ICICI Bank

The co-borrower can be the spouse or son/daughter living in the same city. Since the co-borrower is the joint applicant for the loan, he/she has the obligation to repay the loan along with the main applicant.

Similarly, a guarantor can be any relative or director (in case of a private limited company). The guarantor provides the guarantee that the customer will repay the loan as per the terms & conditions of the loan.

However, in both cases, the asset has to be registered in the name of a single owner, not joint ownership.

New car
We finance up to 90 per cent of the ex-showroom cost of the car.

The amount financed will depend on the Loan to Value (LTV) ratio. The LTV ratios are applicable on the invoice value of the cars The customer has to bear the registration and the insurance costs.

The LTV also depends on the car model. Higher LTV ratios are available under specific enhanced income eligibility criteria. Please contact our representative for further details.

Used car
For a used car, finance up to a maximum of 80 per cent of the valuation amount is provided. You can also avail of a refinance against an existing car. In this case, the funding will be 70 per cent of the valuation amount.

Rates & Fees
Interest rates depend on the tenure and the car model selected. Interest is calculated on a monthly reducing balance and the rate remains unchanged till the maturity of the loan.

The interest rate for new cars varies between 14.5 per cent to 16 per cent.

The interest rate for used cars 18.5 per cent for loans greater than Rs 1 lakh and 20 per cent for loans less than Rs 1 lakh We charge a processing fee of Rs 1000 only in the case of loan amounts for used cars that are less than Rs 1 lakh

Repayment
The repayment tenure extends from 1 to 7 years The maximum loan tenure for a used car or is determined by the age of the car. In the case of a used car, the tenure cannot be more than 5 years and the used car cannot be more than 8 years old at time of maturity of the loan.

We charge a "swap" charge of Rs 500 for exchange of cheques. Once the loan is sanctioned, you can change the tenure. If you do so, the interest rate and the EMI will change accordingly. If a new car has been selected, then the loan amount will change accordingly.

Repayment due dates are the 1st or 7th of every month. Payments have to be made through post-dated cheques (PDCs) only, neither cash nor cards are accepted.

Payment due dates cannot be changed.

Once you submit the PDCs, the dates of the cheque cannot be changed.

You can change the PDCs only in the case of a change in bank accounts. However, we would require a signature verification by the new banker and we would be charging a nominal fee to replace your set of cheques.

We charge Rs 500 per bounced cheque.

The repayment schedule and amortisation chart will be given to you after the loan has been disbursed.

Full pre-payment is accepted, part pre-payment is not allowed. The prepayment fee is 2 per cent on the outstanding principal amount.

Should you change your residence during the tenure of the loan, please intimate us through a letter of the same.

In addition, you are required to fund the nominated local account. If you have shifted to a city where we have a branch, you can do a PDC swap (issue a new set of PDCs from the new bank account) for the remaining instalments.