Author Archives: Karishma

ICICI Bank Car Loan for Self Employed

ICICI Bank Car Loan for Self Employed – Owning your dream car was never so easy. ICICI Bank offers Car loan to self-employed residents of India. So whether you are running a shop, or a restaurant or are involved in whatever business of your own, you can easily avail car loan from ICICI Bank and drive your dream car.


Professional Details
Loan Amount
Yearly Income
Disclaimer: We do not provide Personal Loans but help you to connect with banks to get best deals.
All loans are on sole discretion on the respective banks

% of Finance

  • Get loan upto 100% ex-showroom price of the car. Get your car financed fully from ICICI Bank.

Interest Rate

  • The Bank offers loan on car at attractive interest Rates.

On New Car

  • 12.75% on principal amount for a tenure upto 23 months.
  • 12% on the loan amount for tenure 24-35 months.
  • 10% on the loan amount for tenure 36-84 months.

On Old Car

  • 15% rate of interest on the loan amount raised for tenure 24-35 months.


  • The amount raised as a car loan can be repaid within 7 years. The borrower will simply have to pay EMIs on the principal amount and thereafter outstanding amount. Check how much you will have to pay monthly from EMI Calculator.

Instant Car loan

  • Get the amount of car loan disbursed in your account instantaneously.


Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
Monthly EMI
Total Amount with Interest
Flat Interest Rate PA
Flat Interest Rate PM
Total Interest Amount
Yearly Interest Amount

Check Eligibility:

  • Follow the steps below to check your eligibility for the Car loan.

For New Customers, visit the bank’s official website, Products>loans>Car loan>Apply Now

For Existing Customers, visit the bank’s official website, Products>Loans>Car loans>Apply Now.

  • Choose from the following options and enter the details
  • Net Banking: Enter your User ID and Password.
  • Credit Card: ICICI Bank Credit Card No. And Credit Card PIN.
  • Debit Card: ICICI Bank Debit Card No. And Debit Card PIN.
  • Loan Account Number: Loan Account Number and any two among the Date of Birth, Loan Amount, EMI Amount, Account Number.
  • This will direct you on the ‘Check Eligibility’ page. Follow the step below:

Select the ‘Type of loan’. Enter your mobile Number in the space provided. Enter your residential area and the residence type . The Month and Year when you moved to your current address and Date of Birth in (DD/MM/YY format). Model of the Car. Ex-showroom price of the car. Type of Employment (Self-employed/Self-employed Professional). Select Yes/No on ‘Do you have a relationship with the Bank’. Tick the Consent note. Select ‘Check Eligibility’.

Additional Charges

Processing Fees

On the purchase of New Car

  • Rs.2500 on a gross loan amount less than Rs. 2,50,000.

  • Rs.3,500 as processing fees on a gross loan amount Rs.2,50,000 to Rs.3,90,000.

  • Rs.4,000 charged as processing fees on a loan amount Rs. 4,00,000 to Rs.4,90,000.

  • Rs.4,200 levied as processing fees on a loan amount Rs. 5,00,000 to Rs.9,99,000.

  • Rs.5000 is charged as processing fees on a loan more than Rs.10,00,000.

On the purchase of old car

  • Rs.6,000 or 2% of the loan amount.

Documentation Charges

  • The borrower needs to pay Rs.250 as documentation charges.

Part-Payment Charges

  • Part-Payment can be done only twice during the loan tenure and once in an year.

  • 6% of the Outstanding Principal is charged on part-payment of loan seasoning of 7 to 12 months.

  • 5% of the loan amount is charged with loan duration of 13 to 24 months.

  • 3% charged on loan seasoning above 24 months.

  • Amount given as Part-payment should be equivalent to mininum One EMI.

  • Upto 25% of the Principal outstanding can be pre-paid as partial payment.

Full-Prepayment Charges

  • On prepaying the loan amount fully, the borrower will have to pay interest outstanding for unexpired period of loan or 5% on principal outstanding.

Documents Required

Following are the documents required for the sanctioning of loan.

Self-Employed Professional

  • Application Form

  • KYC documents- Identity Proof, Age Proof, Age Proof, Photographs

  • Bank Statements

  • Signature Verification

  • Income Proof: Income Tax Returns of previous 2 financial years.

  • Business Stability Proof/ Ownership Proof.

Self-Employed Non-Professional

  • Application Form

  • Identity Proof

  • Age Proof

  • Address Proof

  • Bank Statements

  • Signature Verification

  • Income Tax Returns of Previous 2 financial years along with complete Audit Report.

  • Business Stability/Ownership Proof

  • Partnership deed and letter signed by all partners and authorising one partner.

  • Companies and Societies: Resolution by Board of Directors and Memorandum and Articles of Association.