• ICICI Used Car Loan

    Introduction to ICICI used car loans

    CICI 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

    Other Products from ICICI group

    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.

    ICICI Used Car Loan Reviews

    • ICICI Bank Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      From ICICI Bank, i applied a car loan and the loan amount was Rs. 3.50L. I made a down payment of Rs. 90k and the rate of interest was normal. I have given my documents to the showroom and am planning to close the loan with in 2-3 months. I have purchased a Maruthi car.
      Was this review helpful? 16
      , chennai
      Reviewed on Mar 15, 2020
    • ICICI Bank
      ICICI Bank Car Loan
      "Need to be zero for pre closure charge "
      0.5 3.0/5 "Satisfactory"
      I chosen ICICI car loan offer through showroom. I taken this loan on 2 years back for the amount of 8L which is sufficient with tenure period of 5 years. On that time rate of interest was lower when compared to other bank. The processing fee is less. The car model is TATA Nexon. I done the down payment of 2.8L. EMI need to pay of 17K. For pre closure is applicable with huge charge. So I didn't go for that option.
      Was this review helpful? 16
      , hyderabad
      Reviewed on Mar 11, 2020
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan directly through ICICI bank .The rate of interest and the processing fee are pretty nominal and the car name is Maruti Suzuki Swift. I am paying the premium on EMI basis and need to pay the amount of 10,000.The loan was sanctioned on time without any drawbacks.
      Was this review helpful? 15
      , bangalore
      Reviewed on Mar 05, 2020
    • ICICI Bank Car Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      I chosen car loan from ICICI on 4 years back. I bought this loan because one of my friends was working as a bank manager. I made the down payment of Rs. 2.5L and I bought the loan amount of Rs. 4.5L. I have no idea about the interest rate. I was paying EMI amount of Rs. 7,000 when I purchase the card and it keeps on in ascending order just because of my increment amount I can close at early.
      Was this review helpful? 12
      , rajkot
      Reviewed on Mar 05, 2020
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan through ICICI bank directly .The vehicle name is Hyundai Creta and this model was of 2018 this loan was a joint loan with my wife and still this loan is active ,premium on emi basis and there is no ppenalty for delay emi and the loan process was clearly shared by the agent .without any hassle got the loan .
      Was this review helpful? 18
      , ahmedabad
      Reviewed on Mar 05, 2020
    • ICICI Bank Car Loan
      "Excellent Car Loan"
      0.5 5.0/5 "Blown Away!"
      2 years before, i have taken a car loan from ICICI bank because I'm holding my current account with them and i had a previous car loan here. Within 5 minutes, they have sanctioned my car loan. I applied the loan amount of Rs. 3 lakhs and i paid the down payment of Rs. 3 lakhs. I availed the loan for 3 years.
      Was this review helpful? 2
      , lucknow
      Reviewed on Mar 03, 2020
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan directly through ICICI Bank.The vehicle name is Hyundai I 10 and the rate of interest and the processing fee was nominal .This loan was taken through bank directly and everything was good to me so far.I am paying the premium on EMI basis .According to my concern the process was very convenient.
      Was this review helpful? 2
      , surat
      Reviewed on Feb 08, 2020
    • ICICI Bank Car Loan
      "Good loan "
      0.5 5.0/5 "Blown Away!"
      I took ICIC Bank car loan directly through Bank. Still this loan is active, the car model was 2015. I have got this car loan on exact time frame . Each details about this loan process was clearly shared by the agent. The rate of interest was nominal 10.25% and so far paying Rs.4302 as an EMI.
      Was this review helpful? 5
      , kolkata
      Reviewed on Jan 29, 2020
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan through ICICI Bank and the rate of interest was less since got the loan on lesser rate.The vehicle name was Maruti Suzuki Alto and the loan amount was 4 lakhs for the tenure of 5years.There was no drawbacks faced so far .This loan is still active and paying the premium on time .
      Was this review helpful? 3
      , surat
      Reviewed on Jan 28, 2020
    • ICICI Bank Car Loan
      "Need to reduce the charges."
      0.5 4.0/5 "Great!"
      I have taken a car loan from ICICI BANK. There is no specific reason for it as all the banks are providing with the similar rate of interest. I purchase Honda i20 sports model and the price is around 7 lakhs. I done a down payment of 3 lakhs and the remaining is loan with the interest of 12%. Loan got processed with a week of time.
