If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • ICICI Bank Car Loan

    ICICI Car Loan
     3.5 / 5.0   by 615 users
    Used this product? Write a review >>

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    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

    01
    02
    03
    04
    ICICI Bank Car Loan Minimum Age

    At least 21 years old

    ICICI Bank Car Loan Maximum Age

    Less than 70 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

    01
    02
    03
    ICICI Bank Car Loan Minimum Salary

    Minimum income required
    Rs.16,700 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

    01
    02
    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 01 Jul 2015

    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 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 100% 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.


    News About ICICI Bank Car Loan

    • 10 per cent rise in net profit for ICICI

      ICICI Bank witnessed a 10 percent rise in net profit for the fourth quarter in 2014. The bank reported Rs. 2922 crore net profit on treasury gains and high loan growth. The Net Interest Margin (NIM) went up to 3.57 percent from 3.46 per cent as the funding costs for the bank went down. ICICI Bank gained Rs. 726 crore in treasury gains this year and the overall retail loan growth was 25 percent. The Managing Director and Chief Executive Officer of ICICI Bank, Chanda Kochhar, told the media their funding costs decreased, giving them the confidence to revise their base rate. She added that ICICI Bank plans to maintain their NIMs at current levels.

      12th May 2015

    • ICICI launches 'Tap-n-Pay' a New Payment Service

      ICICI Bank has launched an innovative new payment service called 'Tap-n-Pay' in collaboration with Tech Mahindra. This payment service will be based on the technology called near-field communications or NFC and will enable customers to make cashless over the counter payments. This service will only be available to a few customers. Merchants who want to provide this new payment facility to their customers will have to first register for the service with ICICI Bank. This payment option is aimed at reducing the dependency of customers on cash.


      The payment service will not be limited to the customers of ICICI. In fact, individuals who have accounts with other banks can also avail this service. In order to use this service, customers will need to get hold of the NFC tag or configure it on their phone. In order to make payments, they will need to place their phone or the tag near a device that can recognize the tag. Such devices will be installed by the merchants who want to provide the 'Tap-n-Pay' payment system.

      28th April 2015

    • ICICI to Restart Special Unit to Curb Bad Debt

      ICICI Bank will soon re-introduce a special unit that will focus on recovering soured loans. The bank is planning to restart the Special Asset Management Group to resolve bad debts that soared to a three year high in the fourth quarter. Similar to the SBI’s Stressed Assets Management Group, this unit will focus on bringing down the write-offs and control the pace at which the restructured loans are turning sour. Compared to the last year, ICICI’s restructured debt has increased by 40% to Rs.120bn. The RBI, in January 2014, has already laid out a clear path to check the incremental bad loans. But, as this does not address the problem of existing bad loans, ICICI has come up with the debt-recovery group.


      Nevertheless, ICICI is also coming up with exciting offers on car loans where you can avail up to 100% off the ex-showroom price. Check BankBazaar.com for more offers and affordable car loans that suit your budget.

      20th March 2015

    • Essentials to know before you apply for a car loan!

      Let us take a look at some of the essential must knows before applying for a car loan. Read more

      8th March 2014

    • Complications in car loans –Ownership & insurance!

      Out of the vast number of car loans that are approved every day across the country there are some loans which become defaulted due to various reasons. Read more

      25th September 2012

    • Don’t Fall In the Trap of New Fund Offerings

      Do not over-diversify your portfolio by getting hold of every different scheme offered by a fund house. Stick to the basic elements of diversity that offer stability, security and diversity to your portfolio Read more

      19th November 2011

    Car Loans from Top Banks
    Car Loan Tools
    Car Loans in Top Cities
    Car Loan by Bank
    Car Loan by City

    ICICI Bank Car Loan Reviews

    Customer Reviews
    Page 1 of 31 1 2 3 4 5
    • Validated User
      (0)

      Pre closure is not there in ICICI bank for car loan and processing charge is also nil. Interest rate is very nominal and it is 10%. Only ICICI need to improve on customer service and otherwise the loan process was smooth. Date of payment is completely satisfactory.

      Was this review helpful? Yes

      Thank you for your vote

      Thanks, you've already rated this review

      Fees & Charges
      Promised Interest Rate
      Customer Service
      Responsiveness
      pawan took a Car Loan from ICICI BANK Reviewed on
    • Validated User
      (0)

      My home bank is ICICI bank so they processed the car loan without several documents and it was easy for me to get approval. One who was handling my case of car loan was good in representing the deal and good in response. Interest rate is like 12.45% and processing charge is 2500.

