ICICI Bank is one of the biggest and most preferred banks in the country thanks to its provision of quality financial products and services. Car loans from ICICI Bank come with flexible tenures and competitive interest rates.
ICICI Bank offers low-interest rate new car loan, used car loan, and loan against car for the purchase new/used cars of most makes and models available in the Indian market. Existing ICICI Bank customers can get pre-qualified car loans. Select few from the existing customer list can benefit from special car loan offers at ICICI Bank. You can own your dream car by availing up to 100% ex-showroom price of the car for a maximum loan tenure of 7 years. Apply for a car loan online in order to get instant approval and speedy processing of the loan amount.
You’re probably eligible for an ICICI Bank Car Loan if you are
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.
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.
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.
ICICI Bank Car Loan Interest Rates
ICICI Bank offers car loans at fixed interest rates wherein the interest rate remains the same throughout the loan tenure. The interest rate of a new car loan depends on customer relationship, loan tenure, and model of car. The interest rate of a used car loan depends on the age and model of the car, loan tenure, and refinancing details (if any).
Type of car loan
Up to 23 months
24-35 months
36-84 months
Type of car loan
Up to 23 months
24-35 months
36-84 months
New car loan
12.75%
12%
10%
Used car loan
15%
15%
15%
ICICI Bank New Car Loan
From passenger vehicles to commercial vehicles, ICICI Bank offers new car loans for the purchase of most makes and models of cars in the market. You can take home your dream car with a low-interest rate new car loan from ICICI Bank. Here are some important features of ICICI Bank New Car Loan:
Services charges levied on ICICI Bank car loans
Charges
New Car Loan
Used Car Loan
Processing fee
Rs.2,500 for car loans less than Rs.2.5 lakh
Rs.3,500 for car loans of Rs.2.5-3.9 lakh
Rs.4,000 for car loans of Rs.4-4.9 lakh
Rs.4,200 for car loans of Rs.5-9.9 lakh
Rs.5,000 for car loans above Rs.10 lakh
Rs.6,000 or 2% of the loan amount, whichever is lower
Part prepayment charges
6% of the loan amount for part prepayment between 7 and 12 months
5% of the loan amount for part prepayment between 13 and 24 months
3% of the loan amount for part prepayment above 24 months
6% of the loan amount for part prepayment between 7 and 12 months
5% of the loan amount for part prepayment between 13 and 24 months
3% of the loan amount for part prepayment above 24 months
Loan cancellation charges
Rs.3,000 per loan
Rs.3,000 per loan
Revalidation of NOC charges
Rs.500 per NOC
Rs.500 per NOC
No Objection Certificate (NOC) or No Due Certificate (NDC) charges
Rs.500 per duplicate certificate
Rs.500 per duplicate certificate
Prepayment statement charges
Rs.200 per statement
Rs.200 per statement
Statement of account charges
Rs.200 per statement
Rs.200 per statement
CIBIL report charges
Rs.50
Rs.50
Late payment charges
2% per month on the outstanding installment
2% per month on the outstanding installment
Amortisation schedule charges
Rs.500 per schedule
Rs.500 per schedule
Bounce charges
Rs.500 per transaction
Rs.500 per transaction
Swap charges
Rs.500 per transaction
Rs.500 per transaction
Full prepayment charges
5% on principal/interest outstanding for the remaining loan tenure, whichever is lower
5% on principal/interest outstanding for the remaining loan tenure, whichever is lower
Documentation charges
Rs.250
Rs.250
Stamp Duty
Actuals
Actuals
Registration Certificate collection charges
Rs.200
Rs.200
You can avail a new car loan up to 100% of ex-showroom price of the car.
A new car loan is available for a loan tenure of up to 7 years.
ICICI Bank offers new cars loans at attractive rate of interests depending on the loan tenure, existing customer relationship and the model of car.
Keeping the customer's convenience in mind, the bank offers easy documentation for the application of new car loans.
The bank also offers insurance cover for loan liability which is repayable along with the car loan EMI.
