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 Bank Car Loan

Bank Name
Interest Rate Range
Processing Fee Range
Loan Amount
Tenure Range
ICICI BANK
9.9% - 15.75% Fixed
0 - 5,350 One time fee
1L Min
1-5 Years
Response Time Within 30 minutes
What you'll love
Documents
Perks
Think about
Fees & Charges
Good to Know
Eligibility Criteria

ICICI Bank Car Loan is Rated as "Great!" by 1002 Users

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Car Loan BYTES FROM OUR KITCHEN

ICICI Bank is an Indian multinational banking and financial services company head quartered in Mumbai. It is the second largest bank in India by assets and by market capitalization. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels. Car Loans from ICICI Bank are extremely convenient, flexible and quick. They offer flexible schemes, attractive interest rates, and quick & hassle-free application. Read on to get details on Interest Rates, EMI, Documents and Eligibility for ICICI Car loan.


You’re probably eligible for an ICICI Bank Car Loan if you are

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ICICI Bank Car Loan Minimum Age

At least 23 years old

ICICI Bank Car Loan Maximum Age

Less than 70 years old

ICICI Bank Car Loan Eligible Employment Type

Salaried or self-employed
with regular income

ICICI Bank Car Loan Minimum Income

Earn more than the minimum
income required


Your ICICI Bank Car Loan amount eligibility is based on these factors

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ICICI Bank Car Loan Minimum Salary

Minimum income required
Rs.16,700 per month

ICICI Bank Car Loan Maximum Loan to Value

Loan capped @
80% of the Ex-Showroom price of Car value

ICICI Bank Car Loan EMI

EMIs of other loans lower
your eligibility


Increase your eligible ICICI Bank Car Loan amount by these steps

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ICICI Bank Car Loan Payoff Outstanding Credit Card Bills

Pay off your credit card bills

ICICI Bank Car Loan Maximum Tenure

Choose longer tenure loan up to 5 years


Documentation needed to apply for an ICICI Bank Car Loan

  • 1. Residence proof
  • 2. Photo ID and age proof
  • 3. Signed application form with photograph
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary – slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:

    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account


ICICI Bank Car Loan Interest RatesUpdated on 14 Feb 2016

ICICI Bank Car Loan Details
Interest Rate (Monthly reducing balance) 9.90% to 15.75%
Processing Fees Rs.0 to Rs.5350 whichever is minimum
Loan Tenure 1 year to 5 years
Pre-closure Charges 5% on outstanding loan amount
Guarantor Requirement No guarantor required

Overview About ICICI Car Loan

As India’s largest private sector bank, ICICI has a widespread clientele comprising of retail and corporate customers. Formed in 1994, ICICI bank was originally promoted by ICICI Limited and was the first financial institution from India to be listed in the New York Stock Exchange. In a bid to effectively manage costs, ICICI has been encouraging customers to use internet and mobile modes of banking for managing their accounts and for transferring funds.

ICICI is a pioneer in promoting banking via social media with its latest innovation ‘icicibankpay’ , a funds transfer platform using the social networking site, Twitter. ICICI has also launched a new digital wallet application, Pockets, which can be downloaded onto an Android phone and funds can be transferred to any contact listed on a customer’s smartphone. ICICI and its group companies provide a wide range of products and services consolidated through various delivery channels. As a key part of its product listing, ICICI car loans are offered with attractive interest rates and easy approvals.

Why choose an ICICI Bank Car Loan?

ICICI Bank car loans are sanctioned quickly with instant approvals and are available with a lot of benefits. ICICI car loans can be easily applied on the ICICI bank website or on BankBazaar.com and an instant e-approval can be obtained. Existing ICICI bank customers can procure pre-approved car loans with the benefit of minimum documentation.

Features of an ICICI Car Loan

ICICI makes owning a car very easy for individuals by offering attractive car loan schemes that can be procured with fast documentation procedures and instant e-approvals.

  • ICICI Bank finances up to 100% of the ex-showroom price of the new vehicle making it very convenient for a customer to manage his finances.
  • ICICI car loan tenures can be generally extended up to 7 years for new cars.
  • ICICI car loans are non-refundable loans and the bank charges the following processing fees based on the loan amount taken. The documentation charges remain the same at Rs 350/- for any quantum of loan.
    Loan Amount Availed Processing Charges
    Less than 2.5 lakhs Rs.2500/-
    2.5 Lakhs to 3.9 Lakhs Rs.3500/-
    4 Lakhs to 4.9 Lakhs Rs.4000/-
    5 Lakhs to 9.9 Lakhs Rs.4200/-
    Greater than 10 Lakhs Rs.5000/-
  • Part repayment of an ICICI car loan is not allowed by the bank, but customers can repay the loan in full with certain charges levied. ICICI charges 5% of the outstanding principal amount from the car loan or the outstanding interest for the remaining period of the loan, whichever is lower.
  • ICICI bank also levies charges for late payment of monthly installments and customers are charged 2% of the outstanding loan balance.
  • ICICI offers an additional insurance coverage for loan liability which can be repaid along with the monthly installments.
  • The bank has separate charges for getting loan and prepayment account statements, duplicate NOCs, Amortization Schedule, revalidation of NOC and also for getting NOC documents.
  • ICICI bank customers can also take top-up loans on their existing car loans with easy processing of loan applications

Individuals can easily apply for an ICICI car loan on BankBazaar.com by following just four simple steps.

