If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • ICICI Car Loan Interest Rates 2019 is Rated as "Great!" by 2465 Users

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    ICICI Car Loan Interest Rates 2019

    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%

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

    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 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.

    Car Loan Reviews

    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with ICICI bank, the rate of interest they have charged me was nominal and they have charged me processing fee they have charged me which was nominal, the loan amount they have given me was sufficient according to the car price i got my loan, still this loan is running,overall service is good.
      Was this review helpful? 3
      , new delhi
      Reviewed on Jan 08, 2019
    • ICICI Bank Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The process in getting this loan was quite good and there hasn't been any hassle faced. The loan amount which they had provided has been sufficient and the interest rate with them has been nominal as well. There has not been any sort of additional charges which was made by them.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 07, 2019
    • ICICI Bank Car Loan
      "Good car loan experience"
      0.5 5.0/5 "Blown Away!"
      I bought the ICICI Car loan in the year of 2016. I got the loan amount of Rs. 7.50 lakhs and they have offered me a interest rate of 13.5% and the processing fee was a nominal fee. I pay the premium amount of Rs. 2500. I have chosen the tenure period of 3 years. Overall documentation process was fine.
      Was this review helpful? 3
      , pune
      Reviewed on Dec 29, 2018
    • ICICI Bank Car Loan
      "Good Services"
      0.5 5.0/5 "Blown Away!"
      In 2014, i have selected the car loan from ICICI. I have selected the tenure period of 3 years. Since i have a savings account with them, i have selected the ICICI bank for my car loan. In two days, i have received the loan. I have purchased the loan amount of Rs. 5 lakhs and the interest rate was 11.5%
      Was this review helpful? 2
      , pune
      Reviewed on Dec 29, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It was quite a good experience i had with this loan where the loan amount has been sufficient and the interest rate with them has been nominal as well. The charges which they had made has been nominal and their customer support has been responsive as well.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 20, 2018
    • ICICI Bank Car Loan
      "Good car loan"
      0.5 5.0/5 "Blown Away!"
      I have purchased the car loan 6 years back with ICICI. The interest rates were convenient one and i'm not sure about the processing fee. I have pre-closure the loan without any extra charges. The loan amount taken was Rs. 3 lakhs however the actual tenure period of 5 years.
      Was this review helpful? 2
      , kolkata
      Reviewed on Dec 19, 2018
    • ICICI Bank Car Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      My car loan was purchased with ICICI. I took the loan 3 years back. Since the quick process in ICICI, i have chosen them. Got the loan amount of Rs. 6 lakhs and the interest rates are satisfactory one. I pay the EMI of Rs. 10000 every month and its a tenure period of 5 years.
      Was this review helpful? 1
      , kolkata
      Reviewed on Dec 19, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I am holding my car loan with ICICI bank, the rate of interest they have charged me was nominal for me, and even Emi they are taking in month nominal only and they have not charged any processing fee and loan amount was sufficient,there are no hidden charges in this loan ,overall service rendered by them was really good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 15, 2018
    • ICICI Bank Car Loan
      "Best service"
      0.5 4.0/5 "Great!"
      My car loan has taken with ICICI BANK , they charge nominal of interest rate in the market . The process was too smooth and fast i receive the loan within few days and it is best service i got . The tenure period is 5years . Customer service and their response is good with this bank .
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 15, 2018
    • ICICI Bank Car Loan
      "Good car loan with ICICI"
      0.5 5.0/5 "Blown Away!"
      I bought my car loan around April. I have got the loan amount of Rs. 10 lakhs. The documentation process was very easy. The total tenure period of the loan is 10 years. I have been paying the EMI of Rs. 15000. Within a week i have received the car loan. I make the payment through ECS.
