If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    ICICI Car Loan Interest Rates

    We found 1 ICICI Car Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.10% - 13.25% Fixed
    Up to ₹ 6,153 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria

    ICICI Car Loan Interest Rates is Rated as "Great!" by 1624 Users

    Fees & Charges

    Promised Interest Rate

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    Car Loan BYTES FROM OUR KITCHEN

    Overview About ICICI Car Loan

    ICICI Bank helps turn a customer’s dream of owning a car into a reality. With attractive features on their loan schemes, buying a car becomes easier. Customers can avail of a loan for the purchase of a new car or a pre-owned car. ICICI Bank also offers loans against car. With loan amounts of up to 100% of the ex-showroom price coupled with long loan tenures, the ICICI Bank loan is appealing to car loan seekers. Customers can enjoy instant approvals, fast processing and minimal documentation. For existing ICICI Bank customers, the bank itself sends offers on eligible car loans and the documentation required is reduced even further.


    ICICI Car Loan Interest Rates 2017

    The following table is an illustration of the indicative lending rates offered by ICICI Bank on the car loan scheme effective April 3rd, 2014.

    Type of vehicle Loan tenure Interest rate
    New car Up to 23 months 12.75%
    24-35 months 12.25%
    36-84 months 10.75%
    Used car All tenures 15.50%

    ICICI rates of interest are determined based on a number of factors that could affect your car loan such as your customer relationship, car model and loan tenure. The table below depicts the range of interest rates for customers whose car loans were disbursed in the first quarter of the fiscal year 2016-2017. The mean interest rate is the sum of the rate of interest on all the ICICI loan accounts divided by the number of loan accounts.

    Interest Rate Range New Car Loan Used Car Loan
    Minimum 9.70% 11.32%
    Maximum 15.00% 18.51%
    Mean 10.71% 15.29%

    Processing charges for ICICI Bank loan for New Cars

    The processing fees charged on loans for new cars are non-refundable.

    Loan quantum Charges
    Below Rs. 2.5 lakhs Rs.2500/-
    Rs. 2.5 lakhs - Rs. 3.9 lakhs Rs.3500/-
    Rs. 4 lakh - Rs. 4.9 lakh Rs.4000/-
    Rs. 5 lakh - Rs. 9.9 lakh Rs.4200/-
    Rs. 10 lakh and above Rs.5000/-

    Related charges and information on my ICICI Bank Car Loan

    Type of charge Fees
    Documentation Charges Rs.350/-
    Stamp Duty Actuals
    Prepayment Charges Part-prepayments are not allowed on the loan. Full prepayment will be subject to charges: 5% of outstanding the loan amount + Interest outstanding for the remaining period.
    Late payment charges 2% charged per month on the outstanding EMI.
    Change from floating to fixed interest rate 1.75% of the outstanding principal amount.

    How to Calculate Interest Rate on my ICICI Bank Car Loan

    Before you apply for a car loan, you can check your eligibility and the affordability of your potential loan by using the online EMI calculators. An car loan EMI calculator is available on BankBazaar.com as well as the ICICI Bank website. These calculators help you determine whether you can afford the EMIs and the total interest payable. To use the EMI calculator on BankBazaar.com, follow these simple steps.

    • On the homepage, find the menu on the top righthand corner.
    • Click on “Finance Tools” and access the EMI Calculator
    • Enter the details of the loan amount, tenure, interest rate and processing charges.
    • Click on calculate and your results will be generated immediately.
    • You can view the total loan amount payable, interest payable, processing fees and EMIs in monetary terms rather than percentages.
    • An amortization schedule will also be made available which depicts a complete breakdown of your loan for each EMI you pay.