  1. The navigational panel on the BankBazaar home page throws up a separate menu for loans categorising by the type of loan. Under the car loan menu, the banks offering car loans in India have been alphabetically listed. Applicants looking to apply for an ICICI car loan should select the link reading as ‘ICICI bank car loan’.
  2. Customers wanting more information on eligibility criteria for an ICICI car loan, the ICICI bank car loan amount eligibility and the required documentation to be submitted can get the details from the specific ICICI Bank car loan page.
  3. Individuals can apply for an ICICI car loan after checking their eligibility, using the ‘Apply now’ feature available.
  4. We provide instant e-approvals for applicants submitting their applications via BankBazaar.com. After this the applicant is connected to the bank for completing the processing of his ICICI car loan.

ICICI Bank car loans can be obtained at fixed interest rates depending on the segment of the new vehicle and the loan tenure the customer has opted for. Car loans with fixed interest rates will remain unchanged during the entire tenure of the loan. Individuals who have secured car loans with floating interest rates can change to fixed interest rates by paying an additional charge of 1.75% on the outstanding loan principal to the bank.

New car loans can be got with interest rates ranging from 10.75% to 15.00% mainly based on the loan tenure.

  • For loan tenures up to 23 months, an interest rate between 12.75% and 15.00% is charged.
  • Loan tenures ranging between 24 to 35 months carry interest rates between 12.25% and 14.50%.
  • Loans with repayment tenures from 36 to 84 months have interest rates charged between 10.75% and 12.50%.

ICICI car loans can be procured by salaried individuals, self-employed professionals and non- professionals.

Documents required

Salaried Employees -

  1. Filled in application form
  2. Photographs
  3. Identity Proof
  4. Address Proof
  5. Age Proof
  6. Bank account statement
  7. Signature Verification Proof
  8. Income Proof - Latest pay slip and Form 16
  9. Employment Stability Proof

Self-employed professionals

  1. Filled in application form
  2. Photographs
  3. Identity Proof
  4. Address Proof
  5. Age Proof
  6. Bank account statement
  7. Signature Verification Proof
  8. Business Stability proof
  9. Ownership proof
  10. Income Tax Returns for the last 2 financial years

Self-employed non-professionals

  1. Filled in application form
  2. Identity Proof
  3. Address Proof
  4. Age Proof
  5. Bank account statement
  6. Signature Verification Proof
  7. Income Tax returns for the last 2 financial years
  8. Financial/audit reports
  9. Business Stability proof
  10. Ownership proof
  11. Partnership deed
  12. Letter signed by all partners authorizing the borrower
  13. For Companies and Societies: Resolution by Board of Directors (or such managing body) and Memorandum and Articles of Association

BankBazaar’s car loan EMI calculator helps a customer get his monthly installment details with respect to an ICICI bank car loan.

The ‘Finance Tools’ option on BankBazaar.com carries the EMI calculator for car loans.

Customers need to enter details like loan amount, tenure, ICICI car loan interest rates and processing fees to instantly get their car loan EMIs calculated.

BankBazaar’s car loan EMI calculator also gives the breakup of the total interest to be paid by a customer along with his ICICI car loan EMI details.

BankBazaar customers can easily contact our friendly customer care help desk at xxxxxxxxxx, if they encounter any issues while navigating through these pages.

Can a customer complete his ICICI car loan application online?

ICICI bank offers a customer the comfortable option of completing the entire process of availing a car loan from application to getting the loan approved in just a few clicks. The ICICI car loan application form is available on the ICICI bank portal and car loan applications can also be made using BankBazaar.com. Any customer applying via either of the two channels will get an instant e-approval for his loan application.

Does an applicant have the option of checking his ICICI car loan status online?

Customers can easily track and check their ICICI car loan application status using the ICICI bank portal or via SMS and email alerts if they have applied through BankBazaar.

Are ICICI car loan statements accessible online?

Yes, ICICI also provides the convenient option of viewing and downloading ICICI car loan statements online from the ICICI web portal. Customers need to create a login to access their accounts containing their loan statements.

What are the ICICI car loan prepayment charges levied on customers?

ICICI levies a charge of 5% of the outstanding principal amount from the car loan or the outstanding interest for the remaining period of the loan, whichever is lower. Part prepayment of ICICI car loans are not permitted by the bank.

What benefits does an existing ICICI bank customer get while availing an ICICI car loan?

