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  • ICICI Used Car Loan

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  • 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

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    ICICI Used Car Loan Reviews

    • ICICI Bank Car Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      From ICICI, i got the car loan. From the showroom side, they have processed the loan with a good offer. The interest rate is 9.75% and there was no processing fee and i had made the down payment of Rs. 3 lakhs and the loan amount is Rs. 5 lakhs. Overall, the loan process was smooth.
      Was this review helpful? 7
      , bangalore
      Reviewed on Oct 14, 2019
    • ICICI Bank
      ICICI Bank Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      Purchased the car loan from ICICI and i applied in the month of April. HDFC is not disbursing the car loan and since i have salary account with ICICI, i have chosen them. They have disbursed the loan in 24 hours. The given interest rate is 9.5% approximately. I have been paying the EMI amount of Rs. 12000 and i select the tenure period of 60 months.
      Was this review helpful? 5
      , bhopal
      Reviewed on Oct 04, 2019
    • ICICI Bank Car Loan
      "Rate of interest should be affordable"
      0.5 5.0/5 "Blown Away!"
      I bought Santro car through ICICI car loan, I availed loan amount of Rs. 2 lakhs for the duration of three years. The rate of interest is bit higher around 14% per annum now the loan emi was closed. I received my NOC Letter from the bank end, its good.
      Was this review helpful? 8
      , patna
      Reviewed on Sep 20, 2019
    • ICICI Bank Car Loan
      "Excellent Loan Service"
      0.5 5.0/5 "Blown Away!"
      No particular reason for choosing the car loan from ICICI. I took the loan amount of Rs. 5 lakhs and its nearly going to close because the balance amount is Rs. Just 80000. They have offered me a interest rate of 11% and i have made the down payment of Rs. 1 lakhs approximately. Every month the EMI amount is going from my account automatically.
      Was this review helpful? 3
      , mumbai
      Reviewed on Sep 08, 2019
    • ICICI Bank Car Loan
      "Satisfactory"
      0.5 4.5/5 "Excellent!"
      My car loan is with ICICI BANK because of the good interest rate and the processing was faster. The main thing is they are not charging for foreclosure after 18EMI's. The processing fee is included but its reasonable. The loan duration is 7 years. I have purchased Honda City by making down payment.
      Was this review helpful? 3
      , mumbai
      Reviewed on Sep 06, 2019
    • ICICI Bank Car Loan
      "Hassle free experience with ICICI"
      0.5 4.0/5 "Great!"
      From ICICI I took the car loan, they gave me ex showroom of the car so my principal is around Rs. 6 lakhs for the duration of five years. The rate of interest is affordable and they taken some processing fee around 1% from the disbursement. I purchased honda i20 petrol car.
      Was this review helpful? 3
      , bangalore
      Reviewed on Sep 06, 2019
    • ICICI Bank Car Loan
      "Good bank to have a car loan"
      0.5 5.0/5 "Blown Away!"
      As on date, their customer care service is not required since my payments are on time. They have not called me regards to anything. ICICI option given from the car dealer hence i have taken the same. Confirmation has come within 2 days and the dealer has done everything from my side.
      Was this review helpful? 2
      , mumbai
      Reviewed on Aug 27, 2019
    • ICICI Bank Car Loan
      "Great experience"
      0.5 5.0/5 "Blown Away!"
      I had a auto loan with ICICI and it was fantastic experience. The customer service is very good. The rate of interest was very nominal one and it was almost 4 years ago. I got my NOC letter as soon as I completed this loan. The processing fee is applicable and charged around about 4K for the loan amount of 3.82L.
      Was this review helpful? 6
      , ahmedabad
      Reviewed on Aug 23, 2019
    • ICICI Bank Car Loan
      "Simple and fast loan"
      0.5 5.0/5 "Blown Away!"
      Took my car loan in the year of 2011. Loan got sanctioned in 3 to 4 days. They offered me a interest rate which is based on the market rate. I took the loan amount of Rs. 2.3 lakhs and the EMI of Rs. 6000. It was a 5 years tenure period loan and done the pre-closure when it was closed to 4 years with some additional charges.
      Was this review helpful? 7
      , chandigarh
      Reviewed on Aug 17, 2019
