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ICICI Bank Used Car Loan

ICICI bank used car loans backs you with financial fulfillment when you are yearning to buy that much desired car at lower cost. This type of ICICI bank car loans that is ideal for the individuals who are planning to buy a second hand/pre owned car. This loan is packed with affordable interest rates and low processing fees. Besides that, the bank allows you to make prepayment/part-prepayment of your ICICI bank pre owned car loan which reduces the fuss of paying interest charges. Let’s know this loan more. 

ICICI Bank Used Car Loan Highlights

Loan Amount

Up to 80% of the value of car

Interest Charges

12% to 14.50% 

Processing Fees

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

Repayment Tenure 

Ranges from 12 months to 60 months

Prepayment

Up to 5% of  principal outstanding

ICICI Bank Pre Owned Car Loan Features & Benefits

Here are the features of ICICI bank second hand car loan:

1. Purpose : ICICI bank pre owned car loan is catered to fulfill your financial requirements for buying a second hand vehicle. This loan gives a hand to the individuals to fund the purchase of their desired vehicle at less expensive cost. 

2. Loan Amount : ICICI bank used car finance offers up to 80% of the value of the car. Know that the bank considers many parameters before deciding the loan amount which include your income, repayment capacity, type and model of car. 

3. Rate of Interest : ICICI bank used car loan interest rates range from 12% to 14.50%. These rates are subject to many factors like your repayment history , credit score, model of car etc. 

4. Repayment Tenure : ICICI bank second hand car finance offers you to choose from convenient repayment tenure options. The ICICI used car loan repayment tenure ranges from 12 months to 60 months. 

5. Prepayment : ICICI bank allows you to prepay your used car loan. It also allows you to make part-payments of your second hand car loan. 

You will be required to pay 5% of the principal outstanding as ICICI used car loan prepayment fees. Apart from that, the bank charges a part-payment fee of 6% of the amount getting prepaid in part. 

Documents Required for ICICI Bank Used Vehicle Loan

You need to submit the following documents for ICICI bank second hand car loan:

Documents 

Salaried Applicants

Self Employed Applicants

Identity Proof

Aadhar Card, Voter’s ID Card, Passport, Driving Licence

Aadhar Card, Voter’s ID Card, Passport, Driving Licence

Address Proof

PAN Card,  Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills

PAN Card,  Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills

Income Proof

Salary Slips, Bank Statements, Form 16

Balance sheet and profit and loss account, IT Returns, Business Proof

Other Documents

Passport-size Photographs, Duly Filled Application Form 

Passport-size Photographs, Duly Filled Application Form

Eligibility For ICICI Bank Second Hand Car Loan

You have to keep up with certain ICICI bank used car loan eligibility conditions that are designed by the bank. There are factors like applicant’s age, income, employment status etc. that help the bank determine your eligibility and thus, it is important that you meet them. 

Here is the eligibility criteria for ICICI bank second hand car loan:

  • Resident Indians can apply for ICICI bank pre owned car loans. 
  • The loan is offered to salaried and self employed individuals.
  • The individuals must be at 21 years of age at the time of loan application.
  • Maximum age of individuals should not be above 65 years. 

ICICI Bank Used Car Loan EMI Calculator

ICICI bank used car loan EMI calculator helps you check the total amount of payable EMI you will have to pay. It not only helps you manage your finances accordingly but also helps you reconsider your repayment tenure options if needed. 

Here is how to use ICICI bank second hand car loan EMI calculator:

  • Go to the official ICICI bank website.
  • Expand the “Loans” dropdown menu.
  • Find and click on the “Pre Owned Used Car Loan” in the “Car/Two-Wheeler” loans menu.
  • Now, find and click on the “EMI calculator”. 
  • You have to input the required used car loan amount, rate of interest and the loan repayment tenure. 

You can now see the payable ICICI bank pre owned car loan EMI amount.

Other Products of ICICI Bank

You can also hit the BankSathi used car loan EMI calculator to find the payable amount for your ICICI second hand car loan EMI. All you have to do is enter the loan amount along with the interest rate and loan tenure and you will find the monthly spends on your used car loan. 

How to Apply for ICICI Bank Used Car Loan?

Here are two different ways to apply for ICICI bank used car loan:

  • Apply for ICICI bank used car loan offline

You can visit the nearest branch of ICICI bank and apply for the loan offline. You will be required to submit the documents along with the application and thus, it is advised that you carry all the documents to the bank. 

  • Apply for ICICI bank used car loan online

Here are the steps that you need to follow to apply for ICICI bank used car loan:

  • Go to the official ICICI bank website.
  • Expand the “Loans” dropdown menu.
  • Find and click on the “Pre Owned Used Car Loan” in the “Car/Two-Wheeler” loans menu.
  • Click on the “Apply Now” button. 
  • Start filling out the details that are required ahead.
  • Submit your loan application along with the documentation.

ICICI Bank Car Loan Customer Care Number

For more assistance or any query/complaints/feedback related to the ICICI bank used car loan, you can reach out to the customer service of ICICI bank.

1860 120 7777

FAQs On ICICI Bank Used Car Loan

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

The ICICI bank pre owned car loan interest rates start from 12% and go up to 14.50%. The rates are affected by many factors like applicant’s profile and repayment history. 

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

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

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

You can track your ICICI used car loan status on the official website of ICICI bank or you can contact the ICICI bank customer service. 

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

You can apply for an ICICI bank second hand car loan online or offline. Here’s how to do that:

  • Offline: Visit the nearest branch of ICICI bank. 
  • Online: Fill out the application form on the official website of ICICI bank. 
Last Updated on : 19/Apr/2021

Know More About

Icici Bank Used Car Loan

You're eligible for a Icici Bank Used 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 Used Car Loan 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 Used Car Loan Interest Rates

Updated on 25 Nov 2017

Icici Bank Used Car Loan Details
Interest Rate (Monthly reducing balance) 12% - 14.5%
Processing Fees 2%
Loan Tenure 1 year to 5 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Used Car Loan 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