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  • ICICI Bank Car Loan

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  • ICICI Bank is one of the leading choices when it comes to new and pre-owned car loans. Interest rates on new car loans range from 9.10% to 13.35%, whereas, ICICI used car loans can be availed at an interest rate of 14.25%.
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    We found 1 ICICI Bank Car Loan
    Bank Name
    Interest Rate Range/Lease rental range
    Processing Fee Range
    Loan Amount
    Tenure Range
    PA PL OTP
    9.10% - 13.35% Fixed
    Up to ₹ 5,000 One time fee
    1L Min
    1-7 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    ICICI Bank Car Loan

    Key Features of ICICI Bank Car Loan

    Some notable features of ICICI Bank New Car Loans are:

    • Minimal documentation
    • Longer loan tenure up to 7 years
    • Financing for up to 100% of on-road price
    • Low processing fee

    ICICI Bank Car Loan Fees & Charges

    Here are some of the main fees and charges accompanying the ICICI Bank’s New and Used Car Loans:

    Charges New Car Loan Used Car Loan
    Non-Refundable Loan Processing Fee Rs.3,500 to Rs.8,500 (depending on car segment) Lower of 2% of loan amount or Rs.15,000
    Late Payment Charges 2%/month on outstanding installment amount
    Loan Cancellation Charges Rs.3,000 per loan
    Used Car Valuation Charges Rs.800 + applicable GST
    Prepayment Charges Lower of 5% on interest or % on principal due for remaining loan tenure
    Part Pre-payment Charges 6% + GST on amount being prepaid, subject to conditions
    Prepayment Statement Charges Rs.200/statement
    Amortisation Schedule Charges Rs.500/schedule
    Documentation Charges Rs.550 + applicable GST
    Stamp Duty At actuals
    Bounce Charges Rs.500/transaction
    Account Statement Charges Rs.200/statement
    Legal Repossession/Incidental Charges At actuals

    ICICI Bank Car Loan Eligibility

    To be eligible for an ICICI Bank New or Used Car Loan, applicants must adhere to the following criteria:

    • Applicant must be a salaried or self-employed individual (professional or non-professional).
    • Must provide proof of income stability

    You can find more about Car loan eligibility here!.

    Documents Required for ICICI Car Loan

    Following are the documents to be furnished to apply for the ICICI Bank New or Used Car Loan:

    Salaried Applicants

    Category Documents Required
    Application Form Duly filled-in application form
    KYC Address proof, ID proof, age proof, and photographs
    Bank Statements Signature Verification
    Income Proof Form 16 or latest salary slip
    Other Documentation Proof of employment stability

    Self-employed Professionals

    Category Documents Required
    Application Form Duly filled-in application form
    KYC Address proof, ID proof, age proof, and photographs
    Bank Statements Signature Verification
    Income Proof Income Tax Returns for last 2 years
    Other Documentation Proof of business stability/ownership

    Self-employed Non-professionals

    Category Documents Required
    Application Form Duly filled-in application form
    KYC Address proof, ID proof, and age proof
    Bank Statements Signature Verification
    Income Proof
    • Income Tax Returns for past 2 years
    • comprehensive audit/financial report
    Other Documentation
    • Proof of business stability/ownership
    • Partnership Deed & letter signed by all partners giving authority to one partner
    • Memorandum/Articles of Association & Resolution by Boar of Directors

    FAQ

    1. Will ICICI let me prepay or foreclose my car loan?
    2. Yes, you can prepay or foreclose your car loan at a charge of 5% + GST on the remaining principal loan amount.

    3. What are the repayment options available with this car loan?
    4. You can pay the car loan EMIs in a variety of ways. If you are an existing ICICI Bank customer, you can opt for the direct debit facility or ECS. Otherwise, you may also make the EMI payment via issuing post-dated cheques drawn in favour of ICICI Bank Ltd.

    5. Is there a provision to update my contact details on my ICICI Bank loan account?
    6. Yes, you can easily update your contact details such as your email ID, mobile number, mailing address, etc., by walking into any ICICI Bank branch. When submitting your application, do remember to carry a valid photo ID proof.

    7. What are some factors which influence the interest rate for a new car loan?
    8. The interest rate for new car loans is dependent on some factors like the tenure of the loan, the car you’re planning to get, and your relationship with the bank, among other factors.

