One of India's largest private sector banks, ICICI Bank Limited (ICICI Bank), had consolidated total assets of INR 16829.04 billion as of December 31, 2021.
As of April 30, 2023, ICICI Bank was in many different countries, including India, and had a network of 5,756 branches and 16,610 ATMs/CRMs.
The new car models and the various financing schemes provided by ICICI Bank Car Loans make booking your dream car at an attractive interest rate easier.
ICICI Bank is one of the leading banks in India that offers car loans to customers looking to purchase a new car. The following are some of the salient features and characteristics of the new car loan available from ICICI Bank:
Loan amount: ICICI Bank offers car loans ranging from Rs. 1 lakh to Rs. 30 lakhs, depending on the customer's eligibility and value.
Interest rates: ICICI Bank offers competitive interest rates on its car loans, starting at 7.5% per annum. The interest rate may vary based on the customer's credit score, loan amount, and other factors.
Repayment tenure: The repayment tenure for ICICI Bank car loans ranges from 1 year to 7 years, depending on the customer's preference and eligibility.
Loan to value (LTV) ratio: The LTV ratio for ICICI Bank car loans is up to 100%, which means that customers can get a loan amount of up to 100% of the car's value (on-road price).
Quick loan approval: ICICI Bank offers quick loan approval for its car loans, with loans getting approved in the least possible time for pre-approved customers.
Flexible repayment options: ICICI Bank offers flexible repayment options for its car loans, allowing customers to choose from a range of repayment options such as EMI, ECS, or post-dated cheques.
Insurance and other add-ons: ICICI Bank also offer car insurance and other add-ons, such as roadside assistance and extended warranty, which customers can opt for along with their car loan.
Some basic eligibility criteria for a Toyota Fortuner car loan from ICICI Bank are mentioned below.
Age: The applicant must be at least 25 when applying for the loan. The maximum age at the time of loan maturity should be 58 years for salaried individuals and 65 years for self-employed individuals.
Income: The minimum income required for a car loan varies based on the applicant's location. The applicant should have a minimum Gross Annual income of Rs. 2.5 lakhs for salaried individuals and Rs. 2 lakhs for self-employed individuals.
Employment: The applicant should be employed for at least 2 years, with a minimum of 1 year of continuous employment with the current employer.
Down Payment: The applicant must make a down payment of at least 15% of the ex-showroom price of the Toyota Fortuner.
Below mentioned is the list of documents required:
Proof of income
Salaried Individuals: The most recent salary slip and the previous two years' Form 16/Income Tax Returns.
Self-employed individuals: Income tax returns from the previous two fiscal years.
Partnership firms, societies, and companies: Income tax returns for the previous two fiscal years and a complete financial/audit report.
Customer information documentation
Identity Proof, Signature Proof, and Proof of Address as per ICICI Bank requirements.
Partnership Firms: A partnership deed and a letter signed by all partners authorising one partner to execute the required Car Loans documentation are required for partnership firms.
Societies and companies: Resolution by the Board of Directors (or other governing body) and Memorandum and Articles of Association (or Society/Trust deed).
Do you want a home loan but aren't sure how much you'll have to pay in EMIs? Don't worry; the ICICI Bank home loan EMI calculator is exactly what you need. Input the loan amount, interest rate, and loan term into the online calculator. Here are the steps to use the EMI calculator:
Visit the ICICI Bank website and navigate to the Car Loan section.
Click on the "Calculate Your EMI" button.
Enter the respective fields' loan amount, interest rate, and loan tenure. For example, if the loan amount is Rs. 20 lakhs, the interest rate is 9%, and the loan tenure is 5 years, then you would enter these values in the calculator.
Click on the "Calculate" button to get the monthly EMI amount.
The interest rate, fees, and charges for a Toyota Fortuner car loan from ICICI Bank are as follows:
The interest rates for a Toyota Fortuner car loan from ICICI Bank may vary depending on the applicant's profile. The minimum interest rate for car loans starts at 7.50% per annum and can go up to 11.50% per annum.
ICICI Bank charges a processing fee of 999/- onwards. The processing fee may vary depending on the loan amount and the applicant's profile.
Apart from the processing fee, ICICI Bank may also charge other fees and charges, such as documentation charges, stamp duty, and prepayment charges.
ICICI Bank charges a documentation fee of Rs. 650 + applicable GST for car loans.
The stamp duty is generally a small percentage of the loan amount at Actuals per the State Stamp Duty Act + taxes (if any).
If the applicant wishes to prepay the car loan, ICICI Bank may charge a prepayment fee of up to 3% of the outstanding loan amount.
As a general guideline, a minimum down payment of 15% to 25% of the ex-showroom price of the car is typically required.
Therefore, if the ex-showroom price of the Toyota Fortuner is Rs. 35 lakhs, the minimum down payment required would be around Rs. 5.25 lakhs to Rs. 8.75 lakhs. The remaining amount will be funded by the car loan from ICICI Bank.
However, it's important to note that the actual down payment required may vary based on the specific loan terms and conditions offered by ICICI Bank. It's advisable to check with the bank to get an accurate estimate of the down payment required for a car loan for the Toyota Fortuner.
To apply for a Toyota Fortuner car loan, you can follow these general steps that are applicable to most banks and financial institutions:
What is the maximum loan amount I can get for a Toyota Fortuner car loan? The loan amount can range from 80% to 100% of the car's ex-showroom price.
What is the tenure of the Toyota Fortuner car loan? The tenure of a Toyota Fortuner car loan may vary depending on the bank or financial institution, but typically, it can range from 1 year to 7 years.
Can I prepay my Toyota Fortuner car loan? You can prepay your Toyota Fortuner car loan, but the bank or financial institution may charge a prepayment penalty.
What is the interest rate for a Toyota Fortuner car loan? Generally, the interest rates start from 7.50% per annum and can go up to 15.50% per annum.
Can I apply for a Toyota Fortuner car loan online? Yes, most banks and financial institutions offer the facility to apply for a Toyota Fortuner car loan online. You can visit their website and fill in the application form for the loan.
How much down payment is required for Toyota Fortuner? The down payment for Toyota Fortuner starts at 3.93 lakhs onwards.
Can I get a Toyota Fortuner car loan without a down payment? No, a down payment is usually required to avail of a Toyota Fortuner car loan.
Is a guarantor required to apply for a Toyota Fortuner car loan? A guarantor is not usually required to apply for a Toyota Fortuner car loan. However, some banks or financial institutions may require a guarantor if the applicant's profile is not strong enough to meet their eligibility criteria.