Services >> Car Loans >> Repayment
 

How to Repay

Car Loans | Car Overdraft

Car Loans

Repayment tenure ranges from 1 year to 7 years for New Car Loans. Six Year and Seven year loans are available for specific models.
Maximum loan tenure for used car would depend on the age of the car. The car should not be more than 8 years old at the time of maturity of the loan.
You may change the tenure of the loan before the loan is disbursed. The interest rate & EMI would change accordingly.
The repayment due dates are 1st and 7th of every month and would depend on the date of disbursement. Payment due dates cannot be changed.
You can make the Payments through post-dated cheques (PDCs)
Repayment option through Direct Debit Mandates is also available for all ICICI Bank account holders.
Option of repaying through ECS is also available in select cities.
Payments through cash or credit cards are not accepted.
You may change the PDC's in case your Bank Account is changed . However, we would require verification of signatures by new banker. A nominal fee of Rs.750/- (Swap Charges) would be charged for exchange of cheques.
A full pre-payment of the loan is accepted. Part pre-payment is not allowed.
Service Tax will be charged as applicable.
We charge pre-payment fee of 5% on the outstanding principal amount,Service Tax will be charged as applicable.
We charge Rs.250/-per bounced cheque.

 

 

 

 

 

 

 

 

Note: All charges are subject to Service Tax as applicable.

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Car Overdraft

Billing cycle

Statements carrying the details of your transactions with the total & minimum amount due, interest (if applicable) will be generated for a 30-day period and sent to you by the 7th of every month.
The due date for making the payment is the 25th of every month.

Interest chargeable

Interest is charged only on the amount utilized and for the period it has been utilized.E.g. - If out of the total sanctioned overdraft limit of Rs. 100,000, and you withdraw Rs. 25,000 for 14 days, you will be charged interest on Rs. 25,000 for 14 days.


Amount


On receipt of your monthly statement, you have the following payment choices:

Pay the full dues.
Pay a minimum of 5% of the total outstanding (for the previous calendar month) within the payment due date. For your convenience, this is specified separately in your monthly billing statement. The balance can be carried forward to subsequent months.
Pay any amount ranging from the Minimum amount due to the total amount due.


Mode

You can deposit your repayment cheques at any of the ICICI Bank Branches, ATM Centres or at the Cheque Drop Boxes conveniently located across your city.
Cash can also be deposited at any of the bank branches
Late Payment Charges

In case payment is not made by the due date, a late payment fee of 15% of the Minimum Amount Due, subject to a minimum Rs.150 and a Maximum of Rs.500 will be levied.

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