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ICICI Car Loan Interest Rate

ICICI Car Loan Interest Rate Mar 2021

Last Updated 08th Mar 2021

ICICI Bank New Car Loan interest rate starts from 7.90% and ICICI Bank Used Car Loan interest rates starts from 12.00%. These are Fixed rate loans and are one of the best car loan rates in India. Rate of interest vary by borrower occupation, loan amount and loan tenure.

Features New Car Loan Used Car Loan
Processing Fee Min Rs. 2,500 Max Rs. 5,000 2.00% Min Rs. 2,500 Max Rs. 6,000
Loan Tenure Upto 7 years Upto 5 years
Lowest EMI ₹ 1,554 per lakh ₹ 2,023 per lakh
Loan Amount Upto 100% of ex-showroom price Upto 80% of market value
Prepayment Charges 5% 5%

High car loan eligibility of up to 100% ex-showroom price of the car

Apply for Car Loan @ 9.25%*

ICICI Car Loan

ICICI Bank gives car loan to borrowers who need funds to buy a new car. Benefits of taking vehicle loan from ICICI Bank are:

  • High car loan eligibility of up to 100% ex-showroom price of the car
  • Easy documentation and low interest rates for existing account holders of the bank
  • Insurance cover for car loan liability available

ICICI Bank Car Loan Interest Rate

ICICI Car Loan interest rate depends upon following factors -

  • Loan amount: Generally banks offer lower interest rates for higher amount. ICICI Bank offers 100% of ex-showroom price of your car.
  • Your Salary: Higher salary bracket individuals are offered loans at lower interest rates. Car Loan interest rate ICICI 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 vehicle loan. So, higher company category leads to low ICICI car loan rate.
  • 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 past will get benefit of low vehicle loan interest rate.
  • Loan Tenure: ICICI Bank vehicle 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 Car Loan Eligibility

The following table depicts the various eligibility criteria for availing a vehicle loan.

Eligibility Criteria Eligibility Details
Age 18 years - 65 years
Minimum Annual Income Salaried: ₹ 2.50 Lakhs
Self Employed Professionals: ₹ 2 Lakhs
Self Employed Businessmen: ₹ 2 Lakhs
Minimum Credit Score 700 and above
Loan Tenure 7 years
Loan to Value Ratio 100% of ex-showroom price

Car loan eligibility 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 Bank offers auto 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 ₹ 2.50 .

Job stability and Profession: Job stability is important to improve your status and eligibility for vehicle loan from ICICI Bank. If you are working with a reputed company, probability of getting car loan increases as the income is considered to be more stable and bank offers best ICICI car loan interest 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 vehicle loan eligibility. Generally, Bank give loan at a CIBIL score of 700 and above.

Loan Amount: ICICI auto loan amount depends upon your income. ICICI Bank gives 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 and check your ICICI car loan status online and avial multiple benefits.

ICICI Car Loan Calculator

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 ₹ 1,554 per lakh loan amount at lowest car loan interest rate of 9.25%. 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.
ICICI EMI Car Loan Calculator
  • 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 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 vehicle loan tenure here and check the EMI amount using the vehicle 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 vehicle loan agent.


You can calculate the monthly payment (EMI) yourself using the following equation

E= P. r. (1+r)n/[(1+r) n -1]


  • P represents the principal amount that you want to apply for.
  • r is the rate of interest per month which is calculated as rate of annual income/ (12*100)
  • n is the tenure of loan in months
  • E represents the monthly payment or EMI

Let’s say you take out a vehicle loan for ₹ 7,00,000 to be paid back over 5 years at an interest rate of 9.25%. Your monthly payments for this loan after applying the above formula would be ₹ 14,616 for 5 years.

ICICI Auto Loan Fee and Charges

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 vehicle loan after paying 1 EMI with prepayment 5%.

Processing Fee - ICICI Bank asks for a processing fee of Min. ₹ 2,500 and Max. ₹ 5,000 with applicable service tax.

ICICI Bank Car Loan Top up, Balance Transfer

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

Documents required for ICICI Bank Car Loan

Salaried Employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof –Aadhaar, 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 pay slip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car


  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof – Aadhaar, 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 pay slip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.


What is car loan interest rate offered by ICICI Bank ?

As per current interest rates, ICICI car loan interest rates are in the range of 7.90%to 9.85%.

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

Lowest EMI per lakh is ₹ 1,376 for ICICI Bank for a loan availed at an interest rate of 7.90% and for a tenure of 7 years.

What is the maximum tenure of ICICI Bank car loan?

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

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

ICICI Bank charges a processing fee of Min.₹ 2,500 and Max. ₹ 5,000 with applicable service tax.

How much car loan I can borrow from ICICI Bank?

ICICI Bank offers you 100% of ex-showroom price of 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 car loan?

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

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 higher loan amount.

ICICI Bank Car Loan Reviews 4/5  by 3 customers
MyLoanCare Service
Banks Service
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...

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ICICI Bank Car Loan News - Mar 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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