ICICI Bank Car Loan

ICICI Bank Car Loan
 4.0 / 5.0   by 236 users
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ICICI Bank is an Indian multinational banking and financial services company headquartered in Mumbai. It is the second largest bank in India by assets and by market capitalzation. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels. Car Loans from ICICI Bank are extremely convenient, flexible and quick. They offer flexible schemes, attractive interest rates, and quick & hassle-free application. Read on to get details on Interest Rates, EMI, Documents and Eligibility for ICICI Car loan.


You’re probably eligible for an ICICI Bank Car Loan if you are

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ICICI Bank Car Loan Minimum Age

At least 23 years old

ICICI Bank Car Loan Maximum Age

Less than 58 years old

ICICI Bank Car Loan Eligible Employment Type

Salaried or self-employed
with regular income

ICICI Bank Car Loan Minimum Income

Earn more than the minimum
income required


Your ICICI Bank Car Loan amount eligibility is based on these factors

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ICICI Bank Car Loan Minimum Salary

Minimum income required
Rs.20,800 per month

ICICI Bank Car Loan Maximum Loan to Value

Loan capped @
80% of the Ex-Showroom price of Car value

ICICI Bank Car Loan EMI

EMIs of other loans lower
your eligibility


Increase your eligible ICICI Bank Car Loan amount by these steps

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ICICI Bank Car Loan Payoff Outstanding Credit Card Bills

Pay off your credit card bills

ICICI Bank Car Loan Maximum Tenure

Choose longer tenure loan up to 5 years


Documentation needed to apply for an ICICI Bank Car Loan

  • 1. Residence proof
  • 2. Photo ID and age proof
  • 3. Signed application form with photograph
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary – slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:

    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account


ICICI Bank Car Loan Interest RatesUpdated on 28 Aug 2014

ICICI Bank Car Loan Details
Interest Rate (Monthly reducing balance) 10.50% to 15.75%
Processing Fees 0.25% of loan amount or Rs.3,000 whichever is minimum
Loan Tenure 1 year to 5 years
Pre-closure Charges Upto 5% on outstanding loan amount
Guarantor Requirement No guarantor required

Overview

ICICI Bank, India’s largest private sector bank offers a plethora of financial products caters to a wide range of customers. Of these, car loans offer a quick and hassle free mode of buying your dream car. The bank grants car loans for new cars, pre-owned cars and even loan against cars.


Car Loans from ICICI Bank

ICICI Bank’s car loan offering comes with a maximum tenure of 5 years and up to 80% of the ex-showroom value of the car. There are different ways of applying for a car loan - you can visit the branch, apply online and track the application, request for a relationship manager to call you either online or by sending a SMS or even call and speak to the customer service representative.


In addition to the Know Your Customer documents and the bank statements, you will need to provide an income proof which can either be a salary slip, form 16, income tax returns, business/employment stability proof or ownership proof for self employed individuals. Other documents include partnership deed and letter of authorisation in case of a partnership firm and resolution by Board of Directors and Memorandum and Articles of Association for companies and societies.


Why apply for ICICI Bank car loan from us?

Who doesn’t love to apply for ICICI Bank Car Loan, after comparing all available options and that too sitting at the comfort of your home? BanBazaar.com in tie up with ICICI Bank offers instant car loans approvals online. You can check your car loan eligibility online and know your EMI outflow using our loan calculator. Our tie up with the bank helps you to get the best deal available.


Features of ICICI Bank Car Loan

ICICI Bank offers up to 80% of the ex-showroom price of the car as the loan amount for new cars and 80% of the car valuation in case of pre-owned cars. The minimum loan amount is Rs. 1 lakh. Interest rates for new car loans range from 10.50% to 12.25%, depending on the segment of the vehicle and the tenure opted for. Pre-owned car loans are given for upto 23 months, with interest rates varying between 13.75% and 17%, depending on the segment of the vehicle.


The biggest benefits are the quick turnaround time and the various touch points with which one can communicate with the bank, indicating good service levels. In addition, existing customers get pre-qualified car loans. You can also get instant approvals by filling in the necessary details online on the bank’s website. There are flexible repayment options and full pre-payment of the loan is also accepted. The bank claims attractive deals from associated car dealers and also offers zero pre-payment charges under the 'Multi Advantage Car Loans' product.


Eligibility

The eligibility criteria fall into 3 buckets - age criteria, income criteria and stability - for different types of applicants - salaried, self employed individuals, partnership firms and companies. Salaried individuals should be above 25 years old at the time of application, and upto 58 years of age at the time of maturity of the loan, should have a minimum gross annual income of Rs. 2.5 lakhs and should be in employment for atleast 2 years, with current employment of 1 year. Self employed individuals should be above 28 years but below 65 years at the time of the loan maturity.


The current business stability should be 2 years or total more than 3 years and the gross annual income should be atleast Rs. 2 lakhs. Partnership firms should have a minimum profit after tax of Rs. 2 lakhs and current business stability of 2 years. Total business stability should be more than 3 years. The business income is considered as per the income tax returns or profit as per the income statement. In case of private and public limited companies, the company should have been in existence for atleast 3 years and minimum profits should be Rs. 2 lakhs.