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan directly through ICICI Bank .The rate of interest and the processing was nominal and i have applied for the loan amount of 12 lakhs for the tenure of 7 years .There was no issues while submitting the documents and i am totally satisfied with the service.
      Was this review helpful? 0
      , guwahati
      Reviewed on Aug 12, 2019
    • ICICI Bank Car Loan
      "Happy service"
      0.5 5.0/5 "Blown Away!"
      Last year, I have taken my car loan with ICICI BANK, they were prompt and the loan was processed within a day. The rate of interest is okay compared to the other banks. I have purchased Honda Amaze and made down payment of around 1L. The loan duration is 5 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 09, 2019
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I was applied for Car Loan directly through ICICI Bank on 4 years before .I have got all the required details about the loan process through the agent.The loan amount was sufficient for the tenure of 3 years ,I have got the loan amount on time and so far completed of this loan payment.
      Was this review helpful? 1
      , kolkata
      Reviewed on Aug 08, 2019
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have applied fot Car Loan directly through ICICI Bank.I have got all the required details about the loan process through the agent.The loan amount was 2.54 lakhs for the tenure of 5 years ,I have got the loan amount on time and so far completed 18 months of this loan .The card model was Renault Qwid.
      Was this review helpful? 0
      , greater noida
      Reviewed on Jul 30, 2019
    • ICICI Bank Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have been using the car loan with ICICI BANK since from last 1 week, the documentation process was done fast, the amount given was 85-90%, the rate of interest was 9.50%, the duration for repaying the loan was 7 years. I got within 2 days the loan amount.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2019
    • ICICI Bank Car Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I got a preapproved loan from ICICI, they are ready to sanction 100% of loan based on road side price of the car. I am going to purchase baleno delta model car, the documentation was good. Even the interest was reasonable in the market. They are good in the service as per my experience.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jul 20, 2019
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Car Loan through ICICI Bank ,I have got all the required details about the loan process through the agent .The rate of interest and the processing fee was nominal ,I have got the loan amount on time ,Still the loan is active ,I have applied for the loan amount of 3 lakhs for the tenure of 5 years and the car model was Wagon R .Customer service was really good as well .
      Was this review helpful? 0
      , pune
      Reviewed on Jul 20, 2019
    • ICICI Bank Car Loan
      "Good bank"
      0.5 4.0/5 "Great!"
      I have postponed the plan to take the car after six months of time, at the time of ICICI car loan inquiry the bank gave me proper response , they called me and confirmed my requirement. Then I said about my decision they agreed the bank interest is also good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 19, 2019
    • ICICI Bank Car Loan
      "Flexibility should be there for salaried people"
      0.5 3.0/5 "Satisfactory"
      I have a account with ICICI which is salary account and i thought that the process will be less but the processing fee is bit higher compared to other and they were not ready to reduce the interest rate as well hence i have rejected the loan from my end with ICICI. There is a processing fee of Rs. 7500 for the loan amount of Rs. 5 lakhs.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 13, 2019
    • ICICI Bank Car Loan
      "High on ROI and charges"
      0.5 4.0/5 "Great!"
      I could not proceed with ICICI Bank for the car loan application because I have postponed my plan. The bank responded to my details. The rate of interest is around 10% and I was expecting a interest rate around 9%. There was a processing fee too.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 12, 2019
    • ICICI Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have take car loan with ICICI BANK . The process of getting the loan was very simple it is like within 2 days i got my loan . The rate of interest is very nominal compare to other in the market and the loan amount which i require i got the same . Overall it has been good experience .
      Was this review helpful? 3
      , bokaro
      Reviewed on Jul 11, 2019
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