Pre-approved ICICI car loans are available for select ICICI bank customers with the additional benefit of processing the car loan with minimum documentation.

How does an applicant contact the customer care for queries on ICICI car loans?

Individuals facing any challenges or having queries with respect to ICICI car loans can easily contact our friendly customer care help desk at xxxxxxxxxx.

News About ICICI Bank Car Loan

  • ICICI Bank may reduce lending rates due to growth in profits

    ICICI Bank reported an increase in its net profit by 11.8% which is Rs. 3,030 crore. This has resulted in the bank expecting to see its lending rates fall as the cost of funds are decreasing.  The growth in net profits for July to September can be accredited to the retail loan sector including home loans, car loans, personal loans and credit cards. The bank’s advances grew by 17%, retail advances going up 25% and corporate advances reaching 7%. ICICI Bank is focussing its attention on retail loans to contribute to a rise in its balance sheet. It may also divert some attention to grow the corporate loan sector up to the double digits.

    With the festive season in motion, customers can expect special offers and schemes from ICICI Bank.

    16th November 2015

  • ICICI Car Loans to Become Cheaper as ICICI Reduces Base Rate

    ICICI Bank, the largest private sector bank in India, reduced its base lending rate marginally from 9.75 percent to 9.70 percent, to offer a lending rate at par with its competitors like HDFC Bank and SBI. As a result, ICICI Bank car loans and home loans will now be cheaper. This is an initiative which is highly beneficial to Indian customers who are looking to apply for car loans or home loans with ICICI Bank. Earlier, the bank had reduced its base rate by 0.25 percent in April.

    Some of the leading banks in India such as SBI, Allahabad Bank, Kotak Mahindra Bank, etc. have reduced their lending rates after Raghuram Rajan, the governor of RBI, urged the banks to pass the benefits of policy rates reduction to the customers.

    2nd July 2015

  • 10 per cent rise in net profit for ICICI

    ICICI Bank witnessed a 10 percent rise in net profit for the fourth quarter in 2014. The bank reported Rs. 2922 crore net profit on treasury gains and high loan growth. The Net Interest Margin (NIM) went up to 3.57 percent from 3.46 per cent as the funding costs for the bank went down. ICICI Bank gained Rs. 726 crore in treasury gains this year and the overall retail loan growth was 25 percent. The Managing Director and Chief Executive Officer of ICICI Bank, Chanda Kochhar, told the media their funding costs decreased, giving them the confidence to revise their base rate. She added that ICICI Bank plans to maintain their NIMs at current levels.

    12th May 2015

  • ICICI launches 'Tap-n-Pay' a New Payment Service

    ICICI Bank has launched an innovative new payment service called 'Tap-n-Pay' in collaboration with Tech Mahindra. This payment service will be based on the technology called near-field communications or NFC and will enable customers to make cashless over the counter payments. This service will only be available to a few customers. Merchants who want to provide this new payment facility to their customers will have to first register for the service with ICICI Bank. This payment option is aimed at reducing the dependency of customers on cash.


    The payment service will not be limited to the customers of ICICI. In fact, individuals who have accounts with other banks can also avail this service. In order to use this service, customers will need to get hold of the NFC tag or configure it on their phone. In order to make payments, they will need to place their phone or the tag near a device that can recognize the tag. Such devices will be installed by the merchants who want to provide the 'Tap-n-Pay' payment system.

    28th April 2015

  • ICICI to Restart Special Unit to Curb Bad Debt

    ICICI Bank will soon re-introduce a special unit that will focus on recovering soured loans. The bank is planning to restart the Special Asset Management Group to resolve bad debts that soared to a three year high in the fourth quarter. Similar to the SBI’s Stressed Assets Management Group, this unit will focus on bringing down the write-offs and control the pace at which the restructured loans are turning sour. Compared to the last year, ICICI’s restructured debt has increased by 40% to Rs.120bn. The RBI, in January 2014, has already laid out a clear path to check the incremental bad loans. But, as this does not address the problem of existing bad loans, ICICI has come up with the debt-recovery group.


    Nevertheless, ICICI is also coming up with exciting offers on car loans where you can avail up to 100% off the ex-showroom price. Check BankBazaar.com for more offers and affordable car loans that suit your budget.

    20th March 2015

  • Essentials to know before you apply for a car loan!

    Let us take a look at some of the essential must knows before applying for a car loan. Read more

    8th March 2014

  • Complications in car loans –Ownership & insurance!

    Out of the vast number of car loans that are approved every day across the country there are some loans which become defaulted due to various reasons. Read more

    25th September 2012

  • Don’t Fall In the Trap of New Fund Offerings

    Do not over-diversify your portfolio by getting hold of every different scheme offered by a fund house. Stick to the basic elements of diversity that offer stability, security and diversity to your portfolio Read more

    19th November 2011

ICICI Bank Car Loan Reviews

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