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 2310 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 process"
      0.5 4.0/5 "Great!"
      The approval for my Car Loan application with ICICI Bank happened very swiftly. They had a good process to follow up their Loan and the documentation was all done by them. Apart from this the Rate of Interest offered by them was pretty low compared to running market standards.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 22, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have applied for the car loan from ICICI bank, my loan application was closed because there was no follow up done after the documents were submitted. Customer service part was good but they did not respond on time. The rate of interest is nominal when compared to all other banks.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 21, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan from ICICI bank, my loan application was closed because i did not proper address proof, so once the address proof is ready i will reapply for the loan. Customer service was good and they responded on time, regular follow ups were done. The rate of interest was nominal when compared to other banks.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Nov 20, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan from ICICI bank, my loan application was approved and the requested amount was disbursed. It took 3 weeks of time for the loan amount to get approved. The process was very smooth and easy, there was no delay. My car loan was approved based on the Ex-showroom price. Customer service was good, they provided door step service to collect the documents. The rate of interest was less when compared to other banks.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 18, 2017
    • ICICI Bank Car Loan
      "Happy with the services"
      0.5 4.5/5 "Excellent!"
      ICICI Bank completed the car loan process on time and the customer services are good. I have taken a Maruti Suzuki Baleno Alpha. The rate of interest was around 9% and the processing charges was normal. The best part of the car is the mileage and there are features like guide me home. Adding to that, I am getting 17 kmph in the city.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 18, 2017
    • ICICI Bank Car Loan
      "Very good services"
      0.5 5.0/5 "Blown Away!"
      The process for the car loan is good and the customer services were on time. ICICI Bank has been very responsive and there were no hassles from the start to finish. The interest rate and processing charges is normal and the after loan services are also good.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 18, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I haven't got the car loan with ICICI bank because I got the loan from the other bank. The customer support is good with ICICI bank. The rate of interest which is offered by ICICI bank was low and same when compared with others. I would say it was good service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 17, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan process got processed from HDFC bank, so that was the reason I haven't got the card loan with ICICI bank. The customer support was good with ICICI bank. The rate of interest which the ICICI bank has offered was nominal when compared with others.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 17, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I received the car loan from other bank so that was the reason I haven't got the car loan from ICICI. The customer support was good with the ICICI bank. The rate of interest and the charges which was offered by ICICI bank was nominal when compared with others.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Nov 17, 2017
    • ICICI Bank Car Loan
      "Very Good"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with ICICI bank. The loan amount was 11.25 lakhs and the interest rate was 10.5 % which was satisfactory . The EMI period was 5 years. I had a very easy and quick loan process here . They have sanctioned the loan with the committed time and there is no processing fee at all. The pre closure si after 6 months so my overall experience was very good and Its recommendable.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 17, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have choose the other bank to go with the car loan because, I found it was convenient to get the car loan with other bank than ICICI. The customer support was good with ICICI bank. The rate of interest which was offered by ICICI bank was nominal when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 16, 2017
    • ICICI Bank Car Loan
      "Very good banking"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with ICICI bank.The loan amount is 1.62 lakhs.The rate of interest is nominal as compared to other banks.They have given a very good service while interacting with team.They had deducted 1% as processing fees from the principal.Net banking is easy to operate.
      Was this review helpful? 0
      , nagpur
      Reviewed on Nov 16, 2017
    • ICICI Bank Car Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      It was a good customer service i received from the ICICI Bank for the car loan when I applied for . i actually changed my plans for buying a car for the that reason i told them to hold the application but the bank people said they can't hold the application and later they cancelled the application . Information was not given properly to me . Customer service was good . i am happy with the service i received from the bank side .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 15, 2017
    • ICICI Bank Car Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I had cancelled my application, because I had a plan of flying abroad. There is no option part payment and pre closure with ICICI. The interest rate was good compare to other banks. The customer service and response was satisfactory. They made a genuine followup.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 15, 2017
    • ICICI Bank Car Loan
      "Very Good"
      0.5 5.0/5 "Blown Away!"
      I am having the car loan with the ICICI bank and the interest rate is around 9.45%, also I have got the loan amount in a year of time. Rate of interest and the processing charges are really okay one for me.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 15, 2017
    • ICICI Bank Car Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with ICICI bank which was taken 2.5 years back. The loan amount was 10 lakhs and the interest rate was 9% which was a bit high than other banks. The EMI period was 2.5 years back. The customer service and responsiveness was up to the mark. Here I had a very smooth loan process and no processing fee at all so I would like to recommend the same to others.
      Was this review helpful? 0
      , delhi
      Reviewed on Nov 15, 2017
    • ICICI Bank Car Loan
      "Good One"
      0.5 5.0/5 "Blown Away!"
      Its been a good customer i received from the ICICI Bank for the car loan . its been 7 months now that i am paying for the EMI . I got a full approval on the loan amount i asked from the bank . it got disbursed in 2 working days and the rate of interest given to me was real low and also the processing fee was there . the bank gave a option of pre closure and the part payment . I was happy with the over all experience .
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 14, 2017
    • ICICI Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan with ICICI Bank. The rate of interest was 8% which was satisfactory. The loan amount was 3 lakhs and the processing fee was 42,000. They have provided door step service for collecting documents. MY overall experience was excellent service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 14, 2017
    • ICICI Bank Car Loan
      "Good "
      0.5 4.0/5 "Great!"
      I have applied for my car loan with ICICI bank . The interest rate was 8-9% which was satisfactory but I have dropped the loan plan so I have cancelled the application. The customer service and responses was excellent and I would like to recommend to others.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 14, 2017
    • ICICI Bank Car Loan
      "Average"
      0.5 1.5/5 "Bad"
      I have approached for my car loan with ICICI bank . The rate of interest was 8.95% which was bit high than other banks and on road price was very high here so I have cancelled the application. The customer service and responses was not satisfactory so My overall experience was not good.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 14, 2017
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