    9. Are used car loan interest rates influenced by any factors?
    10. Yes, interest rates for a used car loan can vary depending on some factors like the age and segment of the car you’re purchasing, the loan product type you are availing – refinance, top-up loan, and the loan term, to name a few.

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    ICICI Bank Car Loan Reviews

    • ICICI Bank Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      From ICICI Bank, i applied a car loan and the loan amount was Rs. 3.50L. I made a down payment of Rs. 90k and the rate of interest was normal. I have given my documents to the showroom and am planning to close the loan with in 2-3 months. I have purchased a Maruthi car.
      Was this review helpful? 1
      , chennai
      Reviewed on Mar 15, 2020
    • ICICI Bank
      ICICI Bank Car Loan
      "Need to be zero for pre closure charge "
      0.5 3.0/5 "Satisfactory"
      I chosen ICICI car loan offer through showroom. I taken this loan on 2 years back for the amount of 8L which is sufficient with tenure period of 5 years. On that time rate of interest was lower when compared to other bank. The processing fee is less. The car model is TATA Nexon. I done the down payment of 2.8L. EMI need to pay of 17K. For pre closure is applicable with huge charge. So I didn't go for that option.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Mar 11, 2020
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan directly through ICICI bank .The rate of interest and the processing fee are pretty nominal and the car name is Maruti Suzuki Swift. I am paying the premium on EMI basis and need to pay the amount of 10,000.The loan was sanctioned on time without any drawbacks.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 05, 2020
    • ICICI Bank Car Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      I chosen car loan from ICICI on 4 years back. I bought this loan because one of my friends was working as a bank manager. I made the down payment of Rs. 2.5L and I bought the loan amount of Rs. 4.5L. I have no idea about the interest rate. I was paying EMI amount of Rs. 7,000 when I purchase the card and it keeps on in ascending order just because of my increment amount I can close at early.
      Was this review helpful? 1
      , rajkot
      Reviewed on Mar 05, 2020
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan through ICICI bank directly .The vehicle name is Hyundai Creta and this model was of 2018 this loan was a joint loan with my wife and still this loan is active ,premium on emi basis and there is no ppenalty for delay emi and the loan process was clearly shared by the agent .without any hassle got the loan .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 05, 2020
    • ICICI Bank Car Loan
      "Excellent Car Loan"
      0.5 5.0/5 "Blown Away!"
      2 years before, i have taken a car loan from ICICI bank because I'm holding my current account with them and i had a previous car loan here. Within 5 minutes, they have sanctioned my car loan. I applied the loan amount of Rs. 3 lakhs and i paid the down payment of Rs. 3 lakhs. I availed the loan for 3 years.
      Was this review helpful? 0
      , lucknow
      Reviewed on Mar 03, 2020
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan directly through ICICI Bank.The vehicle name is Hyundai I 10 and the rate of interest and the processing fee was nominal .This loan was taken through bank directly and everything was good to me so far.I am paying the premium on EMI basis .According to my concern the process was very convenient.
      Was this review helpful? 0
      , surat
      Reviewed on Feb 08, 2020
    • ICICI Bank Car Loan
      "Good loan "
      0.5 5.0/5 "Blown Away!"
      I took ICIC Bank car loan directly through Bank. Still this loan is active, the car model was 2015. I have got this car loan on exact time frame . Each details about this loan process was clearly shared by the agent. The rate of interest was nominal 10.25% and so far paying Rs.4302 as an EMI.
      Was this review helpful? 3
      , kolkata
      Reviewed on Jan 29, 2020
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan through ICICI Bank and the rate of interest was less since got the loan on lesser rate.The vehicle name was Maruti Suzuki Alto and the loan amount was 4 lakhs for the tenure of 5years.There was no drawbacks faced so far .This loan is still active and paying the premium on time .
      Was this review helpful? 0
      , surat
      Reviewed on Jan 28, 2020
    • ICICI Bank Car Loan
      "Need to reduce the charges."
      0.5 4.0/5 "Great!"
      I have taken a car loan from ICICI BANK. There is no specific reason for it as all the banks are providing with the similar rate of interest. I purchase Honda i20 sports model and the price is around 7 lakhs. I done a down payment of 3 lakhs and the remaining is loan with the interest of 12%. Loan got processed with a week of time.
