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  • ICICI Used Car Loan is Rated as "Great!" by 2403 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 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
    • ICICI Bank Car Loan
      "Interest has be increased"
      0.5 3.5/5 "Pretty good"
      I have taken a car loan from ICICI bank and the approved loan amount was 8 lakhs. The rate of interest was 8.6%. At the time of my application the interest was 8.5% and later increased to 8.6%. The monthly emi is 12915 for tenure of 7 years.There was processing fee of 3000. After 2 years we can pre closure with some charges, part payment not available.
      Was this review helpful? 0
      , bhopal
      Reviewed on May 14, 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 6.7 lakhs. The rate of interest was 8.3%. They have reduced the rate of interest from 8.7 to 8.3%. The monthly emi is 13874 for tenure of 5 years.The processing fee was around 3500.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 14, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I applied for a car loan 4.4L for 5 years from BankBazaar . I got so many calls and I got confused, the loan experience was really good. Overall it was a good experience. Other than the too many calls I received the whole process was fine and finally I received the loan.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on May 11, 2018
    • ICICI Bank Car Loan
      "Car loan from ICICI bank"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan from ICICI bank and the approved loan amount was 7 lakhs. The rate of interest was nominal. The monthly EMI comes around 15000. The total tenure was for 5 years. There was some processing fee. The experience was good.
      Was this review helpful? 0
      , latur
      Reviewed on May 11, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I've applied for a car long from ICICI via BankBazaar and I've decided to postpone this application for a while. The process was and hassle free. Overall there were any issues about the application process. Everything was quick and right on time.
      Was this review helpful? 0
      , pune
      Reviewed on May 11, 2018
    • ICICI Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My car loan is with ICICI Bank and the process was on time and it was a very fast process as well. I got the loan in three days. The rate of interest was of 8.50% and the processing fees was of 3500. The tenure is for five years. I have taken a Maruti Suzuki Vitara Brezza.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Apr 29, 2018
    • ICICI Bank Car Loan
      "Good. Can be more sooner"
      0.5 4.0/5 "Great!"
      I have taken my car loan from ICICI bank. They took eight to ten days to disburse the loan. The document was collected on time, just that the process was long. I have taken a Tata Tiago. The rate of interest was around 8.60% and the processing fees is of 2300. The loan amount was of 498000 for the tenure of five years. I was initially informed that the interest rate would be from 8.4% to 8.5%.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 29, 2018
    • ICICI Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      ICICI bank has offered me a car loan around a year. The customer support service and the response is good with the ICICI bank . They have disbursed the loan amount within a hour time. The rate of interest and the charges are average with the car loan service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 27, 2018
    • ICICI Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with ICICI bank and the experience was good, the loan amount was sufficient and the rate of interest was nominal when compared to other banks. The process was quick and i received my loan amount within 2 days. The tenure period of this loan is 7 years and there are no charges on foreclosure.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 25, 2018
    • 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
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