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A PROJECT REPORT ON A STUDY ON CREDIT SCHEMES OF AUTO FINANCE ( WITH REFERENCE OF ICICI BANK ) IN NAGPUR,

A Report Submitted to RASTRASANT TUKADOJI MAHARAJ NAGPUR UNIVERSITY


IN PARTIAL FULFILMENT OF

MASTER OF BUSINESS ADMINISTRATION


SPECIALZATION IN FINANCE MANAGEMENT FOR THE ACADEMIC SESSION 2012-2013

Submitted by Dipa Jivtode Under the Guidance of

G.H. RAISONI INSTITUTE OF MANAGEMENT & RESEARCH khaperkheda Nagpur 2012-2013

CERTIFICATE
This is to certify that Miss Dipa B Jivtode is a bonafide student of Master of Business Administration course, Specialization in Financial Management, session 2012-2013 of the G .H. RAISONI COLLAGE OF MANAGEMENT AND RESEARCH. The candidate has worked under the supervision of Mrs And has satisfactorily conducted project work for no less than one academic session.The Project submitted by his own work and is complete so as to warrant its presentation for examination. His project work titled A Study on Credit Schemes of Auto Fiance( with reference of ICICI Bank ) Which is in partial fulfillment of the requirement for the above course being forward to RASHTRASANT TUKADOJI MAHARAJ NAGPUR UNIVERSITY,NAGPUR

Guide

principal GHRIMR, Nagpur

SHRDHA HOUSE 345, KINGSWAY NAGPUR 440001 (MS) INDIA TEL+6617181.82,83. FAX 91 712-6630782 WEBSITE WWW.RAISONI NET

ACKNOWLEDGEMENT

The compilation of the dissertation in the present of form would not have been possible but for the valuable guidance ,encouragement & contribution of the various persons at the different stags of time; I earnestly wish to extend my humble gratitude to Mrs For suggestion and guiding in the project .She has been particural helpful in smoothing the way and helping me overcome the numerous difficulties that were confronted with during the project I would sincere.Like to thank her,nfor her invaluable guidance , inspiration and encouragement throughout this project .I consider it a great to have been associated with her I am thankful to principal of GHRIMR Nagpur I am also thankful to HOD of MBA Department , GHRIMR,Nagpur Last but not least I would like to thank our faculty, my friend and also those who directly or indirectly who contributed towards the successful completion of the project

DIPA JIVTODE

DECLARATION

I, DIPA JIVTODE declare that , With the exception of the suggestion & guidance received from my supervisor Mr ,The project titled A Study on Credit Schemes of Auto Finance (with Reference of ICICI Bank ) This projet is one ,which is substantially as this has not been previously Submitted to any examination of this university or other university

Place : Nagpur Date

signature DIPA JIVTODE

TABLE OF CONTENT

SR NO.

SUBJECT

Chapter 1 Chapter 2 Chapter- 3 Chapter 4 Chapter 5 Chapter 6 Chapter -7 Chapter 8 Chapter 9 Chapter-10 Chapter-11

Introduction Company Profile Objectives Hypothesis Limitations of the study Research Methodology Data Interpretation and analysis Recommendations & Suggestions Conclusions Bibliography Annexure

SRGDGADSHDDHG

ccSR NO. Chapter 1 Chapter 2ccc

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Chapter 5 Chapter 6 Chapter -7 Chapter 8 Chapter 9 Chapter-10 Chapter-11


SR NO 1) Introduction TOPIC PAGE NO

2)

Company profile History& Evolution The ICICI profile

3)

Objective & Rationale of The study

4) 5)

Research Methodology Data Analysis & interpretation 9

CREDIT FINANCE
Credit (from Latin credo transl. "I believe" ) is the trust which allows one party to provide resources to another party where that second party does not reimburse the first party immediately (thereby generating a debt), but instead arranges either to repay or return those resources (or other materials of equal value) at a later date. The resources provided may be financial (e.g. granting a loan), or they may consist of goods or services (e.g. consumer credit). Credit encompasses any form of deferred payment.[1] Credit is extended by a creditor, also known as a lender, to a debtor, also known as a borrower. Credit does not necessarily require money. The credit concept can be applied in barter economies as well, based on the direct exchange of goods and services (Ingham 2004 p. 12-19). However, in modern societies credit is usually denominated by a unit of account. Unlike money, credit itself cannot act as a unit of account. Movements of financial capital are normally dependent on either credit or equity transfers. Credit is in turn dependent on the reputation or creditworthiness of the entity which takes responsibility for the funds. Credit is also traded in financial markets. The purest form is the credit default swap market, which is essentially a traded market in credit insurance. A credit default swap represents the price at which two parties exchange this risk the protection "seller" takes the risk of default of the credit in return for a payment, commonly denoted in basis points (one basis point is 1/100 of a percent) of the notional amount to be referenced, while the protection "buyer" pays this premium and in the case of default of the underlying (a loan, bond or other receivable), delivers this receivable to the protection seller and receives from the seller the par amount (that is, is made whole).

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INTRODUCTION

11

INTRODUCTION &

HISTORY

The Bank was Incorporated on 5th January at Baroda. ICICI Bank was promoted by ICICI and erstwhile SCICI Ltd. and received the Certificate for Commencement of Business on 24th February. It does banking business of all kinds. It was founded as an institution to provide quality banking services using state-of-the-art technology. The Bank has established a well diversified branch network with 24 branches in 15 centre covering 12 states. The bank set up a fully computerised environment with the State-of-the-art technology at all offices continuously upgrading its strong systems and procedures with special emphasis on risk management.1996 The deposit products and other services of the bank were branded with names such as `Maxi cash' for services accounts, `Money Plus' for Current Account, `Quantum' for fixed deposit account, `Power Pay' for payroll accounts treasure chest for locker facilities and `Trice' ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's acquisition of Bank of Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses. In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE. After consideration of various corporate structuring alternatives in the context of the emerging competitive scenario in the Indian banking industry, and the move towards universal banking, the managements of ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI Bank would be the optimal strategic alternative for both entities, and would create the optimal legal structure for the ICICI group's universal banking strategy. The merger would enhance value for ICICI shareholders through the merged entity's access to low-cost deposits, greater opportunities for earning fee-based income and the ability to participate in the payments system and provide transaction-banking services. The merger would enhance value for ICICI Bank shareholders through a large capital base and scale of operations, seamless access to ICICI's strong corporate relationships built up over five decades, sentry into new business segments, higher market share in various business segments, particularly fee-based services, and access to the vast talent pool of ICICI and its subsidiaries. In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002. Consequent to the merger, the ICICI group's financing and banking operations, both wholesale and retail, have been integrated in a single entity. ICICI Bank has formulated a Code of Business Conduct and Ethics for its directors and employees. 12

ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's acquisition of Bank of Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses. In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE. After consideration of various corporate structuring alternatives in the context of the emerging competitive scenario in the Indian banking industry, and the move towards universal banking, the managements of ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI Bank would be the optimal strategic alternative for both entities, and would create the optimal legal structure for the ICICI group's universal banking strategy. The merger would enhance value for ICICI shareholders through the merged entity's access to low-cost deposits, greater opportunities for earning fee-based income and the ability to participate in the payments system and provide transaction-banking services. The merger would enhance value for ICICI Bank shareholders through a large capital base and scale of operations, seamless access to ICICI's strong corporate relationships built up over five decades, entry into new business segments, higher market share in various business segments, particularly fee-based services, and access to the vast talent pool of ICICI and its subsidiaries. In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002. Consequent to the merger, the ICICI group's financing and banking operations, both wholesale and retail, have been integrated in a single entity. ICICI Bank has formulated a Code of Business Conduct and Ethics for its directors and employees. ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's acquisition of Bank of Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses. In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE. After consideration of various corporate structuring alternatives in the context of the emerging competitive scenario in the Indian banking industry, and the move towards universal banking, the managements of ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI Bank would be the optimal strategic alternative for both entities, and would create the optimal legal structure for the ICICI group's universal banking strategy. The merger would enhance value for ICICI shareholders through the merged entity's access to low-cost Sdeposits, greater opportunities for earning fee-based income and the ability to participate in the payments 13

system and provide transaction-banking services. The merger would enhance value for ICICI Bank shareholders through a large capital base and scale of operations, seamless access to ICICI's strong corporate relationships built up over five decades, entry into new business segments, higher market share in various business segments, particularly fee-based services, and access to the vast talent pool of ICICI and its subsidiaries. In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002. Consequent to the merger, the ICICI group's financing ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's acquisition of Bank of Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses. In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE. s After consideration of various corporate structuring alternatives in the context of the emerging competitive scenario in the Indian banking industry, and the move towards universal banking, the managements of ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI Bank would be the optimal strategic alternative for both entities, and would create the optimal legal structure for the ICICI group's universal banking strategy. The merger would enhance value for ICICI shareholders through the merged entity's access to low-cost deposits, greater opportunities for earning fee-based income and the ability to participate in the payments system and provide transaction-banking services. The merger would enhance value for ICICI Bank shareholders through a large capital base and scale of operations, seamless access to ICICI's strong corporate relationships built up over five decades, entry into new business segments, higher market share in various business segments, particularly fee-based services, and access to the vast talent pool of ICICI and its subsidiaries. In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002. Consequent to the merger, the ICICI group's financing and banking operations, both wholesale and retail, have been integrated in a single entity.

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COMPANY PROFILE

Management - ICICI Bank


Name K V Kamath N S Kannan Rajiv Sabharwal Homi Khusrokhan Swati Piramal Tushaar Shah Name Chanda Kochhar K Ramkumar Sridar Iyengar Arvind Kumar M S Ramachandran V Sridar Company Background - ICICI Bank Industry Name House Name Collaborative Country Name Joint Sector Name Year Of Incorporation Year Of Commercial Production Regd. Office Address District State Pin Code Tel. No. Fax No. Email : investor@icicibank.com Auditors S R Batliboi & Co. Designation Chairman Executive Director & CFO Executive Director Director Director Director Designation Managing Director & CEO Executive Director Director Director Director Director

Finance - Banks - Private Sector ICICI Group N.A. N.A. 1994 N.A. "Landmark",, Race Course Circle Vadodra Gujarat 390007 0265-6617260,0265-6617200 0265-6617341,0265-2339926 Internet : http://www.icicibank.com Company Status N.A.

Registrars Name 3i Infotech Ltd Address Tower, No.5, 3rd to 6th Floor, Isnternational Infotech Park, Vashi, New Mumbai - 400703, Maharashtra Tel. No. : 022-67928000 Email : investors@3i-infotech.com Fax No. : 022-67928095 Internet : http://www.3i-infotech.com 15

Source : Dion Global Solutions Limited Location Details - ICICI Bank Location Type Registered Office Address Landmark, Race Course Circle Vadodra - 390007 Gujarat - India Phone : 6617260, 6617200 Fax : 6617341, 2339926 Email : investor@icicibank.com Internet : N.A. ICICI Bank Towers, Bandra-Kurla Complex Mumbai - 400051 Maharashtra - India Phone : 26531414 Fax : 26531122 Email : ir@icicibank.com Internet : N.A.

Corporate Office

Company Background - ICICI Bank Industry Name House Name Collaborative Country Name Joint Sector Name Year Of Incorporation Year Of Commercial Production Regd. Office Address District State Pin Code Tel. No. Fax No. Email : investor@icicibank.com Auditors S R Batliboi & Co.

Finance - Banks - Private Sector ICICI Group N.A. N.A. 1994 N.A. "Landmark",, Race Course Circle Vadodra Gujarat 390007 0265-6617260,0265-6617200 0265-6617341,0265-2339926 Internet : http://www.icicibank.com Company Status N.A.

