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ICICI Car Loan

ICICI Bank Auto Loan

Last Updated 08th Apr 2021

Features and Eligibility ICICI Bank New Car Loan Scheme ICICI Bank Used Car Loan Scheme
Rate of Interest 7.90% Fixed 12.00% Fixed
Loan Amount Eligibility 100% of ex-showroom price 80% of market value
Lowest EMI per Lakh ₹ 1,554 ₹ 2,224
Apply for Car Loan @ 8.70%*

ICICI Car Loan

Factors Affecting ICICI Car Loan Interest Rates

Interest rates on car loan varies from bank to bank. Car Loan interest rate in ICICI Bank depends upon

  • Loan amount: Generally banks offer lower interest rates for higher amount. However ICICI Bank offers 100% of ex-showroom price of your car.
  • Your Salary: Higher salary bracket individuals are offered loans at lower interest rates. ICICI Bank interest rate varies with your net monthly income.
  • Employer Category: Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. ICICI Bank has a list of company categories of salaried individuals to which they avail car loan. So, a higher company category leads to a low rate of interest.
  • Relationship with the Bank - ICICI Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in the past will get the benefit of low ICICI Bank Car loan interest rate.
  • Loan Tenure - ICICI car loans are of longer repayment tenure of 7 years.
  • Repayment Capacity - Before giving loan to the borrower, ICICI Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.

ICICI Bank Car Loan Eligibility

Eligibility of car loan in ICICI relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

  • Age: Age plays an important role to know your eligibility and repayment capacity. ICICI offers car loan to those who are atleast 18 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
  • Income: ICICI Bank car loan calculator calculates your eligibility based upon your income. Usually bank set minimum levels of income to apply for car loan. ICICI Bank asks for net annual income of minimum Rs. 2.50 lakh.
  • Job stability and Profession: Job stability is important to improve your status and eligibility for car loan from ICICI Bank. You must be in a full time job for at least 12 months. If you are working with a reputed company, probability of getting a Car loan from ICICI Bank increases as the income is considered to be more stable and the bank offers low interest car loan to the employees of reputed companies.
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has a direct impact on your ICICI Bank car loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your car loan eligibility.
  • Loan Amount: ICICI Bank gives you a car loan depending upon your income. ICICI Bank gives you 100% of ex-showroom price depending upon the value of the car. To improve chances of approval, apply for a loan amount that you can comfortably service.

How to increase ICICI Bank Car Loan Eligibility?

The dream to own a car that you thought you couldn't afford in this lifetime can now be fulfilled by a car loan. Getting a car loan is easy if you improve your car loan eligibility by following these tips.

Tips to improve your car loan eligibility

  • Opting for pre-approved car loans: Like every bank, ICICI Bank also provides better offers in the form of less paperwork, instant loan approval, and loan disbursal than its competitors. It is done to retain existing customers. You should not miss such car offers as if you apply for the car loan with the existing bank, you can save yourself from cumbersome paperwork and approval process.
  • Maintaining a good credit score: To improve your eligibility for availing a car loan without any hurdle, you should clear all your credit card dues, make the payment of other loans on time and also, strike a balance between secured and unsecured loans.
  • Opting for a co-applicant: You can opt for a co-signer or co-applicant for your car loan. A co-applicant with good credit history and score can improve the chances of approval of a car loan.
  • Using the online eligibility calculator: You can use the online eligibility calculator to determine the tenure of the loan. The lower mandate would imply higher EMI's and vice versa. The online eligibility calculator can also help to maintain a low debt-to-income ratio, which may improve your chances of getting a loan approved.

ICICI Bank Car Loan EMI

Car Loan EMI of ICICI Bank is a fixed amount that you pay each month towards the repayment of your car loan till the end of tenure. Lowest EMI offered by ICICI Bank is Rs. 1,554 per lakh loan amount at lowest car loan interest rate of 7.90%. Car Loan EMI of ICICI Bank depends on factors like:

  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

Documents Required for ICICI Car Loan

Car loan ICICI Bank documents for salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Car loan ICICI Bank documents for self-employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Fee and Charges on Car Loan ICICI Bank

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. ICICI Bank allows prepayment of car loan after paying 1 EMI’s with 5%
  • Processing Fee - ICICI Bank asks for a processing fee Min. Rs. 2,500 and Max. Rs. 5,000 with applicable service tax

ICICI Bank Car Loan Top up, Balance Transfer

  • ICICI offers car loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of ICICI Bank
  • You can avail additional top-up car loan from ICICI Bank, subject to your eligibility

FAQs

How much interest is charged by ICICI Bank on car loan?

ICICI car loan interest rates today are 7.90% to 9.85%.

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

If you apply for a car loan from ICICI Bank, your lowest EMI per lakh will be Rs. 1553.64.

What is the maximum tenure of ICICI Bank car loan?

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

How much car loan can I borrow from ICICI Bank?

ICICI Bank offers you 100% of ex-showroom price of the car as loan.

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

Yes, age is an important eligibility factor to get ICICI Bank 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 Bank car loan?

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

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

You can combine your income with the income of your spouse to increase your loan eligibility and to get a higher loan amount.

