ICICI Bank Car Loan

ICICI Bank Car Loan
 4.0 / 5.0   by 320 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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02
03
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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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02
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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 20 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. (273 out of 320) Write Review
Customer Reviews
Page 1 of 16 1 2 3 4 5
  • Validated User
    (0)

    Fantastic and awesome service by icici bank . When I applied a car loan I got immediate response. Since I am a privilege customer for quite some years loan process done by one call. No verification . No documentation . Loan got disbursed within 2-3 days . Interest rates were quite competitive . Pretty well customer service

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

    I had availed a car loan from ICICI bank last month. Everything was fine except the EMI amount. I am not happy about the EMI amount because it was not the same as communicated at the time of disbursement. The processing was much faster and my loan was disbursed within a week time at a rate of interest of just 11%. The processing fee & charges are quite reasonable.

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

    Three years ago I had availed a car loan from ICICI bank. It was a great experience to me. They took only 3 to 4 days for processing and approving my loan. The car showroom people had helped me a lot in availing the loan very easily. It was a five year loan and I just closed it recently.

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

    It was overall a good experience of availing a car loan from ICICI bank last month. I had no difficulty in availing the loan. The processing was fine but not that much fast. It took a long time for the loan to be disbursed due to lot of paperwork. They told me only 2 days for processing but they took more than 2 weeks to disburse my loan. The rate of interest was 10.7%. I think they have taken too much of time due to unnecessary paper work.

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

    It was a great experience of availing a car loan from ICICI bank last month. I didn't face any problem in availing the loan. I got whatever information I wanted on time. Documentation was pretty simple and completed within a single day. The processing was much faster and the disbursement happened within 2 to 3 days of time at a rate of interest of 10.85%.

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

    I had availed a car loan from ICICI bank last month. ICICI people were very much co-operative and helpful. One of the representative named Sathish has made the loan process very easy & fast. He sent a person to my office to collect my documents. Overall processing went well and there was a slight delay from my side which made the processing time extended & delay in disbursement. The rate of interest was 10.7%.

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

    I had a wonderful experience of availing a car loan from ICICI bank last month. The processing was very good & fast. Everything went well from the beginning till the disbursement of my loan. It was a delay from my side in finalizing the car hence the processing time was extended upto a week. I am quite happy about the rate of interest of 10.51%.

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

    I applied a car loan from ICICI bank whereas they provided me 11% as interest rate which was quite reasonable when compared to others in the market. Excellent customer service . Prompt follow ups are there. Overall I am very happy that I have got right bank for my requirements!!

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

    I recently had a good experience of availing a car loan from ICICI bank. ICICI bank has contacted me timely and disbursed my loan within 10 days of time at a rate of interest of 10.5%. Actually they did not give me any account book for maintaining the loan and I got the confirmation through SMS only. I already have the agreement papers with me and I am quite happy about banking with ICICI bank.

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

    Last month I have availed a car loan from ICICI bank. There was no much documents required and the loan was approved very quickly because it was a pre-approved loan on my salary account. There was little confusion with the dealer which delayed the processing of the loan however they disbursed my loan within a week time. The rate of interest was also pretty much competitive in the market.

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

    It was a very nice experience of availing a car loan from ICICI bank last month. I like the way they handle the customers and explained the details regarding the loan. Customer service is moderate. My loan was disbursed very quickly within a week at a rate of interest of 10.5%. I feel the rate of interest and the processing fee was quite high when compared to other banks.

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

    It was good experience of availing a car loan from ICICI bank in the month of Jul'2014. It was a timely disbursement of my car loan by ICICI bank. Documentation was very simple and my loan was approved within a week at a rate of interest of 10.75%. I had a slight difficulty in submitting the cheque leaves because they were requesting me to submit only my salary account cheque leaves which I don't want to submit but finally they agreed to my request.

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

    It was a nice experience of availing a car loan from ICICI bank last month. There was a quite delay in disbursement of my loan because I had to co-ordinate with both the dealer and the bank as well. It took around 10 to 15 for processing and they disbursed my loan at a rate of interest of just 10.5%.

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

    It was a great experience of availing a car loan from ICICI bank last month. However the executive named Jagadish who was handling my case was little problematic. He had collected my cheques while collecting my documents and processed the cheque when I asked him to hold and told him not to deposit. My overall experience was very smooth however the executive service was very poor & he is still not picking my calls. My loan was disbursed timely within 4 to 5 days at a rate of interest of 11%.

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

    It was a great experience of availing a car loan from ICICI bank last month. The executives of the bank are very friendly and gave me all the required information before processing my loan. Only couple of days were taken for processing and they disbursed my loan at the rate of interest of 10.7%. I would suggest the bank to reduce the rate of interest a little bit.

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

    I had recently availed a car loan from ICICI bank and my overall experience was fantastic. Documentation was very simple and processing was completed within 2 days. My car was delivered on the third day itself. They offered me a rate of interest around 11.5% and the processing fee & charges are quite reasonable.

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

    My experience of availing a car loan from ICICI bank last month was very good. The process was very quick in terms of loan sanctioning or disbursement. It was totally hassle free. The rate of interest offered by ICICI bank was very good & pretty much competitive compared to other banks. I think there was no delay in processing and everything was completed within 8 to 10 days of time.

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

    I could easily get icici car loan at any point of time with less documentation . I have provided whatever the documents they have asked . The rate of interest equal as per the market with other banks. Customer service was good in their toll free . I am very much satisfied.

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

    I recently had a nice experience of applying a car loan with ICICI bank. However I decided to post pond my plan of buying a car for the next 10 months. I got periodic calls from ICICI bank and a good follow up. I found no issues with ICICI bank and I surely recommend the bank.

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

    ICICI Car loan i have no issues with the service, i would suggest to improve on communication part since i have postponed my car loan plan i will buy after 2 months but they frequently calling and asking for which i am bit disappointed. Interest rate was comparatively high when compare to other banks, but appreciate for their response and follow ups.

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