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  • ICICI Used Car Loan is Rated as "Great!" by 2442 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
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience during my car loan has been good and the loan amount whcih they had provided has been sufficient as well. The interest rate whcih they had been charging had been nominal when compared. There has not been any sort of charges which they had made as well.
      Was this review helpful? 1
      , noida
      Reviewed on Nov 15, 2018
    • ICICI Bank Car Loan
      "Good services from ICICI"
      0.5 5.0/5 "Blown Away!"
      They have provided me a 9.5% interest rate for my car loan. I have bought the car loan by last month. The process of the loan was easy and the same day itself they have approved the loan and sanctioned to the dealer. I have applied the car loan of Rs. 8 lakhs. I'm yet to pay the first month EMI and it will be deducted from my account.
      Was this review helpful? 3
      , ahmedabad
      Reviewed on Nov 13, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      It has been a good experience i had with this loan and the loan amount whcih they had provided has also been sufficient. The interest rate with them has also been nominal and there has not been any additional charges which they had been made. Overall it had been a good experience.
      Was this review helpful? 0
      , patna
      Reviewed on Oct 31, 2018
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the ICICI bank . 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? 1
      , jaipur
      Reviewed on Oct 30, 2018
    • ICICI Bank Car Loan
      "Not satisfied with the service"
      0.5 1.0/5 "Really Bad"
      I had chosen to go with them since i already had an existing loan with them. The process has been smooth and easy and there has not been any hassle faced. The interest rate with them has been nominal and there has been some processing fee has been there, but they did not explain me with any of the charges.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 30, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting this Car loan has been smooth and easy and there has not been any hassle during the whole process. The loan amount whcih they had provided has been sufficient and the interest rate with them has been nominal when compared with the market rate. But the processing fee and the charges with them has been high.
      Was this review helpful? 1
      , lucknow
      Reviewed on Oct 29, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 4.5/5 "Excellent!"
      I had chosen to go with them since the interest rate whcih they where offering has been low when compared with the market rate. The loan amount which they had provided has been sufficient and the processing fee has been nominal and there has not been any sort of additional charges whcih they had made by them.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Oct 29, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting this Car loan had been smooth and easy and i have not faced any problems. The loan amount which they had given has been sufficient and the interest rate with them has been nominal. But the processing fee has been a little high when compared with the market rate.
      Was this review helpful? 1
      , nasik
      Reviewed on Oct 29, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting this Car loan had been smooth and easy. The loan amount which they had provided has been sufficient and the interest rate with them has been nominal. The processing fee which they had charged has been nominal and their customer support also had been helpful at times.
      Was this review helpful? 0
      , vadodara
      Reviewed on Oct 29, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting this loan has been smooth and they had approved me the ex-showroom price of 4,90,000. The disbursal of the loan had been fast and their customer support also had been responsive and was good in maintaining the customers perfectly. The interest rate which they where offering also had been nominal.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 27, 2018
    • ICICI Bank Car Loan
      "Very Excellent in Service"
      0.5 5.0/5 "Blown Away!"
      I had applied for a car loan and It was with ICICI . The best thing about ICICI is their customer service. I was highly impressed. My car loan was approved in two minutes and today i own a car. Thankful to ICICI. They are awesome and they take care of your need very well.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Oct 27, 2018
    • ICICI Bank Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The experience with this car loan has been good and the loan amount which they had provided had been satisfactory. The interest rate with them also had been nominal when compared with the market rate. But they had made some charges for the pre-closure which has not been good.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Oct 23, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience i had with this loan has been good and the process in getting the loan has not taken much time. The loan amount which they had provided has also been good and the interest rate with them has also been good as well. The processing fee which they had charged for this loan has been nominal as well.
      Was this review helpful? 3
      , new delhi
      Reviewed on Oct 17, 2018
    • ICICI Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have taken a car loan for five lakhs from ICICI Bank. The process is good and the documentation was taken on time. The rate of interest and processing charges are normal. But there are high charges for the part payment. When compared to the other banks.
      Was this review helpful? 2
      , gurgaon
      Reviewed on Oct 05, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience i had with this loan, the loan amount which they had provided has been satisfactory. The interest rate with them also had been very much less when compared with the market rate. There has not been any hassle faced with their banking services so far.
      Was this review helpful? 2
      , ghaziabad
      Reviewed on Sep 04, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process i getting this loan has been good where the loan amount which they had provided me also had been good as well. The interest rate has been nominal when compared with the market rate and there has not been any hassle faced with their banking services.
      Was this review helpful? 3
      , gurgaon
      Reviewed on Sep 03, 2018
    • ICICI Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have taken my car loan with ICICI Bank and the process to get the loan was on time. But it would be better if there was no hidden charges in the policies. They could update their system even with the number as well, instead of only the email ID. Average overall.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Aug 29, 2018
    • ICICI Bank Car Loan
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      My car loan is good and there are no issues to get the loan. ICICI Bank was quick to process the loan and the documentation was normal and smooth. The rate of interest and processing charges is also normal. The after loan services is also good easy.
      Was this review helpful? 2
      , gurgaon
      Reviewed on Aug 24, 2018
    • 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
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