Compare Car Loan Interest Rates of ICICI with other banks

ICICI Bank Car Loan in India

ICICI Bank Car Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 808-166-7777
Ahmedabad 079-33667777/ 079-44455000
Ambala 901-766-7777
Anand 800-066-7777
Aurangabad Bihar 902-166-7777
Bangalore 080-33667777/ 080-44455000
Bhilai 909-866-7777
Bhilwara 787-766-7777
Bhiwadi 787-766-7777
Bhopal 0755-3366777
Bhubaneswar Cuttack 0674-3366777
Bikaner 787-766-7777
Chandigarh 0172-3366777/ 0172-4445500
Chennai 044-33667777/ 044-44455000
Cochin 902-066-7777
Coimbatore 0730-566-7777
Dehradun 0135-3366777
Delhi 011-33667777/ 011-44455000
Durg 909-866-7777
Faridabad 901-766-7777
Gandhinagar 800-066-7777
Ghaziabad 808-166-7777
Goa 902-166-7777
Greater Noida 808-166-7777
Gurgaon 0124-3366777/ 0124- 4445500
Guwahati 986-466-7777
Gwalior 909-866-7777
Hyderabad 040-33667777/ 040-44455000
Indore 909-866-7777
Jabalpur 909-866-7777
Jaipur 0141-3366777/ 0141-4445500
Jalandhar 730-766-7777
Jodhpur 787-766-7777
Kanpur 808-166-7777
Karnal 901-766-7777
Kolhapur 902-166-7777
Kolkata 033-33667777/ 033-44455000
Kota 787-766-7777
Kozhikode 902-066-7777
Lucknow 0161-3366777/ 0161-4445500
Ludhiana 730-766-7777
Madurai 0730-566-7777
Meerut 808-166-7777
Mehsana 800-066-7777
Mohali Sas Nagar 730-766-7777
Mumbai 022-33667777/ 022-44455000
Mussoorie 808-166-7777
Nagpur 902-166-7777
Nashik 902-166-7777
Noida 808-166-7777
Noida Extn 808-166-7777
Panipat 901-766-7777
Patna 0612-3366777
Pondicherry 0730-566-7777
Pune 902-166-7777
Raipur 0771-3366777
Rajkot 800-066-7777
Ranchi 0651-3366777
Rohtak 901-766-7777
Roorkee 808-166-7777
Salem 0730-566-7777
Shimla 0177-3366777
Sonipat 901-766-7777
Surat 800-066-7777
Trichy 0730-566-7777
Udaipur 787-766-7777
Vadodara 800-066-7777
Varanasi 808-166-7777
Vijaywada 730-666-7777
Vizag 730-666-7777

ICICI Bank Car Loan Reviews 4/5  by 3 customers
MyLoanCare Service
4/5.0
Banks Service
4/5.0
Krishna Yadav, Guwahati
Reviewed on 30th Nov 2017
3 / 5 stars
ICICI Bank Car Loan Availed in Oct-18

Got over 9% interest which was okay. There was a delay in disbursalRead more...

Namita Dhawan, Delhi
5 / 5 stars
ICICI Bank Car Loan Availed in Apr-17

Availed car loan from ICICI Bank in the quickest possible time.Read more...

Nilesh Chadha, Kolhapur
4 / 5 stars
ICICI Bank Car Loan Availed in Jul-17

The process was short and did not requirer many documentation. I was offered s reasonable RoI.Read more...

ICICI Bank Car Loan News - Apr 2021
  • 2021-03-04 : 10 lakh customers of other bank are using ICICI’s banking app, iMobile Pay
    ICICI Bank reported that 10 lakh customers of other banks have started using its app, ‘iMobile Pay’. The Bank has achieved the feat in three months after it made the app open for all to use, including those not its customers. The bank anticipates that the number is likely to double in two months.
  • 2020-12-08 : ICICI Bank launched interoperable banking app
    ICICI Bank launched a new version of its mobile payment app which is interoperable and allows payments and other banking services to customers of any other bank. The new app will allow customers to link their bank accounts, generate a UPI ID and avail services such as online transactions, opening savings accounts, making investments, applying for loans and credit cards without being an ICICI Bank account holder.
  • 2020-10-01 : ICICI Bank announces festive benefits on two-wheeler and auto loans
    ICICI Bank announced the launch of a festive bonanza that offers attractive benefits to two-wheeler and home loan customers. The Bank announced Flexible schemes to help customers own car with tailor-made EMIs. EMIs will be starting at ₹1,554 per ₹1 lakh for a tenure of 84 months. Women customers will get a flat processing fee of ₹1,999. Whereas in case of two-wheeler loans the bank offered EMI as low as ₹36 per ₹1,000 for a tenure of 36 months with the special processing fee of ₹999.
  • 2020-09-30 : ICICI Bank reported spending by its customers to reach 90% of pre-Covid levels
    ICICI Bank reported that spending by its customers has touched 90% of the pre-COVID levels. The bank has further launched offers for its home, personal, auto, two-wheeler loans customers. During the upcoming festivities, the bank is expecting a growth of up to 45%in spends during the season compared to the year-ago period.
  • 2020-07-09 : Banks exceed digital transaction target set for 2019-20
    The government notified that 17 banks received an overall good rating for their performance on digital transactions in 2019-20, with ICICI Bank topping the list of 56 banks and closed wallets. The result is the indication of ameliorating banking services like providing retail and business loans digitally with ease.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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