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  • ICICI Car Loan Interest Rates is Rated as "Great!" by 2402 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
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with ICICI bank and my experience was good, the loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. Customer service was good, they responded on time and the tenure period for this loan is 5 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a Car loan of 7 lakhs from the ICICI bank. The loan application process is very fast with in 5 days the loan amount was credited to the account. Overall the whole process was quick and hassle free. I never had any issues with the process...
      Was this review helpful? 0
      , secunderabad
      Reviewed on May 20, 2018
    • ICICI Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the ICICI bank for 18 Lakh. The loan is about get closed just need to pay a month more.I applied for the loan through the bank and it took almost 25 days to process the loan. The branch staff came to my home and the documentation part is hassle free. Overall it was a smooth loan experience.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 20, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The ICICI bank car loan service is good and I am satisfied with it. I have got the car loan from the ICICI bank around 8months ago. The customer support sreice and the response is good from the ICICI bank. The rate of interest and the charges are average with the ICICI bank.
      Was this review helpful? 0
      , mysore
      Reviewed on May 16, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      There was some problem with the Application of my ICICI Car loan, documents collections was postponed however the Communication was very good. Overall the application process was quick and hassle free. Even though the loan wasn't processed it was a good experience.
      Was this review helpful? 0
      , chennai
      Reviewed on May 16, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I am planning to apply for a Property loan which was the reason I canceled the car loan application. The application process was very good and hassle free, Overall I never had any issues with the loan process. Overall it was a good experience.
      Was this review helpful? 0
      , pune
      Reviewed on May 15, 2018
    • ICICI Bank Car Loan
      "Good Service high rates"
      0.5 5.0/5 "Blown Away!"
      The application process was very nice.The rate of interest was higher than other banks, that's the reason I've applied the loan through a different bank . Overall the whole process was good and hassle free. I never faced any other issues during the application
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 15, 2018
    • ICICI Bank Car Loan
      "ICICI bank car loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from ICICI bank and the approved loan amount was 6.56 lakhs. The rate of interest was 8.85%. The monthly emi is 13500 for tenure of 5 years.There was processing fee of 3500.The customer service and response is fine.
      Was this review helpful? 0
      , lucknow
      Reviewed on May 15, 2018
    • ICICI Bank Car Loan
      "Interest has be increased"
      0.5 3.5/5 "Pretty good"
      I have taken a car loan from ICICI bank and the approved loan amount was 8 lakhs. The rate of interest was 8.6%. At the time of my application the interest was 8.5% and later increased to 8.6%. The monthly emi is 12915 for tenure of 7 years.There was processing fee of 3000. After 2 years we can pre closure with some charges, part payment not available.
      Was this review helpful? 0
      , bhopal
      Reviewed on May 14, 2018
    • ICICI Bank Car Loan
      "ICICI bank car loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from ICICI bank and the approved loan amount was 6.7 lakhs. The rate of interest was 8.3%. They have reduced the rate of interest from 8.7 to 8.3%. The monthly emi is 13874 for tenure of 5 years.The processing fee was around 3500.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 14, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I applied for a car loan 4.4L for 5 years from BankBazaar . I got so many calls and I got confused, the loan experience was really good. Overall it was a good experience. Other than the too many calls I received the whole process was fine and finally I received the loan.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on May 11, 2018
    • ICICI Bank Car Loan
      "Car loan from ICICI bank"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan from ICICI bank and the approved loan amount was 7 lakhs. The rate of interest was nominal. The monthly EMI comes around 15000. The total tenure was for 5 years. There was some processing fee. The experience was good.
      Was this review helpful? 0
      , latur
      Reviewed on May 11, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I've applied for a car long from ICICI via BankBazaar and I've decided to postpone this application for a while. The process was and hassle free. Overall there were any issues about the application process. Everything was quick and right on time.
      Was this review helpful? 0
      , pune
      Reviewed on May 11, 2018
    • ICICI Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My car loan is with ICICI Bank and the process was on time and it was a very fast process as well. I got the loan in three days. The rate of interest was of 8.50% and the processing fees was of 3500. The tenure is for five years. I have taken a Maruti Suzuki Vitara Brezza.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Apr 29, 2018
    • ICICI Bank Car Loan
      "Good. Can be more sooner"
      0.5 4.0/5 "Great!"
      I have taken my car loan from ICICI bank. They took eight to ten days to disburse the loan. The document was collected on time, just that the process was long. I have taken a Tata Tiago. The rate of interest was around 8.60% and the processing fees is of 2300. The loan amount was of 498000 for the tenure of five years. I was initially informed that the interest rate would be from 8.4% to 8.5%.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 29, 2018
    • ICICI Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      ICICI bank has offered me a car loan around a year. The customer support service and the response is good with the ICICI bank . They have disbursed the loan amount within a hour time. The rate of interest and the charges are average with the car loan service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 27, 2018
    • ICICI Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with ICICI bank and the experience was good, the loan amount was sufficient and the rate of interest was nominal when compared to other banks. The process was quick and i received my loan amount within 2 days. The tenure period of this loan is 7 years and there are no charges on foreclosure.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 25, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I had got the car loan from the ICICI bank around 8 years ago. The customer support service is good with the ICICI bank and I have closed this account long back . The required loan amount has been given and I am satisfied with it. The documentation process need to be customer oriented.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 31, 2018
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Its been more than a year since I have got the car loan from the ICICI bank. I have got the loan amount within 3 to 4r days of time. the required loan amount has been given . The rate of interest and the charges are average with the ICICI bank when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 28, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My car loan application was approved and disbursed with ICICI bank, it was a good experience with ICICI bank. The loan amount was for Rs 3.20 lakhs with the rate of interest of 8.5% which is nominal when compared to all other banks. Customer service was good and they collected documents on time. My loan amount was based on the ex-showroom price and the tenure of the loan is 5 years.
      Was this review helpful? 0
      , surat
      Reviewed on Mar 05, 2018
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