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Loan Faqs
Faq

Who can avail of Car Loans? :

New Car Loans to the following: Salaried individuals in the age group of 21 to 60 years (at the end of the tenure) Self-employed individuals in the age group of 21 to 65 years (at the end of the tenure) Partnership Firms Public & Private Ltd. companies HUFs and Trusts
Faq

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

Car Loans are available for almost all new passenger cars.
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Can I avail of a loan on my existing car? :

No, we do offer loans only for new cars.
Faq

What security/collateral do I have to provide? :

No additional security/collateral has to be provided apart from the car against which the loan is granted, which should be hypothecated to ICICI Bank.
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If I don't have an account with the Bank, can I still avail of loans? :

You need not necessarily have an account with the back to apply for a loan.
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Do I have the option of pre-paying the entire loan amount? :

Yes. One can pre-pay the loan any time after 6 months of availing of the loan. One merely has to pay a small prepayment fee on the outstanding loan amount.
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What are the stages involved in availing a loan? :

The stages involved are: • Application• Processing• Documentation• Sanctioning of the loan• Disbursement
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How do I repay the 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 for the repayment.
Faq

If I do not meet all the criteria for the loan, can I still avail of a loan? :

Yes, it is possible for you to avail of a loan even if you do not meet all the criteria, at the discretion of ICICI Bank.
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How much finance can I avail of? :

You can borrow up to 90% of the invoice value. However, the minimum loan amount is Rs.50000.
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Do I need a guarantor? :

Generally no. But if your income does not meet the bank credit criteria, then you may be required to have a guarantor to stand surety for your loan.


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