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  • ICICI Car Loan Interest Rates is Rated as "Great!" by 2444 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
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience during my car loan has been good and the loan amount whcih they had provided has been sufficient as well. The interest rate whcih they had been charging had been nominal when compared. There has not been any sort of charges which they had made as well.
      Was this review helpful? 1
      , noida
      Reviewed on Nov 15, 2018
    • ICICI Bank Car Loan
      "Good services from ICICI"
      0.5 5.0/5 "Blown Away!"
      They have provided me a 9.5% interest rate for my car loan. I have bought the car loan by last month. The process of the loan was easy and the same day itself they have approved the loan and sanctioned to the dealer. I have applied the car loan of Rs. 8 lakhs. I'm yet to pay the first month EMI and it will be deducted from my account.
      Was this review helpful? 3
      , ahmedabad
      Reviewed on Nov 13, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      It has been a good experience i had with this loan and the loan amount whcih they had provided has also been sufficient. The interest rate with them has also been nominal and there has not been any additional charges which they had been made. Overall it had been a good experience.
      Was this review helpful? 0
      , patna
      Reviewed on Oct 31, 2018
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the ICICI bank . 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? 1
      , jaipur
      Reviewed on Oct 30, 2018
    • ICICI Bank Car Loan
      "Not satisfied with the service"
      0.5 1.0/5 "Really Bad"
      I had chosen to go with them since i already had an existing loan with them. The process has been smooth and easy and there has not been any hassle faced. The interest rate with them has been nominal and there has been some processing fee has been there, but they did not explain me with any of the charges.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 30, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting this Car loan has been smooth and easy and there has not been any hassle during the whole process. The loan amount whcih they had provided has been sufficient and the interest rate with them has been nominal when compared with the market rate. But the processing fee and the charges with them has been high.
      Was this review helpful? 1
      , lucknow
      Reviewed on Oct 29, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 4.5/5 "Excellent!"
      I had chosen to go with them since the interest rate whcih they where offering has been low when compared with the market rate. The loan amount which they had provided has been sufficient and the processing fee has been nominal and there has not been any sort of additional charges whcih they had made by them.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Oct 29, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting this Car loan had been smooth and easy and i have not faced any problems. The loan amount which they had given has been sufficient and the interest rate with them has been nominal. But the processing fee has been a little high when compared with the market rate.
      Was this review helpful? 1
      , nasik
      Reviewed on Oct 29, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting this Car loan had been smooth and easy. The loan amount which they had provided has been sufficient and the interest rate with them has been nominal. The processing fee which they had charged has been nominal and their customer support also had been helpful at times.
      Was this review helpful? 0
      , vadodara
      Reviewed on Oct 29, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting this loan has been smooth and they had approved me the ex-showroom price of 4,90,000. The disbursal of the loan had been fast and their customer support also had been responsive and was good in maintaining the customers perfectly. The interest rate which they where offering also had been nominal.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 27, 2018
    • ICICI Bank Car Loan
      "Very Excellent in Service"
      0.5 5.0/5 "Blown Away!"
      I had applied for a car loan and It was with ICICI . The best thing about ICICI is their customer service. I was highly impressed. My car loan was approved in two minutes and today i own a car. Thankful to ICICI. They are awesome and they take care of your need very well.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Oct 27, 2018
    • ICICI Bank Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The experience with this car loan has been good and the loan amount which they had provided had been satisfactory. The interest rate with them also had been nominal when compared with the market rate. But they had made some charges for the pre-closure which has not been good.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Oct 23, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience i had with this loan has been good and the process in getting the loan has not taken much time. The loan amount which they had provided has also been good and the interest rate with them has also been good as well. The processing fee which they had charged for this loan has been nominal as well.
      Was this review helpful? 3
      , new delhi
      Reviewed on Oct 17, 2018
    • ICICI Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have taken a car loan for five lakhs from ICICI Bank. The process is good and the documentation was taken on time. The rate of interest and processing charges are normal. But there are high charges for the part payment. When compared to the other banks.
      Was this review helpful? 2
      , gurgaon
      Reviewed on Oct 05, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience i had with this loan, the loan amount which they had provided has been satisfactory. The interest rate with them also had been very much less when compared with the market rate. There has not been any hassle faced with their banking services so far.
      Was this review helpful? 2
      , ghaziabad
      Reviewed on Sep 04, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process i getting this loan has been good where the loan amount which they had provided me also had been good as well. The interest rate has been nominal when compared with the market rate and there has not been any hassle faced with their banking services.
      Was this review helpful? 3
      , gurgaon
      Reviewed on Sep 03, 2018
    • ICICI Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have taken my car loan with ICICI Bank and the process to get the loan was on time. But it would be better if there was no hidden charges in the policies. They could update their system even with the number as well, instead of only the email ID. Average overall.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Aug 29, 2018
    • ICICI Bank Car Loan
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      My car loan is good and there are no issues to get the loan. ICICI Bank was quick to process the loan and the documentation was normal and smooth. The rate of interest and processing charges is also normal. The after loan services is also good easy.
      Was this review helpful? 2
      , gurgaon
      Reviewed on Aug 24, 2018
    • ICICI Bank Car Loan
      "Overall good"
      0.5 5.0/5 "Blown Away!"
      My car loan is with ICICI Bank. The process is good and the bank collected my documentation on time I also got the loan without any delay. The interest rate is around 8.95% and the processing fees is a bit higher. I have purchased a Wagon r and the tenure is for five years.
      Was this review helpful? 2
      , new delhi
      Reviewed on Aug 10, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with ICICI BANK and my loan experience is pretty good. My loan amount is 600000 and interest rate is is nominal. There are no hidden charges. I use to pay 12600 as EMI per month and tenure period is 5years. Processing fee is nominal.The process was so smooth at the time of documentation, i did not face any difficulties till date.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 10, 2018
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