ICICI Bank Car Loan
Team CARS24
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ICICI Bank Car Loan

Team CARS24

ICICI is among the most popular private banks as is known to offer attractive finance schemes for new and used car loans. At ICICI, the interest rate for new cars starts at 8 per cent, whereas for used cars, it starts from 12 per cent. Some of the features highlights of the ICICI Bank car loan includes Minimal documentation, Long loan period of up to 7 years, finance of up to 100% of on-road price and fairly low processing fee

Interest RateStarts at 8%
Processing FeeLower of Rs. 10,000 or 0.5% of car loan sanctioned
Foreclosure ChargesLower of 5% on interest or % on principal due for remaining loan tenure
Documentation FeesRs. 550 + applicable GST
Penalty for Late Payment2% per month on outstanding installment amount
Stamp DutyAt actuals

ICICI Bank Car Loan Eligibility Criteria

As is the case with every public and private sector bank out there, even ICICI Bank has a set of conditions for giving car loan to applicants. The borrower becomes eligible to get the loan he desires only if he fulfils these conditions. Basically, there is a pre-defined set of criteria that an applicant is required to meet in order to be eligible of obtaining the loan he desires. The eligibility criteria of the ICICI bank car loan applicant depends upon the following criteria:-

Salaried IndividualsA salaried individual should be aged between 21 to 60 years. Also, he needs to have been employed for at least 2 years and for a minimum of 1 year with the current employer. Also, he should be earning a minimum of Rs.3 lakh per annum and have a telephone/post-paid mobile,
Self-Employed Individuals (Sole Proprietorship) A self-employed individual that is aged from 21 years to 65 years.Needs to have been doing business for a minimum of 2 years and earn an annual income of at least Rs.3 lakh
Self-Employed Individuals (Partnership Firms)  Self-employed partners in the manufacturing, trading, or services business should have a turnover of at least Rs.3 lakh per annum
Self-Employed Individuals (Private Limited Companies)Owners of private companies in the manufacturing, trading or services business should have a minimum annual income of Rs.3 lakh
Self-Employed Individuals (Public Limited Companies)Directors in public limited firms in the manufacturing, trading or services business should have earnings of at least Rs.3 lakh per annum

ICICI Bank Car Loan Benefits and Features

If you have been wishing to buy a car in order to meet your transportation needs and support your lifestyle but don’t wish to disturb your savings, you can drive home the car you want to buy by going for a car loan at ICICI. As it is one of the most favourite banks in India, ICICI Bank provides car loans at fairly low-interest rates.

ICICI Bank New Car Loan

Given below are the features highlights of ICICI Bank new car loan –

  • The loan applicant can apply for the car loan of up to 100% of the on-road price of a new car. However, you should note here that this option is not available for buying all cars.
  • You can opt for ICICI car loans for purchasing a wide range of cars and MUVs in India.
  • The loan applicant can repay the loan through any of the multiple repayment options, ranging from 12 months up to a maximum of 84 months.
  • The borrower can take a car loan of up to six times of his annual income.
  • One can check his eligibility for ICICI car loan in less than a minute
  • ICICI bank offers fast approval of car loans, with it advertising a loan approval time of just 30 minutes.
  • There are several EMI options on each and every type of ICICI car loan.
  • The ICICI Car loan scheme best suited for him or her.
  • ICICI new car loan is available at attractive interest rates start from 8%
  • ICICI offers special car loan schemes to its existing customers.
  • ICICI offers new car loans of up to Rs. 1.5 Cr.

ICICI Bank Used Car Loan

Other than offering new car finance options, ICICI Bank even provides used car loans in case you wish to purchase a second-hand car. It must be noted here that getting a used car loan isn’t as easy as getting a new one but one can still easily obtain finance from ICICI bank for buying a used car in case he meets the eligibility criteria. ICICI bank even has a tie-up with many used car dealers across the country. Below, we have listed all the ICICI pre-owned car loan benefits and features:

  • ICICI Bank provides loan for buying a used car of any make manufactured in India but not more than 10 years old at time time of applying for finance.
  • ICICI Bank provides finance of up to 80 per cent of the value of the car.
  • Many options for repayment tenures, ranging from 12 to 60 months.
  • One can borrow a car loan can be availed up to 3 – 6 times of his or her annual income.
  • One can fast-track his or her car loan from ICICI Bank by choosing from different plan options.
  • One can get an additional loan on his current ICICI Bank Auto loan
  • Special privileges for ICICI bank account holders
  • ICICI offers used car loans up to Rs. 50 Lakh

ICICI Bank Loan Against Car

In case you have already paid your car loan instalments on time for a minimum of 9 months, you can opt for a top-up on your existing car loan with ICICI Bank’s Loan against Car. This loan scheme enables the borrower to get an additional loan to the extent of your original loan amount, at a competitive rate of interest. ICICI Loan against Car comes with the following benefits and features:

  • Finance option of up to 100% of the original loan value of the car available
  • Car valuation is not mandatory.
  • A wide range of approved models and manufacturers are considered by ICICI Bank
  • One can benefit from quick and hassle-free disbursal of the additional loan amount.

ICICI Bank Car Loan EMI Calculator

ICICI Bank Car Loan EMI is the fixed amount that the borrower needs to pay to the bank every month as partial repayment of your car loan. Using a car loan EMI calculator, the borrower can get to know the EMI he’ll have to pay for a certain amount. This can help him plan his finance better and, if required, even adjust the sum he plans to borrow. The free tool calculates the EMI based on the following factors –

 Factors Determining EMI
Rate of interest This has a direct relation with your EMI. Higher the rate of interest, higher will be the EMI.
Loan tenureHigher the loan tenure, lower will be the EMI. The vice versa also holds true.
Loan AmountOf course, another factor that has a direct relation with your EMI is the loan amount. More the amount you borrow, higher will be the EMI.


Q: Will ICICI let me prepay or foreclose my car loan?

Yes, one can opt to prepay or foreclose his or her car loan by paying a penalty of 5% + GST on the outstanding principal loan amount.

Q: What are the repayment options available with this car loan?

A: You can repay the ICICI car loan either through direct debit facility or ECS. However, a less popular choice is the EMI payment through post-dated cheques drawn in favour of ICICI Bank Ltd.

Q: Is there a provision to update my contact details on my ICICI Bank loan account?

A: One can easily update his or her contact details like phone no. or email ID by going to any ICICI Bank branch and submitting an application. However, one needs to carry a valid photo ID for successful processing of the application.

Q: What are some factors which influence the interest rate for a new car loan?

A: The interest rate for new car loans is based on factors like loan tenure, the car you buy, and your relationship with the bank, etc

Q: Are used car loan interest rates influenced by any factors?

A: Yes, interest rates for a used car loan can vary depending on some factors like the age and segment of the car you’re purchasing, the loan product type you are availing – refinance, top-up loan, and the loan term, to name a few.

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