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

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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 8.95% to 13.40%, whereas, 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
    8.95% - 13.40% 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 ICICI 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 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 bank"
      0.5 4.0/5 "Great!"
      I have postponed the plan to take the car after six months of time, at the time of ICICI car loan inquiry the bank gave me proper response , they called me and confirmed my requirement. Then I said about my decision they agreed the bank interest is also good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 19, 2019
    • ICICI Bank
      ICICI Bank Car Loan
      "Flexibility should be there for salaried people"
      0.5 3.0/5 "Satisfactory"
      I have a account with ICICI which is salary account and i thought that the process will be less but the processing fee is bit higher compared to other and they were not ready to reduce the interest rate as well hence i have rejected the loan from my end with ICICI. There is a processing fee of Rs. 7500 for the loan amount of Rs. 5 lakhs.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 13, 2019
    • ICICI Bank Car Loan
      "High on ROI and charges"
      0.5 4.0/5 "Great!"
      I could not proceed with ICICI Bank for the car loan application because I have postponed my plan. The bank responded to my details. The rate of interest is around 10% and I was expecting a interest rate around 9%. There was a processing fee too.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 12, 2019
    • ICICI Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have take car loan with ICICI BANK . The process of getting the loan was very simple it is like within 2 days i got my loan . The rate of interest is very nominal compare to other in the market and the loan amount which i require i got the same . Overall it has been good experience .
      Was this review helpful? 3
      , bokaro
      Reviewed on Jul 11, 2019
    • ICICI Bank Car Loan
      "Nice process"
      0.5 5.0/5 "Blown Away!"
      My car loan is with ICICI Bank. The customer support and response is good and there are no issues in the process to get the loan. I also got a nominal rate of interest and processing fee. The after loan services are also good. In all no issues faced.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 10, 2019
    • ICICI Bank Car Loan
      "Very Satisfactory Experience"
      0.5 5.0/5 "Blown Away!"
      ICICI guys came to my place and took the papers and I could all the process from my home, they gave me 9% of interest for the car loan amount of Rs. 2.5 lakhs for the duration of 36 months. The car loan process was very easy within 24 hours they have delivered the car.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 09, 2019
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with ICICI bank from long time, the loan amount which they have given to me was good, they have given me loan as per the requirement, the rate of interest they have charged me up to 9.25% which was nominal, their service is good.
      Was this review helpful? 2
      , chennai
      Reviewed on Jul 09, 2019
    • ICICI Bank Car Loan
      "AVERAGE"
      0.5 5.0/5 "Blown Away!"
      The documentation process was not done with this loan with ICICI BANK. The expected loan amount expected was 6L rupees but i was just checking about the loan amount and i have not proceeded for the loan also the customer support not contacted.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 05, 2019
    • ICICI Bank Car Loan
      "Good "
      0.5 4.0/5 "Great!"
      I was applied for a car loan in ICICI bank on a last month which was processed through an online. I got a call from bank for further verification on time. The amount was sufficient which was offered from bank for the duration of 5 years. Need to purchase the car first so I have postponed to proceed for this process.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jul 03, 2019
    • ICICI Bank Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have applied for ICICI Bank card Loan through Online .I have not got this loan since my vehicle was a diesel one .The agent gave all the required details about the loan process and also uploaded all the required documents and there was no difficulties faced when applied since diesel vehicle.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 03, 2019
    • ICICI Bank Car Loan
      "Good card"
      0.5 5.0/5 "Blown Away!"
      I carry a ICICI BANK credit card and i am satisfied with the services. It is a life time free card with no annual charges. I use to get proper mail messages after every transaction and even i use to get mail for offers . Customer support team is good i did not face nay issue .
      Was this review helpful? 1
      , jaipur
      Reviewed on Jul 02, 2019
    • ICICI Bank Car Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I have applied for ICICI Bank car loan through Online,I have not taken this loan since postponed the plan to September ,The agent gave all the information about the loan process ,there was no issues with rate of interest and the processing fee .I have not submitted any documents so far .
      Was this review helpful? 2
      , new delhi
      Reviewed on Jul 02, 2019
    • ICICI Bank Car Loan
      "Average"
      0.5 2.0/5 "Expected more"
      I had applied a card loan from ICICI Bank. Rate of interest is high and loan amount is not sufficient so I closed the application and applied at HDFC bank. HDFC bank rate of interest is much lower with more loan amount. ICICI customer service and verification process is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 02, 2019
    • ICICI Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have applied for car loan from ICICI Bank through Online .I have not taken this loan since rate of interest and the processing fee was very high hence cancelled the plan of taking this loan .I have not submitted any documents from my end .I have got all the required detail about the car loan .
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 02, 2019
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I applied my car loan with ICICI BANK . The loan got cancel because i was in need of business loan they was giving me the car loan. I did not upload my any of the documents and i am happy with customer service response they solve my all the queries . Overall it is good service .
      Was this review helpful? 0
      , pune
      Reviewed on Jul 01, 2019
    • ICICI Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I am going to buy a car in the month of September so have canceled my car loan with ICICI BANK. The services are pretty much satisfactory. The rate of interest is lower hence I just placed an online request for car loan. The bank people have contacted me on the next day
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 01, 2019
    • ICICI Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have applied for ICICI Bank car loan through Online ,I have not taken this loan since my Father refused this loan,I have got all the required details about the loan process ,There was no issues with the rate of interest and the processing fee ,I have not submitted any documents for this loan .
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jul 01, 2019
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for ICICI Bank car Loan which was applied through Online .I have not taken this loan since postponed the plan to August ,I have got all the required information about the loan process .The rate of interest and the processing fee was no issues .I have not submitted any documents .
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 01, 2019
    • ICICI Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have applied for a car loan with ICICI BANK through online channel to purchase the new car. The rate of interest is higher and there was a processing fee but its okay only the rate of interest needs to be reduced. I have canceled the loan and the services are good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 01, 2019
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I applied for car loan with ICICI bank which unfortunately got closed but they did not shared reason behind getting close, the rate of interest they have given me as per the market price, it was up to 9.7% , the reason behind choosing this bank is for the service like i have taken an insurance with this bank so i applied for.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 01, 2019
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