Check ICICI Bank Car Loan Application Status
You can check your ICICI bank car loan application status on the bank website by entering the reference number or form number and clicking on the 'Submit' button. If you have forgotten the reference number, then you can submit an online form with details such as your name, date of birth, loan amount, and PAN number to get the reference number.
ICICI Bank Car Loan For Existing Customers
Existing customers of ICICI Bank can avail car loans to purchase their dream car. In addition, they can enjoy minimal documentation and faster processing of car loan application. ICICI Bank also extends top-up loan on existing car loan to help the existing customers fulfill their financial needs such as home renovation, child education, family vacation, business development, etc.
ICICI Bank Car Loan Prepayment
Part prepayment of car loan is allowed only after 6 successful EMIs. The minimum amount that the borrower can prepay must be equivalent to 1 EMI. The maximum amount that can be prepaid is 25% of the principal outstanding due. Part prepayment of car loan is allowed only 2 times over the loan tenure and 1 time during a year
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
At ICICI Bank, you can apply for a car loan through 4 methods:
Online method: Visit the bank website to download the application form. Submit the duly-filled and signed application form along with the above-mentioned necessary document proofs to the bank. By applying online for ICICI Bank car loan, you can get instant loan approval and enjoy speedy processing of your loan amount.
Offline method: You can also visit the nearest ICICI Bank branch to submit your car loan application and document proofs. A bank executive will help you with the car loan application process. Upon approval, the loan amount will be disbursed to your bank account within a matter of a few hours. The list of bank branches that can process your car loan application is listed on the bank webpage through the bank branch locator facility or tool.
Call back facility: You can also request a call back from the bank by submitting an online form with details such as name, contact number, city/state, convenient date and time to call, etc. This call back facility is only for product inquiries.
SMS: You can apply for an ICICI Bank car loan through SMS CAR to 5676766.
Any individual aged between 21 and 65 years with a good credit score, a steady income, and a stable occupation can apply for a car loan. 750 and above are considered to be good credit scores. Car loan eligibility criteria varies from lender to lender. Visit the ICICI Bank’ website to check your car loan eligibility. It is important to check your eligibility before applying for a car loan so as to avoid rejection. Multiple loan rejections can have a negative impact on your credit score.
Car loans are repaid through Equated Monthly Installments (EMIs) over a specified loan tenure. EMI consists of interest and principal amount. Using the ICICI Bank Car Loan EMI Calculator available on the bank website, you can find out how much your car loan will cost you on a monthly basis. It is simple and easy to use. All you have to do is enter the chosen loan amount, loan tenure, interest rate, and processing fee into the tool. Then, click on the ‘Calculate’ button. You will get instant and accurate EMI results consisting of details such as the principal loan amount, interest payments, EMIs, and the outstanding due after each EMI payment
Customers who wish to avail a car loan from HDFC Bank can check their eligibility on the company’s website and make a loan application online within a minute. Once the documents have been submitted, the loan application process can be completed within a few minutes. The EMI towards the car loan can also be calculated on the bank’s website. Moreover, customers can also make the most of special discounts on the processing fee by applying for the loan online.
The processing fee for the loan will be non-refundable. For amounts under Rs.2.5 lakhs, the processing fee will be Rs.2,500. For amounts between Rs.2.5 lakhs and Rs.3.9 lakhs, the processing fee will be Rs.3,500. For amounts ranging from Rs.4 lakhs to Rs.4.9 lakhs, the processing fee will be Rs.4,000. For amounts between Rs.5 lakhs and Rs.9.9 lakhs, the processing fee will be Rs.4,200. And for amounts in excess of Rs.10 lakhs, the processing fee will be Rs.5,000. The processing fee for second hand cars will be 2% of the loan amount or Rs.6,000, whichever is lesser
Customers who wish to prepay their car loans from ICICI Bank partly will have to pay a fee for the same. Part prepayment will not be allowed for loans with tenures up to six months, but part prepayments thereafter will cost you a small fee. In case the loan is paid between seven months and 12 months after it was availed, the prepayment fee will be 6% of the loan amount. In case the loan is paid between 13 and 24 months after it was sanctioned, the fee will be 5% of the loan amount. For prepayments made after 24 months of availing the loan, the fee will be 3% of the loan amount. The maximum amount that the bank allows customers to prepay is 25% of principal outstanding, and you will only be allowed to make part prepayments twice during the loan tenure, subject to a maximum of once per year.
