The Minimum CIBIL™ score for ICICI Bank Car Loan is 750

What is the CIBIL™ score needed for the ICICI Car loan?

ICICI Bank considers the credit score issued by CIBIL™ as the basis to issue any loan application. The bank requires the applicants to have a minimum CIBIL™ score of 750 for the applicant to be considered for loan application. Apart from the requirement of a minimum credit score, the bank also has set many other eligibility parameters that have to be met by the applicants. These eligibility parameters include,

• Age of the applicant
• Income of the applicant
• Work experience of the applicant
• Employment status of the applicant
• Residential status of the applicant
• Relationship with the bank

The applicants have to meet all the above eligibility criteria set by the bank or any other condition set by the bank at their discretion. These stringent conditions ensure that the loan sanctioned is viable and the applicant has sufficient repayment capacity for the loan taken.

If the loan instalments cannot be paid on a timely basis by the applicants, then it negatively affects the credit score of the borrower. A negative impact on the credit score is considered to be harmful in the long run. The borrower may find difficulty in getting approval of any loans or credit cards or may even face a reduction in their existing credit limit.

What is CIBIL™ score?

The credit score is one of the main points of reference that is looked at by the lender when reviewing a loan application or a credit card application. The credit score of a person tells the lender about the financial health of the applicant. This helps the bank to make a sound decision of sanctioning the loan application for an applicant.

There are four credit rating agencies that provide credit score for individual and businesses in India. These agencies are,

• CIBIL™
• Equifax
• Experian
• CRIF Highmark  

ICICI bank refers to the credit score issued by CIBIL™ while reviewing the loan application for car loans or any other loan products of the bank. The credit score issued by CIBIL™ ranges from 300 to 900. When the credit score of a person is closer to 300, it is considered to be poor and is grounds for rejection of the loan application. On the other hand, a credit score that is closer to 900 is considered to be good. An applicant having a good credit score can get the sanction of loan application easily.

What are the highlights of the ICICI Bank car loans?

ICICI Bank car loans are available at quite affordable rates to eligible borrowers. The bank requires the applicants to submit the necessary documents along with a duly filled application form to get the sanction of the loan. The highlights of the ICICI Bank car loans are mentioned below.

About ICICI Bank

ICICI Bank (Industrial Credit and Investment Corporation of India) is among the top four banks in the country. It has a huge domestic presence as well as an international presence with subsidiaries and representative offices in many countries across the globe. ICICI Bank provides many products and services to its customer worldwide like insurance, credit, loans, deposits, savings schemes, NRI banking, internet and mobile banking among others for its retail and corporate customers.

ICICI Bank provides many loan products that are available to the customers at competitive rates of interest and for a flexible tenure. Applicants can get these loans at minimal documentation relatively faster as compared to other loan products.

FAQs - CIBIL™ score for ICICI car loan