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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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

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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 @
100% 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 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 29 May 2015

ICICI Bank Car Loan Details
Interest Rate (Monthly reducing balance) 10.75% to 12.75%
Processing Fees Rs.2500 to Rs.5000
Loan Tenure 1 year to 7 years
Pre-closure Charges Upto 5% on outstanding loan amount or Interest outstanding for unexpired period of the loan.
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 100% 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

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ICICI Bank Car Loan Reviews

Customer Reviews
Page 1 of 30 1 2 3 4 5
  • Validated User
    (0)

    I got the car loan with ICICI bank for the good rate of interest as14.5% . I got my car with the tenure of 5 years.They provided 80% as loan with on road price and 20% which I paid as down payment and 0% as processing charges.Its the good bank from my view.

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

    The car loan from ICICI bank was disbursed within twenty days .The charges for the loan process were nominal. The documents collected by the executive of the bank was very easy to provide. Customer service was good. Overall i had a good experience with ICICI bank.

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

    Disbursement of my car loan from ICICI bank was done within 10 days. Documentation part was very easy for the process and it was collected by the representative of the bank. Rate of interest provided by the ICICI bank was completive and beneficial .

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

    Within 3 days my car loan from ICICI bank was disturbed. No much documents were required for the process as i have an account with them.The offered loan amount was 1 lakh 82 thousand for which i paid the monthly EMI has 6500 for 35 months. The interest rate was little high and they charged me the processing fees as Rs.3000. Overall my experience was good.

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

    I just enquired about the car loan process from ICICI bank and had a very good experience. They were very prior in giving the information to the customer regarding the charges. The follow up done by the ICICI bank was very nice and i was very satisfied with them.The charges are same as the market rate and the documentation part was also minor. The only reason i did not move forward with them was the loan amount.

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

    I have taken a car loan with ICICI Bank, the interest rate offered by them was 15% where as other banks were offering around 11%. The best part about ICICI Bank is they process the application quickly as they don't waste time for that. They hardly took 7 working days of time to provide the loan. Again, I am not allowed to foreclose or make part payment in between by doing so, I guess I would be charge heavily.

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    faruk took a Car Loan from ICICI BANK Reviewed on
  • Validated User
    (1)

    My car loan was disbursed from the ICICI bank within 20-25 days. Not much documents were required for the process. The representative of the bank gave a very good explaination about the process with all the informations. The interest rate charged was 10.25% and they wavied off the processing fee.

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

    The ICICI bank disbursed my car loan with in 7 days. The charges were nominal. I was receiving the confirmation only through email only but it would be nice if they would have done the telephonic conversation. The ICICI bank should speed up in the process and do the good follow up with the customer.

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

    I got the car loan on time that is in 3-4 days. Rate of interest on car loan is generally quite high but it is moderate for me. ICICI bank has offered me a recommendable services. They have charged me of 2% as service charge, I guess. Got the exact amount that was quoted with them initially.

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

    It was a fantastic experience with ICICI Bank for the Car loan. Their processing was very fast and within 3 days my loan got disburse. The best part is their emi calculation as 30% of the principal amount got reduced after paying my first year emi. In addition they also waived of the processing fees. It would be better if the number of sales calls gets reduced.

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

    The ICICI bank disbursed my car loan within 2 days. Documents provided for the submission was very easy and they offered the low interest rate for the loan. Customer service is available all time to help us with any issues and solve it on the spot.

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

    I got my car loan with ICICI bank for the rate of interest as 10.15% and its okay but if they reduced the rate of interest means that would be really fine.There is no problem still now regarding anything.Its a good going thing for me.

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

    The former part was not that attractive with ICICI Bank as I had to call them time and again to find out the details. ICICI Bank car loan process is good however I would say its not transparent. Where as they came to my place to find out the estimated value of the car and the value was less than that. The amount was close to around 3 lakhs. The interest rate offered by them was 12% and processing fee charged by them was 2600 . However towards the end they helped me out a lot.

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

    I postponed my plan to a car loan by next year so i closed the application from ICICI bank. The approach of the bank was good and also informed all the details within1 week. Our conversation did not exceed some extent because my application was canceled in the initially stage.

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

    Initially i applied the car loan through online but due to some reasons i was not able to avail the offer. Later i got the loan by the direct visit to the bank. The service is good and they disbursed the loan with in 10 -15 days of the time. Documents were also very easy to provide for the process.

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

    TO begin with ICICI Bank was the first one to contact me for the car loan. Moreover the dealer had a tie up with this bank they completed all the formalities on behalf of me. The executive came to my place and took all the documents. Interest rate offered by them was 10.5% processing fee charged by them was rs 6000.

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

    Interest rate is moderate and ICICI is outstanding in customer service. When I started with them for a car loan they kept following me on regular basis, which is good. Every banks are same in charges and rates but I suggest the bank to reduce the interest rate.

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

    Being a privileged customer of the ICICI bank i was not offered the best interest rate and the processing fee. Where as i got the better offer form other bank and i moved on to that bank. This was the only reason for the closure of the car loan application. Moreover i have a long relationship with the ICICI bank.

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

    I had a better offer for the car loan from other bank so closed the application form ICICI bank. The bank service is the best. Interest rates and the processing fees are very high with the ICICI bank comparing with the other bank. If the bank work on the charges then there will be less customer to cancel the loans.

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

    I was not interested to take car loan at present so canceled the application from ICICI bank.The approach of the bank was good and fast as they called me within 1 day and informed all the details of the car and also about the loan amount.However i dont have much experience to share.

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    balaji took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
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