In case of full prepayment, the charge applicable will be 5% on principal outstanding or interest outstanding for unexpired period of loan, whichever is lesser.
The verification process for a car loan from ICICI Bank can be completed in within a few minutes. To get the process started, customers will have to furnish a few documents as follow:
For Salaried Applicants: The documents required for salaried applicants who wish to avail a car loan from ICICI Bank include the application form, KYC documents such as photographs, identity proof, age proof, and address proof, bank statements for signature verification, income proof in the form of Form 16 or latest salary slip, and employment stability proof.
For Self-Employed Professionals: The documents required for self-employed professionals who wish to avail a car loan from ICICI Bank include the application form, KYC documents such as photographs, identity proof, age proof, and address proof, bank statements for signature verification, income proof in the form of income tax returns of the two previous fiscal years, and business stability proof / ownership proof.
For Self-Employed Non Professionals: The documents required for self-employed non-professionals who wish to avail a car loan from ICICI Bank include the application form, KYC documents such as identity proof, age proof, and address proof, bank statements for signature verification, income proof in the form of income tax returns of the previous two fiscal years along with complete audit / financial report, partnership deed along with a letter signed by all partners authorising one partner, ownership proof / business stability proof, and resolution by board of directors or a relevant managing body along with Articles and Memorandum of Association in case of societies and companies.
Following are some of the tips that can be used to effectively manage your car loan:
Try to make a big down payment as doing so can help in reducing the EMIs applicable to your loan.
Be wise when selecting a car as the interest rates vary from car to car. Purchasing a cheap car for the moment will ensure that you pay lower interest as opposed to the massive rates applicable to luxury cars.
Choose a shorter tenure as doing so will mean that you pay lesser interest. Although you will be paying more every month, the overall cost of the loan will be lower as you will be making interest payments for a short while.
Make EMI payments on time as failure to do so can result in complications and can even see the bank cease your vehicle due to defaulting on payments.
Communicate with the bank in case you are unable to make an EMI payment on time as banks will be more understanding instead of declaring you as a defaulter.
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.
What is the lending rate for ICICI Bank car loan?
The lending rate varies depending on the model of the car and the chosen loan tenure. ICICI Bank offers car loans at fixed interest rates. The interest rate remains the same throughout the loan tenure.
Can I use my existing car as collateral to secure a loan?
Yes, ICICI Bank offers Loan against Car. You can avail a loan on your old car for the purpose of fulfilling any financial need such as wedding expense, education fees, home renovation expense, and vacation expense.
What is monthly reducing balance in car loan?
Car loans are repaid through EMIs over a specified loan tenure. EMI consists of principal and interest amount. A monthly reducing balance in car loan is when the principal loan amount decreases at every month end and the interest is calculated on the outstanding principal.
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.
Can customers check the status of their ICICI Bank car loan application online?
Yes, ICICI Bank does provide the option of checking the status of their car loan application status on the bank’s website using NetBanking. The details that have to be entered are the reference number and the form number.
Where can customers get the ICICI Bank car loan application form?
The ICICI Bank car loan application can be procured from ICICI branches and is also available on the bank’s website.
Does ICICI Bank provide the joint application facility to car loan applicants?
Yes, joint applications can be done for an ICICI Bank car loans by customers along with their spouses or any family member from the same residential address.
What are the processing fees charged by ICICI Bank for new car loans?
The processing fees charged by ICICI Bank changes depending on the loan amount and is as follows -
Loan Amount
Processing Fees
Below Rs. 2.5 Lakhs
Rs.2500
Rs. 2.5 Lakhs - Rs. 3.9 Lakhs
Rs.3500
Rs. 4 Lakhs - Rs. 4.9 Lakhs
Rs.4000
Rs. 5 Lakhs to Rs. 9.9 Lakhs
Rs.4200
Greater than Rs. 10 Lakhs
Rs.5000
Does the applicant’s CIBIL score play a role in determining the eligibility criteria for ICICI Bank car loans?
