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.
At least 23 years old
Less than 70 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Minimum income required
Rs.16,700 per month
Loan capped @
80% of the Ex-Showroom price of Car value
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 7 years
|Interest Rate (Monthly reducing balance)||8.95% to 13.40%|
|Processing Fees||Upto Rs.5000|
|Loan Tenure||1 year to 7 years|
|Pre-closure Charges||Nil Preclosure charges applicable after 18 months|
|Guarantor Requirement||No guarantor required|
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 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%|
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|
||Rs.6,000 or 2% of the loan amount, whichever is lower|
|Part prepayment charges||
|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|
|Registration Certificate collection charges||Rs.200||Rs.200|
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.
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.
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
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.
|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/-|
How to apply for ICICI Bank Car Loan?
At ICICI Bank, you can apply for a car loan through 4 methods:
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:
Following are some of the tips that can be used to effectively manage your car loan:
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.
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.
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.
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.
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.
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.
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.
Pre-approved ICICI car loans are available for select ICICI bank customers with the additional benefit of processing the car loan with minimum documentation.
Individuals facing any challenges or having queries with respect to ICICI car loans can easily contact our friendly customer care help desk at xxxxxxxxxx.
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.
The ICICI Bank car loan application can be procured from ICICI branches and is also available on the bank’s website.
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.
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|
Yes, ICICI Bank does consider the CIBIL score while sanctioning car loans for customers.
As per the category of the car loan applicant the following income documents have to be submitted -
Yes, ICICI Bank does offer pre-approved car loans for existing customers with minimal documentation.
The maximum car loan amount that will be approved by ICICI Bank is 100% of the vehicle value.
The minimum tenure that can be chosen by borrowers for an ICICI Bank car loan is one year.
The maximum tenure that can be chosen by borrowers for an ICICI Bank car loan is up to seven years.
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.
Yes, other bank customers can make balance transfers to a new ICICI Bank car loan account.
Yes, ICICI Bank provides top-up loans for existing car loan borrowers with quick processing and easy documentation.
ICICI Bank customers can make instant online applications, upload documents and ICICI Bank will e-approve the customer’s application with immediate verification.
ICICI Bank generally approves car loans within 24 hours, after the required documentation has been submitted by the applicant.
Depending on the type of refinance availed by the customer, the interest rate is determined for car loans.
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.
The lending rates for ICICI Bank car loans are decided based on the car model chosen and the loan tenure opted by borrowers.
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.
The other types of charges that have to be paid by car loans borrowers are - Stamp duty, documentation charges and processing charges.
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.
No, a guarantor is not required while applying for ICICI Bank car loans.
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.
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.
No, it is not mandatory for new car loan borrowers to open a bank account with ICICI Bank, when they avail a car loan.
An ICICI Bank car loan is processed in five steps namely - Application, Processing, Documentation, Loan Sanction and Disbursement.
ICICI Bank finances all types of passenger cars along with pre-owned and used cars.
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.
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.
The KYC documents that have to be submitted by car loan applicants are - Photographs, Age Proof, Address proof and Identity proof.
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