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 is Rated as "Great!" by 2310 Users

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    ICICI Car Loan Interest Rates

    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.


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    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.

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    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.

    Car Loan Reviews

    • ICICI Bank Car Loan
      "Average"
      0.5 4.0/5 "Great!"
      I had applied for a car loan with ICICI bank through online channel. The representative called me and discussed about the interest rate, charges and pre closure terms. I am not satisfied with those options because they are charging more interest rate so I have chosen SBI for my car loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 24, 2017
    • ICICI Bank Car Loan
      "Good process"
      0.5 4.0/5 "Great!"
      The approval for my Car Loan application with ICICI Bank happened very swiftly. They had a good process to follow up their Loan and the documentation was all done by them. Apart from this the Rate of Interest offered by them was pretty low compared to running market standards.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 22, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have applied for the car loan from ICICI bank, my loan application was closed because there was no follow up done after the documents were submitted. Customer service part was good but they did not respond on time. The rate of interest is nominal when compared to all other banks.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 21, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan from ICICI bank, my loan application was closed because i did not proper address proof, so once the address proof is ready i will reapply for the loan. Customer service was good and they responded on time, regular follow ups were done. The rate of interest was nominal when compared to other banks.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Nov 20, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan from ICICI bank, my loan application was approved and the requested amount was disbursed. It took 3 weeks of time for the loan amount to get approved. The process was very smooth and easy, there was no delay. My car loan was approved based on the Ex-showroom price. Customer service was good, they provided door step service to collect the documents. The rate of interest was less when compared to other banks.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 18, 2017
    • ICICI Bank Car Loan
      "Happy with the services"
      0.5 4.5/5 "Excellent!"
      ICICI Bank completed the car loan process on time and the customer services are good. I have taken a Maruti Suzuki Baleno Alpha. The rate of interest was around 9% and the processing charges was normal. The best part of the car is the mileage and there are features like guide me home. Adding to that, I am getting 17 kmph in the city.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 18, 2017
    • ICICI Bank Car Loan
      "Very good services"
      0.5 5.0/5 "Blown Away!"
      The process for the car loan is good and the customer services were on time. ICICI Bank has been very responsive and there were no hassles from the start to finish. The interest rate and processing charges is normal and the after loan services are also good.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 18, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I haven't got the car loan with ICICI bank because I got the loan from the other bank. The customer support is good with ICICI bank. The rate of interest which is offered by ICICI bank was low and same when compared with others. I would say it was good service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 17, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan process got processed from HDFC bank, so that was the reason I haven't got the card loan with ICICI bank. The customer support was good with ICICI bank. The rate of interest which the ICICI bank has offered was nominal when compared with others.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 17, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I received the car loan from other bank so that was the reason I haven't got the car loan from ICICI. The customer support was good with the ICICI bank. The rate of interest and the charges which was offered by ICICI bank was nominal when compared with others.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Nov 17, 2017
    • ICICI Bank Car Loan
      "Very Good"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with ICICI bank. The loan amount was 11.25 lakhs and the interest rate was 10.5 % which was satisfactory . The EMI period was 5 years. I had a very easy and quick loan process here . They have sanctioned the loan with the committed time and there is no processing fee at all. The pre closure si after 6 months so my overall experience was very good and Its recommendable.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 17, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have choose the other bank to go with the car loan because, I found it was convenient to get the car loan with other bank than ICICI. The customer support was good with ICICI bank. The rate of interest which was offered by ICICI bank was nominal when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 16, 2017
    • ICICI Bank Car Loan
      "Very good banking"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with ICICI bank.The loan amount is 1.62 lakhs.The rate of interest is nominal as compared to other banks.They have given a very good service while interacting with team.They had deducted 1% as processing fees from the principal.Net banking is easy to operate.
      Was this review helpful? 0
      , nagpur
      Reviewed on Nov 16, 2017
    • ICICI Bank Car Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      It was a good customer service i received from the ICICI Bank for the car loan when I applied for . i actually changed my plans for buying a car for the that reason i told them to hold the application but the bank people said they can't hold the application and later they cancelled the application . Information was not given properly to me . Customer service was good . i am happy with the service i received from the bank side .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 15, 2017
    • ICICI Bank Car Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I had cancelled my application, because I had a plan of flying abroad. There is no option part payment and pre closure with ICICI. The interest rate was good compare to other banks. The customer service and response was satisfactory. They made a genuine followup.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 15, 2017
    • ICICI Bank Car Loan
      "Very Good"
      0.5 5.0/5 "Blown Away!"
      I am having the car loan with the ICICI bank and the interest rate is around 9.45%, also I have got the loan amount in a year of time. Rate of interest and the processing charges are really okay one for me.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 15, 2017
    • ICICI Bank Car Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with ICICI bank which was taken 2.5 years back. The loan amount was 10 lakhs and the interest rate was 9% which was a bit high than other banks. The EMI period was 2.5 years back. The customer service and responsiveness was up to the mark. Here I had a very smooth loan process and no processing fee at all so I would like to recommend the same to others.
      Was this review helpful? 0
      , delhi
      Reviewed on Nov 15, 2017
    • ICICI Bank Car Loan
      "Good One"
      0.5 5.0/5 "Blown Away!"
      Its been a good customer i received from the ICICI Bank for the car loan . its been 7 months now that i am paying for the EMI . I got a full approval on the loan amount i asked from the bank . it got disbursed in 2 working days and the rate of interest given to me was real low and also the processing fee was there . the bank gave a option of pre closure and the part payment . I was happy with the over all experience .
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 14, 2017
    • ICICI Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan with ICICI Bank. The rate of interest was 8% which was satisfactory. The loan amount was 3 lakhs and the processing fee was 42,000. They have provided door step service for collecting documents. MY overall experience was excellent service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 14, 2017
    • ICICI Bank Car Loan
      "Good "
      0.5 4.0/5 "Great!"
      I have applied for my car loan with ICICI bank . The interest rate was 8-9% which was satisfactory but I have dropped the loan plan so I have cancelled the application. The customer service and responses was excellent and I would like to recommend to others.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 14, 2017
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