ICICI Bank Car Loan

ICICI Bank 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 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 19 Dec 2014

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.


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ICICI Bank Car Loan Reviews

Customer Reviews
Page 1 of 21 1 2 3 4 5
  • Validated User
    (0)

    Excellent service from icici bank where I availed my car loan from them. They dont even bother me by keep on calling me for any kind of issues. I got all the informations what I required . They offered me quite affordable interest rates when compared with other banks

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

    Executive of ICICI bank was proactive in sharing details and they mentioned required documents accurately. We never discussed about processing fee however they were ready to offer interest between 10.5% to 10.75%. I postponed the plan of getting car thus I did not proceed with ICICI bank for car loan. I suggest ICICI bank to accept the banking statement that customer provides instead of asking only for salary account statement.

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

    Rate of interest they were ready to offer was between 16% to 17% for car loan. I submitted documents to one of the executives but later no one have contacted. There was a delay in revert and response so I postponed the plan of car loan thus I advising ICICI bank to give proper response.

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

    Interest rate that ICICI bank ready to offer was around 10.75%. I was informed processing fee as 1600 to 2000 but they did not process the car loan and I am not sure about the reason. Experience was not much good with ICICI bank so I suggest them to fulfill customer expectations.

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

    Really very satisfied with ICICI bank car loan service as they negotiated rate of interest as per my request and they waived of all charges. Comparing to other banks interest rate and service is good in ICICI bank. I visited branch of ICICI to avail car loan. ICICI is very good so keep going the same.

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

    Initially I got a call from one of the executives of ICICI bank for car loan but later no one have contacted regarding the same. I just got one text stating as unable to process car loan due to some bank norms. No one mentioned about interest rate and other charges so not aware about other stuffs.

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

    Quite normal services from icici bank for my car loan application . I bought the used car with the tenure of 2 years . The documentation process was too lengthy and it took 3 weeks of time to process the loan . Quite high interest rates for my used car . They can improve on their time taking process and consider to reduce the interest rates

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

    In terms of ICICI, there was an issue in disbursement stage where it took around 12 days however for that, I need to follow up which is not good. Regarding the updates of cheque, I haven't received any updatees. Rate of interest is quite stipulated and its reasonable too. Processing fees was higher

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

    I took one car loan from icici bank where I gave some postdated cheque and I faced some hassle while processing the loan . After some long conversations with their customer care the issues has been sorted out. It would be nice if they reduce the interest rate to help customers . Overall good

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

    Long time ago, I have taken a car loan with ICICI BANK. The rate of interest offered by them is the best in the market. They charge rs 10000 as a EMI and I keep paying it every month. In terms of closure, I did not pay even a single penny extra for closing this loan and overall its been a great experience with them

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

    The experience with ICICI bank when I appled for a car loan is really good. The services was also really good but the only parameter they wanted to develop is that they have not provided me with the loan papers yet. The customer support was also good.

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

    The response was really good. The services was really good. The customer support executive Mr.Musthaffa was really helpful who came for more than 8 times for collecting all my documents and also gave me proper suggestions for availing the loan. The interest rate provided was 10.70% which is high and can be reduced which will be beneficial.

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

    My opinion about ICICI Bank car loan was good. I got a very good response from them. They guided me appropriately, I am very much satisfied with their service. The rate of interest offered by them was nominal . I have got the welcome letter and credentials on time and the best of all they were able to offer loan with in 2 days.

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

    Former part was really attractive with ICICI Bank car loan as they called me time and again for the documentation and they even guided me appropriately. However later part is not that good after collecting the documents they did not offer a good service. After signing the loan agreement the executive is supposed to return the copy back to me. However he did not, I myself went to the branch to Collect it. Rate of interest offered by them was good.

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

    I took one car loan from icici bank long back. Their response was very good when I applied loan. Their processing time was very good when compared with other banks. So far no hassle because of them. Overall customer service and response was quite good.

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

    I had an unpleasant experience with ICICI Bank car loan, as they have realized the fund late. I have been given a misleading information stating that the fund would be released on the day of Diwali, unfortunately they took a lot of time. I have planned to buy the car exactly on Diwlai, however I did not . I was chasing for the same, finally the funds were released after 5 days only,

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

    ICICI Bank car loan is very fast, the service offered by them is excellent. I have spoken with them on day one regarding documents and I have submitted my documents on the following day, the money was transferred to my account. Other factors were absolutely fine and they have advised me to take insurance on this car and I have taken that successfully.

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

    I am very much happy to avail the services from icici bank when I took my car loan from them with quite reasonable interest rates . Since I am an existing customer they offered some more promotional offers where I availed some of those. Their customer service was very good when compared with other service providers.

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

    The executives called me to inform about required documents for car loan but I unable to produce the paper due to personal issues, which they expected thus the plan of getting car loan with ICICI bank got dropped. Rate of interest is 14% which is bit high and could not recall other charges. ICICI bank could do better to their customers in terms of service.

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    sandeep took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (1)

    Experience was good and ICICI bank provided 11% of interest. Executive mentioned all details clearly and satisfied with the way of approach. Everything is fine but they did not process the loan. Reason for not processing car loan never been disclosed till date thus I suggest ICICI bank to communicate the status frankly to customers.

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