Car Loan Closure Procedure at ICICI Bank
Close

Car Loan Closure Procedure at ICICI Bank

Team CARS24
editor
Latest News
Est. Reading Time:
4 mins

Car Loan Closure Procedure at ICICI Bank

Team CARS24
editor

Today, most car buyers opt for finance while buying a car. This is mostly because purchasing a new vehicle through this route doesn’t affect the buyer’s liquidity, while other factors that have contributed towards the popularity of finance options include low EMIs and easy finance schemes. That said, as much it is easy to get a car loan, people tend to often not know how to close car loan or what is a car loan NOC. In this post, however, we tell you about the car loan closure procedure at ICICI bank and along with how to get car loan NOC from ICICI bank.

How to get Bank Loan Foreclosure Certificate (LFC) & Loan Closure Certificate (LC) Offline?

In case a customer wishes to repay the car loan before tenure (foreclose), he/she needs to obtain the LFC from the bank.

In case a customer has already closed the car loan, he/she needs to obtain the LC from the bank as proof of loan closure.

These are the first and the most important steps in the procedure to close a car loan. Here are the steps to obtain the LFC or LC:

  • Visit any auto loan branch of ICICI in any city with original and self-attested copy of the following documents. You can find the nearest ICICI branch at https://www.icicibank.com/find-atm-branch.page
    1. PAN Card
    2. Aadhaar or Voter Card or other address proof
    3. Car Registration Certificate (RC)
    4. Authorisation letter from Owner and Self-attested ID proof of applicant in case of 3rd party
  • Fill ‘Request Form’ for LFC or LC
  • Submit the copy of documents along with request form with the bank representative
  • Post verification of the documents, Bank representative will confirm the pending loan foreclosure amount and ask you for the preferred mode of loan payment
  • In case someone wishes to foreclose the car loan through NEFT, he or she should take note of “Loan Agreement Number” & banks’s IFSC Code.
  • In case the customer wishes to foreclose car loan through DD, Only “Loan Agreement Number” is required”
  • The LFC Amount is based on the assumption that loan will be closed the same day
  • In case of delay in loan closure post LFC extraction, applicable Interest is applied while closing the loan.

How to get Bank Loan Foreclosure Certificate (LFC) / Loan Closure Certificate (LC) Online?

In case you wish to initiate the car loan foreclosure procedure at ICICI bank without visiting the branch, you can start the procedure to close car loan online.

Internet Banking:

Login to https://www.icicibank.com/ with your User ID and Password

Main Page –> Customer Service –> Service Requests –> Service Request search — > Product –> Select Loan → Request for Foreclosure statement.

iMobile:

Login to iMobile >> Select Cards, Loans & Forex icon > Select Consumer loan related > Request for Foreclosure statement

Customer Care:

You may call our Customer Care from your registered mobile number. To know the local Customer Care numbers, please visit – https://www.icicibank.com/customer-care.page

How to foreclose the Car Loan at ICICI bank Offline?

  • In case you have been wondering how to close car loan at ICICI bank, you need to follow the below steps-
  • Visit any Auto loan branch of ICICI in any city with original and self-attested copy of the following documents:
    1. https://www.icicibank.com/find-atm-branch.page
    2. PAN Card
    3. Aadhaar or Voter Card or other address proof
    4. Car Registration Certificate (RC)
    5. Authorisation letter from Owner and Self-attested ID proof of applicant in case of 3rd party
  • Fill “Request Form” for Foreclosure of the Car Loan
  • Submit the copy of documents along with request form with the bank representative
  • Post verification of the documents, Bank representative will confirm the pending loan foreclosure amount and ask you for the preferred mode of loan payment
  • In case of DD or cheque or Cash:
    1. You need to hand over the DD/Cheque/Cash along with self-attested copy of your PAN Card, RC and Aadhaar or Voted ID or other address proof
    2. Bank will share the Payment Acknowledgement receipt
  • In case of NEFT/RTGS/IMPS:
    1. Bank will share the Account details (Beneficiary account no. & IFSC code)
    2. You need to pay the foreclosure amount to the mentioned account
    3. Post Payment, you will share the UTR no. with Bank representative
    4. Bank will share the Payment Acknowledgement receipt

How to get Original NOC?

  • On the closure of car loan, the original car loan NOC by ICICI bank is dispatched by to the registered address of the customer.
  • In case the original NOC is not received by the customer within 10 days from successful completion of car loan foreclosure procedure, customer can enquire about the same from Customer care
  • Customer may call Customer Care from registered mobile number.

How to get Duplicate NOC Offline?

To obtain a duplicate copy of the car loan NOC, visit any Auto loan branch in any city with documents listed earlier in this post.

  • Fill “Request Form” for Duplicate NOC
  • You will have to produce the below-mentioned documents in original and one self-attested copy. Find any of the nearest ICICI branch at https://www.icicibank.com/find-atm-branch.page
    1. PAN Card
    2. Aadhaar Card or Voter Card or other address proof
    3. Car Registration Certificate (RC)
    4. Authorisation letter & 3rd Person self-attested ID proof in case of 3rd party
  • ICICI Bank will verify documents and Loan closure status
  • A charge for a duplicate copy of NOC (Rs. 590 + GST) will have to be cleared
  • Car loan NOC will be provided along with the payment receipt

How to get Duplicate NOC Online?

In case you have been wondering how to get car loan NOC duplicate copy without having to visit the branch, you can obtain the same through any of the following online procedures-

Internet Banking:

Login to https://www.icicibank.com/ with your User ID and Password–> Main Page –> Customer Service –> Service Requests –> Service Request search — > Product –> Select Consumer Loan Related → Request for NOC/NDC Normal Maturity CL.

Customer Care:

You may call ICICI Customer Care from your registered mobile number and follow the instructions given to you.