Auto credit: How to apply for ICICI Bank auto credit online
Getting a car loan has become difficult during the coronavirus pandemic because leaving your home to apply for a car loan is not easy for everyone. Fortunately, in the midst of this Corona outbreak, almost all types of loans, including auto loans, have now moved to the online platform, where borrowers can apply for a loan online. In most major banks, customers can apply for a car loan on the bank’s official website. Note that it is essential to maintain a good credit rating when applying for a car loan. Aside from the loan approved faster with a high credit score, banks / lenders offer low interest rates if a customer has a good credit rating.
Some banks, for example, ICICI Bank, offer financing at 100 percent of the price of a vehicle on the road, when applying for a car loan. Therefore, with these banks, the entire road price of a car can be financed by a car loan. Existing ICICI Bank customers are pre-qualified and pre-approved for auto loans, and the maximum loan amount is based on borrower profile, model variant, cost of vehicle, etc.
Here are the steps to follow to apply for a car loan from ICICI bank online;
– The borrower should visit the online asset portal / website of the bank.
– You can first connect and select the “Apply online” option or proceed with the “Apply online” option without connecting.
– Under the option “Apply online”, click on car loans – a new page with a form will open
– The borrower will have to fill out the form to instantly get a personalized auto loan quote from the bank.
– For an existing ICICI Bank customer (who has logged in), some personal data will be pre-filled in the form.
– Then select the type of loan that the borrower wishes to opt among “new car loan”, “used car loan”, “auto loan recharge”, “balance transfer” and “refinancing”.
– Once the borrower has selected the type of loan, they should provide details including the stability of the residence, the product of the specified dealership, the calculation of the cost of the car (make and model of the car) and the job information, to proceed with the eligibility check.
– Then, depending on the make and model of the car, the borrower will be offered the maximum loan amount and the maximum occupancy option (The offer will be based on the price from the showroom of the car there. If the borrower wants to increase their loan amount or extend the term, they should go to the nearest ICICI bank branch.)
– After selecting the preferred loan amount and loan term, the borrower will need to click on the “apply now” tab at the end of the page.
– The bank will then display the price indicated for this car at this location
For a new car at the ex-showroom price – Delhi Rs 7 60 000
– Then, the borrower must provide his personal information, his contact details and the contact details of his employer (in the case of an employee)
– Once the borrower has proceeded after filling in this information, he will be asked to upload the relevant documents: i) signature verification document
ii) employment continuity document
iii) address document
iv) identity document
v) bank statement
vii) income document
viii) proof of age
– Once the borrower has downloaded all the documents, he can click on submit to finalize the loan.
– The complete application with the fully downloaded documents will reach the credit manager for the credit subscription.
– The credit manager authenticates and reassigns to Digital RM from this region to notify the customer.