Registrars Name 3i Infotech Ltd Address Tower, No.5, 3rd to 6th Floor, International Infotech Park, Vashi, New Mumbai - 400703, Maharashtra Tel. No. : 022-67928000 Fax No. : 022-67928095 16

Email : investors@3i-infotech.com Source : Dion Global Solutions Limited Location Details - ICICI Bank Location Type Registered Office

Internet : http://www.3i-infotech.com

Corporate Office

Address Landmark, Race Course Circle Vadodra - 390007 Gujarat - India Phone : 6617260, 6617200 Fax : 6617341, 2339926 Email : investor@icicibank.com Internet : N.A. ICICI Bank Towers, Bandra-Kurla Complex Mumbai - 400051 Maharashtra - India Phone : 26531414 Fax : 26531122 Email : ir@icicibank.com Internet : N.A.

Company Background - ICICI Bank Industry Name House Name Collaborative Country Name Joint Sector Name Year Of Incorporation Year Of Commercial Production Regd. Office Address District State Pin Code Tel. No. Fax No. Email : investor@icicibank.com Auditors S R Batliboi & Co.

Finance - Banks - Private Sector ICICI Group N.A. N.A. 1994 N.A. "Landmark",, Race Course Circle Vadodra Gujarat 390007 0265-6617260,0265-6617200 0265-6617341,0265-2339926 Internet : http://www.icicibank.com Company Status N.A.

Registrars Name 3i Infotech Ltd Address Tower, No.5, 3rd to 6th Floor, International Infotech Park, Vashi, New Mumbai - 400703, Maharashtra Tel. No. : 022-67928000 Fax No. : 022-67928095 17

Email : investors@3i-infotech.com Source : Dion Global Solutions Limited

Internet : http://www.3i-infotech.com

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OBJECTIVE & RATIONAL OF THE STUDY

OBJECTIVE OF THE STUDY


19

1)detailed study of sanctioning procedure in ICICI 2)Comparative study of car loans of different banks or institutions the detail study of car loan of different banks or involves . to study different car loan schemes to study how a file is appraised to study the documents required for sanctioning a loan to study the eligibility for a loan to study the calution of loan am What are the loan tenure options? What are the lending rates? How is the interest charged/calculated? Do I have to pay any additional charges? What documents do I need to submit to avail a Car Loan? How do I approach ICICI Bank for a Car Loan? How much time will it take for my loan to be approved? Who can be the co-applicants for the loan? Is a personal guarantor a must? What security/collateral do I have to provide? If I do not meet all the criteria for the loan, can I still avail of a loan? How do I repay the loan? Can I prepay my loan? What is a Monthly Reducing Balance? What is an Annual Reducing Balance? Do I need to open an account with ICICI Bank for availing and/ or servicing the loan?

What are the stages involved in availing a loan? Does ICICI Bank have a loan for the car I want? Can I avail of a loan on my existing car? How can I foreclose my Car Loan / Two Wheeler Loan? How can I obtain my un-banked PDC or Security PDCs? How do I update my mailing address, mobile number or e-mail ID registered under my loan account?

SCOPE OF THE STUDY


Study is limited to nagpur and ICICI Bank car loan is the area of study .In this project how a particular case of car loan sanctioned is studied taking into consideration the various documents required different rations considered for calculating a loan amount and how a file is apprised is also studied effects have also been made to find out why a particulare case is rejected. 20

A comparison is between different financial institution on different norms, efforts have been to find out how many loan application or case come in ICICI Bank through how many of them are sanctioned and how many of them are rejected.

IMPORTANCE OF THE STUDY

Auto finance is vey important for the incrasing for middle income group Auto finance helps the deals to expand the business Auto finance are helpful to increase the profit of the bank 21

Auto car loan offers a person the freedom to get a vechicle that might last them longer and thus can be long life companion So far them finance is one thing they are supposed to wary About

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RESEARCH METHODOLOGY

RESARCH METHODOLOGY

Research as a scientific and systematic search for pertinent information on a specific topic .in fact research is an art of scientific investigation .it is an academic activity as such the term should be used in a technical sense of knowledge making for its adavancement.it
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is a per-suit of truth with the help of study , observation comparison and experiment .In short, the search for knowledge through objective & systematic method of finding solution to a problem is Research Reaserch methodology is a way to systematically solve the research problem.In it we study the various steps that are generally adopted by a researcher in studying his rserch problem along with the logic behind them .it is necessary for the resrarcher to know not only the research method / but also the methodology

DATA COLLECTION
SOURCE OF DATA : There are several ways of collecting the appropriate data which differ considerable in context of money costs time and other sources at primary data can be collected either through experiment or through survey. But in the case of a survey ,data can be collected by any one or more
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TYPES OF DATA
1) PRIMERY DATA 2) SECONDARY DATA

PRIMARY DATA
Collection of the data is based on the overview with officials. Data was also collected by taking information from the employee of the department getting information by the observation and discussion with the head of department The existing customer of ICICI bank LTD bank as well as customer who have car loan from other financial institution.
1) Interview 50 peoples, 10 executies 2) questionnaires 25 peoples , 10 executive

SECOUNDARY DATA

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Data has been collected from various manuals/ product brouchers Annual Report of the Company

REASERCH APPROCH 1) POPULATION Number of people taking car loan 2) SAMPLE UNIT- Number of people taking car loan from ICICI banks Ltd & number of people taking can loan from other financial Institution 3) SAMPLE SIZE- People taking loan from ICICI Bank & 50 people taking loan from institution

HYPOTHESIS
1) To study the requirement of credit finance 2) At least 90% of the application coming to ICICI are approved and sanctioned 50% of cases are rejected just because ICICI takes into account only the renewed companies and those about whom ICICI has information 3) To understand the Time required for sanction then loan at less as compare 26

to other financial institute 4 )The customer also don't have much problem while documentation is not very rigid Customer have better experiance in ICICI than any other bank 5) long as well as short term borrowing