Yes, ICICI Bank does consider the CIBIL score while sanctioning car loans for customers.
What are the income documents that have to be furnished while applying for an ICICI Bank car loan?
As per the category of the car loan applicant the following income documents have to be submitted -
Salaried Individuals - Form 16/ Recent Pay Slip
Self Employed Professionals - IT Returns Statements for the past two years / Audit Reports
Self Employed Non-Professionals - IT Returns Statements for the past two years
Does ICICI Bank offer pre-approved car loans for existing customers?
Yes, ICICI Bank does offer pre-approved car loans for existing customers with minimal documentation.
What is the maximum car loan amount that will be approved by ICICI Bank?
The maximum car loan amount that will be approved by ICICI Bank is 100% of the vehicle value.
What is the minimum tenure that can be chosen by an ICICI Bank car loan borrower?
The minimum tenure that can be chosen by borrowers for an ICICI Bank car loan is one year.
What is the maximum tenure that can be chosen by an ICICI Bank car loan borrower?
The maximum tenure that can be chosen by borrowers for an ICICI Bank car loan is up to seven years.
Does ICICI Bank charge any foreclosure penalty for borrowers pre-closing their car loans before the completion of the tenure?
Yes, ICICI Bank charges a penalty of 5% of the outstanding principal amount or the interest amount for the remaining period of the car loan, whichever is lower when a foreclosure is done. Part-prepayment of the car loan is not allowed by ICICI Bank.
Can customers transfer the balance from an existing car loan to a new ICICI Bank car loan account?
Yes, other bank customers can make balance transfers to a new ICICI Bank car loan account.
Does ICICI Bank provide top-up loans for existing car loan borrowers?
Yes, ICICI Bank provides top-up loans for existing car loan borrowers with quick processing and easy documentation.
What is the verification process done by ICICI Bank when a car loan application is made?
ICICI Bank customers can make instant online applications, upload documents and ICICI Bank will e-approve the customer’s application with immediate verification.
How long does it take for ICICI Bank to process a car loan application?
ICICI Bank generally approves car loans within 24 hours, after the required documentation has been submitted by the applicant.
How is the interest rate determined for car loan refinance?
Depending on the type of refinance availed by the customer, the interest rate is determined for car loans.
Can ICICI Bank car loan customers contact the customer care helpdesk for any queries and concerns?
Yes, ICICI Bank car loan customers can contact the toll-free customer care helpdesk number - 1800 102 4242 or the state-wise numbers for addressing any queries.
How are the lending rates decided by ICICI Bank for car loan borrowers?
The lending rates for ICICI Bank car loans are decided based on the car model chosen and the loan tenure opted by borrowers.
How is the interest rate calculated for an ICICI Bank car loan?
The interest rate is calculated on a monthly reducing basis, where the principal reduces every month and the interest is then levied on the outstanding principal amount at the month end.
What are the various charges that ICICI Bank car loan customers have to pay when an application is made?
The other types of charges that have to be paid by car loans borrowers are - Stamp duty, documentation charges and processing charges.
How can customers apply for an ICICI Bank car loan?
Customers can apply online, contact the bank via email, call the 24/7 customer care centre, visit an ICICI branch or contact a direct sales agent to apply for an ICICI Bank car loan.
Does ICICI Bank require a guarantor for new car loans?
No, a guarantor is not required while applying for ICICI Bank car loans.
Do customers have to provide any security or collateral while applying for new car loans with ICICI Bank?
No, customers do not have to provide any security and collateral for ICICI Bank car loans, except the car which is hypothecated to the bank.
What are the methods that can be used by customers to repay ICICI Bank car loans?
An ICICI Bank car loan can be repaid using post-dated cheques, through ICICI Bank accounts, direct debits from ICICI bank accounts or through ECS.
Do new car loan borrowers have to open a bank account with ICICI Bank while applying?
