registration)

Rates & Fees :

Car Loans | Car Overdraft

Car Loans

We offer most competitive interest rates in the industry.

Interest rates depend on Car model, Loan Tenure, Customer & Location.
Interest calculated on daily reducing balance

Car Overdraft

Interest is charged only on the amount drawn and for the period that it is utilized. The rate of interest would depend on the scheme selected by the customer.
The interest is debited to your current a/c on the last day of every month.

A valuation fees will have to be paid directly to the valuation agency identified by ICICI Bank Ltd.

Description of Charges	Car Loans
Loan Processing Charges / Renewal Charges	Will vary which is at the sole discretion of the financing institutio
	Car Overdraft : Rs. 1750/-
	@ Loan processing fees are charged at 0.40% extra for the State of Maharashtra
Prepayment Charges	5% on the principal outstanding
Solvency Certificate	N.A.
Charges for late payment (loans)	2% per month
Charges for changing from fixed to floating rates of interest	N.A.
Charges for changing from floating to fixed rates of interest	N.A.
Cheque Swap Charges	Rs. 750/-
Document Retrieval Charges	N.A.
Cheque bounce charges	Rs. 250/-

Note : Service Tax and other govt. taxes, levies, etc. applicable as per prevailing rate will be charged over and above these charges

* - Upto 5% for select categories

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