      Was this review helpful? 3
      , ghaziabad
      Reviewed on Dec 31, 2019
    • ICICI Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan recently from ICICI before two months. I have purchased Maruti Suzuki Eeco, on road price is Rs.5,08,000. I have done a down payment of Rs.1 lakh and the remaining was the loan amount. Interest rate is normal and the tenure of 3 years. I pay the monthly EMI of Rs.8500. It was processed through the bank executive with the help of showroom and loan was disbursed with in few days.
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 27, 2019
    • ICICI Bank Car Loan
      "Excellent Loan Service"
      0.5 5.0/5 "Blown Away!"
      Actually I am holding my salary account with ICICI bank so I got a chance to take the car loan from this particular bank. I got the loan amount of Rs. 2.75 lakhs and I don't remember about the interest rate since I got the loan on 2 years back. I have been paying EMI amount of Rs. 6,000 on every month. Total tenure period of the loan is 5 years.
      Was this review helpful? 4
      , pune
      Reviewed on Dec 05, 2019
    • ICICI Bank Car Loan
      "Very much happy"
      0.5 5.0/5 "Blown Away!"
      I have gone for a car loan in ICICI BANK, they have approved and sanctioned the loan within 24hours based on my savings account experience. So far, I have completed 9months and the total tenure is 3years. The interest rate is reasonable. They waived off the processing fee since a Privilege customer.
      Was this review helpful? 9
      , chennai
      Reviewed on Nov 15, 2019
    • ICICI Bank Car Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      From ICICI, i got the car loan. From the showroom side, they have processed the loan with a good offer. The interest rate is 9.75% and there was no processing fee and i had made the down payment of Rs. 3 lakhs and the loan amount is Rs. 5 lakhs. Overall, the loan process was smooth.
      Was this review helpful? 10
      , bangalore
      Reviewed on Oct 14, 2019
    • ICICI Bank Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      Purchased the car loan from ICICI and i applied in the month of April. HDFC is not disbursing the car loan and since i have salary account with ICICI, i have chosen them. They have disbursed the loan in 24 hours. The given interest rate is 9.5% approximately. I have been paying the EMI amount of Rs. 12000 and i select the tenure period of 60 months.
      Was this review helpful? 8
      , bhopal
      Reviewed on Oct 04, 2019
    • ICICI Bank Car Loan
      "Rate of interest should be affordable"
      0.5 5.0/5 "Blown Away!"
      I bought Santro car through ICICI car loan, I availed loan amount of Rs. 2 lakhs for the duration of three years. The rate of interest is bit higher around 14% per annum now the loan emi was closed. I received my NOC Letter from the bank end, its good.
      Was this review helpful? 9
      , patna
      Reviewed on Sep 20, 2019
    • ICICI Bank Car Loan
      "Excellent Loan Service"
      0.5 5.0/5 "Blown Away!"
      No particular reason for choosing the car loan from ICICI. I took the loan amount of Rs. 5 lakhs and its nearly going to close because the balance amount is Rs. Just 80000. They have offered me a interest rate of 11% and i have made the down payment of Rs. 1 lakhs approximately. Every month the EMI amount is going from my account automatically.
      Was this review helpful? 4
      , mumbai
      Reviewed on Sep 08, 2019
    • ICICI Bank Car Loan
      "Satisfactory"
      0.5 4.5/5 "Excellent!"
      My car loan is with ICICI BANK because of the good interest rate and the processing was faster. The main thing is they are not charging for foreclosure after 18EMI's. The processing fee is included but its reasonable. The loan duration is 7 years. I have purchased Honda City by making down payment.
      Was this review helpful? 4
      , mumbai
      Reviewed on Sep 06, 2019
    • ICICI Bank Car Loan
      "Hassle free experience with ICICI"
      0.5 4.0/5 "Great!"
      From ICICI I took the car loan, they gave me ex showroom of the car so my principal is around Rs. 6 lakhs for the duration of five years. The rate of interest is affordable and they taken some processing fee around 1% from the disbursement. I purchased honda i20 petrol car.
      Was this review helpful? 5
      , bangalore
      Reviewed on Sep 06, 2019
    • ICICI Bank Car Loan
      "Good bank to have a car loan"
      0.5 5.0/5 "Blown Away!"
      As on date, their customer care service is not required since my payments are on time. They have not called me regards to anything. ICICI option given from the car dealer hence i have taken the same. Confirmation has come within 2 days and the dealer has done everything from my side.
      Was this review helpful? 3
      , mumbai
      Reviewed on Aug 27, 2019
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