ICICI Bank Car Loan

ICICI Bank Car Loan
 4.0 / 5.0   by 72 users
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ICICI Bank is an Indian multinational banking and financial services company headquartered in Mumbai. It is the second largest bank in India by assets and by market capitalzation. 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.2,50,000 per annum

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 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 24 Jul 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 5 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? BanBazaar.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 upto 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 upto 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

76 % of our customers would recommend this bank. (55 out of 72) Write Review
Customer Reviews
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  • Validated User

    Everything was done on a single day ICICI Car loan is very quick there are no complaints they followed me every well and they came to my place and all my documents were collected on time and I got my car very quickly it was unbelievable and I really happy with their service and overall its good.

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

    Icici team is best in offering Transparent Product Details & helps in comparing other Bank Products . They put Client at Ease & make them Enrol the Best Deal in relevant Product . I would like to check their other Banking Services & also recommend to offer their investment Products through Bankbazaar platform .

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  • Validated User

    ICICI Bank saving account they are rendering the best service i would say that this banks applications re fully automated i can sit at home and change on my personal details can be updated and i can apply for a cheque book from on-line that was a excellent service, the net banking and the fund transfer is very secured and i get alert message from the bank for all my transaction.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Wonderful
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    PRIYANK LADDAR, bangalore
    Recommend Recommended by user
    Validated User
    (7)

    The processing and the documentation of car loan with the ICICI Bank it was very easy and the processing happened in two days, and the customer service executive took the initiative in completing the whole process i would say that they are very proactive and responding to the customers.

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  • Validated User
    (9)

    ICICI Bank Car Loan it was better service, best thing was they took less time for processing the loan i got approval with 2 days process is very fast, response was not good, i need to follow up for loan document hard copy till now, i am happy with interest rate, good thing was there commitment and procedure was very good.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Fast Processing
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    ABHISHEK GUPTA, new delhi
    Recommend Recommended by user
    Validated User
    (6)

    ICICI Bank Car loan the processing and the documentation was very quick and the customer service executive Mr Vikas who took the initiative from the day one till my loan amount got approved and the whole process got completed in four days and the EMI was affordable.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Wonderful job
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    RAMANAKUMAR MOHANRAO KARNATI, hyderabad
    Recommend Recommended by user
    Validated User
    (1)

    I got a car loan from ICICI bank before 2 months. I opted ICICI because they offer 100% best price and even the rate of interest is quite good compared with all other banks. My loan got sanctioned within 2 days of time frame and the processing was convenient to me. Overall experience was wonderful.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Easy loan process!
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    ANILESH KUMAR PARAYIL RAVEENDRAN, kollam
    Recommend Recommended by user
    Validated User
    (0)

    I have availed a car loan from ICICI Bank couple of years ago. I am really happy with the turn around time of the loan process and there are no hazels. I chose ICICI bank because I was actually associated with the bank at that time and I do recommend the bank.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Excellent
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    RAJU BISHT, new delhi
    Recommend Recommended by user
    Validated User

    I applied for a Car loan from ICICI Bank the processing and the documentation are very transparent, and the customer service executive who took the initiative in completing the process and the whole process got completed in 24 hours that was really excellent service.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User

    IT was a smooth process with ICICI car loan before 2.5 years. It was very fast process that the processing took just 3 days. I applied directly with ICICI and they took care of everything in terms of car dealer and am very much comfortable with EMI date and even the charges are quite reasonable for me.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User

    ICICI CL Overall satisfied with service the approval process took just 2 days only and the process was also easy and simple overall fully satisfied with customer service and response and also satisfied with interest rate and no extra charges overall it was perfect service.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User

    I would like to share my wow experience with ICICI car loan as I am extremely happy with them, unlike other Banks they are not very strict in processing the request, they are very flexible. Loan to value was 80% and rest I made by cash, communication is good between the Bank and the customer. I have no issues with the emi amount as there is no hidden cost also.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User

    ICICI Car Loan overall service was good approval took just 3 weeks the representative came home and did all for formalities and got approval no suggestion at all it was been perfect banking even responses was also good from them for any queries.

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  • Validated User
    (8)

    ICICI Car loan overall satisfied with service it very was good support the representative came home and did every thing got approval within 1 day itself. Rate of interest is high overall i am satisfied the response was good from them overall it was perfect banking service.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (7)

    ICICI Car loan overall good service approval took in just within a week time the representative came to home and did all the formalities and got the approval the response was very good and staff was well knowledgeable also. Overall satisfied with the service.

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

    ICICI Bank Car Loan service is very good felt processing fee is high and rate of interest provided is good. Overall satisfied with service the approval took just a week time the representative came home and did all the procedure i was good customer service given overall much satisfied.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Excellent!
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    ANANDA KUMAR HN, bangalore
    Recommend Recommended by user
    Validated User
    (4)

    I had a wonderful experience with ICICI bank on my car loan application. I like the way they treated me and they were very transparent & open to answer all my questions. The documentation was quick and the processing time of the loan was also very short. I would strongly recommend this bank.

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

    I have taken a Car Loan from ICICI Bank, however the customer service was ok. The interest rate provided by ICICI was the best as compared to other product. However I have still not received my policy documents.It would had been better if i had received the documents on time.

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  • good service
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    SAMEER NARAYAN PHADKE, pune
    Recommend Recommended by user
    Validated User
    (3)

    I applied for Car Loan from ICICI Bank.They gave a good customer service. The dealer had already informed me about the documents that they will require, so I had to just submit my documents and then it was a simple process, within 2/3wdays the dealer got the amount.

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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (8)

    Car loan from ICICI Bank is so amazing! They gave me very quick service. Rate of interest is less compare to other banks. They respond me immediately. It was an awesome response from ICICI bank. I got a good option on EMI's payment and tenure. The Executives was so informative and co-operative.

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Customer Reviews
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