ICICI Bank Car Loan

ICICI Bank Car Loan
 4.0 / 5.0   by 291 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.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 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 02 Sep 2014

ICICI Bank Car Loan Details
Interest Rate (Monthly reducing balance) 10.50% to 15.75%
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

85 % of our customers would recommend this bank. (246 out of 291) Write Review
Customer Reviews
Page 1 of 15 1 2 3 4 5
  • Validated User
    (1)

    My recent experience of applying for a car loan with ICICI bank was pretty good. Everything was alright with ICICI bank however it is me who cancelled the application and post ponded my plan for the next 3 months. ICICI bank was overall very good and I have no problem. I think the rate of interest was also somehow OK.

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

    I have applied through on line for a ICICI Bank car loan, unfortunately I did not receive any calls till date and I have no way of knowing what has happened to that application . Mean while, I got a better offer else where I switched over. Finally, when everything was over I got a call from ICICI, by that time everything was completed it could have been better if they have provided me proper response on time.

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

    At present I dont have any plans to purchase a new car, probably after 6 months I might purchase a new car. I am happy with the rate of interest what ICICI has offered me for the car loan and its much better when compared with other Banks. The reason why, I prefer ICICI is because I hold an account with them and I like their services.

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

    I have approached ICICI for a car loan, unfortunately I have changed my plan. I have decided to purchase a used car, instead of new car . I am unable to comment more about ICICI, from my perspective they are very quick in response, as I got a call from them immediately with in an hourâ??s time. The rate of interest is 16% which is much higher, when compared with other Banks as other Banks are offering me at 13 to 15% interest.

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

    I have approached ICICI for a car loan , they asked me to submit certain documents. I got a call from them, as I was not holding FORM 16, I asked them to wait for 10 days . Mean while, I got a better deal from KOTAK Bank and I switched over to that Bank.

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

    I had recently applied for a car loan with ICICI bank. I did not avail the loan because I was in a little confusion in choosing the car model. I am not in a hurry as I am already holding the car however I have just post ponded my plan for sometimes. I got immediate response from ICICI bank and they explained me everything in detail about the loan. I would contact ICICI bank again once I finalize the car model.

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

    It was a good experience of applying for a car loan with ICICI bank. To be frank the response from ICICI bank was very good and executives followed up very well. They are always ready to send the person to my residence for collecting the documents. Meanwhile I opted for the loan from another bank which took the whole responsibility and processed my application quite fast. In terms of rate of interest they are not coming down from 10.5%.

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

    I got a car loan is that they its better communication to any cusotmer they should communicate rate and how to avial loan roi was ok i have approached them for they told me that they will communicate by Monday no calls i have availed finance theorugh the dealer itself form toher bank i have taken car loan

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

    My recent experience of applying for a car loan with ICICI bank was too good. Unfortunately I had to drop the plan of availing the loan from ICICI bank because my company has provided me the loan under car lease policy. I found my company's offer much better and really saved me time & money. It would be better if the rate of interest is reduced by ICICI bank.

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

    I had opted for a car loan from ICICI bank in the year 2010. Interest rates are standard and the processing fee & charges are reasonable. At the same time the problem is the documentation part because the bank executive who collected the documents from me came back thrice for getting mandatory signatures on the forms. After 5 to 6 days of processing they disbursed my loan. Unfortunately my recent car loan application with ICICI bank has been close for some reason.

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

    ICICI Car Loan service is ok , there is no specific reason for dropping ICICI. I got a positive response from HDFC first, so I have taken a loan with them. I have holding a savings account with ICICI their service is really good overall their service is satisfactory.

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

    My recent experience of applying for a car loan with ICICI bank was fantastic. Unfortunately I had let my loan application close because of some financial crisis. Otherwise I would really appreciate the bank for their wonderful services. They responded timely on my loan application and provided good customer service overall.

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

    The main thing why I have not taken a car loan with ICICI is because, my father wants to go with a Nationalized Bank like SBI. There is no foreclosure charges, I am allowed to make a lump sum payment after some time with SBI. When it comes to ICICI, there is no such facility of making a part payment and the amount offered to me was not satisfactory.

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

    I have applied for a ICICI Bank Car Loan in the month June. I did not receive any calls from them, the Bank has to concentrate on below mentioned areas. Firstly, they should contact the customer on time and secondly they should try and provide a good rate of interest .

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

    I have contacted ICICI for a car loan in the probably in the month of May, I have postponed ed the plan of taking a car loan as I dont require it. The rate of interest what they provide could have been much better , as they decide the rate of interest based on the company where the customer is working . My suggestion for them, would be they should provide good rate of interest for the company which is listed under D category as well.

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

    I had recently applied for a car loan with ICICI bank. I was expecting at least 90 to 95% of the ex-showroom price however they were offering me only 80% loan of the car price. Also the tenure was very less. They were offering me the loan for a tenure of 5 years only but I was looking for a tenure of 7 years. It would be better if they reduce the rate of interest a little bit because they offered me around 10.75%.

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

    The reason why I have not taken a car loan with ICICI , is because I did not receive a call from ICICI, as there was no proper communication from Bangalore Branch . I got the loan from SBP already, ICICI Bank rate of interest is fine, processing fee is also ok however they ask for too many documents.

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

    I am happy to say, that I have taken a car loan with ICICI. The most interesting part, it was approved with in a short span of time. The process was very simple, I got the loan amount on time. But, once after the loan amount was approved, later I got to know that they have added insurance to the loan amount, which could have been avoided.

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

    I have approached ICICI in the month of June. I did not receive any calls from ICICI. I got a call from them only after 2 weeks. Rate of interest offered by ICICI is not that competitive . They have offered me 13%, however other Banks offered me 12% and I am not in position to comment much about ICICI Car loan as I have not taken that. Services pertaining to insurance is really good.

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

    Great !!! I have to appreciate those who processed my CAR loan application with ICICI bank. Awesome effort from customer service by understanding customer needs. They provided the complete details about the CAR loan. And the approach was very good.They come back to me with proper time and date as per my needs. Interest rate was manageable even they can reduce a bit. I choosed ICICI bank because of the customer comments in Bankbazaar.com web portal . Most of them preferring ICICI bank probably they could have experienced more , so I need such kind of service rather than the interest rate.

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