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DATA ANALYSIS & INTERPRETATION

DATA ANALYSIS AND INTERPRETATION


The following analysis was done to obtain the finding in accoradance with our objective determined during the cource of study to know about comparative study of home loan schemes offered byn HDFC bank and icici bank and assessing the level of consumer satisfaction following question asked in the questioery was filled by 300 respondents .ut of 100, 35 are femailes and 65 are male .The age of the respondents lie between 20 yers to 60 years there are 15% respondent lie between age group of 20-30 Years 26% respondents are of 30-40 years of age 30% respondents are grp of 30-40 14% respondents lie between age grup of 40-50 years and 15% respondents are of age grup 50-60 * 28

ICICI Bank offers car loans up to 90% of the ex showroom price of the car. Loan tenure can be extended up to 6 years which makes it easier to repay ICICI bank is the top financier for car loans in India . the bank has a network of more than 1800 channel parteners in the more than 1000 locations HDFC Bank loan can be availed for purchasing new and use cars .brif information about the loan specific reqirements of salaried and self employed have been mentioned below for partenership firms private limited companies and public limited companies, seprate set of rules and regulation have been set up

Which bank provide car loan at lower rate of interst

BANK ICICI HDFC OTHER

NO OF PERSON 41% 28% 31%

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45 40 35 30 25 20 15 10 5 0 HDFC ICICI OTHER BANK

ANALYSIS
Among 300 Respondent 41% ICICI Bank Provide car loan at lower rate of interest 27 % HDFC bank to Provide car loan at lower interest 31% other bank provide car loan at lower interest

Are you satisfied by the time taken in sanctioning the loan

Yes 35 NO 12

30

40% 35% 30% 25% 20% 15% 10% 5% 0% 0% YES NO

ANALYSIS Among 300 respondent 35% persons satisfy with the bank or financial institution From where they have availed the car loan but 12% persons are not satisfied with the bank or financial institution from where they have car loan

ICICI BANK

Turn your dream into reality. Own that new car you have always desired, with a little help from ICICI. The bank offer cars loans up to 90% of the ex-showroom price of the car. Its interest rates would pleasantly surprise you. What's more, you can take up to 5 years to repay the loan. ICICI Bank offers new car loans with fixed rate option only. Turn your dream into reality. Own that new car you have always desired, with a little help from ICICI. The bank
offer cars loans up to 90% of the ex-showroom price of the car. Its interest rates would pleasantly surprise you. What's more, you can take up to 5 years to repay the loan. ICICI Bank offers new car loans with fixed rate option only.

Loan Feature LoanAmountThe minimum loan amount for taking a new car loan is Rs. 1,00,000. The maximum loan amount will depend 31

upon the price of the car, model variant, profile of the customer, etc.

Interest Rate
Information not available Tenure Up to 5 Years Pre Payment Charges Lower of the two amount : 5% on the principal outstanding or Interest outstanding for unexpired period of the loan. Service Charges
Loan Processing Fees New Car Gross Loan Amt <2.5 L 2.5 L to 3.9 L 4 L to 4.9 L 5 L to 5.9 L Processing Fee Amt Rs.2500/Rs.3500/Rs.4000/Rs.4200/Documentation Charges Rs.350/Rs.350/Rs.350/Rs.350/-

>10 L

Rs.5000/-

Rs.350/-

Eligibility Criteria : Car Loan


Self 28 years to 65 years at the time of maturity 25 years to 58 years at the time of maturity of the loan/At least 3 years of company of the loan existence Gross annual income of at least Rs. 2 lac per Gross annual salary of at least Rs. 2.5 lac annum; Firm should have a minimum PAT per annum (profit after tax) of Rs. 1.25 lakhs The total employment stability should be Business stability should be more than 3 more than 2 years and current employment years stability of minimum 1 year Information Not Available Information Not Available Salaried

Age Income Job Experience Residence Proof

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Docs Required : Car Loan


ID Proof Address Proof DOB Proof Salaried Self Passport Copy/ Voters ID card/ Driving Passport Copy/ Voters ID card/ Driving Licence/Copy of PAN Card Licence/Copy of PAN Card Ration card/Driving licence/Voters Ration card Tel/Elect. Bill/ Rental agr. / card/passport copy/telephone bill/ electricity Passport copy/Trade licence /Est./Sales Tax bill/Life insurance policy PAN Card. certificate Birth Certificate or 10th Class Passing Birth Certificate or 10th Class Passing Certificate Certificate
Self Employed Individual:
Income Tax Returns of 2 previous financial years. Partnership Firms, Societies & Companies : Income Tax Returns of 2 previous financial years along with Profit & Loss Account Statements and Balance Sheets of both years. Signature Proof Partnership Firms: Partnership deed and Letter signed by all partners authorizing one partner to execute the required Car Loan. Societies and Companies: Resolution by Board of Directors (or such managing body) & Memorandum & Articles of Association (or Society/Trust deed).

Salaried Individual:
Latest Salary slip or salary certificate. 2 Years Form 16 of the previous Financial Year or latest Income Tax Returns. Signature Proof

Financial Docs

Other Charges : Car Loan

Eligibility Criteria : Car Loan


Self 28 years to 65 years at the time of maturity 25 years to 58 years at the time of maturity of the loan/At least 3 years of company of the loan existence Gross annual income of at least Rs. 2 lac per Gross annual salary of at least Rs. 2.5 lac annum; Firm should have a minimum PAT per annum (profit after tax) of Rs. 1.25 lakhs The total employment stability should be Business stability should be more than 3 more than 2 years and current employment years stability of minimum 1 year 34 Salaried

