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 2147 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
      "Response is good"
      0.5 4.0/5 "Great!"
      I had applied for a car loan with ICICI Bank and the banking services are good. They contacted to me on time and informed me the necessary details. Since they were not providing a loan for the commercial vehicles. I could not proceed ahead. The interest rate and charges was average.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 19, 2017
    • ICICI Bank Car Loan
      "Better"
      0.5 4.0/5 "Great!"
      I have approached ICICI bank for car loan. I got a good response and the customer service. But rate of interest was not fixed, executive said it varies based on the car. For Hyundai interest rate was less and for Maruti car rate of interest was high. Actually ICICI bank doesn't have any criteria so I couldn't just justify the words.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 19, 2017
    • ICICI Bank Car Loan
      "Good customer service"
      0.5 5.0/5 "Blown Away!"
      My service with ICICI was extraordinary. My loan process has happened within 48 hours. I have purchased a new Innova car. The dealer payment also happened in flat 60 hours. I am very much happy with the overall process. The documentation process and the rate of interest was satisfactory.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 19, 2017
    • ICICI Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      The response was really good from the bankers end they where ready to offer me the loan but I got good deal from other resources so I had cancel the loan from icici, so that was the reason I haven't got the loan from ICICI bank. The customer support was good with ICICI bank as per my car loan application. They gave better response in regards to my car loan
      Was this review helpful? 0
      , chandigarh
      Reviewed on Oct 19, 2017
    • ICICI Bank Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      ICICI Bank is good in the services and response. I received a call on time, after I applied for a car loan. I did not go ahead for it as I postponed my plans for the next two months. The interest rate and processing charges is normal and the experience is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 19, 2017
    • ICICI Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have approached ICICI bank for a car loan through online portal. Actually I was looking for TAVERA but bank cannot offer a loan for this vehicle. . There was a regular followup, it was good.The rate of interest was nominal like other bankers.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Oct 19, 2017
    • ICICI Bank Car Loan
      "SATISFACTORY"
      0.5 3.0/5 "Satisfactory"
      I postponed my plan of buying a car now for the next year so i canceled the process. Customer service was good from the ICICI bank end they contacted me on time and delivered the proper information for the process . the rate of interest was also minimal for the other banks and the processing fee was not discussed 4 to 5 lakhs.
      Was this review helpful? 0
      , nagpur
      Reviewed on Oct 19, 2017
    • ICICI Bank Car Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      My car loan is from ICICI Bank and the process for this loan was completed in a day. They were very fast and the documents was minimal. The interest rate and processing fee was normal. The after loan services is also good and there are no issues in the EMI deductions.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 19, 2017
    • ICICI Bank Car Loan
      "Very Good"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with ICICI bank 8 years back. The promised rate of interest was 11% for 5 lakhs loan which was high than other banks in the market. They have provided door step service for the documentation collection and the process was easy and hassle free. There is no delayed in issuing loan , they have sanctioned with the committed time.. Here the part payment option is really good than other bank so Its an advantage here. The experience was very good .
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have approached ICICI bank for my car loan. I was looking for 4.5 lakhs and their rate of interest was 9.5% which was bit high than other banks. I have changed my plan so did not process with the loan process here. The customer service and responses was good so Its recommendable,
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Good customer service"
      0.5 4.0/5 "Great!"
      I have applied for the car loan from ICICI bank, my loan application was closed because i have taken loan from one of my friend. When it comes to customer service, it was good and they were very responsive. The rate of interest was nominal when compared to all other banks.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Increase the loan amount"
      0.5 5.0/5 "Blown Away!"
      The customer support was good with ICICI bank in regards to my car loan application. The loan amount which they were about to offers was less when compared with others. The rate interest is nominal with ICICI bank. Thy were about to offer me less than 50% of loan amount.
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Best banking "
      0.5 5.0/5 "Blown Away!"
      I had applied for a car loan with ICICI bank for an amount of 4.4lakhs with nominal rate of interest.customer support was good they were too supportive.plan was dropped because I had received funds from a different source. In future am planing to take home loan I feel ICICI bank is the best option
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Good customer service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan from ICICI bank, my loan application was rejected as i did not have proper documents. The customer service was good and they were responsive, they did not proceed without the document verification. The rate of interest is a bit high when compared to all other banks.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Good customer service"
      0.5 4.0/5 "Great!"
      I have applied for the car loan from ICICI bank, my application was closed because i decided not to take a car loan as i had financial issues. When it comes to customer service, it was good and they were responsive, they followed up frequently. The rate of interest was little high when compared to other banks.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have applied for my car loan with ICICI bank. The rate of interest was 8.75% which was average in the market but I have cancelled my application here and taken with SBI since I applied there first. The customer service and responses was really good.
      Was this review helpful? 0
      , panchkula
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I had a plan to take the car loan with ICICI bank. The rate of interest was 8.995 which is not high and satisfactory . Their responses and customer service is really good. I have dropped loan plan later and cancelled the application. I would like to recommend to my friends and others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Average"
      0.5 3.5/5 "Pretty good"
      I have approached ICICI bank for my car loan through online portal. The customer service and responses was satisfactory but I have no idea about the rate of interest here. I have cancelled my application here since I have applied for SBI and HDFC bank simultaneously .
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Fast approval"
      0.5 5.0/5 "Blown Away!"
      I got proper response from the ICICI bank. The rate of interest was nominal. The executive came to my place and collected the documents. They have sanctioned the loan was on time. I have purchased a new WAGNOR car. I pay approximately 6k for month through ECS.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Average"
      0.5 5.0/5 "Blown Away!"
      I am having the car loan with the ICICI bank and the interest rate is around 5%. Customer service and other things are good one with the ICICI bank and the total tenure is around five years of time.
      Was this review helpful? 0
      , lucknow
      Reviewed on Oct 17, 2017
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