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ICICI Bank Car Loan

Are you planning to get a car loan? If yes, then you can consider ICICI bank car loan. The bank is one of the best car loan providers out there that offers funds to make your dream car a reality at highly competitive rates. You can get up to 100% of the on-road price of the vehicle you have your eyes on. Apart from the attractive interest rates and maximum finance, the bank offers you to repay the loan within seven years which gives a sense of ease to borrowers. Let us launch the section and find more about the ICICI new car loan.

ICICI Bank Car Loan Interest Rates 2021

Loan Amount

Up to 100% of the on-road price of select car

Interest Charges

7.80% per annum to 9.85% 

Processing Fees

2% of the loan amount (or Rs 15,0000)

Repayment Tenure 

Ranges from 1 year to 7 years

Prepayment

Up to 5% of  principal outstanding

ICICI Bank Car Loan Features & Benefits

From loan amount to prepayment charges, here are the must-know features of ICICI bank car loan:

  • Purpose

ICICI bank car loan is designed to meet your financial requirements to fund the purchase of your dream car. This loan backs the financial needs of salaried and self employed individuals who need sufficient funds to buy the desired car.

  • Loan Amount

ICICI bank car finance offers up to 100% of the on-road price of the select cars. However, you must note that the lender considers multiple parameters to decide the car loan amount including your income, credit history, repayment capacity, age and type and model of car. 

  • Rate of Interest

ICICI bank car loan interest rates range from 7.80% per annum to 9.85% per annum. Know that ICICI vehicle loan interest rates are affected by many factors such as the loan repayment tenure, your credit score, model of car etc. 

  • Repayment Tenure

ICICI bank car loans come packed with convenient loan repayment tenure options. The ICICI car loan repayment tenure ranges from 1 year to 7 years.

  • Prepayment and Part Prepayment 

ICICI bank lets you prepay and part prepay your car loan. This facility helps you to close the loan early without going with the tenure length and save your money from interest rates.

You can only make a car loan prepayment after 12 months of tenure. The bank charges a prepayment fee of 5% of the principal outstanding. Apart from that, you will be charged a part-payment fee of 6% of the amount paid in part.

Fees and Charges Of ICICI Bank Car Loan

TYPE

CHARGES

Loan cancelation fee

Rs 3000 per loan

Loan processing charge(non-refundable)

Rs 3500 to Rs 8500

Late payments fee

2% p.m.

Prepayment charge

5% of loan amount plus GST

Cheque swap charge

Rs 500

Cheque bounce charge

Rs 500

Loan statement charge

Rs 200 per statement

Duplicate NOC/NDC

Rs 500

NOC for LPG/CNG

Rs 500

Convert from private to commercial (vise-versa) NOC

Rs 2000

Eligibility For ICICI Bank Car Loan

You must ensure you fulfill all the ICICI bank car loan eligibility conditions which builds your chances to get the loan easily. Your age, income, credit history, employment status etc. are some of the factors upon which the lender checks your eligibility. Therefore, it is necessary that you meet the criteria.

Here are the ICICI bank car loan eligibility requirements:

  • Resident Indians are eligible to apply for ICICI bank car loans. 
  • This car loan is provided to the salaried, self employed individuals and professionals. 
  • The individuals must be at least 21 years of age when applying for the loan.
  • Maximum age of loan borrowers should not be beyond 65 years. 

Documents Required For ICICI Bank Car Finance

While applying for a car loan properly check all the documents that are mentioned below. Without these documents loan is not possible to get. 

TYPE

ID PROOF 

ADDRESS PROOF 

INCOME PROOF

Salaried employees

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill

Latest salary slip or Form 16, Last 3 month bank statement, proof of employment stability 

Self-employed professionals

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill

Last 3 month bank statement, Last 2 years ITR, proof of business stability/ownership

Self employed non professionals 

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill

Last 2 years ITR, comprehensive audited/financial report, proof of business stability/ownership, partnership deed and letter signed by all partners, Memorandum/ articles of association and resolution by board of directors

Compare Other Bank Car Loan Interest Rates:

