ICICI Bank Car Loan

ICICI Bank Car Loan
 3.5 / 5.0   by 502 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 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

01
02
03
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

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 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 28 Jan 2015

ICICI Bank Car Loan Details
Interest Rate (Monthly reducing balance) 10.50% to 12.25%
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 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.


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

News about ICICI Bank Car Loan


ICICI Bank Car Loan Reviews

Customer Reviews
Page 1 of 26 1 2 3 4 5
  • Validated User
    (0)

    It was just an inquiry which I made with ICICI in terms of car loan.The response was too faster and whatever the information I require, I got it. The experience was overall seems to be 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
    babu took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I am holding a car loan with ICICI Bank since 2010. It is really good I am left with one or two EMI. Everything is good about them as they offered a preferential rate of interest as other banks were charging about 10.2% and ICICI Bank was providing 9.5%. I am not getting any other benefits however the loan was processed within a span of 2 days and documentation process was very simple.

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

    Very good experience with ICICI in terms of car loan. It was a very fast process and within a week, car loan was disbursed. Rate of interest is 10.75% which is comfortable however pretty much higher when compared with other banks.

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

    It was a satisfactory experience with ICICI in terms of car loan. Most of the information was provided by the customer service team and its clear. Interest rate is quite ok. However, there was no much interaction 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
    raghu took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Best service I have received so far . I have taken a car loan with ICICI bank. I went to the dealer showroom I have selected the car. I have approached the guys there they advised me to fill the form. They called me for documentation process and it was completed within 2 days time to sanction. It was a very good experience.

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

    Experience was so good in availing car loan from ICICI. Services was too great and whatever the queries is been resolved on time with a clear resolution. They are transparent enough. Interest rate is comparable as per the market rate.

    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
    om took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Good
    https://cdn1.bankbazaar.com/images/customer_review/default-unknown-person.png
    , hyderabad
    Recommend Recommended by user
    Validated User
    (0)

    I applied car loan via on line with ICICI. As the response was faster from other bank, I approached other bank.There was no much interaction with them as soon as I got a deal. It would be better if the response could be faster.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

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

    Related to car loan application with ICICI, response was too delayed. There was no continuous interaction with them which is a disadvantage. My suggestion would be to respond to the customers on 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
    priti took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Response was quick and within a week, the follow up calls was done. However, due to some personal issues I was not able to get car loan from ICICI. Interest rate could be more 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
    kalpana took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I never had a interaction directly with ICICI customer service team in terms of car loan. The approach was very good however the direct interaction was less and even dealer suggested some other bank, which made me in with drawing car loan application.

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

    ICICI had requested number of documents which was unnecessary as well as no response to the calls. All the information was provided on a proper manner. Overall car loan procedure could had been user friendly.

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

    The loan amount which I expected was too lesser which was offered by ICICI. This was the reason I withdrawn my car loan application. Customer service team really helps the customers in a good way.

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

    Response as well as the services are too good with ICICI in terms of car loan. Due to few issues, my car loan application was not processed. Rates and charges are quite nominal.

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

    The response and the processing stages was all good with ICICI. However due to some internal issues I was not able to get car loan. The rate of interest is higher as well as charges for pre closure is all higher.

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

    Very good experience in availing car loan from ICICI. I liked the fast processing as well as the quick approval of car loan done. Customer service executive was coordinative and interactive. Nearly, 12% is the interest rate which is at higher end.

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

    I always got a call from ICICI customer service team in terms of car loan however there was no person came and collected the documents. Even requested to come on time for the documents collection, however no one returned up. It would be better if they could stick to the commitments and render the services.

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

    Documentation was so simpler in terms of car loan from ICICI. Its a pre approved car loan with interest rate of 10.50% with 3600 as processing charges. It was overall smooth processing.

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

    Inspite of not availing car loan from ICICI, the experience was quite ok. There were instant follow ups from their customer service team. Since I had postponed the plan, I didn't continue further. Am very happy about the rates and charges.

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

    I was just checking on the eligibility for the car loan through which my application was registered. Its quite good response provided by ICICI customer service team. Whenever I need a clarification or support,customer service executive did call up and cleared. Rates and charges was comparable with other banks.

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

    ICICI services seems to be very quick and it was a hassle free documentation. Car loan processing was trouble free. Rate of interest is quite ok and compatible with the market. Processing charges is at higher end. Overall happy and satisfied.

    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
    faizan took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
Customer Reviews
Page 1 of 26 1 2 3 4 5
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

reTH65gcmBgCJ7k - pingdom check string.