If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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 2351 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 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"
      0.5 5.0/5 "Blown Away!"
      I have my car loan with ICICI bank 3.15 lakhs and the Interest rate was 8.6% which was average In the market. The loan process was really good and they have provided door step service for collecting document,.My overall experience was excellent and Its recommendable.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 17, 2018
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      There is an ongoing car loan with ICICI ,the rate of interest what they quoted was absolutely fine. The documentation procedure was absolutely smooth ,I have never experienced any difficulty during the service,it was totally a happy service that I had with car loan department.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jan 17, 2018
    • ICICI Bank Car Loan
      "Need to give proper response"
      0.5 2.0/5 "Expected more"
      I had applied for a car loan with ICICI Bank through online channel. I never got a call back from the ICICI representative. So I have taken a car loan with Oriental Bank of Commerce. For interest rate negotiation, they said to visit the branch but I didn't do it.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 16, 2018
    • ICICI Bank Car Loan
      "Satisafctory"
      0.5 4.0/5 "Great!"
      I have my car loan with ICICI bank 2 years back. The loan amount was 5 lakhs and the Interest rate was 11-12% and it is high when compared with other banks. The processing fee was nominal and the tenure period was 5 years. They have sanctioned the loan within the committed time and loan process was good. My loan process was very much satisfactory.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 12, 2018
    • ICICI Bank Car Loan
      "Interest rate to be reduced"
      0.5 4.0/5 "Great!"
      I have an ongoing car loan with ICICI bank. Totally I had to pay for 5 years and one year is already completed. The loan process was good. The customer service was average. The rate of interest was around 9% which was more when compared to others. I have purchased a Ford Figo Aspire.
      Was this review helpful? 0
      , faridabad
      Reviewed on Jan 10, 2018
    • ICICI Bank Car Loan
      "Very good"
      0.5 4.5/5 "Excellent!"
      I have my car loan with ICICI bank few months back. The loan amount was 5.80,000. The customer service and responses was up to the mark. The Interest rate was 8.5% which was average In the market and the tenure period was 5 years. The loan amount was smooth and I had a very good loan process. The processing fee was nominal. My overall experience was very good and Its recommendable.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 09, 2018
    • ICICI Bank Car Loan
      "Double check with the fees and charges"
      0.5 2.0/5 "Expected more"
      I have taken a car loan from ICICI bank . the approved loan amount was 5 lakhs 30 thousand . The rate of interest with the bank is 8.75%. The monthly EMI comes around 8700. The total tenure was for 7 years. The processing fee was 1500 rupees.At the time of my application they told there will be no processing fee.Later they charged.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 08, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with ICICI bank.the loan amount is 4.50 lakhs,rate of interest is nominal as compared to others.I have completed my loan EMI.The loan was processed without processing fees and additional charges.I submitted documents to process the same.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 04, 2018
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have a car loan from Icici ,the service was good. They offered me a interest rate of 9 % which was good compared to others in the market. Icici customer support was good ,the documents part was been very smooth ,it was a excellent experience with Icici car loan service for my Maruthi car.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 02, 2018
    • ICICI Bank Car Loan
      "Not bad"
      0.5 3.0/5 "Satisfactory"
      I have my car loan with ICICI bank which was taken 10 years back . The tenure period was 5 years and the interest rate was very high than other banks in the market . The loan process was not satisfactory since I had an issue in receiving NOC so the process was bit tedious. My overall experience was not bad .
      Was this review helpful? 9
      , ghaziabad
      Reviewed on Dec 28, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan experience with ICICI bank was good, the loan amount was for Rs 4 lakhs and the rate of interest was 9.0% which is nominal when compared to all other banks. The process was smooth and i received my loan amount within 15 days. Customer service was good and they followed up correctly. The tenure of the loan is 4 years and there are no charges on preclosure and part payment.
      Was this review helpful? 1
      , new delhi
      Reviewed on Dec 27, 2017
    • ICICI Bank Car Loan
      "Super Loan"
      0.5 5.0/5 "Blown Away!"
      When a proper plan to get a Car came in, ICICI Bank really helped me with their Car Loan. I got the Loan with very decent interest rate of 10.7%. The process for getting the Loan was also pretty short and they gave me a very little Rate of Interest.
      Was this review helpful? 1
      , noida
      Reviewed on Dec 26, 2017
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with ICICI Bank last year June. The loan process was good and easily they provided a loan without visiting the bank. They didn't charge me any processing fee. The rate of interest was nominal on that time. The EMI payment was paid through ECS.
      Was this review helpful? 3
      , noida
      Reviewed on Dec 26, 2017
    • ICICI Bank Car Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      I got this Loan pretty easily, corresponding process involved with it was pretty short. The whole Loan got disbursed within 7-8 days. The Rate of interest offered by them was somewhere around 9%, which I feel is quite good too. The overall experience with the loan has been good.
      Was this review helpful? 4
      , faridabad
      Reviewed on Dec 20, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 2.0/5 "Expected more"
      I have applied for a Car loan with ICICI bank.The loan amount i requested for is 3 lakhs however i received only 1.60 lakhs am not happy with the loan amount as expected more otherwise the response was good they had processed immediately.The payment is done through an ECS.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 20, 2017
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Car loan with ICICI bank.The loan amount is 5.37 lakhs,Rate of interest is 12.50% is nominal as compared to others banks.I pay my EMI by cash.They had deducted processing fees of 3000 from the principal.The tenure is for 5 years.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Dec 19, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The car loan service is good with the ICICI bank and they have offered me a loan within the promised time. The customer support is very supportive and they are very much supportive. The ICICI bank executives directly helped me to get in touch with the car dealer ,. The rate of interest and the charges are nominal with the ICICI bank.
      Was this review helpful? 6
      , new delhi
      Reviewed on Dec 11, 2017
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have got the employee car loan from ICICI bank and I got the loan amount of Rs,3,50,000. The rate of interest and the charges are nominal with ICICI bank when compared with the other banks. The customer support is good with ICICI bank and this loan has the tenure of 5years.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 11, 2017
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was my personal reason I have postponed my loan process with icici ,the interest rate was nominal customer support was prompt with icici compare to others in the market also I got a better offer it was the main reason for cancellation of my loan process with icici.
      Was this review helpful? 2
      , new delhi
      Reviewed on Dec 06, 2017
    • ICICI Bank Car Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      I dont interacted much with icici staffs regarding my car loan service ,but the customer support was good with icici compare to other banks in the market and the rate of interest they offered me was 9 % which was high for me. I had placed my loan request on hold temporarily for my personal reasons it was a average service that I received from ICICI Bank car loan services.
      Was this review helpful? 2
      , mumbai
      Reviewed on Dec 06, 2017
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