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  • ICICI Used Car Loan is Rated as "Great!" by 2385 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
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I had got the car loan from the ICICI bank around 8 years ago. The customer support service is good with the ICICI bank and I have closed this account long back . The required loan amount has been given and I am satisfied with it. The documentation process need to be customer oriented.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 31, 2018
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Its been more than a year since I have got the car loan from the ICICI bank. I have got the loan amount within 3 to 4r days of time. the required loan amount has been given . The rate of interest and the charges are average with the ICICI bank when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 28, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My car loan application was approved and disbursed with ICICI bank, it was a good experience with ICICI bank. The loan amount was for Rs 3.20 lakhs with the rate of interest of 8.5% which is nominal when compared to all other banks. Customer service was good and they collected documents on time. My loan amount was based on the ex-showroom price and the tenure of the loan is 5 years.
      Was this review helpful? 0
      , surat
      Reviewed on Mar 05, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan application was approved and disbursed with ICICI bank, it was a good experience with ICICI bank. The loan amount was for Rs 5.9 lakhs with the rate of interest of 8.60% which is nominal when compared to all other banks. Customer service was good and they followed up on time. My loan amount was based on the ex-showroom price. The tenure of this loan is 5 years and it was a good service from ICICI bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 05, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 4.5/5 "Excellent!"
      The rate of interest is nominal with Icici car loan team. The process was fast without any delay. The customer support is good with Icici car loan service. The documents procedure has been very smooth. It is a excellent experience with ICICI car loan team.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 03, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 4.5/5 "Excellent!"
      Icici car loan service is good. Rate of interest they quoted me is 8.35 % which is fine compared to the market value. The documents procedure was been smooth. The customer service is good with Icici car loan team. It is a excellent experience with Icici car loan team.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 03, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The service is good with Icici car loan team. The rate of interest is comfortable for me. The documents procedure was been smooth. The customer support is prompt with Icici car loan team. It is a excellent service from Icici car loan department.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 03, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had taken my car loan in ICICI Bank and it was closed by last year. I have purchased a Ford Figo and have recently changed to Renault Duster. The loan process was good. I am getting a proper service from the customer support. I forgot their interest rate.
      Was this review helpful? 0
      , kottayam
      Reviewed on Mar 02, 2018
    • ICICI Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have my car loan with ICICI bank which was taken 4 years back. The loan amount was 3.75,000 and the interest rate was 10.5% which is high than other bank. They have sanctioned the loan with the committed time so I would like to recommend to others . My overall experience was excellent .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 02, 2018
    • ICICI Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Car loan with ICICI bank and my loan experience was very good. The loan amount was for Rs 9 lakhs with the rate of interest of 9.75% which is nominal rate when compared to other banks. The tenure of this loan is 6 years and my loan amount was based on the on-road price. Customer service was good and they followed up on time.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 27, 2018
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The rate of interest is high with ICICI car loan service. I submitted the documents directly to the Icici branch. The process was very fast with ICICI without any delay with Icici car loan service. The service offered by ICICI car loan service is excellent.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 27, 2018
    • ICICI Bank Car Loan
      "Overall satisfactory"
      0.5 4.0/5 "Great!"
      I have taken my car loan from ICICI Bank and the bank has been very responsive. The process was on time, the paper work was also timely too. The rate of interest was of 8.75% and the processing charges was normal. I had no issues to get the loan through and overall a satisfactory process for the MARUTI SUZUKI BALENO.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 26, 2018
    • ICICI Bank Car Loan
      "Fabulous"
      0.5 4.5/5 "Excellent!"
      I have taken the car loan with the ICICI bank and the interest rate is around 8.20% and the customer service is good, also the loan amount got disbursed within fifteen days of time. Processing charges were around 3000 Rupees.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 24, 2018
    • ICICI Bank Car Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I had closed my car loan in ICICI Bank long time back. There are no hidden charges and the loan experience was good. The EMI charges are very clear and I paid the same. The customer support used to call me and remind about the EMI date. The Alert messages are also good.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Feb 20, 2018
    • 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
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