Age Income Job Experience

Residence Proof

Information Not Available

Information Not Available

Docs Required : Car Loan


ID Proof Address Proof DOB Proof Salaried Self Passport Copy/ Voters ID card/ Driving Passport Copy/ Voters ID card/ Driving Licence/Copy of PAN Card Licence/Copy of PAN Card Ration card/Driving licence/Voters Ration card Tel/Elect. Bill/ Rental agr. / card/passport copy/telephone bill/ electricity Passport copy/Trade licence /Est./Sales Tax bill/Life insurance policy PAN Card. certificate Birth Certificate or 10th Class Passing Birth Certificate or 10th Class Passing Certificate Certificate
Self Employed Individual:
Income Tax Returns of 2 previous financial years. Partnership Firms, Societies & Companies : Income Tax Returns of 2 previous financial years along with Profit & Loss Account Statements and Balance Sheets of both years. Signature Proof Partnership Firms: Partnership deed and Letter signed by all partners authorizing one partner to execute the required Car Loan. Societies and Companies: Resolution by Board of Directors (or such managing body) & Memorandum & Articles of Association (or Society/Trust deed).

Salaried Individual:
Latest Salary slip or salary certificate. 2 Years Form 16 of the previous Financial Year or latest Income Tax Returns. Signature Proof

Financial Docs

Other Charges : Car Loan


Noc to Convert from private to commercial or commercial to private registration
Charges for late payment (loans)

Rs.2000/2% per month of the outstanding installment Rs. 500/At Actual Rs. 400/Rs. 200/Rs. 200/Rs. 100/35

Cheque Swap Charges Stamp Duty Cheque Return charges Amortization Schedule Charges Statement of Account Charges Foreclosure Statement Charges

Duplicate NOC Charges NOC for conversion from Petrol to LPG/CNG Charges for changing from fixed to floating rate of interest Charges for changing from floating to fixed rate of interest

Rs. 500/Rs. 500/NA 1.75% of principle outstanding

Products offered by ICICI Bank

Need Help in Choosing the right Loan/Insurance?


Interested in * Name * Mobile * E-Mail * City *

Calculator

ReFinance Eligibility
100000 12 84

Loan Amount Interest Rate Tenure (months)

Testimonial
After getting rejected for a home loan by two banks I thought my wish of owning a home in a city like Mumbai will remain a dream. By chance I came to your site and applied for the loan. What happened then was a smooth process. It's been my good luck to visit your site and get loan for my dream home.

36

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Documents Required List of documents will not only differ for salaried or self employed individuals but also with the type of car. Few documents are waived for small cars and are mandatory for mid-sized and premium cars.

Salaried Individuals

* ID Proof: Bank Signature Verification, Photo Pan Card, Passport, Driving License or Voter's ID card. * Address Proof: Passport, Driving license, Ration Card, Voter's ID Card, Bank statement, Rent Agreement .In case your present address is different from that given in these documents you can produce telephone bill, electricity or water bill as proof of residence. Some Banks need present address proof for minimum one year. Telephone at residence is a must for some banks. * Minimum 3 months Salary Slips starting with the Latest Salary Slip duly authenticated by the Employer. * Form No.16 with clear computation of income. * Latest 6 months Salary A/c Bank statement. * Copies of degree certificates as proof of highest qualification for professionals and government employees.
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| Eligibility & Docs Required | FAQs | Know your Bank

Eligibility
Most banks consider your age, annual income, work experience in the current organization and your total work experience, educational qualification and your profession to decide on the amount of car loan. Loan eligibility will change for salaried and self employed individual and will also differ from one city to another. Bank Minimum Age (in yrs.) Salaried Self 21-65 Years 21-65 Years Minimum Income Minimum Work Residence Status (yrs.) (in Rs.) Experience (yrs.) Salaried Self Salaried Self Salaried Self Net Net Annual Annual Valid Income Income Valid Residence 2 Years 3 Years Residence Rs. Rs. proof proof 250,000/- 250,000/and above and above Minimum Minimum net income of business Rs. 1.5 income of Lac p.a. Rs. 1.5 Minimum 2 Minimum 3 for Lac p.a. Valid years years same Valid Residence selected for Residence continuous in line of proof models selected proof employment business and Rs. models 2.5 Lac and Rs. p.a. for 2.5 Lac others p.a. for others

State Bank of India

Axis bank

21-60 Years

21-65 Years

Minimum 21 years; Maximum present age + repayment Bank of period Baroda should not exceed retirement age in cas

21-65 Years

Income Income Information Information Valid Criteria Criteria not not Residence Not Not available available proof Available Available

Valid Residence proof

38

Net Net InformationInformation monthly monthly Information InformationInformation Information not not not income - income not not not Punjab available National available available Rs. 20,000 Rs. 20,000 available available available p.m. p.m. Bank Net profit Rs. 60000 Minimum p.a for 1 year in Telephone: Must at Rs. standard current residence ; Private & 100000 cars and employment Atleast 3 Telephone: 21-65 21-65 Public Limited p.a Rs.100000 and years in Must at Years Years Company:TelephoneHDFC including p.a. for minimum 2 business residence One phone at least at Bank the income mid-sized years of business of spouse and employment premium cars 18 years 18 years and above and above Income Income Information Information valid Criteria Criteria Not Not residence valid residence proof Not Not Available Available proof Available Available

Union Bank of India

ICICI Bank

25 years to 58 years at the time of maturity of the loan

Gross annual income of The total 28 years to at least Rs. employment 65 years at 2 lac per stability Gross the time of annum; should be Business annual maturity of Firm more than 2 stability Information salary of the loan/At should years and should be Not at least Rs. least 3 have a current more than 3 Available 2.5 lac per years of minimum employment years annum company PAT stability of existance (profit minimum 1 after tax) year of Rs. 1.25 lakhs

Information Not Available

IDBI Bank

Minimum Minimum Minimum 2Information 22 years to 22 years to Minimum 2 1.5 Lac 1.5 Lac years in not 65 years 65 years years per annum per annum profession available

Information not available

The loan An IT should be assesee repaid at Repaid Minimum With full least three before gross collateral Information InformationInformation months attaining monthly security, not not not Allahabad before the the age of income IT available available available Bank date of 70 years Rs.15000/-assessment retirement order/IT from return may

Information not available

39

service

be waived

Documents Required
List of documents will not only differ for salaried or self employed individuals but also with the type of car. Few documents are waived for small cars and are mandatory for mid-sized and premium cars.

