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 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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02
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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

01
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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 18 Apr 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.


News About ICICI Bank Car Loan

  • 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

Customer Reviews
Page 1 of 27 1 2 3 4 5
  • Validated User
    (2)

    The service offered by ICICI Bank for the car loan is not upto the mark for the Car loan I have taken. There are hidden charges and also inner clauses which is not displayed along with the loan details. The processing was very fast and also my loan got disbursed within 1 week. The sad part is there is no proper follow ups provided by the company as well as no information intimated through email as well.

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    krishna took a Car Loan from ICICI BANK Reviewed on
  • Validated User
    (2)

    In overall, experience was good and no trouble with ICICI bank. In time period of 8 days the car loan got disbursed and got the amount that I had quoted. Pre closure charge is high in ICICI bank so it can be reduced. As on my experience I would recommend ICICI bank very well.

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    harshal took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (2)

    I have been holding ICICI Bank car loan for the past 4months. The best thing is they do the things fast there is no need for one to struggle for it . I did not put any special efforts to get this loan. I got this loan effortlessly. More than all, the loan was sanctioned within 3 to 4 days and processing fee charged by them as per the market rate.

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    vivek took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (2)

    I have taken a car loan from ICICI Bank directly. They were very fast in responding and processing the request. They did not make me to wait for along time. Everything was done within a span of 15 days. By the time I purchased the card the loan was sanctioned. Even the interest and processing fee charged by them is less when compared with others.

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    prem took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (2)

    The service offered by ICICI Bank was great for the Car loan I have taken. The customer service offered was prompt and they cooperated well. And also the processing was very smooth. The response was quick and also got calls from them. Overall I am very much satisfied with the service offered by the Bank.

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    naveen took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (2)

    It was a very disappointing experience with ICICI Bank for the Car Loan I have taken. I had waited for more than 7 hours in the show room for the loan to get disbursed and I got the loan only after 9'o clock in the night. There was no proper response from the executives and there were also no proper information given in terms of the rate of interest and the processing fees as it was different from the one told earlier.

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    puneet took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (2)

    Actually, my ICICI Bank car loan was processed through the dealer. Everything was done on my behalf. There is nothing to comment about their service as I did not interact with them in the first place. It could have been much better if they would have reduced the rate of interest as the interest rate charged by them was 11.25% . It could have been better if they provide discount on processing fee as well as other banks are offering nil processing fee. So I am a bit dissatisfied with them.

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    aman took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (2)

    It wasn't a great experience with ICICI Bank for the Car loan I have taken. Since I had an account with ICICI Bank and I had a very good transaction I opted to take car loan from this bank and to the disappointment it was not that good as the processing time taken was too much and it took nearly a month for the loan to get disbursed. The executive of the Bank delayed the process as he had been held up with his personal work. It would be nice if the executives of the Bank can communicate in English as there was lot of communication gap.

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    vikas took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (2)

    Recently, I have taken a car loan with ICICI Bank. The processing time is really fast they took hardly 2 days of time to process the loan. They provide very good service. Overall its very good they have offered the exact amount of loan which I require . The interest rate offered by them is line with other banks and processing fee charged also same as other banks.

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    pranav took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (2)

    I am holding a car loan with ICICI Bank. It is quite good and the processing was very quick. As I am a INFOSYS employee I guess the process was very fast and quick this loan was taken before 2 or 3 years. I can do a foreclosure after 6 months of time withouth any charges. I am allowed to do part payment at least twice in a year.

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    khader took a Car Loan from ICICI BANK Reviewed on
  • (4)

    ICICI bank, adajan branch provides low intetest rates car loan for new car and processing is very easy. Icici bank executives also helps to further bargaining car price which is added benefit from bank. They can also suggest better dealer in surat.

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    vyas took a Car Loan from ICICI BANK Reviewed on
  • Validated User
    (3)

    My experience with ICICI Bank for my Car Loan which I have taken was good. I approached the car dealer directly and he directed me to the Car Loan executives. The documentation process was not that lengthy and only reasonable documents asked by them and within 1week my loan got disbursed. The rate of interest charged is bit higher than compared to other banks. It was a fast and easy process.

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    akshay took a Car Loan from ICICI BANK Reviewed on
  • Validated User
    (2)

    Nine months ago I have taken car loan with ICICI bank and really satisfied with services. ICICI bank has offered 99% of finance for car loan and that the reason I have went with them. Customer service is good in ICICI bank.

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    venkatesh took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (3)

    Comparing to other banks, the interest rate is 1.9 percentage high in ICICI bank for car loan. Moreover the processing charge is bit high. Services are satisfactory and ICICI took seven days to disburse the loan amount. Documentation process was simple and smoother.

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    raja took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (4)

    I am holding a car loan with ICICI Bank. This loan was taken on an emergency basis so I was forced to accept what ever interest they have charged. Rate of interest charged by them was 17% which is really high . Processing fee charged by them was 1% within a span of 2 days of time loan was processed the most exciting part is, every thing was done over the phone where I did not submit any documents.

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    md took a Car Loan from ICICI BANK Reviewed on
  • Validated User
    (3)

    Very much satisfied with ICICI bank as they are very good in service but not satisfied with third party who followed me for car loan process. Initially the third party agent mentioned the interest rate as 10.5% but post I received all documents it was mentioned like 11%. The problem is not with ICICI bank where issue was on third party agent. In out processing charge is 1000 but here I paid around 4000. I am suggesting ICICI bank to call customer directly before moving to further steps that is to clear everything.

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    hemant took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (4)

    I took this car loan in Madhya Pradesh and while I availing this loan the interest rate is 12.02%, which is bit high but fee is nominal. We can go for complete fore closure option after 6 months but the charge is 5% of outstanding amount. EMI date is 1st of every month but great if ICICI bank consider and change it a 10th of every month.

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    pushp took a Car Loan from ICICI BANK Reviewed on
  • Validated User
    (3)

    The service whatever I got from ICICI bank was really good and they communicated all the matters of car loan. The commitments were fulfilled and the rate of interest that offered was similar to market price. Nominal processing fee was charged from my end on the loan amount of 5 lakhs.

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    munenda took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (5)

    I found low rate of interest in ICICI bank and the process was very speedy. Everything was good and the agents helped me in better way as they were following me regularly in respect to application. Best part is that they negotiated interest rate of .5%, which is good. I felt, documentation part to be smooth and I never faced issues while car loan process.

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    divya took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (5)

    Excellent service from ICICI bank in respect to car loan. Verification part was simple and smooth as the executives visited my home for the same. As well for document collection, they visited my place where I donâ??t need to visit them. I did research with other banks as on comparison the interest rate is bit high in ICICI bank. No partial payment option but only I can go for fore closure.

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