    To calculate your EMI and interest on the ICICI Bank Car loan manually, you can use the formula given below:

    (Principal) X (Interest rate per month) X (1+Interest rate per month) to the power of loan tenure

    [(1+Interest rate per month) to the power of loan tenure – 1]

    In short, the formula is E = P*r*[(1+r)^n/(1+r)^n-1)]

    E = EMI

    P = Principal amount

    R = Rate of interest per month

    N = Number of years

    Let’s assume that you take a car loan from ICICI Bank at the rate of interest of 10.71% for an amount of Rs. 5 lakhs for 3 years in October 2016, your loan details will be:

    EMI = Rs. 16,301

    Interest payable = Rs. 86,828

    Processing charges = Rs. 4,200

    Total amount payable = Rs. 5,91,028

    Amortization schedule

    Year Principal Paid Interest Paid Total Payment Outstanding loan balance
    2015 Rs. 35,833 Rs. 13,070 Rs. 48,903 Rs. 4,64,167
    2016 Rs. 1,53,276 Rs. 42,332 Rs. 1,95,608 Rs. 3,10,891
    2017 Rs. 1,70,523 Rs. 25,087 Rs. 1,95,610 Rs. 1,40,369
    2018 Rs. 1,40,370 Rs. 6,337 Rs. 1,46,707 Rs. 0

    Factors affecting ICICI Bank Car Loan Interest Rates

    The ICICI Bank car loans for the purchase of new cars are based on a fixed interest rate. The interest rate will remain the same throughout the tenure of the loan. The interest rates offered could possibly range from 9.70% to 15.00% p.a. Your eligible interest rate for new and pre-owned cars depends on a few factors.

    Customer relationship - ICICI is concerned with the relationship you have with them. Having a good credit history within the bank, a savings or current account, or a corporate salary account factors into your interest rates. The average quarterly balance you maintain with the bank will also play a role in your car loan. A person who has no relationship with the bank will most likely attract higher rates of interest if a loan is sanctioned from ICICI.

    Car segment - The type of car you are looking to purchase will also be an important factor in determining interest rates on your ICICI car loan . Cars can be distinguished on their type, model and price. A sedan, a hatchback, a premium car and an SUV will attract different interest rates. Every car segment and the particular model will have different rates of depreciation as well. So if the bank needs to recover the loan amount in case you cannot pay back the loan, cars that retain their value will fetch a higher resale price. Therefore, your interest rates could be lower when you seek a loan on a highly valued car.

    Loan tenure - The longer your loan tenure, the lower your rates of interest will be. At ICICI Bank, if you take a loan for less than 2 years, you’ll attract a higher interest rate of around 12.75%. When you take a loan for a longer tenure, you will pay more interest over the years, so ICICI can reduce your effective interest rate. Loans repaid over 36-84 months generally have a much lower interest rate of about 10.75%.

    Age of the car - When you choose to buy a pre-owned car, the age and condition of the car will play a role in your eligibility and interest rates. Your eligible loan quantum will also be affected. Therefore, when buying a used car, ensure to get it checked out by a trustworthy mechanic. An old car means a shorter life of the car. ICICI offers loans of up to 80% on the valuation of the car for tenures as long as 5 years.

    Product Variant - For existing loan customers seeking a car loan or a top up, ICICI takes into consideration the relationship you already have with them. Your interest rates will be decided based on your previous history and the loan amount you are seeking. Your previous loan amount cleared and repayment behaviour will also factor into the interest rates. If you are refinancing an existing loan, ICICI will determine your rates of interest based on the outstanding loan amount and current interest rates you are paying.

    Perfect Car Loan Deals for you

    How CIBIL scores affect ICICI Bank Car Loan Interest rates

    CIBIL scores are credit scores maintained in India by CIBIL which is the Credit Information Bureau of India Limited. Banks regularly report credit customers’ behaviour which is recorded and maintained by CIBIL. Based on the records, a score is determined which comes in handy for both the banks and the customers when they seek out loans or credit cards. Based on your prior history, banks can determine whether you will be a creditworthy customer or if you will potentially default on your payments. On the other hand, for the customer, if you have a good credit score, it will be easier to get a loan approved and even get better terms and interest rates. When you apply for a car loan from ICICI Bank, the bank will determine your loan approval and interest rates based on your relationship and history with ICICI Bank. They will also make a hard enquiry into your CIBIL score to see where you rank on the credit scale. If you have maintained good relationships and repayment records with other banks as well, you will be in a good position to bargain for lower interest rates. So CIBIL scores have come to play a very pivotal role in the credit world.