BANKS

INTEREST RATE

AXIS Bank New Car Loan

9.05% to 11.30%

SBI New Car Loan Scheme

8.00% to 10.75%

HDFC Bank New Car Loan

8.80% to 10.50%

Kotak Mahindra Bank Car Loan

8.00% to 24%

Yes Bank Car Loan

9.25%

ICICI Bank Car Loan

9.30% to 12.85%

IDBI Bank Car Loan

9.30% to 9.90%

RBL Bank Car Loan

12% to 14%

IndusInd Bank Car Loan

10.65% to 15.50%

Bank of Baroda Car Loan

8.85%

Bank of India Car Loan

8.95%

Canara Bank Car Loan

7.75% to 10.30%

Indian Bank Car Loan

8.45%

Punjab National Bank Car Loan

8.9% to 9.35%

ICICI Bank Car Loan EMI Calculator

ICICI bank car loan EMI calculator makes you see the total payable ICICI car loan EMI amount. This tool is an easy way to help yourself know the monthly spend on a loan and plan your budget according to that. On top of that, it also allows you to reconsider the loan repayment tenure options if required. 

Here are the steps to calculate ICICI bank car loan EMI using the ICICI bank vehicle loan EMI calculator:

  • Hop to the official ICICI bank website.
  • Tap and explore the “Loans” dropdown list.
  • After that, you have to click on the “Car Loan” option in the “Car/Two-Wheeler” loans menu.
  • Now, find and click on the “EMI calculator”. 
  • You need to enter these details in the fields- the car loan amount, rate of interest and the loan repayment term. 

Now, you can check the amount of payable ICICI bank vehicle loan EMI amount.

You can also go to the BankSathi car loan EMI calculator. It is a fast and friendly tool using which you can know the amount for your payable ICICI car loan EMI. All you need to do is fill in the car loan amount along with the applicable interest rate and loan term and you will find the monthly and yearly spends on your car loan. 

How to Apply for ICICI Bank Car Loan?

Here are the different ways you can opt to apply for ICICI bank car loan:

  • Apply for ICICI bank car loan offline

To apply for ICICI car loan offline, you can hop to the nearest branch of ICICI bank. There you will have the bank representative’s assistance with the loan application. You will be asked to submit the documents for the procedure for which it is best that you carry the required documents to the bank. 

  • Apply for ICICI bank car loan online

Follow the steps given below in order to apply for ICICI bank used car loan:

  • Hop to the official ICICI bank website.
  • Tap and explore the “Loans” dropdown list.
  • After that, you have to click on the “Car Loan” option in the “Car/Two-Wheeler” loans menu.
  • Hit the “Apply Now” button. 
  • Now you have to fill in the details that are required in the application form.
  • Then you can submit your car loan application.

Once your ICICI bank car loan application is submitted online, the bank will soon get in touch with you regarding the further steps.

ICICI Bank Car Loan Customer Care Number

For more assistance or any query/ assistance or complaints/grievances related to the ICICI bank car loan, you can reach out to the ICICI bank customer support. 

Here is the ICICI bank car loan customer care number:

1860 120 7777

FAQs On ICICI Bank Car Loan

Q.1 What are the ICICI bank car loan interest rates?

The ICICI bank car loan interest rates start at 7.80% per annum and range up to 9.85% per annum. The interest rates are determined by the loan applicant’s profile, repayment history, type and model of car and other factors.

Q.2 What is the processing fee for ICICI bank car loan?

The ICICI car loan processing fee is 2% of the loan amount plus applicable taxes (or Rs 15,000).

Q.3 How do I track my ICICI bank car loan application status?

You can either track your ICICI car loan application status online via the official website of ICICI bank or you can reach out to the ICICI bank customer service to enquire about it. 

Q.4 How do I apply for an ICICI pre owned car loan?

You have two ways to apply for an ICICI bank car loan- online or offline. Here’s how you can do that:

  • Apply offline: Go to the nearest branch of ICICI bank. 
  • Apply online: Fill in the car application form on the official website of ICICI bank. 

You can also contact the ICICI bank customer care for assistance regarding the car loan application.

Last Updated on : 06/May/2021

Know More About

Icici Bank Car Loan

You're eligible for a Icici Bank Car Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Car Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Icici Bank Car Loan Interest Rates

Updated on 25 Nov 2017

Icici Bank Car Loan Details
Interest Rate (Monthly reducing balance) 9.3% - 12.85%
Processing Fees Rs.3500 to Rs.8500
Loan Tenure 1 year to 7 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Car Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959