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  • ICICI Used Car Loan is Rated as "Great!" by 2424 Users

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    Promised Interest Rate

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    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
      "Overall good"
      0.5 5.0/5 "Blown Away!"
      My car loan is with ICICI Bank. The process is good and the bank collected my documentation on time I also got the loan without any delay. The interest rate is around 8.95% and the processing fees is a bit higher. I have purchased a Wagon r and the tenure is for five years.
      Was this review helpful? 2
      , new delhi
      Reviewed on Aug 10, 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 is pretty good. My loan amount is 600000 and interest rate is is nominal. There are no hidden charges. I use to pay 12600 as EMI per month and tenure period is 5years. Processing fee is nominal.The process was so smooth at the time of documentation, i did not face any difficulties till date.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 10, 2018
    • ICICI Bank Car Loan
      "More than satisfactory"
      0.5 5.0/5 "Blown Away!"
      My car loan is with ICICI Bank and the process to get the loan is good. I have taken a Maruti Suzuki Vitara Brezza. The documentation was taken on time and loan was disbursed on time. The rate of interest is 8.75% and the processing fees is also normal.
      Was this review helpful? 1
      , greater noida
      Reviewed on Aug 09, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken car loan from the Icici bank . Am satisfied with the rate of interest which they have given . There is no processing fees they did instant approval They have given the tenure p[period of 4 years with some nominal processing fees. Overall am satisfied with their customer service and responce .
      Was this review helpful? 2
      , new delhi
      Reviewed on Jul 25, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 4.5/5 "Excellent!"
      I have taken a car loan from the ICICI bank for 6 lacs, the interest rate was normal when comparing with the other banks in the market. I am paying an EMI of 12000 per month. It was a easy and hassle free car loan experience with the ICICI bank.
      Was this review helpful? 2
      , kolkata
      Reviewed on Jul 21, 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 good, the loan amount was for Rs 2.5 lakhs with nominal interest rate when compared to others. I have taken ALTO and my loan was approved based on ex-showroom price. The tenure period for this loan is 4 years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 20, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It has been a moderate experience i had from them, and the process in getting this loan had been very simple and has been easy. The loan amount which they had provided had been satisfactory and the interest rate with them had been nominal. There has not been any hassles faced with the banking services of them.
      Was this review helpful? 6
      , hyderabad
      Reviewed on Jul 13, 2018
    • ICICI Bank Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It had been a good experience with the loan process where it had been easy and smooth. The loan amount which they had given had been satisfactory and the interest rate with them had been quite high compared with the market rate. Their customer support had been good and they had been helpful at times.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jul 07, 2018
    • ICICI Bank Car Loan
      "very good service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was very good with ICICI bank, the process took 20-25 days to complete and disburse the loan amount. Customer service was not up to the mark as there was a language issue. The loan amount was for Rs 3.5 lakhs for 5 years with 8.75% as interest rate.
      Was this review helpful? 0
      , faridabad
      Reviewed on Jun 27, 2018
    • ICICI Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      It was an average experience with ICICI bank car loan, i did not get documents till now and even the customer support team did not follow up on time. The rate of interest of 8.65% is quite high when compared to others. I received my loan amount within 10 days and the car loan was approved based on ex-showroom price.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 26, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the ICICI bank for 5 Lacs, I got the loan amount with in 2 days, The documentation was also easy with the Aadhar and PAN. The application was done at the showroom and it has been so easy to get the loan from ICICI bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 20, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the ICICI bank for 4 Lakhs . The whole process was easy and hassle free. The loan was applied at the showroom and was processed with in 2 days. The documentation was also very smooth. Overall it has been a smooth car loan experience with the ICICI bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 20, 2018
    • ICICI Bank Car Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience with the loan and the process has been very simple and fast where it has taken just 3-4 days in getting the loan amount. I was completely satisfied with loan amount which they had provided and the interest rate which they where charging had been okay.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the ICICI bank for 4 lacs. The loan was applied through the agent It was processed with in 4 days. The whole process was easy and hassle free. The agent took care of everything. It was a hassle free experience with the ICICI car loan application.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 12, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Got the car loan from the ICICI bank around 4months ago. They have disbursed the loan amount within 2 days of time. The customer support service and the response is good from the ICICI ban. The rate of interest and the charges are average from the ICICI bank car loan services.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 01, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have approached car loan with ICICI BANK 6 months back. I have postponed the plan for about 3-6 months. The loan amount was 7 lakhs and the interest rate was 8.75% which is bit high .,The customer service and responses was good.My experience was satisfactory .
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 29, 2018
    • ICICI Bank Car Loan
      "Very good"
      0.5 4.0/5 "Great!"
      I have approached ICICI bank for my car loan. The loan amount was 3 laksh and the interest rate was 8.95% which so very high. I have cancelled the plan and postponed. The customer service and responsiveness were good. My experience was good..
      Was this review helpful? 0
      , lucknow
      Reviewed on May 29, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have approached ICICI BANK for my car loan . I was looking for 5 lakhs and the interest rate was 8.75% which is average in the market . The customer service and responses was very good. I have postponed the plan and can celled the request also. The customer service and responses was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 29, 2018
    • ICICI Bank Car Loan
      "Average"
      0.5 3.5/5 "Pretty good"
      I have approached ICICI bank for a car loan. I was looking for 3.5 lakhs and the interest rte was very high so I have cancelled the request and postponed the plan. The customer service and responses was very good.My overall experience was good.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 29, 2018
    • ICICI Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have approached ICICI BANK for my car loan. I was looking for 5 lakhs and the interest rate was 8.75% which is average . I have canceled the loan process since the plan was postponed . Request . The customer service and responses was good. My experience was good.
      Was this review helpful? 0
      , greater noida
      Reviewed on May 28, 2018
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