With most top banks, customers can apply for an auto loan from the official website of the bank. Apart from the loan getting approved quicker with a high credit score, banks/lenders offer low-interest rates if a customer has a good credit score.
Getting a car loan has become difficult during the times of Coronavirus pandemic as going out of one’s house to apply for an auto loan is not easy for everyone. Thankfully, amid this Corona outbreak, almost all types of loans, including auto loans, have now shifted to the online platform, wherein borrowers can file for a loan online. With most top banks, customers can apply for an auto loan from the official website of the bank. Note that it is vital to maintain a good credit score when applying for a vehicle loan. Apart from the loan getting approved quicker with a high credit score, banks/lenders offer low-interest rates if a customer has a good credit score.
Some banks, for instance, ICICI Bank offers 100 per cent financing of the on-road price of a vehicle, when applying for a car loan. Hence, from such banks, the entire on-road price of a car can be funded through a car loan. Existing ICICI Bank customers are pre-qualified and pre-approved for car loans, and the maximum loan amount is based on the borrower’s profile, model variant, vehicle cost, etc.
Here are the steps on how to apply for an auto loan from ICICI bank online;
– The borrower has to visit the online asset portal/bank website.
– One can first log in and select the ‘Apply Online’ option or proceed with the ‘Apply Online’ option without logging in.
– Under the ‘Apply Online’ option click on car loans – a new page with a Form will open
– The borrower will need to fill-up the form to get a customized car loan quote instantly from the bank.
– For an existing customer of ICICI Bank (who has logged in) some personal details will be pre-filled in the Form.
– Next select the type of loan the borrower wants to opt for from ‘new car loan’, ‘used car loan’, auto loan top-up’, ‘balance transfer’, and ‘refinance’.
– Once the borrower selects the type of loan, he/she has to provide details including Residence Stability, Specified Dealer Product, Car Cost Calculation (make and model of the car) and work information, to proceed to check eligibility.
– Next depending on the make and model of the car, the borrower will be offered the maximum loan amount and the maximum tenure option (The offer will be based on the ex-showroom price of the car in that location. If the borrower wished to increase his/her loan amount or extend the tenure, they need to visit the nearest ICICI Bank branch.)
– After selecting the preferred loan amount and the tenure for the loan the borrower will have to click on the ‘apply now’ tab at the end of the page.
– The bank will then show the quoted price for that car in that location
For a new car with the ex-showroom price- Delhi Rs 7,60,000
– Next, the borrower will have to put in his/her personal information, address details, and employer details (in case of salaried)
– Once the borrower proceeds after filling in those details, he/she will be asked to upload relevant documents: i) signature verification document
ii) employment continuity document
iii) address document
iv) identity document
v) bank statement
vii) income document
viii) age proof
– Once the borrower uploads all the documents, he/she can click on submit to finalize the loan.
– Complete application with fully uploaded documents would reach to credit manager for credit underwriting.
– The credit manager authenticates and assigns back to Digital RM of that region to inform the customer.