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
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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 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

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    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

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    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 03 Sep 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

    • ICICI Car Loans to Become Cheaper as ICICI Reduces Base Rate

      ICICI Bank, the largest private sector bank in India, reduced its base lending rate marginally from 9.75 percent to 9.70 percent, to offer a lending rate at par with its competitors like HDFC Bank and SBI. As a result, ICICI Bank car loans and home loans will now be cheaper. This is an initiative which is highly beneficial to Indian customers who are looking to apply for car loans or home loans with ICICI Bank. Earlier, the bank had reduced its base rate by 0.25 percent in April.

      Some of the leading banks in India such as SBI, Allahabad Bank, Kotak Mahindra Bank, etc. have reduced their lending rates after Raghuram Rajan, the governor of RBI, urged the banks to pass the benefits of policy rates reduction to the customers.

      2nd July 2015

    • 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

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    ICICI Bank Car Loan Reviews

  • Page 1 of 40 1 2 3 4 5
    • Car Loan
      "Always ready to help"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I have taken the four wheeler loan from the ICICI bank. For the long time I been with the ICICI bank ,So I got some of the priorities with them. The rate of interest is okay on that time. Though they are big in the market they should improve a lot. May be customer service is the space where they need to improve.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 02, 2015
    • Car Loan
      "Good Service!"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I am really happy that ICICI bank sanctioned me the expected loan. They are very much flexible with the loan policies and the processing time is really quick with them.The important thing is they are available upto 6PM in the evening. Eventhough the interest rate and fees are high, they compromised that with their excellent service.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 01, 2015
    • Car Loan
      "Rates are high "
      ICICI BANK
      0.5 4.0/5 "Great!"
      The loan experience was really good with ICICI Bank based on the car loan but I havenâ??t processed the application further because I am not comfortable with the charges applied for the loan.The interest rate offered was not a flexible rate and they havenâ??t provided details regarding the partial payments.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Sep 01, 2015
    • Car Loan
      "Excellent work"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan from ICIC bank very recently. One of my friend has helped me in getting this loan from ICICI. They have offered me 10.25% for my car loan which is nominal when compared with other banks. Their documentation process also is very less.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 31, 2015
    • Car Loan
      "Good ways to attract customers "
      ICICI BANK
      0.5 4.0/5 "Great!"
      I got a pre approved car loan from ICICI bank with zero processing fees. Through online website I got the loan details. They have offered me 70% funding on the On Road prize. Loan processing is very quick and easier wit them. I am happy with all their services which was rendered to me.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 31, 2015
    • Car Loan
      "Neutral"
      ICICI BANK
      0.5 3.0/5 "Satisfactory"
      The service provided by ICICI Bank based on the car loan was good but I havenâ??t availed this loan because they are ready to provide the loan for actual value of the vehicle.The response provided by the executive was quite immediate and I will recommend about ICICI Bank to others for getting a loan.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Aug 31, 2015
    • Car Loan
      "Good service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with ICICI Bank through the car dealer and the loan process was really smooth.They have processed the application within 3-4days which is really good.The interest rate discussed was different from what they have offered.The charges collected for the loan was nominal.
      Was this review helpful? 0
      , faridabad
      Reviewed on Aug 31, 2015
    • Car Loan
      "Immediate response"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I have postponed the plan of getting a car loan with ICICI Bank but the service provided was really good.They provide continuous follow up to the customer regarding the loan.The interest rate offered was quite high compared with nationalized bank.I will recommend about this Bank to others for getting a loan.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Aug 31, 2015
    • Car Loan
      "Good "
      ICICI BANK
      0.5 4.0/5 "Great!"
      I had a very good experience with ICICI Bank based on the car loan but I havenâ??t availed this loan because I got better rate offered by HDFC Bank.The service provided by ICICI Bank was prompt and as a secondary option I will surely recommend about ICICI Bank for a loan process.
      Was this review helpful? 0
      , lucknow
      Reviewed on Aug 31, 2015
    • Car Loan
      "Interest and charges are high"
      ICICI BANK
      0.5 3.0/5 "Satisfactory"
      I havenâ??t availed this car loan with ICICI Bank because the interest rate offered was really high which was around 10.65% were other banks offer less rates.They charges around 4% for preclosure charges but the service provided was really good.I will not recommend about this Bank to others.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 31, 2015
    • Car Loan
      "Highly Recommended"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      Based on my privilege account with ICICI bank they have waived off the processing fee while taking the car loan and they also offered the best interest rate for the process. They took only 4 days for the disbursement by collecting the regular documents.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 31, 2015
    • Car Loan
      "Good service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      The service provided by ICICI Bank based on the car loan was really good.I didnâ??t get this loan with ICICI Bank because they have taken some time to respond for the application being submitted.The charges applied for the loan was not bad and I will recommend about ICICI Bank to others for getting a loan.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Aug 31, 2015
    • Car Loan
      "Excellent "
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I took a car loan with ICICI bank and they disbursed the loan within 10 days. The rate of interest offered was 11% which low comparing with hdfc bank with the processing fee of Rs.4000 and they also charged Rs.100 for the RC charge. Very easy documents were collected for the process.
      Was this review helpful? 0
      , greater noida
      Reviewed on Aug 31, 2015
    • Car Loan
      "Interest is high "
      ICICI BANK
      0.5 3.5/5 "Pretty good"
      The service provided by ICICI Bank based on car loan was really good but I have postponed the plan of getting a loan.The interest rate offered was really high which was around 10.5% were my friends got it for 6%.I will surely recommend about ICICI Bank for getting a car loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 31, 2015
    • Car Loan
      "Good banking"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan from ICICI in the month of July, 2015. My experience was fantastic with them. They have offered me 10.15% rate of interest with 90% funding of the ex showroom price. My documentation process went smoothly and I do not had any issues with them.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Aug 29, 2015
    • Car Loan
      "Hassle Free Car Loan.."
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      It was a very easy process for me. My friend was working in ICICI bank, he helped me a lot for getting a car loan from them. The charges were nominal. It was a quick process as well. I did pre close the loan before 3 years. They also charged for that. They could have reduced charges for the same.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 29, 2015
    • Car Loan
      "Quickly Done"
      ICICI BANK
      0.5 4.5/5 "Excellent!"
      I have taken my car loan from ICICI bank in the month of August 2015. The showroom dealer helped me a lot to get this loan from them. I never faced any issued in processing my application. Actually they took just two days to complete my processing. They requested me to send a confirmation mail from my official I D to sanction my loan amount. Everything was Cristal and Clear.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Aug 29, 2015
    • Car Loan
      "Best Work"
      ICICI BANK
      0.5 4.0/5 "Great!"
      Very recently I have taken my car loan from ICICI bank. When I gave the request they have contacted me within 24 hours and just within 5 days they processed my application. The bank executive has visited my at my place and he took all my documents for further processing. I am happy with their service which was rendered to me.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 28, 2015
    • Car Loan
      "Happy Ending "
      ICICI BANK
      0.5 4.0/5 "Great!"
      My Car Loan was approved from ICICI bank very quickly. Within 2 days they have processed the application and approved my loan amount. I also felt the rate of interest is much better when compared with other private banks. It wAXIS BANKould be great if they waive off my processing fee of rupees 2500.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 28, 2015
    • Car Loan
      "Competitive Interest Rate"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I availed Car Loan from ICICI bank around a year ago. bank offered me 85% loan amount on the on road price of the car. . Interest rate offered to me was competitive to the market. They processed my loan in just 1 week time. The executive who was handling ,y application was supportive helped me in my application.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 28, 2015
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