    Tips on ICICI Bank Car Loan Interest Rates

    • ICICI Bank interest rates vary from customer to customer.
    • For new cars, your interest rates are determined by factors like loan tenure, customer relationship, car segment and so on.
    • For used cars, the factors that could affect your interest rate are the age and segment of the car, tenure of loan and the product variant such as refinance or top up.
    • You can find out your CIBIL score on the CIBIL website. A nominal fee is charged for this service. Knowing your CIBIL score ahead of time will help you determine what position you are in to request for better rates of interest.
    • Use EMI and eligibility calculators before you close on your loan. These calculators are extremely hand tools that will help you understand your potential loan in monetary figures and not percentages. This helps you figure out whether you can afford the loan or if you can afford to buy a better car.
    • The interest rates depicted in the tables above are not applicable on subsidy and government schemes.
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  • Car Loan Reviews

    • ICICI Bank Car Loan
      "Hassle free process"
      0.5 4.5/5 "Excellent!"
      ICICI interest rate is high for my new car because it was launched newly at the time, but for other car interest rate was good. ICICI sanctioned 100% of loan at on road value. Post process of my loan is excellent, my ECS is getting debited automatically.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 27, 2017
    • ICICI Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      ICICI Bank was way responsive to my personal loan application. But I did not proceed with them because they said they cannot process the loan commercial purpose only they will do for own purposes I was about to apply for 3 to 4 lakhs rupees loan
      Was this review helpful? 0
      , vadodara
      Reviewed on May 25, 2017
    • ICICI Bank Car Loan
      "Good Response"
      0.5 5.0/5 "Blown Away!"
      In the year of 2014, I had taken a car loan with ICICI bank. There was no issues with the bank while taking the loan. I cleared the loan within one or two months and I got clearance certificate from the bank. When I went to the bank for the loan, they processed the loan within a day. I got such a good response from the bank.
      Was this review helpful? 0
      , salem
      Reviewed on May 24, 2017
    • ICICI Bank Car Loan
      "Not good"
      0.5 2.0/5 "Expected more"
      I got the car loan with the ICICI bank and the interest rate was on higher end. It was processed by the dealer itself , so the process end up in a very fast way. Customer service was fine one with the ICICI bank for my car loan. I was not abel to trace the account or statement till now.
      Was this review helpful? 2
      , hyderabad
      Reviewed on May 22, 2017
    • ICICI Bank Car Loan
      "Better Service"
      0.5 5.0/5 "Blown Away!"
      ICICI got a wonderful response on my car loan application. They asked me to submit the documents to process the loan. The rate of interest charged by them is very high when compared with others. I am very much happy with the loan amount too. ICICI bank was able to disburse the loan within a week's time. Totally, I am very much happy with the car loan service offered by ICICI.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on May 22, 2017
    • ICICI Bank Car Loan
      "Superb service"
      0.5 5.0/5 "Blown Away!"
      ICICI Bank is too good in responding on my car loan application. I am pretty much happy with the loan amount too. The rate of interest levied by ICICI bank is pretty much nominal. ICICI bank had taken around 3 to 4 days of time to disburse my car loan.
      Was this review helpful? 2
      , delhi
      Reviewed on May 22, 2017
    • ICICI Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I had applied for the car loan at ICICI bank. I had received a call from the bank complete information was shared with me over the phone. At present I looking out for a second hand car loan, The rate of interest will be high for it, but for the new car loan also ICICI is charging high loan amount compare to HDFC 1.50% high opted for 2.90 laks,
      Was this review helpful? 0
      , ludhiana
      Reviewed on May 21, 2017
    • ICICI Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I directly approached ICICI bank for my car loan. I got good service from the bank on my car loan application. They processed my loan without any delay and they completed the process in a good manner. Interest rate is somewhat good and I had no issues with the bank absolutely.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 20, 2017
    • ICICI Bank Car Loan
      "Could be more careful"
      0.5 2.0/5 "Expected more"
      Experience was good one with the ICICI bank for the car loan but there were some issues with the rate of interest negotiation. Customer service was really good with them and there were no worries with them and the response was an immediate one. Finally , I got the rate of interest as 9.45%, though lot of negotiation happened.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 19, 2017