      Was this review helpful? Yes

      Thank you for your vote

      Thanks, you've already rated this review

      Fees & Charges
      Promised Interest Rate
      Customer Service
      Responsiveness
      mohd took a Car Loan from ICICI BANK Reviewed on
    • Validated User
      (0)

      The loan processed within seven days of time with ICICI bank and the rate of interest offered was nominal. I could not go ahead with UCO because of not being able to submit Form 16, but the loan got processed at this bank. The services has been good and supportive from ICICI bank.

      Was this review helpful? Yes

      Thank you for your vote

      Thanks, you've already rated this review

      Fees & Charges
      Promised Interest Rate
      Customer Service
      Responsiveness
      manishvivek took a Car Loan from ICICI BANK Reviewed on
    • Validated User
      (0)

      Actually my job is of transferable so I have no permanent address at the start so they asked for co-applicant where I faced some issues on that time but otherwise the car loan process was smooth with ICICI bank.I think the offered rate is 10.5% and pre closure charge is very high so better people can continue the tenure instead of pre closure.

      Was this review helpful? Yes

      Thank you for your vote

      Thanks, you've already rated this review

      Fees & Charges
      Promised Interest Rate
      Customer Service
      Responsiveness
      vishal took a Car Loan from ICICI BANK Reviewed on
    • Validated User
      (0)

      ICICI bank has sanction the car loan as on the show room price and I did not pay down payment. Customer service is well and good as they responding fast the customers and processing the loan in short span of time. I would appreciate the timely approval and interest rate is par to the market.

      Was this review helpful? Yes

      Thank you for your vote

      Thanks, you've already rated this review

      Fees & Charges
      Promised Interest Rate
      Customer Service
      Responsiveness
      swapnil took a Car Loan from ICICI BANK Reviewed on
    • Validated User
      (0)

      Only I have submitted few documents physically as rest of all were submitted in mode of soft copy. It was very easy to avail car loan from ICICI bank. During the loan process I felt happy because the customer executives were very informative and helpful. All their systems are digitized.

      Was this review helpful? Yes

      Thank you for your vote

      Thanks, you've already rated this review

      Fees & Charges
      Promised Interest Rate
      Customer Service
      Responsiveness
      manish took a Car Loan from ICICI BANK Reviewed on
    • Validated User
      (0)

      All required information were shared timely and whatever the commitments that made by ICICI bank for car loan, they adhered and executed the same. Car loan amount was sanctioned within 24 hours and the process was not lengthy. Fee and charges are not at all a problem as it is affordable.

      Was this review helpful? Yes

      Thank you for your vote

      Thanks, you've already rated this review

      Fees & Charges
      Promised Interest Rate
      Customer Service
      Responsiveness
      prashant took a Car Loan from ICICI BANK Reviewed on
    • Validated User
      (0)

      It was a good experience in terms of car loan with ICICI bank. The interest rate is 10.25% quite normal. The documentation was pretty good and fast in terms of car loan. Processing fee has been waived off.The agent came to collect the documents and this system was good.

      Was this review helpful? Yes

      Thank you for your vote

      Thanks, you've already rated this review

      Fees & Charges
      Promised Interest Rate
      Customer Service
      Responsiveness
      siddharth took a Car Loan from ICICI BANK Reviewed on
    • Validated User
      (0)

      I had the four wheeler loan with ICICI bank.It was the 5 year tenure of the process.The services are really okay.They gave the 75% of the cost of the car.I really felt happy with them and it was processed within 2 days of time.

      Was this review helpful? Yes

      Thank you for your vote

      Thanks, you've already rated this review

      Fees & Charges
      Promised Interest Rate
      Customer Service
      Responsiveness
      gajapathi took a Car Loan from ICICI BANK Reviewed on
    • Validated User
      (0)

      My opinion about ICICI Bank car loan is fine. The service offered by them was good. Rate of interest offered by them was on the higher side. It would be great if they lower the interest rate. Processing fee charged by them was rs 1400 good they have reduced that to rs 990. It would be great if they reduced it even more and zerioed it . I got the loan within 15 to 20 days of time.

      Was this review helpful? Yes

      Thank you for your vote

      Thanks, you've already rated this review

      Fees & Charges
      Promised Interest Rate
      Customer Service
      Responsiveness
      harvinder took a Car Loan from ICICI BANK Reviewed on
    • Validated User
      (0)

      ICICI Bank car loan process is good. It is very fast I got the loan within 3 days of time They have done a very good job. Customer service offered by them as really good. There is no issues or hassle with them.

      Was this review helpful? Yes

      Thank you for your vote

      Thanks, you've already rated this review

      Fees & Charges
      Promised Interest Rate
      Customer Service
      Responsiveness
      partha took a Car Loan from ICICI BANK Reviewed on
    • Validated User
      (0)

      I am extremely satisfied with the service offered by the ICICI Bank for the car loan. The executives of the bank are customer friendly and also they are very personalized. It took only 48 hours for the loan to get disbursed. As I was holding an account with this bank already, there was no need of documents to be submitted by me. I had to sign the loan application and overall it was a hassle free process.