Salaried Individuals

* ID Proof: Bank Signature Verification, Photo Pan Card, Passport, Driving License or Voter's ID card. * Address Proof: Passport, Driving license, Ration Card, Voter's ID Card, Bank statement, Rent Agreement .In case your present address is different from that given in these documents you can produce telephone bill, electricity or water bill as proof of residence. Some Banks need present address proof for minimum one year. Telephone at residence is a must for some banks. * Minimum 3 months Salary Slips starting with the Latest Salary Slip duly authenticated by the Employer. * Form No.16 with clear computation of income. * Latest 6 months Salary A/c Bank statement. * Copies of degree certificates as proof of highest qualification for professionals and government employees.

Partnership / public LTD co Loan documentation Postdated cheque Private/ public ltd co Loan documention Postdated cheque Bank signature

40

Car Loans from ICICI Bank are extremely convenient, flexible and quick. We offer flexible schemes, attractive interest rates, and quick & hassle-free application process at the click of a mouse. At the same time, we ensure that the repayment terms are equally convenient for you. Features of ICICI Bank Car Loans

Repayment tenure ranges from 1 year to 5 years. You may change the tenure of the loan before the loan is disbursed. The interest rate & EMI would change accordingly. The repayment due dates for the loan are 1st and 15th 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.500/- (Swap Charges) would be charged for exchange of cheques. A full pre-payment of the loan is accepted. Part pre-payment is not allowed. MySavings Reward points on every successful EMI payment through Auto-debit mode.

41

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

Service Charges & Fees

Car Loans from ICICI Bank are extremely convenient, flexible and quick. We offer flexible schemes, attractive interest rates, and quick & hassle-free application process at the click of a mouse. At the same time, we ensure that the repayment terms are equally convenient for you. Features of ICICI Bank Car Loans

Repayment tenure ranges from 1 year to 5 years. You may change the tenure of the loan before the loan is disbursed. The interest rate & EMI would change accordingly. The repayment due dates for the loan are 1st and 15th 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.500/- (Swap Charges) would be charged for exchange of cheques. A full pre-payment of the loan is accepted. Part pre-payment is not allowed. MySavings Reward points on every successful EMI payment through Auto-debit mode.

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

Service Charges & Fees

Car Loans from ICICI Bank are extremely convenient, flexible and quick. We offer flexible schemes, attractive interest rates, and quick & hassle-free application process at the click of a mouse. At the same time, we ensure that the repayment terms are equally convenient for you. Features of ICICI Bank Car Loans

Repayment tenure ranges from 1 year to 5 years. 42

You may change the tenure of the loan before the loan is disbursed. The interest rate & EMI would change accordingly. The repayment due dates for the loan are 1st and 15th 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.500/- (Swap Charges) would be charged for exchange of cheques. A full pre-payment of the loan is accepted. Part pre-payment is not allowed. MySavings Reward points on every successful EMI payment through Auto-debit mode.

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

Service Charges & Fees

Car Loans from ICICI Bank are extremely convenient, flexible and quick. We offer flexible schemes, attractive interest rates, and quick & hassle-free application process at the click of a mouse. At the same time, we ensure that the repayment terms are equally convenient for you. Features of ICICI Bank Car Loans

Repayment tenure ranges from 1 year to 5 years. You may change the tenure of the loan before the loan is disbursed. The interest rate & EMI would change accordingly. The repayment due dates for the loan are 1st and 15th 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.500/- (Swap Charges) would be charged for exchange of cheques. A full pre-payment of the loan is accepted. Part pre-payment is not allowed. MySavings Reward points on every successful EMI payment through Auto-debit mode.

43

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

Service Charges & Fees

Car Loans from ICICI Bank are extremely convenient, flexible and quick. We offer flexible schemes, attractive interest rates, and quick & hassle-free application process at the click of a mouse. At the same time, we ensure that the repayment terms are equally convenient for you. Features of ICICI Bank Car Loans

Repayment tenure ranges from 1 year to 5 years. You may change the tenure of the loan before the loan is disbursed. The interest rate & EMI would change accordingly. The repayment due dates for the loan are 1st and 15th 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.500/- (Swap Charges) would be charged for exchange of cheques. A full pre-payment of the loan is accepted. Part pre-payment is not allowed. MySavings Reward points on every successful EMI payment through Auto-debit mode.

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

Service Charges & Fees

Particulars

Salaried Individual

Self-Employed Individual

Partnership Firm

Private / Public Ltd Co Limited companies should have been in existence for at least 3 years.

The applicant should be Any proprietor, partner, above 25 years old at the time professional or director Age of application, and upto 58 above 28 years but below Criteria* years of age at the time of 65 years at the time of the maturity of the loan. loan maturity. Income Criteria* Stability

Firm should have a Minimum PAT Gross annual income of at Gross annual income of at minimum PAT (profit after tax) of least Rs. 2.50 lakhs. least Rs. 2.00 lakhs. (profit after tax) of Rs. 2.00 lakhs. Rs. 2.00 lakhs. The total employment Business stability should be Business stability Business stability stability should be more than more than 3 years. should be more than should be more 2 years and current 3 years. than 3 years. 44

employment stability of minimum 1 year. * Conditions apply

Documentation

Income proof: a. Salaried individuals: Latest Salary Slip and 2 years Form 16/ Income tax returns. b. Self-Employed individuals: Income Tax Returns of 2 previous financial years. c. Partnership Firms, Societies & Companies:

Income Tax returns of 2 previous financial years along with complete financial/audit report. Documents supporting customer information: Identity Proof, Signature Proof and Address Proofs as per ICICI Bank norms (Our representative will help you choose suitable documents).

