Car Loan - Apply Car/Auto Loan Online, 100% On-Road Funding - ICICI Bank (2024)

FAQs

What is 100% loan-to-value for a car? ›

For example, if you took out a $15,000 auto loan for a car of equal value, your loan-to-value ratio would be 100%. Some loans may even start at higher than 100%, as some lenders are willing to offer loans with ratios of 125% or more.

Car Loan Eligibility Calculator FAQs

The required CIBIL score for a Car Loan varies, but generally a score of <700> or higher is preferred by ICICI Bank.

You can also track the status of your ICICI Bank car loan by calling the customer support helpline at 1860-120-7777 (toll-free). Once you call the number and provide your loan reference number, the customer care representatives will find out the status of your loan application and let you know.

Americans are having a harder time getting approved for auto loans, as banks worry over the risk of defaults at a time when high interest rates and elevated car prices are squeezing budgets. With borrowers struggling to make their monthly car payments, banks are responding by tightening credit standards.

Don't Take a 100% Loan if You Can Make a Down Payment

Taking a 100% loan with a piggyback – a first mortgage for 80% of value and a second mortgage for 20% -- would result in a higher overall cost than an 80% loan with a 20% down payment. In part, the higher cost will be in the higher rate on the second mortgage.

In financing terminology, a 125% loan has a loan-to-value (LTV) ratio of 125%. The LTV ratio, which compares the size of a loan relative to the appraised value of the property that serves as security, is used by lenders to judge a loan's default risk.

The Minimum CIBIL Score for a Home Loan can vary from one financial institution to another, but generally, a score of 750 or more is considered good. ICICI Bank, for instance, recommends a CIBIL score of 700 or higher for applicants seeking a Home Loan.

Most used auto loans go to borrowers with minimum credit scores of at least 675. For new auto loans, most borrowers have scores of around 730. The minimum credit score needed for a new car may be around 600, but those with excellent credit often get lower rates and lower monthly payments.

Hence credit scores in India are known as the CIBIL TransUnion score. CIBIL Score is a 3-digit numeric summary of your credit history, rating and report, and ranges from 300 to 900.

The ICICI personal loan processing time varies as per the record of the borrower. It usually takes two to three days if everything goes right.

How to check ICICI car loan number? ›

The customers can contact the customer care department for any queries related to car loans by calling up the following number:1800-200-3344 .

To close your loan before it ends, you have to: Visit your bank's nearest branch or get the loan closing done online if allowed. Carry the documents mentioned above. You might have to pay a pre-closure or penalty charge for closing the loan before time.

Borrowers may be denied for vehicle financing due to errors in the application, bad or limited credit or a large amount of debt. The first step following auto loan rejection is to contact the lender to request the specific reasons for the denial.

Having a high debt-to-income ratio — the amount of debt on credit cards, other loans or a mortgage compared with the amount you're paid — is another possible reason for loan denial. Also, a loan application could be declined for something simple like incorrect or missing information in your application.

You calculate it by dividing the loan amount by the car's value (which may differ from the sale price) and multiplying the result by 100 to get a percentage. For example: if you take out a $25,000 car loan to buy a $30,000 car, your loan-to-value ratio would be 83%.

LTV stands for loan-to-value ratio. That's the percentage of the current market value of the property you wish to finance. So a 100 percent LTV loan is one that allows you to borrow a total of 100 percent of your property value. Related: Home equity loan vs home equity line of credit (HELOC)

The loan-to-value ratio is the amount of your loan divided by the vehicle's actual cash value. Lenders use this formula when deciding whether to lend you money for a car or vehicle. When shopping for a car or vehicle, the loan-to-value (LTV) is one factor that lenders use to evaluate your loan application.

To figure out your LTV ratio, divide your current loan balance (you can find this number on your monthly statement or online account) by your home's appraised value. Multiply by 100 to convert this number to a percentage. Caroline's loan-to-value ratio is 35%.