      Was this review helpful? 4
      , ghaziabad
      Reviewed on Dec 31, 2019
    • ICICI Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan recently from ICICI before two months. I have purchased Maruti Suzuki Eeco, on road price is Rs.5,08,000. I have done a down payment of Rs.1 lakh and the remaining was the loan amount. Interest rate is normal and the tenure of 3 years. I pay the monthly EMI of Rs.8500. It was processed through the bank executive with the help of showroom and loan was disbursed with in few days.
      Was this review helpful? 3
      , chennai
      Reviewed on Dec 27, 2019
    • ICICI Bank Car Loan
      "Excellent Loan Service"
      0.5 5.0/5 "Blown Away!"
      Actually I am holding my salary account with ICICI bank so I got a chance to take the car loan from this particular bank. I got the loan amount of Rs. 2.75 lakhs and I don't remember about the interest rate since I got the loan on 2 years back. I have been paying EMI amount of Rs. 6,000 on every month. Total tenure period of the loan is 5 years.
      Was this review helpful? 5
      , pune
      Reviewed on Dec 05, 2019
    • ICICI Bank Car Loan
      "Very much happy"
      0.5 5.0/5 "Blown Away!"
      I have gone for a car loan in ICICI BANK, they have approved and sanctioned the loan within 24hours based on my savings account experience. So far, I have completed 9months and the total tenure is 3years. The interest rate is reasonable. They waived off the processing fee since a Privilege customer.
      Was this review helpful? 10
      , chennai
      Reviewed on Nov 15, 2019
    • ICICI Bank Car Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      From ICICI, i got the car loan. From the showroom side, they have processed the loan with a good offer. The interest rate is 9.75% and there was no processing fee and i had made the down payment of Rs. 3 lakhs and the loan amount is Rs. 5 lakhs. Overall, the loan process was smooth.
      Was this review helpful? 11
      , bangalore
      Reviewed on Oct 14, 2019
    • ICICI Bank Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      Purchased the car loan from ICICI and i applied in the month of April. HDFC is not disbursing the car loan and since i have salary account with ICICI, i have chosen them. They have disbursed the loan in 24 hours. The given interest rate is 9.5% approximately. I have been paying the EMI amount of Rs. 12000 and i select the tenure period of 60 months.
      Was this review helpful? 9
      , bhopal
      Reviewed on Oct 04, 2019
    • ICICI Bank Car Loan
      "Rate of interest should be affordable"
      0.5 5.0/5 "Blown Away!"
      I bought Santro car through ICICI car loan, I availed loan amount of Rs. 2 lakhs for the duration of three years. The rate of interest is bit higher around 14% per annum now the loan emi was closed. I received my NOC Letter from the bank end, its good.
      Was this review helpful? 10
      , patna
      Reviewed on Sep 20, 2019
    • ICICI Bank Car Loan
      "Excellent Loan Service"
      0.5 5.0/5 "Blown Away!"
      No particular reason for choosing the car loan from ICICI. I took the loan amount of Rs. 5 lakhs and its nearly going to close because the balance amount is Rs. Just 80000. They have offered me a interest rate of 11% and i have made the down payment of Rs. 1 lakhs approximately. Every month the EMI amount is going from my account automatically.
      Was this review helpful? 5
      , mumbai
      Reviewed on Sep 08, 2019
    • ICICI Bank Car Loan
      "Satisfactory"
      0.5 4.5/5 "Excellent!"
      My car loan is with ICICI BANK because of the good interest rate and the processing was faster. The main thing is they are not charging for foreclosure after 18EMI's. The processing fee is included but its reasonable. The loan duration is 7 years. I have purchased Honda City by making down payment.
      Was this review helpful? 5
      , mumbai
      Reviewed on Sep 06, 2019
    • ICICI Bank Car Loan
      "Hassle free experience with ICICI"
      0.5 4.0/5 "Great!"
      From ICICI I took the car loan, they gave me ex showroom of the car so my principal is around Rs. 6 lakhs for the duration of five years. The rate of interest is affordable and they taken some processing fee around 1% from the disbursement. I purchased honda i20 petrol car.
      Was this review helpful? 7
      , bangalore
      Reviewed on Sep 06, 2019
    • ICICI Bank Car Loan
      "Good bank to have a car loan"
      0.5 5.0/5 "Blown Away!"
      As on date, their customer care service is not required since my payments are on time. They have not called me regards to anything. ICICI option given from the car dealer hence i have taken the same. Confirmation has come within 2 days and the dealer has done everything from my side.
      Was this review helpful? 4
      , mumbai
      Reviewed on Aug 27, 2019
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