Almost all types of loans, including auto loans, can now be applied for online, especially after the Corona outbreak. This has been done to help borrowers to apply for a loan online, sitting at home.
Most top banks allow customers to visit their official website to apply for an auto loan. However, keep in mind even though you can easily apply for a loan, it totally depends on your credit score, credit history to get approval for a vehicle loan. Additionally, having a high credit score will not only get your loan approved quickly, but you can also avail of low-interest rates.
For instance, when approving a car loan some banks such as ICICI Bank offer 100 per cent financing of the on-road price of a vehicle. Hence, borrowers can get funding for the entire on-road price of a car, if applied for a loan from such banks.
Additionally, ICICI Bank’s existing customers are pre-qualified and pre-approved for vehicle loans, and the maximum loan amount depends on the borrower’s profile, vehicle cost, car model, etc. Having said that, both ICICI Bank customers and non-customers can apply for a loan from the bank.
Here is how you can apply for a vehicle loan from ICICI bank online;
– First, visit the online bank website/bank portal.
– For existing bank customers login first and select the ‘Apply Online’ option to proceed
– Non-bank customers can proceed by clicking the ‘Apply Online’ option without logging in
– Under the ‘Apply Online’ option, click on car loans, and you will be a directed to a new page with a Form
– As a borrower you will have to fill-up the form, to get a customized car loan quote immediately from the bank
– Borrowers who have logged in with the bank website (existing customer of ICICI Bank) some personal details will be pre-filled in the Form.
– In the form, while selecting the type of loan the borrower have to choose from – ‘new car loan’, ‘used car loan’, auto loan top-up’, ‘refinance’, and ‘balance transfer’.
– After selecting the type of loan, as a borrower, you will have to provide details including your specified dealer product, vehicle cost calculation (this will include the make and model of the car) along with work information, and residence stability, to proceed and check for eligibility.
– Next, you will be offered the maximum loan amount that can be approved for you along with the maximum tenure option, depending on the make and model of the car.
– Note that the offer that is put out from the bank, is based on the ex-showroom price of the car in that location. Additionally, if you want to increase your loan amount or extend the tenure, you will have to visit an ICICI Bank branch.
– After selecting the preferred loan amount and the tenure for the loan, you can click on the ‘apply now’ option at the end of the page to proceed.
– After that, the bank will show the quoted price for that particular vehicle in that location
– To proceed as a borrower you will have to put in your personal details like, address, employer details, etc.
– After that, you will have to upload relevant documents, such as your signature verification documents, employment continuity document, address documents, identity proof, bank statement, income documents, age proof, etc.
– After uploading all the documents, you can click on submit and proceed to finalize the loan.
– To complete the full application, upload all documents that would go to the credit manager for credit underwriting.
– The credit manager then authenticates and assigns the application back to Digital RM of that region to inform the borrower.