ICICI Car Loan | Interest Rates Feb 2018 | Documents | Eligibility | Information

ICICI Bank Car Loan – Get details on Interest Rates, EMI, Documents and Eligibility for ICICI Car loan. ICICI Bank is one of the leading lenders so far as car loans are concerned. At Deal4loans.com you can get details of interest rates, EMI, eligibility and documents required to procure car loan.

About ICICI Bank

ICICI Bank is the largest private sector bank in the country with total assets of Rs 6,461.29 billion as on March 31, 2015. The bank’s profit after tax stood at Rs 111.75 billion as on March 31, 2015. The bank has a network of 4,050 branches and 12,826 ATMs in the country.

Benefits of ICICI Bank Car Loan

✓ ICICI Bank provides car loans of up to 100% ex-showroom price of vehicle. The car loan comes at low interest rates and long repayment tenure of up to 7 years.
✓ Borrowers can apply online to get instant approval and faster processing.

Compare & Apply for Best Car Loans from Top 10 Banks

Professional Details
Loan Amount:
Annual Income:

Latest ICICI Bank Car Loan Interest rates 2018

New Car Loan 9.35% 18.11% 10.05%
Used Car Loan 11.00% 18.51% 14.74%

ICICI Bank Pre-Owned / Used Car Loan

ICICI Bank provides loans up to 80% of the valuation of pre-owned cars. Loans with a maximum tenure of five years are available on second hand cars. Documentation process and other fee/charges are same as normal loan.

ICICI Bank provides loan on pre-owned and second hand cars at 15.50 per cent interest.

Processing fees & charges for used car are 2% of Loan amount or 6,000 whichever is lower

Top Up Loan on Existing Car Loan

If you are an existing customer of ICICI Bank, you can avail top-up loan to meet your financial requirements. You can even apply for a top-up on your car loan. Being an existing customer, documentation work will be easier and the processing of loan application will be faster.

Eligibility for ICICI Bank Car Loan

Particulars Salaried Individual Self-Employed Individual Partnership Firm Private / Public Ltd Co
Age Criteria
25 years at the time of application; 58 years at the time of loan maturity Above 28 years and below 65 years at the time of loan maturity
Limited companies should be in existence for at least 3 years
Income Criteria
Gross annual income of at least Rs 2.50 lakh
Gross annual income of at least Rs 2 lakh Minimum profit after tax (PAT) of Rs 2 lakh Minimum PAT of Rs 2 lakh
Stability Total employment stability should be more than 2 years. Current employment stability of minimum 1 year. Business stability of more than 3 years. Business stability of more than 3 years. Business stability of more than 3 years.

How much loan can I get?
The minimum loan on a new car loan is Rs 1,00,000. The maximum amount depends on customer profile and his capacity to repay loan, price, model and variant of the car.

ICICI Bank finances up to 90% of the ex-showroom price. The bank may sanction higher amount under increased income eligibility criteria.

Service Charge
Car loan interest charges vary according to model, loan tenure, customer and his/her location.
Description of Charges
Non-Refundable Loan Processing Fee and Documentation Charges (New Car)

Gross Loan Amount

Processing Fee Amount

Documentation Charges

Less than Rs 2.5 lakh Rs 2,500 Rs 350
Rs 2.5-3.9 lakh Rs 3,500 Rs 350
Rs 4-4.9 lakh Rs 4,000 Rs 350
Rs 5-9.9 Lakh Rs 4,200 Rs 350
Over Rs 10 lakh Rs 5,000 Rs 350


Stamp Duty Actuals
Prepayment Options Part prepayment not allowed
Charges for late payment 2% per month on outstanding installment
Charges for changing from floating to fixed rates of interest 1.75% on principal outstanding
Prepayment Charges Lower of the two amounts given below.

1. 5% of principal outstanding or

2. Interest outstanding for unexpired period of the loan.

Documentation required for Vehicle Loans at ICICI Bank:

Income proof
Salaried: Latest salary slip and Form 16/I-T returns of last two years.
Self-Employed: I-T returns of last two years.
Partnership firms, societies & companies: I-T returns of last two years and financial/audit report
• Other documents include proof of identity, signature and address. For partnership deeds, the applicant(s) are required to submit partnership deed and letter signed by all partners to authorize the applicant to carry out loan documentation. In case of societies and companies, a resolution from the managing body and memorandum and articles of association or society deed needs to be submitted.

Repayment Options

Car loan repayment tenure options range from a minimum of one year to a maximum of 7 years.
Swift Application Process
Car Loan application process at ICICI Bank is simple and fast. A number of channels are available for the customers to access details and apply for car loan. You can contact over phone, apply online or send in an e-mail, send an SMS or visit the nearest branch of ICICI Bank.
Other Available Products of ICICI Bank:
ICICI Bank Home Loan

ICICI Bank Personal Loan

ICICI Bank Credit Card

ICICI Bank Education loan

ICICI Bank NRI Home Loan

ICICI Fixed Deposit Rates

ICICI Bank Two Wheeler Loan
Source: ICICI Bank official Website

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