Can I make a partial prepayment towards my Car Loan? Will any charge be applicable?
Yes, you can make a Part-payment for your Car Loan. However, Part-payment is not allowed until the 6 months of the loan seasoning. You can pay a maximum amount for part-payment equal to the 25% of principal outstanding, allowed only twice during the loan tenure and once during a year
A fee of 6% of the loan amount if part-payment is done during 7 to 12 months of loan seasoning. And 5% and 3% if done during 13 to 24 months and after 24 months respectively.
How to apply for prepay of my Car Loan?
To prepay your Car Loan, you need to visit an ICICI Bank Asset Servicing (Retail asset operation group) branch along with the below mentioned documents to complete the prepayment process –
What is a Monthly Reducing Balance in Car Loan?
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.
How can I 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 have the discretion / responsibility to destroy the 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.