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 2130 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 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.

    Car Loan Reviews

    • ICICI Bank Car Loan
      "Response is good"
      0.5 4.0/5 "Great!"
      I had applied for a car loan with ICICI Bank and the banking services are good. They contacted to me on time and informed me the necessary details. Since they were not providing a loan for the commercial vehicles. I could not proceed ahead. The interest rate and charges was average.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 19, 2017
    • ICICI Bank Car Loan
      "Better"
      0.5 4.0/5 "Great!"
      I have approached ICICI bank for car loan. I got a good response and the customer service. But rate of interest was not fixed, executive said it varies based on the car. For Hyundai interest rate was less and for Maruti car rate of interest was high. Actually ICICI bank doesn't have any criteria so I couldn't just justify the words.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 19, 2017
    • ICICI Bank Car Loan
      "Good customer service"
      0.5 5.0/5 "Blown Away!"
      My service with ICICI was extraordinary. My loan process has happened within 48 hours. I have purchased a new Innova car. The dealer payment also happened in flat 60 hours. I am very much happy with the overall process. The documentation process and the rate of interest was satisfactory.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 19, 2017
    • ICICI Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      The response was really good from the bankers end they where ready to offer me the loan but I got good deal from other resources so I had cancel the loan from icici, so that was the reason I haven't got the loan from ICICI bank. The customer support was good with ICICI bank as per my car loan application. They gave better response in regards to my car loan
      Was this review helpful? 0
      , chandigarh
      Reviewed on Oct 19, 2017
    • ICICI Bank Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      ICICI Bank is good in the services and response. I received a call on time, after I applied for a car loan. I did not go ahead for it as I postponed my plans for the next two months. The interest rate and processing charges is normal and the experience is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 19, 2017
    • ICICI Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have approached ICICI bank for a car loan through online portal. Actually I was looking for TAVERA but bank cannot offer a loan for this vehicle. . There was a regular followup, it was good.The rate of interest was nominal like other bankers.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Oct 19, 2017
    • ICICI Bank Car Loan
      "SATISFACTORY"
      0.5 3.0/5 "Satisfactory"
      I postponed my plan of buying a car now for the next year so i canceled the process. Customer service was good from the ICICI bank end they contacted me on time and delivered the proper information for the process . the rate of interest was also minimal for the other banks and the processing fee was not discussed 4 to 5 lakhs.
      Was this review helpful? 0
      , nagpur
      Reviewed on Oct 19, 2017
    • ICICI Bank Car Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      My car loan is from ICICI Bank and the process for this loan was completed in a day. They were very fast and the documents was minimal. The interest rate and processing fee was normal. The after loan services is also good and there are no issues in the EMI deductions.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 19, 2017
    • ICICI Bank Car Loan
      "Very Good"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with ICICI bank 8 years back. The promised rate of interest was 11% for 5 lakhs loan which was high than other banks in the market. They have provided door step service for the documentation collection and the process was easy and hassle free. There is no delayed in issuing loan , they have sanctioned with the committed time.. Here the part payment option is really good than other bank so Its an advantage here. The experience was very good .
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have approached ICICI bank for my car loan. I was looking for 4.5 lakhs and their rate of interest was 9.5% which was bit high than other banks. I have changed my plan so did not process with the loan process here. The customer service and responses was good so Its recommendable,
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Good customer service"
      0.5 4.0/5 "Great!"
      I have applied for the car loan from ICICI bank, my loan application was closed because i have taken loan from one of my friend. When it comes to customer service, it was good and they were very responsive. The rate of interest was nominal when compared to all other banks.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Increase the loan amount"
      0.5 5.0/5 "Blown Away!"
      The customer support was good with ICICI bank in regards to my car loan application. The loan amount which they were about to offers was less when compared with others. The rate interest is nominal with ICICI bank. Thy were about to offer me less than 50% of loan amount.
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Best banking "
      0.5 5.0/5 "Blown Away!"
      I had applied for a car loan with ICICI bank for an amount of 4.4lakhs with nominal rate of interest.customer support was good they were too supportive.plan was dropped because I had received funds from a different source. In future am planing to take home loan I feel ICICI bank is the best option
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Good customer service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan from ICICI bank, my loan application was rejected as i did not have proper documents. The customer service was good and they were responsive, they did not proceed without the document verification. The rate of interest is a bit high when compared to all other banks.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Good customer service"
      0.5 4.0/5 "Great!"
      I have applied for the car loan from ICICI bank, my application was closed because i decided not to take a car loan as i had financial issues. When it comes to customer service, it was good and they were responsive, they followed up frequently. The rate of interest was little high when compared to other banks.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have applied for my car loan with ICICI bank. The rate of interest was 8.75% which was average in the market but I have cancelled my application here and taken with SBI since I applied there first. The customer service and responses was really good.
      Was this review helpful? 0
      , panchkula
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I had a plan to take the car loan with ICICI bank. The rate of interest was 8.995 which is not high and satisfactory . Their responses and customer service is really good. I have dropped loan plan later and cancelled the application. I would like to recommend to my friends and others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Average"
      0.5 3.5/5 "Pretty good"
      I have approached ICICI bank for my car loan through online portal. The customer service and responses was satisfactory but I have no idea about the rate of interest here. I have cancelled my application here since I have applied for SBI and HDFC bank simultaneously .
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Fast approval"
      0.5 5.0/5 "Blown Away!"
      I got proper response from the ICICI bank. The rate of interest was nominal. The executive came to my place and collected the documents. They have sanctioned the loan was on time. I have purchased a new WAGNOR car. I pay approximately 6k for month through ECS.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Average"
      0.5 5.0/5 "Blown Away!"
      I am having the car loan with the ICICI bank and the interest rate is around 5%. Customer service and other things are good one with the ICICI bank and the total tenure is around five years of time.
      Was this review helpful? 0
      , lucknow
      Reviewed on Oct 17, 2017
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