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 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 23 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 @
    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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    02
    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 01 Aug 2015

    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 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 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 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 Car Loans to Become Cheaper as ICICI Reduces Base Rate

      ICICI Bank, the largest private sector bank in India, reduced its base lending rate marginally from 9.75 percent to 9.70 percent, to offer a lending rate at par with its competitors like HDFC Bank and SBI. As a result, ICICI Bank car loans and home loans will now be cheaper. This is an initiative which is highly beneficial to Indian customers who are looking to apply for car loans or home loans with ICICI Bank. Earlier, the bank had reduced its base rate by 0.25 percent in April.

      Some of the leading banks in India such as SBI, Allahabad Bank, Kotak Mahindra Bank, etc. have reduced their lending rates after Raghuram Rajan, the governor of RBI, urged the banks to pass the benefits of policy rates reduction to the customers.

      2nd July 2015

    • 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 36 1 2 3 4 5
    • Validated User
      (0)

      I had a very good experience with ICICI Bank based on the car loan application.I had small confusion based on the interest rate because thy have not offered the promised interest rate but later after raising a complaint they have reversed the same.The service provided by AVP was good and he apologized about the miscommunication.

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      chaman took a Car Loan from ICICI BANK Reviewed on
    • Validated User
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      I applied for a car loan through ICICI website . As soon as I applied I got a quick response from them. The verification was done and I got the loan amount dispersed within few days. ICICI bank charged me only 2k for 4.5lakhs. The rate of interest is slightly high when compared to other banks in terms of used car loan,I am bit dissatisfied with that. Overall a wonderful service!!

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      shashikant took a Car Loan from ICICI BANK Reviewed on
    • Validated User
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      Extremely ICICI bank is very good as I am dealing with them for almost of 7 years and no complaints so far. Post my application of car loan, I never responded their calls and that is the reason to close an application from ICICI bank. Otherwise I am satisfied with the terms and conditions of ICICI bank.

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      harsha took a Car Loan from ICICI BANK Reviewed on
    • Validated User
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      I am holding a car loan with ICICI bank. Service offered by them was good, followup was good. I was able to get the loan on the expected date. Foreclosure and part payment option is very much available and the only thing was I have not utilized that. The most promising feature is they have given some discount on interest rate and processing fee.

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      ayyanadhan took a Car Loan from ICICI BANK Reviewed on
    • Validated User
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      I got the car loan with ICICI bank in a short period of time and their customer service is good . An executive explained me clearly about the stuffs and he came to my place for document collection where the documentation is optimal. The processing fees is 2800 for 1.15lakhs. My suggestion to ICICI bank is, reduce the rate of Interest so that people will approach them for all financial services.

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      maqsood took a Car Loan from ICICI BANK Reviewed on
    • Validated User
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      I am holding a car loan with ICICI Bank. The best part is, everything was smooth and the loan was disbursed on time. Interest offered by them was good. Processing fee was okay. I got regular follow up calls from them. They did not bother me much by asking for more documents. This loan was taken before 3 to 4 months back. Its an ongoing loan. I had planned to make a part payment after a couple of years.

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      rakesh took a Car Loan from ICICI BANK Reviewed on
    • Validated User
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      Interest rate offered for my car loan was 10.50% which was nominal and the disbursement was done within 15 days after submitting the documents . Processing fee was also normal. Documentation was easy and the representative came to collect the documents. My suggestion to the bank is to process the loans on time

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      lekhraj took a Car Loan from ICICI BANK Reviewed on
    • Validated User
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      The processing was good and immediate from ICICI bank. The interest rate charged was 10.5% which was little high comparing with other banks.Within 4 days the loan was disbursed with easy documentation process.

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      dattatray took a Car Loan from ICICI BANK Reviewed on
    • Validated User
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      The experience was good icici bank and better cooperation.The disbursement was done easily and as per the commitment given by them. They also give excellent service to the customers .Interest rate charged was 10.15% which should go down as per the nationalized banks. Processing fee charged was on the lower side.Documentation process was easy but there was some query in the verification part.The bank should keep inform to the customer regards the verification depends upon their professional .

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      amit took a Car Loan from ICICI BANK Reviewed on
    • Validated User
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      Excellent service and response was given by ICICI bank while my car loan process. They disbursed the loan within 2 days after submitting the documents and the documentation process was very easy. The interest rate and processing fee should be reduced if i would have negotiate. Particularly the processing fee should be waived for the cooperate as they have done already.

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      pratik took a Car Loan from ICICI BANK Reviewed on
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      The experience was good with ICICI bank while my car loan process and the loan was disbursed within 4 days.The interest rate charged was less comparing with hdfc bank and processing fee charged was 1% on the loan amount. Documentation process was easy. I would suggest ICICI bank to improve their customer service they are very pathetic.

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

      I received a call from Icici bank in regards to my car loan. I was able to sell my old car. Hence postponed my plan in buy my new car. This was the reason I have not gone with Icici bank for car loan. I am happy with the service as well.

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      kapilpunjabi took a Car Loan from ICICI BANK Reviewed on
    • Validated User
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      Within 3 days I got my car loan disbursed. Actually I had an issue in documents, initially I could not process my loan with Icici bank as they required the Form 16 document. But the dealer had alternate options for me, so I got my loan processed through the dealer with same bank. It would be better if they reduce the interest rate and the charges. Service is good with Icici bank.

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      sanjay took a Car Loan from ICICI BANK Reviewed on
    • Validated User
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      The ICICI bank people are very supportive, but due to some personal reason i was unable to avail their service and dropped the plan of taking the car loan.They gave an immediate response on the same day for my loan approach.The interest rate informed was average. They also provided the internal numbers to contact them back in case in future needs.

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      vivin took a Car Loan from ICICI BANK Reviewed on
    • Validated User
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      Unfortunately the ICICI bank was not able to offer the online service to Bikanir as they suggested me to visit the branch. So, it would be nice if the bank provide the online service to Bikanir also,because most of the customer does not have time to visit the branch. As it was not possible with the bank so i bought the car with ready cash.Interest rate offered was nearly 10-11% i think it should be low as it is the online service.

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

      Initially I had bad experience with Icic bank. Actually I tried applying for my car loan I just got one call from the customer support and I was asked to come some where to submit the document they did not come to my office. Later I have not got any response from the agent. Not even a single call I got from them so far. I feel the customer service has to be improved and they should at least give a call to their customers

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

      The respond from ICICI bank was good when i approached them for the loan process but due to some personal reason i dropped my plan.Interest rate informed was 10.5% which was normal and the processing fee charge was also normal.In future if i plan to take a car loan i will go only with ICICI bank.

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

      The customer service from ICICI bank was good and the response was so quick that they processed my car loan very fast. But, unfortunately i was not able to avail their service because the car model which i selected for that loan was not required as i took it with the ready cash. The charges informed for the loans were similar as per the market rate.

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

      Based on my personal experience with Icici bank, I felt good. Good customer service it was okay. Recently I tried apply for my car loan due to a personal reason I just dropped it. The interest rate what they offer is comparatively lesser than other bank I guess. Its well and good with Icici bank.

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

      I was looking the car loan for the commercial purpose which the ICICI bank was not able to provide. Hence the application was closed.The executive of the bank was polite in giving the information. The charges informed were same as per the market.The most i liked is the type of service provided by ICICI bank.

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      ashwin took a Car Loan from ICICI BANK Reviewed on
    Customer Reviews
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