      Was this review helpful? 4
      , bangalore
      Reviewed on Dec 13, 2018
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have applied my car loan with ICICI bank recently, i have been using this loan from past 5-6 months only, and i took my car three years back only but loan i have took recently, and the loan amount they have given me was sufficient , and the rate of interest they have charged me was nominal.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 12, 2018
    • ICICI Bank Car Loan
      "Very Easy process"
      0.5 5.0/5 "Blown Away!"
      ICICI bank provides the best banking solutions. 1 year i have purchased the care loan. I got the loan amount of Rs. 4.50 lakhs. Within 3 days, i have received the loan amount. I pay the premium amount of Rs. 30500 and i have chosen the tenure period of 36 months. The documentation process was also very easy.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 11, 2018
    • ICICI Bank Car Loan
      "Good Experience on car loan"
      0.5 4.0/5 "Great!"
      My experience with ICICI of the car is good, they taken 7 to 10 days to disbursed the amount to the dealer, I have purchase Renault kwit 2013 model, the loan amount is sufficient as I expected, customer support is good. The interest rate is little higher.
      Was this review helpful? 0
      , jabalpur
      Reviewed on Dec 10, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my car loan with ICICI bank for long time, they have given me sufficient loan amount, and they have charged me nominal rate of interest in this loan and they have not charged any processing fee in this loan , overall experience was too good in this card.
      Was this review helpful? 5
      , bhubaneshwar
      Reviewed on Dec 07, 2018
    • ICICI Bank Car Loan
      "Good Financial service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan form the ICICI bank and they are giving good service . They have given nominal rate of interest which am satisfied with it .They instantly responded very well and approved the loan instantly . Overall satisfied with the my car loan from the ICICI bank .
      Was this review helpful? 0
      , lucknow
      Reviewed on Dec 07, 2018
    • ICICI Bank Car Loan
      "Better"
      0.5 5.0/5 "Blown Away!"
      I took my a car loan with ICICI Bank before 8 to 9 months. The rate of interest and charges are reasonable. The customer service and response was better. I have purchased a Maruti Suzuki car and I made some down payment. The documents are collected by the executive.
      Was this review helpful? 1
      , new delhi
      Reviewed on Dec 02, 2018
    • ICICI Bank Car Loan
      "Hassle free experience"
      0.5 5.0/5 "Blown Away!"
      3 years back, i have purchased the car loan with ICICI. The loan got disbursed without any hassles. It took 3 days to sanctioned the amount. The documentation process was smooth. They have accepted different types of documents also. I have applied the loan amount of Rs. 8 lakhs and the interest rate was 9.75%. I have been paying the EMI of Rs. 15465.
      Was this review helpful? 1
      , pune
      Reviewed on Nov 26, 2018
    • ICICI Bank Car Loan
      "GoodGood"
      0.5 3.5/5 "Pretty good"
      I have taken car loan with ICICI Bank through online channel. The interest rate was more and the processing charges are very costly. I have purchased MARUTI SUZUKI VITARA BREZZA VDI. The loan duration is 5 years. There is an option for part payment and pre closure.
      Was this review helpful? 3
      , bangalore
      Reviewed on Nov 23, 2018
    • ICICI Bank Car Loan
      "Good In Service"
      0.5 3.0/5 "Satisfactory"
      I have taken a car loan with ICICI. The tenuity period is 4 years, my application was taken care by ICICI and they processed it keeping my documents . Rate of interest if i see its reasonable compare to market value. I am happy with Overall services..
      Was this review helpful? 0
      , lucknow
      Reviewed on Nov 22, 2018
    • ICICI Bank Car Loan
      "Average loan services"
      0.5 2.0/5 "Expected more"
      They do share my data to many companies. After i completed my car loan, i used to get 5 calls per day against the loan services. It was pathetic from ICICI. I purchased the loan amount of 9.90 lakhs. It was not easy to get a loan from ICICI. I have to make couple calls to negotiate the interest rate. There was no processing fee. I have taken the loan in March 2017. I have been paying the EMI of 21 K with a tenure period of 5 years.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Nov 22, 2018
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