    • ICICI Bank Car Loan
      "Loan disbursement process has to be improved"
      0.5 4.5/5 "Excellent!"
      ICICI takes a very long time to disburse the amount to the car dealer, they had collected the documents on time but done the process delay. ICICI interest rate is good they quoted 9% but offered only around 8.75% on car loan and also they sanctioned 100% .
      Was this review helpful? 0
      , new delhi
      Reviewed on May 19, 2017
    • ICICI Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The ICICI car loan is a bit expensive when compared with others, at present I had postponed the plan , I would be getting the loan after 2 months. The response and the follow up was prompt with ICICI bank. ICICI executives were about to collect the documents , after that they informed that I have just postponed my plan. The rate of interest is high with ICICI. Overall the service is average and it would be great if they could bring down their rates in future.
      Was this review helpful? 0
      , nagpur
      Reviewed on May 19, 2017
    • ICICI Bank Car Loan
      "Much faster process"
      0.5 5.0/5 "Blown Away!"
      ICICI had done the car loan disbursement very fast within two days, disbursement was sent to the dealer, Their executives are very supportive they had offered competitive interest rate as per the market and they sanctioned 90% loan on the road value. Totally, It was a good experience in all.
      Was this review helpful? 0
      , chennai
      Reviewed on May 19, 2017
    • ICICI Bank Car Loan
      "Good "
      0.5 3.0/5 "Satisfactory"
      I have closed the car loan with the ICICI bank annd the intereet rate was around 12.25% on that time., which was really huge. Services are good one with the ICICI bank and the response is also an average with them because of lengthy documentation process. I got the loan amount within fifteen days of time.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 17, 2017
    • ICICI Bank Car Loan
      "Good experience "
      0.5 4.0/5 "Great!"
      Experience was a good one with the ICICI bank for the car loan, which I have taken. Rate of interest was around 8.4% after lot of negotiation. Customer service was fine with the ICICI bank and it took lot of time to get the loan amount. Hardly, it took a month of time to get the loan , also there was some delay from my end too.
      Was this review helpful? 0
      , faridabad
      Reviewed on May 17, 2017
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      Interest rate is pretty good for the car loan process from ICICI bank. I had taken a car loan about two years back. I am quite happy with the services of car loan process. They were simply good in processing the loan without any delay. I got proper service from them as well.
      Was this review helpful? 0
      , nagpur
      Reviewed on May 16, 2017
    • ICICI Bank Car Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      I had taken the car loan during the year 2007 from ICICI, they had offered me an interest rate of 12.4% on car loan. I got 100% loan at car on road value and they sanctioned the loan within 15 days of request and my loan got closed in 2010. I got the NOC from the ICICI on time.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 16, 2017
    • ICICI Bank Car Loan
      "Average response"
      0.5 3.0/5 "Satisfactory"
      I had a good deal on the interest rate and processing charges for the car loan at ICICI bank. The rate of interest was of 8.45% and and the processing charges was minimal. But the major drawback is the executives assigned was not responsive at all and on the day of disbursement they did not answer the calls.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 15, 2017
    • ICICI Bank Car Loan
      "Super fast process"
      0.5 5.0/5 "Blown Away!"
      It was a nice dealing with ICICI Bank for the car loan. I got the loan within two to three days. It was a fast process and I am also happy with the after loan services, it is smooth. The rate of interest was of 9.45% and the processing charges was minimal.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 15, 2017
    • ICICI Bank Car Loan
      "Good in Response"
      0.5 5.0/5 "Blown Away!"
      I approached ICICI bank for the car loan. When I submitted my loan application I got good service from them. There was no challenges to avail the loan from ICICI bank. Even they quoted a normal rate of interest which is very much satisfactory.
      Was this review helpful? 0
      , faridabad
      Reviewed on May 15, 2017
    • ICICI Bank Car Loan
      "Satisfying service"
      0.5 3.0/5 "Satisfactory"
      When I had applied for car loan with ICICI bank, the response was really good and prompt. They gave a call and told that they will come and collect the documents, but immediately I told the executives that I am not looking for car right away. That was the reason I had postponed the car loan.
      Was this review helpful? 2
      , mumbai
      Reviewed on May 10, 2017
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