Other documents: a. Partnership Firms: Partnership deed and Letter signed by all partners authorising one partner to execute the required Car Loans documentation. b. Societies and Companies: Resolution by Board of Directors (or such managing body) & Memorandum & Articles of Association (or Society/Trust deed). c. Our representative will help you with the formats of documents and the information required.

Service Charges & Fees

45

46

47

What

are

the

loan

tenure

options?

The tenure of the loan could range from one to five years for new cars.

What

are

the

lending

rates?

The lending rates vary on the basis of discounts, which are offered by manufacturers and dealers. ICICI Bank has a tie-up with most of the manufacturers and authorised dealers and our sales team will help you negotiate the best deal on your car loan.

How

is

the

interest

charged/calculated?

Interest is calculated on a monthly reducing balance basis.

Do

have

to

pay

any

additional

charges?

Please click here to know the existing service charges.

How

do

approach

ICICI

Bank

for

Car

Loan?

You can approach us in any of the following ways: Apply online Receive a call Email Us Customer Care Centre Locate nearest ICICI Bank branch

48

How

much

time

will

it

take

for

my

loan

to

be

approved?

The loans are generally approved within 24 hours of submission of complete documentation.

Who

can

be

the

co-applicants

for

the

loan?

Your spouse or any blood relative staying in the same residence can be a co-applicant.

Is

personal

guarantor

must?

No, a personal guarantor is not a must.

What

security/collateral

do

have

to

provide?

No additional security/collateral needs to be provided, apart from the car against which the loan is granted, being hypothecated to ICICI Bank

If I do not meet all the criteria for the loan, can I still avail of a loan? Yes, it is possible for you to avail of a loan even if you do not meet all the criteria, at the discretion of ICICI Bank. You can approach us in any of the following ways: Apply online Receive a call Email Us Customer Care Centre Locate nearest ICICI Bank branch

How

do

repay

the

loan?

The loan can repaid through post dated cheques drawn on ICICI Bank Ltd. Alternately, if you have a Bank account with ICICI Bank, you can issue a direct debit mandate, to your existing ICICI Bank account or even opt for an ECS option for the repayment.

Can

prepay

my

loan?

We charge prepayment fee of 5% on the outstanding principal amount,Service Tax will be charged as applicable.

What

is

Monthly

Reducing

Balance?

In the case of monthly reducing balance method, the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month.

49

Do I need to open an account with ICICI Bank for availing and/ or servicing the loan? We will encourage you to start a banking relationship with us so that we will be able to offer host of other value added services, which are complementary to the loan, however opening an account with us is not mandatory.

What

are

the

stages

involved

in

availing

loan?

The stages involved are: Application Processing Documentation Sanctioning of the loan Disbursement

Does

ICICI

Bank

have

loan

for

the

car

want?

ICICI Bank car loans are available for almost all passenger cars - new as well as used.

Can No.

avail

of

loan

on

my

existing

car?

How

can

foreclose

my

Car

Loan

Two

Wheeler

Loan?

To facilitate prepayment of your Car Loan / Two wheeler Loan Account, you are required to visit a ICICI Bank you are required to visit a ICICI Bank Asset you are required to visit a ICICI Bank Servicing (Retail asset operation group ) branch along with the below mentioned documents to complete the prepayment process: Pre-payment Statement Request letter signed by the loan applicant Bank statement reflecting the clearance of the last installment PAN Card (If the closing cash payment is more than Rs.50,000) Vehicle Registration Certificate (R C Book Copy) Vehicle Insurance Copy Mode of payment can be cash, cheque or demand draft

50

How

can

obtain

my

un-banked

PDC

or

Security

PDCs?

In the event of the applicant's/s' wishes, to procure the post-dated cheques and / or security post dated cheques that remain un-banked at the end of the loan tenure / change of repayment mode; or details of such un-banked post dated cheques and / or security post dated cheques, the applicant/s must make a request for the same, within thirty days of closure of loan / change of repayment mode. If this is not done, ICICI Bank shall have the discretion / responsibility to destroythe un-banked post dated cheques including security post dated cheques without any further notice and ICICI Bank shall not have the obligation to return the same to the Applicant/s.

How do I update my mailing address, mobile number or e-mail ID registered under my loan account? You may update your mailing address, mobile number or e-mail ID through any of the following modes: a. STEPS: Login to www.icicibank.com with your user ID and password Click on the "Loans" option Click on the "Requests" option Select the option "Request for Address Change" or "E-mail and contact number updation" b. Call c. our Through 24-hour At Customer Care any and our our executive Customer will be Bank glad to help Care: you. Through Internet Banking:

ICICI

branch:

Visit any ICICI Bank loan branch with a valid photo ID proof and submit an application.
Service Charges & Fees

What

are

the

loan

tenure

options?

The tenure of the loan could range from one to five years for new cars.

What

are

the

lending

rates?

The lending rates vary on the basis of discounts, which are offered by manufacturers and dealers. ICICI Bank has a tie-up with most of the manufacturers and authorised dealers and our sales team will help you negotiate the best deal on your car loan.

How

is

the

interest

charged/calculated?

Interest is calculated on a monthly reducing balance basis. 51

Do

have

to

pay

any

additional

charges?

Please click here to know the existing service charges.

How

do

approach

ICICI

Bank

for

Car

Loan?

You can approach us in any of the following ways: Apply online Receive a call Email Us Customer Care Centre Locate nearest ICICI Bank branch

How

much

time

will

it

take

for

my

loan

to

be

approved?

The loans are generally approved within 24 hours of submission of complete documentation.

Who

can

be

the

co-applicants

for

the

loan?

Your spouse or any blood relative staying in the same residence can be a co-applicant.

Is

personal

guarantor

must?

No, a personal guarantor is not a must.

What

security/collateral

do

have

to

provide?

