ICICI Car Loan Rate, Eligibility Calculator, Apply Online

ICICI Bank Car Loan Offer Feb 2017

Last Updated 19th Feb 2017
Features and Eligibility ICICI Bank New Car Loan Scheme ICICI Bank Used Car Loan Scheme
Interest Rates 10.75% Fixed Check Special Offer 15.50% Fixed
Maximum Loan Amount Eligibility 100.00% of ex-showroom price 80.00% of market value
Maximum Loan Tenure (years) 7 years 5 years
Lowest EMI per Rs. One Lakh Loan Amount (Rs.) Rs. 1,699 Rs. 2,162
Processing Fee 0.00% Min Rs. 2500 Max Rs. 5000 2.00% Min Rs. 2500 Max Rs. 6000
Prepayment Charges 5% 5%
Interest Calculation Monthly reducing balance Monthly reducing balance
Age (years) Between 18 years and 65 years Between 21 years and 65 years
Apply Car Loan Online @9.25%*
 Salaried   Self Employed - Professional   Self Employed - Business 

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Eligibility Condition for ICICI Bank Car Loan

ICICI Bank New Car Loan Scheme ICICI Bank Used Car Loan Scheme
Minimum Net Annual Income (Rs. lakh)
--Salaried 2.5 2.5
--Self employed professionals 2.0 2.0
--Self employed businessmen 2.0 2.0
  • Car loan EMI calculation varies from bank to bank depending upon the method of calculation.
  • The standard convention should be to use the EMI in arrears method on reducing balance basis – whereby you pay interest on the car loan amount outstanding on a reducing basis at or after the end of the month.
  • Simply key in the loan amount, rate of interest and car loan tenure here and check the EMI amount using the car loan EMI calculator here. In case the EMI amount displayed is different from the one advised to you by the agent, you must check the calculation basis with your car loan agent.

  • New Car Loan Schemes of All Banks

  • Used Car Loan Schemes of All Banks

Frequently Asked Questions on ICICI Car Loan

How much interest is charged by ICICI on car loan?

ICICI offers an interest of 10.75% to 12.75% on car loan.

What is the lowest EMI per lakh on ICICI car loan?

If you apply for a car loan from ICICI, your lowest EMI per lakh will be Rs. 1,699.

What is the maximum tenure of ICICI car loan?

You can repay your car loan from ICICI in a flexible period of maximum 7 years.

How much car loan I can borrow from ICICI?

ICICI offers you 100.00% of of ex-showroom price of car as loan.

How much processing fee is charged by ICICI on car loan?

ICICI charge a processing fee of 0.00% with applicable service tax.

Is age an eligibility factor to get car loan from ICICI?

Yes, age is an important eligibility factor to get ICICI car loan as you should be at least 18 years old at loan approval time and 65 years old at loan maturity time.

Are there any prepayment charges on ICICI car loan?

You can take car loan from ICICI with 5% prepayment charges.

Can I add my spouse's income while applying for car loan from ICICI?

You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
ICICI Car Loan Calculator News - Feb 2017
31st Jan 17 ICICI Bank is likely to register a decline in its net profit during third quarter of FY17
Analysts at Economic Times have forecasted a decline in net profit of the largest private sector bank, ICICI Bank in third quarter of FY17. As per the polls, the bank is expected to see a decline of 28 percent in its net profit to Rs. 2,165 crore in third quarter of FY17 as compared to Rs. 3,018 crore for the corresponding period a year ago. The bank is expected to see a moderate growth of 6 percent in its loan disbursements on an year on year basis. ICICI Bank is scheduled to announce its Q3 results on 31st January, 2017.
20th Jan 17 NPCI notifies ICICI Bank to allow UPI payments on PhonePe with immediate effect
National Payments Corporation of India in its verdict has notified ICICI Bank to allow UPI payments through digital wallet application named PhonePe with immediate effect. The bank blocked the UPI payments for customers on Flipkart wallet PhonePe citing security concerns over customer data on 13th January, 2017.
19th Jan 17 ICICI Bank targets to increase number of merchants on its electronic payment platform
ICICI Bank is trying to increase the number of merchants on its electronic payment platforms through its Point of Sale terminals and Easypay mobile application. The bank expects to increase the merchants using its electronic payment platform to 5 lakh. ICICI Bank has so far deployed 2.4 lakh Point of Sale terminals.
17th Jan 17 ICICI Bank blocks payments for its customers on Flipkart wallet PhonePe
ICICI Bank has blocked payments for its customers on Flipkart wallet PhonePe due to security concern on customer data. The bank has barred the payment services since 13th January, 2017.
13th Jan 17 ICICI Bank cuts base rate by 0.5 percent
ICICI Bank has reduced its base rate by 5 basis points to 9.25 percent as compared to 9.30 percent earlier. The rate is effective from 3rd January, 2017.
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