No, it is not mandatory for new car loan borrowers to open a bank account with ICICI Bank, when they avail a car loan.
What are the steps involved in processing an ICICI Bank car loan?
An ICICI Bank car loan is processed in five steps namely - Application, Processing, Documentation, Loan Sanction and Disbursement.
What are the kinds of cars that ICICI Bank finance for customers?
ICICI Bank finances all types of passenger cars along with pre-owned and used cars.
How can ICICI Bank customers pre-close their car loans?
ICICI Bank customers have to visit an ICICI Bank Asset Servicing branch and complete the prepayment process by submitting the following documents. The prepayment can be done in the form of cheques, cash or demand drafts.
Pre-payment Statement
Request letter with the loan applicant’s signature
Bank statement showing the settlement of the last monthly installment
PAN Card - if the amount is more than Rs. 50,000
Vehicle Registration Certificate / Copy of RC Book
Vehicle Insurance
Does ICICI Bank levy any charges on car loan customers changing from floating interest rates to fixed interest rates?
Yes, ICICI Bank levies a fee of 1.75% of the outstanding principal amount, when a change from floating interest rate to fixed interest rate is done.
What are the KYC documents that have to be submitted by ICICI Bank car loan applicants?
The KYC documents that have to be submitted by car loan applicants are - Photographs, Age Proof, Address proof and Identity proof.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar’s partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
Suzuki Plans to Sell 5 Million Cars by 2030 to its Retain 50% of the Market
Japanese car maker, Suzuki, plans to retain its 50% share in the Indian car market by selling 5 million cars in the country by 2030. This plan would require the car makers to triple its current sales volume.
The car makes are also planning on investing around Rs.90 billion to increase its market penetration strategy. Suzuki expects the Indian market to grow to 10 lakh vehicles every year by the year 2030 and hopes to control 50% of the market. The automakers already have the majority share in the passenger car section and intends on retaining that share in 2030.
An investment of Rs.134 billion has already been made at the car manufacturer's Gujarat facility.
7 September 2018
Launch of 2018 Maruti Suzuki Ciaz in India
The 2018 Maruti Suzuki Ciaz facelift will be launched in India in a few weeks time. The tentative launch date of the car is August 20. Pre-bookings for the car have already begun, and Nexa dealerships are accepting a booking amount between Rs.10,000 and Rs.25,000 for the vehicle.
The 2018 Maruti Suzuki Ciaz will have a sleeker front design and enhanced aesthetics. The headlamps of the car will also be reprofiled with new LED DRLs. The C-shaped chrome inserts and revamped grille are other significant features of the car.
The car will have a 1.5 litre petrol engine that churns out maximum power of 104 PS and peak torque of 138 Nm. This is an improvement of 13 PS and 8 Nm over the current model. The car will continue to be offered with the existing 1.3 litre diesel engine.
The interiors of the car will feature an upgraded dashboard and enhanced infotainment screen. The price of the facelifted version of the car will be slightly higher than the current model.
2 August 2018
Launch of Volvo XC40; prices start at Rs.40 lakh
Volvo India is launching its much-awaited SUV, the XC40, in a single ‘R-Design’ variant. The car will use the CMF platform that was developed along with Volvo’s parent company Geely.
The car will take on rivals, the Audi Q3, BMW X1, and Mercedes-Benz GLA.
The vehicle will have a 12.3 inch LCD screen that replaces the instrument cluster. The climate control facility, touchscreen infotainment system, and panoramic sunroof are highlights. Safety features in the car include cruise control through radar, lane-keeping aid, parking assist, and hill start and descent setup.
The 2-litre diesel engine will generate power of 190 PS and peak torque of 400 Nm. The petrol version of the vehicle will have a 2-litre engine that juices out maximum power of 250 PS and top torque of 350 Nm. The pricing of the car starts from Rs.40 lakh, ex-showroom.
