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  • ICICI Used Car Loan is Rated as "Great!" by 2371 Users
    Car Loan BYTES FROM OUR KITCHEN

    ICICI Used Car Loan

    Introduction to ICICI used car loans

    ICICI Bank is India's largest private sector bank with total assets of Rs. 5,946.42 billion as of March 31, 2014 and profit after tax amounting to Rs 98.10 billion for the year that ended on March 31, 2014. ICICI Bank currently has a pan-India network of 3,845 Branches and 12,012 ATMs. ICICI Bank offers both new and used car loans with a fixed interest rate. In a fixed interest rate loan, the interest rate will remain fixed throughout the tenure. The latest applicable rates are-

    New Car: 10.75% to 15.00% depending on the segment of vehicle and tenure selected. Tenure can be up to 84 months.

    Pre-Owned Car: 15.50% to 17.00% depending on the segment of vehicle.

    Features & Benefits of ICICI used car loans

    • Faster processing and approvals: ICICI bank, being a private sector player, is known to aggressively market its used car loans. Once the customer furnishes the required documents, the processing is fast and disbursal happens within a few days of the customer filling up the loan application. ICICI Bank also provides insurance cover for Loan Liability, repayable along with EMI for the car.
    • Pre-approved loans for existing customers: Based on existing relationships like Fixed Deposits, home loans or credit cards, ICICI bank sometimes offers a pre-approved car loan for its customers. This reduces paperwork and the customer is able to get disbursal faster.
    • Higher LTV and tenure: ICICI bank provides up to 80% finance on the secondhand car that you choose to buy and the tenure can go up to 60 months or higher on a case to case basis.

    Eligibility Criteria for ICICI Used Car Loan

    ICICI has partnered with BankBazaar.com so that you can instantly find out if you fulfil eligibility criteria for a used car loan and apply immediately. Loans are available to salaried, self-employed professionals and businessmen. There are tools like online EMI calculators that tell you the exact applicable monthly instalments, if you sign-up for a used car loan from the ICICI bank.

    Documentation Required for ICICI Used Car Loan

    The following documents are mandated by the bank from its various categories of car loan applicants-

    Documents

    Salaried

    Self Employed Professional

    Self Employed Non-Professional

    Application form

    X

    X

    X

    KYC

    Photographs

    X

    X

    Identity Proof

    X

    X

    X

    Address Proof

    X

    X

    X

    Age Proof

    X

    X

    X

    Bank Statements

    X

    X

    X

    Signature Verification

    X

    X

    X

    Income Proof

    X

    Latest Salary Slip / Form 16

    X

    Income Tax returns of two previous FYs along with complete financial/audit report

    X

    Income Tax Returns of 2 previous financial years

    X

    Other Documentation

    Business Stability proof / Ownership proof

    X

    X

    Employment Stability Proof

    X

    Partnership deed and a letter signed by all partners authorising one of them

    X

    Companies and Societies: A resolution by Board of Directors (or such managing body) and Memorandum and Articles of Association

