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  • ICICI Car Loan Interest Rates is Rated as "Great!" by 2418 Users

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    ICICI Car Loan Interest Rates

    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 2018

    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
      "Good service"
      0.5 4.0/5 "Great!"
      It has been a moderate experience i had from them, and the process in getting this loan had been very simple and has been easy. The loan amount which they had provided had been satisfactory and the interest rate with them had been nominal. There has not been any hassles faced with the banking services of them.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jul 13, 2018
    • ICICI Bank Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It had been a good experience with the loan process where it had been easy and smooth. The loan amount which they had given had been satisfactory and the interest rate with them had been quite high compared with the market rate. Their customer support had been good and they had been helpful at times.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jul 07, 2018
    • ICICI Bank Car Loan
      "very good service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was very good with ICICI bank, the process took 20-25 days to complete and disburse the loan amount. Customer service was not up to the mark as there was a language issue. The loan amount was for Rs 3.5 lakhs for 5 years with 8.75% as interest rate.
      Was this review helpful? 0
      , faridabad
      Reviewed on Jun 27, 2018
    • ICICI Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      It was an average experience with ICICI bank car loan, i did not get documents till now and even the customer support team did not follow up on time. The rate of interest of 8.65% is quite high when compared to others. I received my loan amount within 10 days and the car loan was approved based on ex-showroom price.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 26, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the ICICI bank for 5 Lacs, I got the loan amount with in 2 days, The documentation was also easy with the Aadhar and PAN. The application was done at the showroom and it has been so easy to get the loan from ICICI bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 20, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the ICICI bank for 4 Lakhs . The whole process was easy and hassle free. The loan was applied at the showroom and was processed with in 2 days. The documentation was also very smooth. Overall it has been a smooth car loan experience with the ICICI bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 20, 2018
    • ICICI Bank Car Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience with the loan and the process has been very simple and fast where it has taken just 3-4 days in getting the loan amount. I was completely satisfied with loan amount which they had provided and the interest rate which they where charging had been okay.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the ICICI bank for 4 lacs. The loan was applied through the agent It was processed with in 4 days. The whole process was easy and hassle free. The agent took care of everything. It was a hassle free experience with the ICICI car loan application.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 12, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Got the car loan from the ICICI bank around 4months ago. They have disbursed the loan amount within 2 days of time. The customer support service and the response is good from the ICICI ban. The rate of interest and the charges are average from the ICICI bank car loan services.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 01, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have approached car loan with ICICI BANK 6 months back. I have postponed the plan for about 3-6 months. The loan amount was 7 lakhs and the interest rate was 8.75% which is bit high .,The customer service and responses was good.My experience was satisfactory .
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 29, 2018
    • ICICI Bank Car Loan
      "Very good"
      0.5 4.0/5 "Great!"
      I have approached ICICI bank for my car loan. The loan amount was 3 laksh and the interest rate was 8.95% which so very high. I have cancelled the plan and postponed. The customer service and responsiveness were good. My experience was good..
      Was this review helpful? 0
      , lucknow
      Reviewed on May 29, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have approached ICICI BANK for my car loan . I was looking for 5 lakhs and the interest rate was 8.75% which is average in the market . The customer service and responses was very good. I have postponed the plan and can celled the request also. The customer service and responses was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 29, 2018
    • ICICI Bank Car Loan
      "Average"
      0.5 3.5/5 "Pretty good"
      I have approached ICICI bank for a car loan. I was looking for 3.5 lakhs and the interest rte was very high so I have cancelled the request and postponed the plan. The customer service and responses was very good.My overall experience was good.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 29, 2018
    • ICICI Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have approached ICICI BANK for my car loan. I was looking for 5 lakhs and the interest rate was 8.75% which is average . I have canceled the loan process since the plan was postponed . Request . The customer service and responses was good. My experience was good.
      Was this review helpful? 0
      , greater noida
      Reviewed on May 28, 2018
    • ICICI Bank Car Loan
      "Average"
      0.5 4.0/5 "Great!"
      I have approached ICICI BANK for my car loan .The plan was changed so i have cancelled the request . The loan amount was 3 lakhs and the interest rate was 8.95% which is high . The customer service and responses was good.My overall experience was good.
      Was this review helpful? 0
      , rajkot
      Reviewed on May 28, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the ICICI bank. The application process was Smooth. The loan was approved with in 24 hours. I work for vehicle manufacturing unit, we have personal connections with the bank. The loan amount gets auto debited from the account. Overall it was a smooth experience.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 24, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with ICICI bank and my experience was good, the loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. Customer service was good, they responded on time and the tenure period for this loan is 5 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a Car loan of 7 lakhs from the ICICI bank. The loan application process is very fast with in 5 days the loan amount was credited to the account. Overall the whole process was quick and hassle free. I never had any issues with the process...
      Was this review helpful? 0
      , secunderabad
      Reviewed on May 20, 2018
    • ICICI Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the ICICI bank for 18 Lakh. The loan is about get closed just need to pay a month more.I applied for the loan through the bank and it took almost 25 days to process the loan. The branch staff came to my home and the documentation part is hassle free. Overall it was a smooth loan experience.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 20, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The ICICI bank car loan service is good and I am satisfied with it. I have got the car loan from the ICICI bank around 8months ago. The customer support sreice and the response is good from the ICICI bank. The rate of interest and the charges are average with the ICICI bank.
      Was this review helpful? 0
      , mysore
      Reviewed on May 16, 2018
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