How to apply for a Car Loan online?

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We are now living in a world that doesn’t need a maid or chauffeur, everything now involves technology. And technology’s simplest invention is online processing. Thanks to that technology, people can avail the loan from any part of the world without having to travel miles to open an account or withdraw cash like decades ago. Online processing is extremely simple and stress-free.

 

The following steps are to be followed

 

  • Log in to the official website of the bank or NBFC and select apply for a car loan from the menu bar.

  • An application form is presented on the car asking for the applicant’s name, gender, age, mail id, address, pin code, monthly income.

  • You have to then select the type of car loan i.e used car loan, new car loan, or loans against cars.

  • Then you have to mention the loan amount you want for the number of years.

  • The car loan interest rate is calculated using the Car Loan EMI Calculator and is presented on the screen.

  • Then the uploading section is shown on the screen, where you have to scan and upload the original copies of ID proof, income proof, address proof and bank statement, and car details-quotation of the car. The ID proof and address proof could be a PAN card, Voter Id, Aadhar card, passport, driving license, and/or any other valid government authorized document.

  • After submission within several hours, the bank or NBFC verifies your documents and approves your loan if all is well and good with your application.

  • Then a detailed document is sent to your e-mail requesting a digital signature, accepting all the terms and conditions and detailing the additional charges of availing a loan like processing fee, preclosure charges, and taxes in addition to the loan amount, interest rate, and principal

  • After the signing process, the amount is disbursed in your account within 2 days in most banks and NBFCs

 

ICICI Car Loan details

 

ICICI is a financial institution that has been serving financial and banking services for more than 20 years. They have branches all around the world and are known for their excellence in professional services.

 

Eligibility criteria to avail a car loan from ICICI

 

  • The applicant must be in the age range of 18 years to 65 years

  • The income of the applicant must be above Rs 2.5 lakh for a salaried individual and above Rs 2 lakh for self-employed professionals and people in business.

  • The minimum credit or CIBIL score to avail a car loan is 700.

  • Professional stability: The applicant needs to be in a stable job with a steady income.

 

Loaning details in ICICI

ICICI offers both online and offline services in availing a loan. And the process is extremely easy. The loan amount it offers for a new car is up to 100% of the car’s ex-showroom value and up to 80% in the case of used cars and for loans against cars. Though at least 20% of the car amount is recommended to be paid as a down payment by economists. The maximum tenure offer is 84 months and the minimum is 12 months.

The interest rate for a new car loan is 9.85% for a tenure of 12months-35months and 7.80%-8.80% for 36 months to 84 months and 12% to 14.5% for a used car loan and 8.15% to 20% for loans against cars. The processing fee is the charge incurred by banks and financial institutions for the processing and approval of the application. ICICI charges up to 2.5 % of the loan amount. The preclosure charge is incurred for closing the loan before the end of tenure. The charge depends on when you close the loan account. ICICI charges up to 5% of the outstanding loan amount.     

 

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