    X

    ICICI Used Car Loan Reviews

    • ICICI Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      ICICI Bank is also good in the services for the car loan. It was a very convenient process and there were door step services. I did not have issues to foreclose the loan as well. I could make my payments with ease and though there was a percent or two difference in the interest rate, I do not mind it because the services are excellent.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 15, 2018
    • ICICI Bank Car Loan
      "Good bank"
      0.5 4.0/5 "Great!"
      I have postponed the plan to take the car loan some other time. That's the only reason i have not taken the loan for now.The approach with the bank was good. Other than that i dont have any other issues with the bank. In future if i am planning to take any car loan then i can consider ICICI bank.
      Was this review helpful? 0
      , pune
      Reviewed on Feb 14, 2018
    • ICICI Bank Car Loan
      "Good bank"
      0.5 4.0/5 "Great!"
      Since i have taken the car loan from Tata i could not able to go on with ICICI Bank. The approach with the bank was good. Other than that i dont have any other issues with the bank. In future if i take a car loan then i can consider them
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 14, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with ICICI bank and my loan experience was very good. The loan amount was for Rs 7 lakhs with the rate of interest which is nominal when compared to other banks. My loan was approved based on the ex-showroom price. The process was very smooth and i received my credit card within 5 days. The tenure of this loan is 5 years and the customer support team followed up on time.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 13, 2018
    • ICICI Bank Car Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      I have taken a car loan from ICICI bank and the approved loan amount was 3 lakhs. The rate of interest was comes around 9 to 10 %. The total tenure was for 3 years. The monthly EMI comes around 16000. The document process was good with ICICI bank.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 13, 2018
    • ICICI Bank Car Loan
      "Easy Loan process"
      0.5 5.0/5 "Blown Away!"
      I have car loan with ICICI, but I don't have account with them. My dealer have suggested this bank for the car loan. The loan process was flexible, I took the amount of Rs. 3 lakhs for the tenure of Rs. 5 lakhs, I purchased Swift car, they done good documentation process as well.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 13, 2018
    • ICICI Bank Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      There is a car loan I have taken with Icci,which have been taken directly from the showroom. I usually pay my payments through cheques. The customer support is good and the staffs are friendly. It was a good experience with Icici car loan department.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 12, 2018
    • ICICI Bank Car Loan
      "Best partner for car loan"
      0.5 5.0/5 "Blown Away!"
      I had applied and got the car loan from a Top most Bank ICICI. The process is very smooth and quick by comparing to other car loan partners. The rate of interest is also reasonable which is 9.5% by comparing with current market rate of interest. They sanctioned promised principle amount. I can recommend the ICICI car loan partner to my friends and relatives too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 09, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have cancelled the car loan plan at present so that was the reason I haven't got the car loan from the ICICI bank. The customer support service and the response was good with the ICICI bank. The rate of interest was high with the ICICI card loan as per my knowledge.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Feb 01, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have got the car loan service from ICICI bank around 2 years ago. The customer support is good with the ICICI bank. I have got the loan amount within 3 days of time. The required loan amount has been sanctioned and I am satisfied with it. The rate of interest is average with the ICICI bank car loan services.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 31, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a Car loan with ICICI bank.The tenure s for 5-6 years,i pay an EMI amount of 11,000.I have registered for an auto debit payment.I feel rate of interest is nominal as compared to others in the market.I don't use net banking much.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jan 30, 2018
    • ICICI Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I had taken my car loan with ICICI Bank for 5 years and I had closed in 3 years. The charges are very high so I decided to close it very soon. The customer service and response was good. I have purchased Maruti Ertiga. They didn't give any benefits for foreclosing.
      Was this review helpful? 0
      , kochi
      Reviewed on Jan 27, 2018
    • ICICI Bank Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      It was a good experience with ICICI Bank. They offered a good interest rate for the car loan. The customer service and response was satisfactory. The process was very faster. The documents are collected by the executive at door step. They have sanctioned the loan on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 25, 2018
    • ICICI Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      It was a pretty good experience with ICICI Bank on my car loan. The customer service and response was good. They offered a nominal interest rate compared to other banks. I have purchased a Ford Ecospot. They offered 100% loan to purchase a car. The executive collected the documents at doorstep.
      Was this review helpful? 0
      , thane
      Reviewed on Jan 25, 2018
    • ICICI Bank Car Loan
      "Best "
      0.5 4.5/5 "Excellent!"
      I have closed the car loan with the ICICI bank and the interest rate was around 14%, also their customer service was good. The loan amount got disbursed within as per the timeline defined by the bankers. Everything is good one with the ICICI bank as per the banking standards.
      Was this review helpful? 0
      , greater noida
      Reviewed on Jan 23, 2018
    • ICICI Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with ICICI bank few months back . The loan amount was 3.41 lakhs and the interest rate was 8.41% which is average in the market.The tenure period was 5 years . Here the loan process was good and the processing fee was 2000.The loan was approved on time and my overall experience was excellent.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jan 20, 2018
    • ICICI Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have my car loan with ICICI bank 3.15 lakhs and the Interest rate was 8.6% which was average In the market. The loan process was really good and they have provided door step service for collecting document,.My overall experience was excellent and Its recommendable.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 17, 2018
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      There is an ongoing car loan with ICICI ,the rate of interest what they quoted was absolutely fine. The documentation procedure was absolutely smooth ,I have never experienced any difficulty during the service,it was totally a happy service that I had with car loan department.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jan 17, 2018
    • ICICI Bank Car Loan
      "Need to give proper response"
      0.5 2.0/5 "Expected more"
      I had applied for a car loan with ICICI Bank through online channel. I never got a call back from the ICICI representative. So I have taken a car loan with Oriental Bank of Commerce. For interest rate negotiation, they said to visit the branch but I didn't do it.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 16, 2018
    • ICICI Bank Car Loan
      "Satisafctory"
      0.5 4.0/5 "Great!"
      I have my car loan with ICICI bank 2 years back. The loan amount was 5 lakhs and the Interest rate was 11-12% and it is high when compared with other banks. The processing fee was nominal and the tenure period was 5 years. They have sanctioned the loan within the committed time and loan process was good. My loan process was very much satisfactory.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 12, 2018
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