      Was this review helpful? Yes

      Thank you for your vote

      Thanks, you've already rated this review

      Fees & Charges
      Promised Interest Rate
      Customer Service
      Responsiveness
      sanjeev took a Car Loan from ICICI BANK Reviewed on
    • Validated User
      (0)

      I have taken my car loan from ICICI Bank and its been excellent with them. I only had to submit my KYC documents to them and I got the loan within two days. The rate of interest was good I got a interest of 10.25 % and there was no processing fee. There was only a document charge of Rs. 300.

      Was this review helpful? Yes

      Thank you for your vote

      Thanks, you've already rated this review

      Fees & Charges
      Promised Interest Rate
      Customer Service
      Responsiveness
      dinesh took a Car Loan from ICICI BANK Reviewed on
    • Validated User
      (0)

      ICICI Bank car loan process is fine. My feedback is, it is good this loan was taken before 12 years and the process was very different at that point of time. There was some drastic changes which was made in the loan process. There was no issues with them. Interest rate and processing fee charged by them was good and the loan was closed successfully.

      Was this review helpful? Yes

      Thank you for your vote

      Thanks, you've already rated this review

      Fees & Charges
      Promised Interest Rate
      Customer Service
      Responsiveness
      mohit took a Car Loan from ICICI BANK Reviewed on
    • Validated User
      (0)

      I have to a salary account with ICICI bank. Since I am the customer of this bank the response were very fast. the documentation was done in a good way and in a weeks time my car loan got approved. Also they offered me a discount for my processing fee. Being the customer of ICICI they were very helpful and I am satisfied with this bank.

      Was this review helpful? Yes

      Thank you for your vote

      Thanks, you've already rated this review

      Fees & Charges
      Promised Interest Rate
      Customer Service
      Responsiveness
      santosh took a Car Loan from ICICI BANK Reviewed on
    • Validated User
      (0)

      I am holding a car loan with ICICI Bank. The response provided by them was late. In spite of me holding an account with them they failed to offer preferential rate. Finally after negotiation with them they managed to offer a preferential rate. The interest rate offered by them was competitive.

      Was this review helpful? Yes

      Thank you for your vote

      Thanks, you've already rated this review

      Fees & Charges
      Promised Interest Rate
      Customer Service
      Responsiveness
      yogesh took a Car Loan from ICICI BANK Reviewed on
    • Validated User
      (0)

      It was really a good experience with ICICI Bank while getting a car loan and the customer service provided was really good.The loan amount was disbursed within 5days and the interest rate offered was also really good.They do waive off the processing fee for the salary account holders which is a good benefit provided.

      Was this review helpful? Yes

      Thank you for your vote

      Thanks, you've already rated this review

      Fees & Charges
      Promised Interest Rate
      Customer Service
      Responsiveness
      mitalkumar took a Car Loan from ICICI BANK Reviewed on
    • Validated User
      (0)

      I had a wonderful experience with ICICI Bank while getting a car loan.The customer service provided was really good and they required minimal documents for the loan process.The loan amount was processed within 2days which is really fast.The interest rate offered was really good and I will surely recommend ICICI for a car loan process.

      Was this review helpful? Yes

      Thank you for your vote

      Thanks, you've already rated this review

      Fees & Charges
      Promised Interest Rate
      Customer Service
      Responsiveness
      iranna took a Car Loan from ICICI BANK Reviewed on
    • Validated User
      (0)

      I got the car loan with ICICI bank for the rate of interest as 11% and am happy with their service.The total tenure is for five years.They provided with the 100% cost of the car.They are giving the better service when it comes to the part of responsiveness.

      Was this review helpful? Yes

      Thank you for your vote

      Thanks, you've already rated this review

      Fees & Charges
      Promised Interest Rate
      Customer Service
      Responsiveness
      lovey took a Car Loan from ICICI BANK Reviewed on
    • Validated User
      (0)

      I got the car loan with ICICI bank for the good rate of interest and that made me really happy.The responsiveness only should be improved because they are lacking with that.Rest of the things are nice.

      Was this review helpful? Yes

      Thank you for your vote

      Thanks, you've already rated this review

      Fees & Charges
      Promised Interest Rate
      Customer Service
      Responsiveness
      vikas took a Car Loan from ICICI BANK Reviewed on
    Customer Reviews
    Page 1 of 31 1 2 3 4 5
    4.0 396 0.0 5.0
    Thank you for the feedback.
    Make a suggestion or report a bug
    • Like us? Spread the word
    • Broadcast your feedback via Facebook Twitter
    • or Cancel
    • View our privacy policy

    Contact Us on Mail
    Facebook
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.