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.
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 |
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.
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 |
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:
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:
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.
Here are two different ways to apply for ICICI bank used car loan:
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.
Here are the steps that you need to follow to apply for ICICI bank used car loan:
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
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.
The ICICI second hand car loan processing fee is 2% of the loan amount (or Rs 15,000).
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.
You can apply for an ICICI bank second hand car loan online or offline. Here’s how to do that:
Know More About
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
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