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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
income required
Minimum income required
Rs.16,700 per month
Loan capped @
80% of the Ex-Showroom price of Car value
EMIs of other loans lower
your eligibility
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 |
---|---|---|
Processing fee |
|
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 |
Documentation charges | Rs.250 | Rs.250 |
Stamp Duty | Actuals | Actuals |
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.
Check more details about ICICI Car Loan Eligibility
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.
GST of 18% is applicable on all banking products and services from the 1st of July, 2017.
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.
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
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
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
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
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 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 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
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 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 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.
20 March 2015
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