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ICICI Bank Car Loan Reviews

86 % of our customers would recommend this bank. (203 out of 236) Write Review
Customer Reviews
Page 1 of 13 1 2 3 4 5
  • Validated User
    (0)

    ICICI Bank car loan documentation process was very simple. It took about one or two days time only for the loan amount to get sanctioned . They were ready to sanction the loan with in 2 days , however I managed to arrange my own funds and hence I dropped the idea of taking the loan.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    It was just an inquiry call with CITI Bank. I have not decided to car loan with ICICI as I will be transferred to Chennai shortly. I have asked them to cancel my loan application as I not in need of that. The response is fine, followup and everything is good with CITI.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Car Loan with ICICI Bank they should more responsiveness they said they will get back in 24hrs after having discussion but they did not responded i was in hurry so i dropped the plan and i got approval from other bank. Good thing was customer service communication was up to the mark they did not hide anything.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I have applied for ICICI Bank Car loan I agree, but currently I am not in need of a Car Loan. I got a call from ICICI Bank, they collected all my documents. Later I got a call from them and I have told them that I am not interested. As far as ICICI, is concerned I am happy with them.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    It was through the car showroom I have availed a car loan from ICICI bank in the year 2011. Everything was smoothly arranged by the car dealer. Someone from the bank has collected the documents in the showroom itself and my loan was disbursed after one month of processing. I was very disappointed when they refused to offer me a tenure of 3 years. Rate of interest was around 11.5%.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I have taken a Car Loan from ICICI, the process is quite difficult. It was ok kind of experience, ICICI Bank should improve on below mentioned area, it should be more user friendly, more transparent, they required more documents for verification. I am employed in a private firm, it was very difficult for me to find time for documents submission .

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I have approached SBI for a Car loan, as they are providing it for 7 years as its a segment vehicle. I also approached ICICI for a Car loan the reason why I have not taken that is because, they dont provide car loan for 7 years. My suggestion for ICICI Car Loan, would be they should start providing loans for other vehicles also and at a higher tenure.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    My feedback for ICICI Car Loan, would be the communication is very slow. It could have been much better, if the communication is fast. I received a call from ICICI, by the time I received the call, I dropped the idea of taking a Car Loan and I have planned to take a personal loan.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    ICICI Car Loan their is no such benefits they responded very late since i am using their salary account from past 15 years. The follow up was good, interest rate was same as other banks. I dropped the plan but the customer service was very helpful they were very clear about terms and conditions.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    The reason why I have not taken a Car Loan with ICICI, is because I had some plan of taking a Car loan with SBI, and due to some technical issues, I was unable to take a loan through them. ICICI Interest rate was also good . My plan was to approach SBI first and later ICICI.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I have approached ICICI for a Car Loan, I have can celled it, the reason being I am in the process of changing my location , hence not taken that . Interest rate offered by ICICI is high when compared with others in the market. I have no clue about the processing fee as, as I have not interacted much with them.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I had recently applied for a car loan with ICICI bank. Response was quite delayed from the bank. I was in a hurry and I gave the request twice to ICICI bank but I received the call only after 2 to 3 days. Meanwhile I have taken the loan from another bank where my application was processed much faster. I would recommend the bank if they speed up their process.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I have applied for ICICI Bank Car loan through a dealer. Documentation process was clear and simple it was a hassle free process. I would have really felt happy, if there was no preclosure charges, as most of the Bank dont charge a preclosure charge. Insurance, was yet an another concern, as it was added to my loan without my knowledge .

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Car Loan with ICICI Bank, they need to be more friendly with customer, when i check interest was best among the all banks, documentation and charges is high when compared to nationalized bank. Tenure period was fine, their should more customer centric

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I recently had a great experience of applying for a car loan with ICICI bank. For ICICI bank the rate of interest was little bit high which made me drop the plan and close the application. I somehow managed to buy the car through cash. ICICI bank is very good in customer service & response to corporate customers. I checked with most of the other banks and found the rate of interest remains the same across all the banks. I would recommend the bank to corporate customers only.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I recently had a great experience of applying for a car loan with ICICI bank. I did receive a call from ICICI requesting the documents however nobody bothered to brief me the loan details such as rate of interest, EMI, which made me lose the interest of taking the loan. Response & follow up was very good. I am the customer of ICICI bank for the last 15 years and I never had an issue till now.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    It was a disappointing experience of applying for a car loan with ICICI bank. First of all they didn't even turned up to me for collecting the documents. It didn't work out for me because the application was closed in the initial stage itself. I didn't get a chance to discuss about the rate of interest, processing fees & charges.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I have applied for ICICI Car Loan and I have not taken that because, the prepayment charges are high. SBI does not have a prepayment charges , even if I close the account they wont charge us. Whereas ICICI is charging for that, that is the key difference between these two banks and nothing much.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I had a great experience of applying for a car loan with ICICI bank. ICICI bank representatives responded very quickly and they followed up very well on my car loan application. Unfortunately I had let my application close with ICICI bank because I got the money from another source. I think the rate of interest, processing fees & charges of ICICI bank are little bit high.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    ICICI Car Loan follow up was best i got calls from nearest branch, the agent visited my place for documents since the car was on demand so i post ponded the plan. Customer service was best got clear information it was smooth process, interest rate was normal i check with other banks it was fine, overall the service was good they improved a lot.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
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