4 July 2018
More than 1.72 lakh cars sold by Maruti Suzuki in May 2018
Maruti Suzuki, India’s largest car manufacturer sold 1,63,200 cars in May 2018, selling an average of 5,264 cars in a day. The company recorded a growth of 24.9% year-on-year and this growth is attributed to the sale of Maruti Suzuki’s utility and compact vehicles. The carmaker had also recently sold around 3 lakh cars that featured its AGS technology. On the other hand, the Mini segment of Maruti Suzuki comprising of cars such as Alto K10, Alto 800, and Wagon R showed a deterioration in the sales. The cars that showed robust growth in sales were Maruti Suzuki Celerio, Baleno, Swift, Ignis, and Dzire. These cars recorded a growth of more than 50%.
The compact segment saw a sale of 77,263 units in May 2018 as against 51,234 units sold during May last year. The sales of Maruti Suzuki Ciaz declined as its facelift version is scheduled to be launched in August 2018. The Utility Vehicle segment sold a total of 25,629 units and the cars driving the sales were Maruti Suzuki S Cross, Vitara Brezza, and Ertiga.
6 June 2018
Tata Motors' Tiago becomes the second most sold car
After Maruti Alto, Tiago becomes the second most sold car in the market. Tata Tiago has defeated Hyundai Eon and Renault Kwid to take the second position. According to the data compiled by the Society of Indian Automobile Manufacturers (SIAM), 23,100 units of Tiago were sold from January to March 2018. From 15,383 units sold in January-March 2017, the sales volume of Tiago has increased by 50% in 2018. During 2017-18, Tata Motors has sold 78,829 units of Tiago which is 40% higher than the previous fiscal. Tiago is the best selling car in Tata Motor's domestic passenger vehicle business at 42% (sales). Since its launch, 1,34,952 units of Tiago has been sold so far.
24 April 2018
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.
16 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.
2 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.
12 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.
28 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.
I had taken this Car loan from them a very long time back and it has been closed. The loan amount has been satisfactory, but the interest rate with them was quite okay. There has also been charges which they had made which was quite high. Their customer support has been helpful at times.
I have taken a car loan from ICICI bank and my experience was good, the process was smooth and they disbursed the loan amount on time. Customer service was good and their response was on time. Tenure period was for 5 years but I foreclosed the loan with no additional charges.
Was this review helpful?
0
SUDHIR KUMAR PANDEY
, lucknow
Reviewed on Feb 13, 2019
I took my car loan in the year of 2016 with ICICI BANK. Am very much happy with interest rate. I have purchased a new car and made some down payment. I don't remember the charges, its been long time. The loan process was faster and good. I took it for 5yrs.
Was this review helpful?
3
BALACHANDER A B
, chennai
Reviewed on Feb 09, 2019
The experience i had with this loan was quite good and the loan amount which they had provided has been sufficient as well. The interest rate which they had offered has been pretty much nominal when compared with the other banks. There has not been any sort of other charges which they had made so far.
The overall experience with this loan has been quite good and the loan amount which they had provided was sufficient as well. But the interest rate with them has been pretty high when compared with the market rate and there has also been some charges which they had made as well.
Was this review helpful?
1
VAIBHAV NATVARLAL PANCHAL
, mumbai
Reviewed on Jan 30, 2019
I've taken a car loan from the ICICI BANK, the loan process was easy and hassle free. The interest rate was very nominal with them. I am paying the EMI per month. I close this loan without any delay . The tenure period was 4 year and i am happy with the services .
Was this review helpful?
1
RAMSHARAN MAHERA
, mumbai
Reviewed on Jan 29, 2019
I had taken this loan a long time back and the experience with this loan was quite good. The loan amount which they had provided has been good and the interest rate with them was nominal when compared with the market rate. There has not been any sort of extra charges which they had made so far.
Was this review helpful?
0
SHIV KUMAR KUMAR
, new delhi
Reviewed on Jan 28, 2019
I am holding my car loan with ICICI bank, the rate of interest they have charged me was nominal for me, and even Emi they are taking in month nominal only and they have charged any processing fee and loan amount was sufficient,there is no hidden charges in this loan ,overall service was good, now i have closed this loan.
Was this review helpful?
