If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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 Used Car Loan is Rated as "Great!" by 2351 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!"
      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
    • ICICI Bank Car Loan
      "Interest rate to be reduced"
      0.5 4.0/5 "Great!"
      I have an ongoing car loan with ICICI bank. Totally I had to pay for 5 years and one year is already completed. The loan process was good. The customer service was average. The rate of interest was around 9% which was more when compared to others. I have purchased a Ford Figo Aspire.
      Was this review helpful? 0
      , faridabad
      Reviewed on Jan 10, 2018
    • ICICI Bank Car Loan
      "Very good"
      0.5 4.5/5 "Excellent!"
      I have my car loan with ICICI bank few months back. The loan amount was 5.80,000. The customer service and responses was up to the mark. The Interest rate was 8.5% which was average In the market and the tenure period was 5 years. The loan amount was smooth and I had a very good loan process. The processing fee was nominal. My overall experience was very good and Its recommendable.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 09, 2018
    • ICICI Bank Car Loan
      "Double check with the fees and charges"
      0.5 2.0/5 "Expected more"
      I have taken a car loan from ICICI bank . the approved loan amount was 5 lakhs 30 thousand . The rate of interest with the bank is 8.75%. The monthly EMI comes around 8700. The total tenure was for 7 years. The processing fee was 1500 rupees.At the time of my application they told there will be no processing fee.Later they charged.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 08, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with ICICI bank.the loan amount is 4.50 lakhs,rate of interest is nominal as compared to others.I have completed my loan EMI.The loan was processed without processing fees and additional charges.I submitted documents to process the same.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 04, 2018
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have a car loan from Icici ,the service was good. They offered me a interest rate of 9 % which was good compared to others in the market. Icici customer support was good ,the documents part was been very smooth ,it was a excellent experience with Icici car loan service for my Maruthi car.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 02, 2018
    • ICICI Bank Car Loan
      "Not bad"
      0.5 3.0/5 "Satisfactory"
      I have my car loan with ICICI bank which was taken 10 years back . The tenure period was 5 years and the interest rate was very high than other banks in the market . The loan process was not satisfactory since I had an issue in receiving NOC so the process was bit tedious. My overall experience was not bad .
      Was this review helpful? 9
      , ghaziabad
      Reviewed on Dec 28, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan experience with ICICI bank was good, the loan amount was for Rs 4 lakhs and the rate of interest was 9.0% which is nominal when compared to all other banks. The process was smooth and i received my loan amount within 15 days. Customer service was good and they followed up correctly. The tenure of the loan is 4 years and there are no charges on preclosure and part payment.
      Was this review helpful? 1
      , new delhi
      Reviewed on Dec 27, 2017
    • ICICI Bank Car Loan
      "Super Loan"
      0.5 5.0/5 "Blown Away!"
      When a proper plan to get a Car came in, ICICI Bank really helped me with their Car Loan. I got the Loan with very decent interest rate of 10.7%. The process for getting the Loan was also pretty short and they gave me a very little Rate of Interest.
      Was this review helpful? 1
      , noida
      Reviewed on Dec 26, 2017
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with ICICI Bank last year June. The loan process was good and easily they provided a loan without visiting the bank. They didn't charge me any processing fee. The rate of interest was nominal on that time. The EMI payment was paid through ECS.
      Was this review helpful? 3
      , noida
      Reviewed on Dec 26, 2017
    • ICICI Bank Car Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      I got this Loan pretty easily, corresponding process involved with it was pretty short. The whole Loan got disbursed within 7-8 days. The Rate of interest offered by them was somewhere around 9%, which I feel is quite good too. The overall experience with the loan has been good.
      Was this review helpful? 4
      , faridabad
      Reviewed on Dec 20, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 2.0/5 "Expected more"
      I have applied for a Car loan with ICICI bank.The loan amount i requested for is 3 lakhs however i received only 1.60 lakhs am not happy with the loan amount as expected more otherwise the response was good they had processed immediately.The payment is done through an ECS.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 20, 2017
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Car loan with ICICI bank.The loan amount is 5.37 lakhs,Rate of interest is 12.50% is nominal as compared to others banks.I pay my EMI by cash.They had deducted processing fees of 3000 from the principal.The tenure is for 5 years.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Dec 19, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The car loan service is good with the ICICI bank and they have offered me a loan within the promised time. The customer support is very supportive and they are very much supportive. The ICICI bank executives directly helped me to get in touch with the car dealer ,. The rate of interest and the charges are nominal with the ICICI bank.
      Was this review helpful? 6
      , new delhi
      Reviewed on Dec 11, 2017
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have got the employee car loan from ICICI bank and I got the loan amount of Rs,3,50,000. The rate of interest and the charges are nominal with ICICI bank when compared with the other banks. The customer support is good with ICICI bank and this loan has the tenure of 5years.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 11, 2017
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was my personal reason I have postponed my loan process with icici ,the interest rate was nominal customer support was prompt with icici compare to others in the market also I got a better offer it was the main reason for cancellation of my loan process with icici.
      Was this review helpful? 2
      , new delhi
      Reviewed on Dec 06, 2017
    • ICICI Bank Car Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      I dont interacted much with icici staffs regarding my car loan service ,but the customer support was good with icici compare to other banks in the market and the rate of interest they offered me was 9 % which was high for me. I had placed my loan request on hold temporarily for my personal reasons it was a average service that I received from ICICI Bank car loan services.
      Was this review helpful? 2
      , mumbai
      Reviewed on Dec 06, 2017
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