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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    We found 1 ICICI Car Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.10% - 15% Fixed
    Up to ₹ 6,153 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria

    ICICI Car Loan Interest Rates is Rated as "Great!" by 1711 Users

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    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.
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  • Car Loan Reviews

    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      It was a good service with ICICI bank for the car loan process. I applied for the loan but I could not followup with them in order to get the loan. I was held up in other work so I had no time for it. So I just postponed my plan in taking the car loan. But services of ICICI bank is good.
      Was this review helpful? 0
      , indore
      Reviewed on Jun 21, 2017
    • ICICI Bank Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      What stopped the process was, I was not in need to get the car loan as of now and that's why I did not go ahead with the ICICI bank. Customer service with the ICICI bank and they have contacted me on an immediate basis. Rate of interest varies based on the capital amount.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 21, 2017
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I had applied for a car loan with ICICI Bank. The response was good. They contacted me and informed me the details. I did not proceed ahead as I have postponed my plan after discussing with my family The customer service and response from the bank executive was really good
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 20, 2017
    • ICICI Bank Car Loan
      "Overall package is good when its open its not up to the mark"
      0.5 3.5/5 "Pretty good"
      The interest rate levied by ICICI bank is slightly higher than the normal one. One of my friend has got a Baleno car with a higher interest rate, but he is paying less interest rate also the EMI options need to be more transparent with ICICI bank. I got the loan within a week's time. The required loan amount was disbursed by ICICI bank on time. Even I cannot compare the processing fee as I don't have any prior experience and this happened to be my first experience.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 20, 2017
    • ICICI Bank Car Loan
      "Good "
      0.5 5.0/5 "Blown Away!"
      The whole process hardly took a week's time to get completed. ICICI bank executive came and collected all the relevant documents on the assigned time and date. Further, I had got the required loan amount too. The rate of interest is too high in the beginning later after negotiating,they have reduced the interest rate and they have offered the best interest rate.I am completely happy about the loan service and to conclude, I am very much satisfied with their service.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 20, 2017
    • ICICI Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      ICICI gave proper communication on car loan request. ICICI process was smooth and hassle free.They did very good documentation and done the disbursement on time with in 3 days my loan got approved. ICICI offered me the interest rate of 8.50.% and with the processing fee of 6000 rupees I found interest rate was nominal like other bank.
      Was this review helpful? 0
      , junagadh
      Reviewed on Jun 19, 2017
    • ICICI Bank Car Loan
      "DISSATISFIED"
      0.5 1.0/5 "Really Bad"
      I do not have anything to provide a good review for ICICI bank. The reason is, I received no response from the bank. At least they should have called once.This is not the kind of service customer is expecting I haD applied for 4.5L over all, it was not a good service for the car loan.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jun 19, 2017
    • ICICI Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      ICICI gave proper communication on car loan request. ICICI process was smooth and hassle free.They did very good documentation and done the disbursement on time with in 2 days my loan got approved. ICICI offered me the interest rate of 8.75% and with the processing fee of 1% of the loan amount. I found interest rate was nominal like other bank
      Was this review helpful? 0
      , surat
      Reviewed on Jun 19, 2017
    • ICICI Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had not taken the car loan from ICICI bank because I was just having an inquiry regarding the car the loan amount I was intending to borrow 3.85 lakhs from ICICI. Bank executive contacted me and helped me by giving me the details what I needed and my over all experience was good.
      Was this review helpful? 0
      , mohali
      Reviewed on Jun 15, 2017
    • ICICI Bank Car Loan
      "Fast Service"
      0.5 4.0/5 "Great!"
      I had taken the car loan from ICICI bank. The interest rate is 9% I believe. ICICI is a recommendable bank for the car loan because when I was processing the loan with them, they delivered such a fast service. The customer service and response is normal.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 15, 2017
    • ICICI Bank Car Loan
      "Satisfactory services"
      0.5 5.0/5 "Blown Away!"
      The process at ICICI bank was good and quick and hassle free. I got the car loan within a week with a interest rate around 9.5%. The processing charges was also normal. The customer services and response was good with the collection of the documents too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 15, 2017
    • ICICI Bank Car Loan
      "Nice experience"
      0.5 4.0/5 "Great!"
      I hold a credit card at ICICI bank and the features are always good, I get the regular offers and the credit limit is also to my satisfaction. The customer support team has always given attention to me when ever I reached out to them and the bills I get has always been clear.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jun 14, 2017
    • ICICI Bank Car Loan
      "Good in response"
      0.5 5.0/5 "Blown Away!"
      ICICI Bank done a good job on the car loan, I was contacted on time and given the details. I could not go ahead with the loan because I postponed my plans to buy a vehicle. The interest rate and processing charges was a bit on the higher side. Else the experience was good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 12, 2017
    • ICICI Bank Car Loan
      "Satisfactory services"
      0.5 4.0/5 "Great!"
      ICICI bank has been good in the services and I am happy with the experience. I did not take the car loan as I postponed my plan. The process started off promptly and in all I had no issues. The interest rate and processing charges was normal when compared to other banks.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 12, 2017
    • ICICI Bank Car Loan
      "Great"
      0.5 4.0/5 "Great!"
      I have closed the car loan with the rate of interest as 9.25% in ICICI bank. Services were better one with the ICICI bank and I was satisfied. Interest rate was the only concern with the ICICI bank and I got the RC book and NOC in a day itself.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 12, 2017
    • ICICI Bank Car Loan
      "Good experience "
      0.5 5.0/5 "Blown Away!"
      I have not taken the car loan with the ICICI bank because I am going to transfer to some other location. Rate of interest was not aware and the ICICI bank executives have contacted me immediately. In future, I would like to go ahead with them.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 12, 2017
    • ICICI Bank Car Loan
      "Better Service"
      0.5 4.0/5 "Great!"
      I availed car loan from ICICI bank and the rate of interest for the loan is around 8.5% which is nominal and I think the rate of interest is same with all the banks for the vehicle loan. ICICI bank is normally high on interest rate. There is no issues with the customer service.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 12, 2017
    • ICICI Bank Car Loan
      "Overall good"
      0.5 4.0/5 "Great!"
      I did not take the car loan from ICICI Bank is because the model I was looking for was not yet launched. So I would reapply once more when the vehicle comes through. The interest rate and processing charges was average as it was a bit high. Good overall.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 12, 2017
    • ICICI Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have a good experience of taking a car loan from ICICI bank. The overall process was a hassle free one. I got the loan with a nominal interest rate 9.1%. The disbursement was a speedy process even. It was a good response and support I got from the bank executives the loan got sanctioned immediately, but I have delayed it from my side.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 11, 2017
    • ICICI Bank Car Loan
      "Satisfactory"
      0.5 3.0/5 "Satisfactory"
      Response was the best with ICICI bank. One major disadvantage with ICICI Bank car loan was documentation part they delayed my car loan application because of the documentation work was not on time The rate offered was around 12.5% for the car loan fro them the loan amount I have applied for 5 lakhs and it is for four years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 11, 2017
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