ICICI Bank Car Loan

ICICI Bank Car Loan
 3.5 / 5.0   by 361 users
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ICICI Bank is an Indian multinational banking and financial services company head quartered in Mumbai. It is the second largest bank in India by assets and by market capitalization. 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 7 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 22 Oct 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 7 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 7 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? BankBazaar.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 up to 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 up to 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

85 % of our customers would recommend this bank. (306 out of 361) Write Review
Customer Reviews
Page 1 of 19 1 2 3 4 5
  • Validated User
    (0)

    I recently availed a car loan from ICICI bank and I had a disappointing experience after the disbursement of the loan. I had signed the agreement for a tenure of 2 years only but they offered me 3 years. I have requested the bank several times to change the tenure to 2 years over the phone and through emails but nobody responded to me and still now there was no change. There was no proper response from the bank whenever I contacted them. The commitments given by the bank are not fulfilled.

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

    I was not fully satisfied on availing a car loan from ICICI bank last month. There couple of things I was not happy with are the rate of interest and the processing fee. They initially committed 14% only but they offered me an interest rate of 14.5% at last. Also the processing fee was very high. There was no transparency from ICICI bank and I still didn't get the agreement papers.

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

    AS the dealer was in contract with ICICI, I did get the car loan. Interest rate was 11% with quite nominal processing fees. I liked the processing speed as well as I got up the loan soon. There was a good cooperation and support from the customer service representative which was more flexible.

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

    My car loan was successfully disbursed last month by ICICI bank. It was through the car dealer I had availed the loan from ICICI bank. I had discussed everything with ICICI executives in the car showroom itself. The executive who was handling my case was very nice and helpful. Finally my loan was disbursed within a short period of time and it was before the committed time.

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

    I had no problem in availing a car loan from ICICI bank last month. The processing was very quick and my loan was disbursed within 4 to 5 days of time at a rate of interest of 10.15%. I think the processing fee was little bit high. I had only one difficulty that the due date falls in the 1st of every month which may be missed if there is a delay in crediting the salary.

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

    I got a very good service from ICICI has I have taken a car loan through them. My only concern , was the foreclosure charges , as other Banks does not charge anything for foreclosure. The best part about ICICI Bank is the service I like the way they responded, it took about hardly 1 or 2 days time for the loan amount to get sanctioned and to get transferred . I am Banking with ICICI for quite some time , I also hold a home loan account with them and I know how it works.

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

    I am grateful to ICICI Bank as it processed my application for car loan, where as HDFC Bank de clined my application in spite of me having a long standing relationship with them. Customer service is fine with ICICI Bank for the car loan expect for the slight delay everything else was fine. The interest rate offered by them is much better than HDFC and its the least in the market as well. I got a discount on the processing fee I hardly paid rs 1500 however the actual fee is rs 3500.

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

    Feedback for ICICI Bank car loan is awesome, documentation process is quite simple. The required amount was sanctioned processing fee is 0% there is no other problem. I am quite happy with the interest rate which is 10.76%. I would have been much happier if its better than this as well.

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

    It was an excellent experience of availing a car loan from ICICI bank last month. I had applied for a car loan online and I got the call immediately from ICICI bank. The processing was very fast and my loan was approved within 2 days of time. There was a delay from my side only as I had asked them to hold the disbursement because the vehicle was not ready at that time. It took around 15 days for disbursing my loan at a rate of interest of 10.5%.

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

    My experience of availing a car loan from ICICI bank last month was fine. The processing was little delayed due to some confusion in the working hours of the bank as well as some holidays in between. Somehow they managed to disburse my loan within 20 days of time at a rate of interest of 10.5%. I think the should look after the turn around time and I would recommend the bank only if they speed up their processing.

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

    It was a good experience of availing a car loan from ICICI bank last month. The documentation was pretty much simple however there was a slight delay from ICICI bank side therefore the disbursement of my loan was delayed upto 10 days of time. They offered me 10.15% as a rate of interest.

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

    It was a pretty quick response from ICICI bank to my car loan application and my loan has been successfully disbursed last month. ICICI bank executive came to my home and completed all the formalities for a car loan. After 1 week of processing they disbursed my loan at a rate of interest of 10.75%.

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

    The processing was very quick from the ICICI Bank customer service executive when i applied for the car loan. But little complicated in the documentation part however the customer service executive guided me on the process. I got the loan amount disbursed with in 12 days.

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

    I am really satisfied with the way my application for car loan has been processed. The interest rate offered by them is very less and I would have felt happy, if they could have reduced the processing fee to rs 1000 as I have been charged rs 1750. However, I am still happy with ICICI, as HDFC â??s processing fee is 2200, so in a way I am still benefited out of this deal.

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

    Remarkable service offered by ICICI Bank Car loan, the staff who was handling my case was very responsible I guess her name is Bijoy Laxmi. She was very much helpful she was unable to identify and understand my needs in a better way. Interest rate offered by ICICI is 10.5% , there was one more bank who was ready to provide loan at 10.1% . I still prefer to stay with ICICI as I have already taken a loan with ICICI and wish to stay with them forever .

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

    My experience with ICICI bank in terms of availing car loan is excellent the processing time was very fast with in 3 days i got the loan approval. Interest rate was bit high, documentation was simple. It would have been great if they reduce the rate of interest.

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

    I am happy customer of ICICI Bank as I have taken a car loan through ICICI . The response I got from the Bank is quite satisfactory. I am very much surprised, as the entire process was completed within 2 days time . The interest rate offered is quite competitive and the processing fee is nominal.

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

    I would rate ICICI Bank car loan as 3 , as I was constantly calling them to find my application status and where I stand. I guess the process was a bit slow, and its because of which my car loan delivery was delayed for about 3 weeks . The rate of interest offered by them is the best in the market. To conclude its a average performance by ICICI Bank.

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

    I have applied car loan from icici bank . Very good response from them for my car loan application. They offered very least processing fees and even the interest rates compared with other banks. They charged only 700 as processing fees and the rate of interest was 10% as reducing balance. They are very polite in attending the customers. It would be nice if they speed up their toll free services

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

    ICICI was very good in their customer service and response when I applied for car loan. Rate of interest was quite reasonable than other banks. They explained each and every information from their customer service in detail

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