1
VENKATESHAM KARNATI
, hyderabad
Reviewed on Jan 26, 2019
It was a good experience with Car loan from ICICI bank, the process was smooth and i received my loan amount on time. Customer service was good and they collected documents on time. Rate of interest was nominal in this bank and tenure period is for 24 months.
Was this review helpful?
1
DILLIP KUMAR RAY
, bhubaneshwar
Reviewed on Jan 25, 2019
My car loan application was approved with ICICI bank and the experience was good, the loan amount was for Rs 8.80 lacs with tenure period of 5 years and with nominal interest rate when compared to other banks. Customer service was good and they collected documents on time.
I have been applied for my car loan with ICICI bank recently. The loan amount they have given me was sufficient,and the rate of interest while applying was 8.9 % they have said me, but they have charged me up to 9% it is bit high comparing to market price, they have not charged me processing fee in this bank, the loan was on time, and the process went smooth.
Was this review helpful?
0
SANJAY BHARATWAZ
, new delhi
Reviewed on Jan 23, 2019
I have been using my car loan with ICICI bank, the loan amount they have charged me was sufficient, the rate of interest they have given me up to 9.25% which is nominal for me on basis of market price, but i have not got loan kit from the bank, they have charged me processing fee in this loan, that too was nominal. The loan was on time.
I have taken a car loan with ICICI bank and my experience was good. It is a new car and i received the loan amount on time after approval. I am happy with the customer service and their response was good. Tenure period for car loan is for 7 years.
Was this review helpful?
1
JAINALADDIN SHEIKMOHAMED
, kochi
Reviewed on Jan 23, 2019
I have been holding my car loan with ICICI bank for long time, they have given me sufficient loan amount, and they have charged me nominal rate of interest in this loan , they have charged me up to 8.85% .And they have charged processing fee in this loan ,they have charged me up to 2000 rupees, overall experience was too good in this bank.Still the loan is running.
The process in getting loan was quite easy and smooth where it was not lengthy and they had collected the documents at the doorsteps. The loan amount which they had provided has been sufficient and the interest rate with them has been less when compared with the other banks. The charges which they had made has been nominal as well. Their customer support has also been responsive and was helpful.
I took the used car loan from ICICI bank for the amount of Rs. 5.8 lakhs, in that Rs. 4000 processing fee has been reduced. Anyway the car loan is sufficient, I got the amount within 10 working days, the verification process is easy. Customer support is good on the loan application with better interest rate.
The loan amount is sufficient, Hydundai grand price is around 6.55 lakhs, but the bank have sanctioned the amount around Rs. 4.65 lakhs it was not sufficient. The document collection and processing part was easy. Finally they approved the loan with 9.40% of interest for the tenure period of 5 years.
Was this review helpful?
0
MDH MOIN KHAN
, hyderabad
Reviewed on Jan 21, 2019
I had chosen to go with them since the Rate of interest is very minimum with them and the process in getting the loan was very easy. The loan amount which they had provided has been sufficient and the charges which they had made where nominal. There has been a help from their customer support as well.
Because of I'm salary holder of ICICI hence i thought of good interest rate. The overall process and documentation process was smoother one. Processing fee was zero and I'm satisfied with the interest even though they would have given better. They sanctioned the loan on time.
Was this review helpful?
0
BALA MURUGAN BARATHY
, chennai
Reviewed on Jan 21, 2019
I have purchased Maruti car and it was okay okay not completely satisfied. They have provided 80 -90% of funding, The rate of interest and charges are okay which I don't remember much because it was 3 years ago and yet to complete. The customer service and response was better. The loan process was faster and good only the charges are more.
Was this review helpful?
0
SRINIVASA MURTHY KRISHNAIAH
, bangalore
Reviewed on Jan 19, 2019
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
Grab our newsletter!
Gain an edge by connecting with us via email. We promise never to spam you.
AWESOME SAUCE!
Request received - loud & clear! Returning you to where you were...
Psst... We'll ensure you're the very first to know the moment rates change.
We'll email you immediately! You snooze, you lose.
Details
Rs.2,500 Amazon Voucher
