Loan Against Car from ICICI Bank
Did you know you could use your car to raise funds from ICICI Bank which can further be used for various purposes like to renovate your house, for higher education or a foreign trip. You just need to apply for a loan against your car to get a loan of up to 160% of the current valuation of your car at an attractive interest rate starting at 14.25% per annum
Features of Loan against Car from ICICI Bank
- Get high-value loans up to 160% of car value
- Repayment tenure ranges from 1 year to 7 years
- A pre-approved car loan offers for ICICI Bank loyal customers.
Eligibility for Loan Against Car from ICICI BankThe following people are eligible to apply for a loan against car from ICICI Bank
Documents required for Loan Against Car from ICICI BankDocuments required for processing your application in ICICI Bank
Interest Rates & Other Charges for Loan Against Car from ICICI Bank
|Used Car Loan & Loan Against Car|
|Interest Rate||14.25% to 18% depending on the segment and age of the vehicle|
|Processing Fee||2% of the loan amount or ₹ 15,000 whichever is lower|
|Foreclosure Charges||5% on principal outstanding or interest outstanding for unexpired period of loan (whichever is lower)|
|Penalty for Late Payment||2% per month on the outstanding installment|
|Financing Quantum||Up to 160% depending on the asset and customer profile|
Note: *Foreclosure, Part-Payment, Processing fees, Valuation, Documentation, Collateral charges and Cheque/SI/ECS Return charges are exclusive of Government Taxes. Government Taxes and other levies as applicable would be charged additionally. All promotional offers will be null and void in case of third party payments towards foreclosure, and shall attract charges as per standard grid.