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  • ICICI Used Car Loan is Rated as "Great!" by 2414 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
      "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
    • ICICI Bank Car Loan
      "Average"
      0.5 4.0/5 "Great!"
      I have approached ICICI BANK for my car loan .The plan was changed so i have cancelled the request . The loan amount was 3 lakhs and the interest rate was 8.95% which is high . The customer service and responses was good.My overall experience was good.
      Was this review helpful? 0
      , rajkot
      Reviewed on May 28, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the ICICI bank. The application process was Smooth. The loan was approved with in 24 hours. I work for vehicle manufacturing unit, we have personal connections with the bank. The loan amount gets auto debited from the account. Overall it was a smooth experience.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 24, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with ICICI bank and my experience was good, the loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. Customer service was good, they responded on time and the tenure period for this loan is 5 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a Car loan of 7 lakhs from the ICICI bank. The loan application process is very fast with in 5 days the loan amount was credited to the account. Overall the whole process was quick and hassle free. I never had any issues with the process...
      Was this review helpful? 0
      , secunderabad
      Reviewed on May 20, 2018
    • ICICI Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the ICICI bank for 18 Lakh. The loan is about get closed just need to pay a month more.I applied for the loan through the bank and it took almost 25 days to process the loan. The branch staff came to my home and the documentation part is hassle free. Overall it was a smooth loan experience.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 20, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The ICICI bank car loan service is good and I am satisfied with it. I have got the car loan from the ICICI bank around 8months ago. The customer support sreice and the response is good from the ICICI bank. The rate of interest and the charges are average with the ICICI bank.
      Was this review helpful? 0
      , mysore
      Reviewed on May 16, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      There was some problem with the Application of my ICICI Car loan, documents collections was postponed however the Communication was very good. Overall the application process was quick and hassle free. Even though the loan wasn't processed it was a good experience.
      Was this review helpful? 0
      , chennai
      Reviewed on May 16, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I am planning to apply for a Property loan which was the reason I canceled the car loan application. The application process was very good and hassle free, Overall I never had any issues with the loan process. Overall it was a good experience.
      Was this review helpful? 0
      , pune
      Reviewed on May 15, 2018
    • ICICI Bank Car Loan
      "Good Service high rates"
      0.5 5.0/5 "Blown Away!"
      The application process was very nice.The rate of interest was higher than other banks, that's the reason I've applied the loan through a different bank . Overall the whole process was good and hassle free. I never faced any other issues during the application
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 15, 2018
    • ICICI Bank Car Loan
      "ICICI bank car loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from ICICI bank and the approved loan amount was 6.56 lakhs. The rate of interest was 8.85%. The monthly emi is 13500 for tenure of 5 years.There was processing fee of 3500.The customer service and response is fine.
      Was this review helpful? 0
      , lucknow
      Reviewed on May 15, 2018
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