No additional security/collateral needs to be provided, apart from the car against which the loan is granted, being hypothecated to ICICI Bank

If I do not meet all the criteria for the loan, can I still avail of a loan? Yes, it is possible for you to avail of a loan even if you do not meet all the criteria, at the discretion of ICICI Bank. You can approach us in any of the following ways: Apply online Receive a call Email Us Customer Care Centre Locate nearest ICICI Bank branch 52

How

do

repay

the

loan?

The loan can repaid through post dated cheques drawn on ICICI Bank Ltd. Alternately, if you have a Bank account with ICICI Bank, you can issue a direct debit mandate, to your existing ICICI Bank account or even opt for an ECS option for the repayment.

Can

prepay

my

loan?

We charge prepayment fee of 5% on the outstanding principal amount,Service Tax will be charged as applicable.

What

is

Monthly

Reducing

Balance?

In the case of monthly reducing balance method, the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month.

Do I need to open an account with ICICI Bank for availing and/ or servicing the loan? We will encourage you to start a banking relationship with us so that we will be able to offer host of other value added services, which are complementary to the loan, however opening an account with us is not mandatory.

What

are

the

stages

involved

in

availing

loan?

The stages involved are: Application Processing Documentation Sanctioning of the loan Disbursement

Does

ICICI

Bank

have

loan

for

the

car

want?

ICICI Bank car loans are available for almost all passenger cars - new as well as used.

Can No.

avail

of

loan

on

my

existing

car?

How

can

foreclose

my

Car

Loan

Two

Wheeler

Loan?

To facilitate prepayment of your Car Loan / Two wheeler Loan Account, you are required to visit a ICICI Bank you are required to visit a ICICI Bank Asset you are required to visit a ICICI Bank Servicing (Retail asset operation group ) branch along with the below mentioned documents to complete the prepayment process: 53

Pre-payment Statement Request letter signed by the loan applicant Bank statement reflecting the clearance of the last installment PAN Card (If the closing cash payment is more than Rs.50,000) Vehicle Registration Certificate (R C Book Copy) Vehicle Insurance Copy Mode of payment can be cash, cheque or demand draft

How

can

obtain

my

un-banked

PDC

or

Security

PDCs?

In the event of the applicant's/s' wishes, to procure the post-dated cheques and / or security post dated cheques that remain un-banked at the end of the loan tenure / change of repayment mode; or details of such un-banked post dated cheques and / or security post dated cheques, the applicant/s must make a request for the same, within thirty days of closure of loan / change of repayment mode. If this is not done, ICICI Bank shall have the discretion / responsibility to destroythe un-banked post dated cheques including security post dated cheques without any further notice and ICICI Bank shall not have the obligation to return the same to the Applicant/s.

How do I update my mailing address, mobile number or e-mail ID registered under my loan account? You may update your mailing address, mobile number or e-mail ID through any of the following modes: a. STEPS: Login to www.icicibank.com with your user ID and password Click on the "Loans" option Click on the "Requests" option Select the option "Request for Address Change" or "E-mail and contact number updation" b. Call c. our Through 24-hour At Customer Care any and our our executive Customer will be Bank glad to help Care: you. Through Internet Banking:

ICICI

branch:

Visit any ICICI Bank loan branch with a valid photo ID proof and submit an application. 54

Service Charges & Fees

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

CHAPTER 5 FINDING &CONCLUSION

FINDING
however what is it that worries the auto loan or car loan borroers its the interst rate chargedto them .In last few months we have seen a huge fluctions is the interst rates The interst rates in India are going up causeing a problem for a loan borrowers But fortunately there is some respite for loan borrowers - those borrowers who have a good credit profile

Its no longer true that banks treat one and every customer in the same way .The same applies to the interst rate that is charged -its varries from bank to bank andwithin the same bank it varies from customer to customer depending upon their credit profile A part from that the banks or financial companies also decide the auto loan interst rate based upon your salary financial situvtion residentl statues resident allocality, previus and existing loans and their repayment

86

For example ICICI bank car loan OR ICICI bank auto loan has the biggest difference in terms of loan offeredfor loan two wheeler purchase They even put the interest rates higher in branches where here we been more defauler in the past

CONCLUSION

For over five decades, the ICICI Bank is contributing its best for the economic growth and development of the country. Promoting Inclusive Growth has been a priority area for the group from both social and business perspective and it is keep on working for the nations development through its various products and services as well as through development initiatives and community outreach.

At least 90% of the application coming to ICICI are approved andsanctioned so hypothesis is false 40 % of casuse are rejected just because ICICI takes into account only the renowned companies and those about whom ICICI has information so hypothesas is false 87

Time required for sanction the loan at ICICI is less as compare to other financial institute. The customer also don't have much problem while documentation is not very rigid. Sanctioning Loan amount for expensive Luxurious car in ICICI is very easy so hypothesis is true.

88

CHAPTER 6 SUGGESTION & RECOMMEDATION


s

SUGGESTION & RECOMMEDATION


Since there is cut competition in car finance sector and insert are cutting down day by day ICICI needs to concentrate more on following points

1) ICICI mould start financial the commercial vechicle like auto tracter buses etc 2) sence there is lot of comprtiton in car finance ICICI should start giving some additonal benefit to the customer like free insurance 89

BIBLOGRAPHY

Books[1]. Beri - Marketing Research (Tata McGraw Hill, 4th Ed.) [2]. Bhole L M - Financial Institutions and Markets (Tata McGraw-Hill, 3rd edition, 2003) Websites1) www.icici.com 2) www.research & markets.com 3) www.scribd.com 4) www.business-standard.com/special/bankannual/2003 /tech.htm 5) www.banknetindia.com/banking/bsoftware.htm 6) www.iloveindia.com/finance/bank/nationalised-banks/index.html 7) www.en.wikipedia.org/wiki/Private_bank 90

8)www.en.wikipedia.org/wiki/Bank website www.altavista.com

91

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