If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • ICICI Used Car Loan is Rated as "Great!" by 2465 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    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 service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with ICICI bank, the rate of interest they have charged me was nominal and they have charged me processing fee they have charged me which was nominal, the loan amount they have given me was sufficient according to the car price i got my loan, still this loan is running,overall service is good.
      Was this review helpful? 3
      , new delhi
      Reviewed on Jan 08, 2019
    • ICICI Bank Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The process in getting this loan was quite good and there hasn't been any hassle faced. The loan amount which they had provided has been sufficient and the interest rate with them has been nominal as well. There has not been any sort of additional charges which was made by them.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 07, 2019
    • ICICI Bank Car Loan
      "Good car loan experience"
      0.5 5.0/5 "Blown Away!"
      I bought the ICICI Car loan in the year of 2016. I got the loan amount of Rs. 7.50 lakhs and they have offered me a interest rate of 13.5% and the processing fee was a nominal fee. I pay the premium amount of Rs. 2500. I have chosen the tenure period of 3 years. Overall documentation process was fine.
      Was this review helpful? 3
      , pune
      Reviewed on Dec 29, 2018
    • ICICI Bank Car Loan
      "Good Services"
      0.5 5.0/5 "Blown Away!"
      In 2014, i have selected the car loan from ICICI. I have selected the tenure period of 3 years. Since i have a savings account with them, i have selected the ICICI bank for my car loan. In two days, i have received the loan. I have purchased the loan amount of Rs. 5 lakhs and the interest rate was 11.5%
      Was this review helpful? 2
      , pune
      Reviewed on Dec 29, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It was quite a good experience i had with this loan where the loan amount has been sufficient and the interest rate with them has been nominal as well. The charges which they had made has been nominal and their customer support has been responsive as well.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 20, 2018
    • ICICI Bank Car Loan
      "Good car loan"
      0.5 5.0/5 "Blown Away!"
      I have purchased the car loan 6 years back with ICICI. The interest rates were convenient one and i'm not sure about the processing fee. I have pre-closure the loan without any extra charges. The loan amount taken was Rs. 3 lakhs however the actual tenure period of 5 years.
      Was this review helpful? 2
      , kolkata
      Reviewed on Dec 19, 2018
    • ICICI Bank Car Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      My car loan was purchased with ICICI. I took the loan 3 years back. Since the quick process in ICICI, i have chosen them. Got the loan amount of Rs. 6 lakhs and the interest rates are satisfactory one. I pay the EMI of Rs. 10000 every month and its a tenure period of 5 years.
      Was this review helpful? 1
      , kolkata
      Reviewed on Dec 19, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      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 not charged any processing fee and loan amount was sufficient,there are no hidden charges in this loan ,overall service rendered by them was really good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 15, 2018
    • ICICI Bank Car Loan
      "Best service"
      0.5 4.0/5 "Great!"
      My car loan has taken with ICICI BANK , they charge nominal of interest rate in the market . The process was too smooth and fast i receive the loan within few days and it is best service i got . The tenure period is 5years . Customer service and their response is good with this bank .
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 15, 2018
    • ICICI Bank Car Loan
      "Good car loan with ICICI"
      0.5 5.0/5 "Blown Away!"
      I bought my car loan around April. I have got the loan amount of Rs. 10 lakhs. The documentation process was very easy. The total tenure period of the loan is 10 years. I have been paying the EMI of Rs. 15000. Within a week i have received the car loan. I make the payment through ECS.
      Was this review helpful? 4
      , bangalore
      Reviewed on Dec 13, 2018
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have applied my car loan with ICICI bank recently, i have been using this loan from past 5-6 months only, and i took my car three years back only but loan i have took recently, and the loan amount they have given me was sufficient , and the rate of interest they have charged me was nominal.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 12, 2018
    • ICICI Bank Car Loan
      "Very Easy process"
      0.5 5.0/5 "Blown Away!"
      ICICI bank provides the best banking solutions. 1 year i have purchased the care loan. I got the loan amount of Rs. 4.50 lakhs. Within 3 days, i have received the loan amount. I pay the premium amount of Rs. 30500 and i have chosen the tenure period of 36 months. The documentation process was also very easy.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 11, 2018
    • ICICI Bank Car Loan
      "Good Experience on car loan"
      0.5 4.0/5 "Great!"
      My experience with ICICI of the car is good, they taken 7 to 10 days to disbursed the amount to the dealer, I have purchase Renault kwit 2013 model, the loan amount is sufficient as I expected, customer support is good. The interest rate is little higher.
      Was this review helpful? 0
      , jabalpur
      Reviewed on Dec 10, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      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 and they have not charged any processing fee in this loan , overall experience was too good in this card.
      Was this review helpful? 5
      , bhubaneshwar
      Reviewed on Dec 07, 2018
    • ICICI Bank Car Loan
      "Good Financial service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan form the ICICI bank and they are giving good service . They have given nominal rate of interest which am satisfied with it .They instantly responded very well and approved the loan instantly . Overall satisfied with the my car loan from the ICICI bank .
      Was this review helpful? 0
      , lucknow
      Reviewed on Dec 07, 2018
    • ICICI Bank Car Loan
      "Better"
      0.5 5.0/5 "Blown Away!"
      I took my a car loan with ICICI Bank before 8 to 9 months. The rate of interest and charges are reasonable. The customer service and response was better. I have purchased a Maruti Suzuki car and I made some down payment. The documents are collected by the executive.
      Was this review helpful? 1
      , new delhi
      Reviewed on Dec 02, 2018
    • ICICI Bank Car Loan
      "Hassle free experience"
      0.5 5.0/5 "Blown Away!"
      3 years back, i have purchased the car loan with ICICI. The loan got disbursed without any hassles. It took 3 days to sanctioned the amount. The documentation process was smooth. They have accepted different types of documents also. I have applied the loan amount of Rs. 8 lakhs and the interest rate was 9.75%. I have been paying the EMI of Rs. 15465.
      Was this review helpful? 1
      , pune
      Reviewed on Nov 26, 2018
    • ICICI Bank Car Loan
      "GoodGood"
      0.5 3.5/5 "Pretty good"
      I have taken car loan with ICICI Bank through online channel. The interest rate was more and the processing charges are very costly. I have purchased MARUTI SUZUKI VITARA BREZZA VDI. The loan duration is 5 years. There is an option for part payment and pre closure.
      Was this review helpful? 3
      , bangalore
      Reviewed on Nov 23, 2018
    • ICICI Bank Car Loan
      "Good In Service"
      0.5 3.0/5 "Satisfactory"
      I have taken a car loan with ICICI. The tenuity period is 4 years, my application was taken care by ICICI and they processed it keeping my documents . Rate of interest if i see its reasonable compare to market value. I am happy with Overall services..
      Was this review helpful? 0
      , lucknow
      Reviewed on Nov 22, 2018
    • ICICI Bank Car Loan
      "Average loan services"
      0.5 2.0/5 "Expected more"
      They do share my data to many companies. After i completed my car loan, i used to get 5 calls per day against the loan services. It was pathetic from ICICI. I purchased the loan amount of 9.90 lakhs. It was not easy to get a loan from ICICI. I have to make couple calls to negotiate the interest rate. There was no processing fee. I have taken the loan in March 2017. I have been paying the EMI of 21 K with a tenure period of 5 years.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Nov 22, 2018
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