ICICI Car Loan – Interest Rates 2023, EMI Eligibility Calculator

ICICI Bank Car Loan: 9.00% Interest Rates ✓ Eligibility Low EMI Rs.1,559 ✓ Processing fee ✓ Documents ✓ Loan for women, NRI, Pensioners, Used / Second hand cars, Loyalty schemes. At Deal4loans you can get details of interest rates, EMI, eligibility and documents required to procure car loan. ICICI Bank offers car loans up to 100% ex-showroom price of the car, with attractive interest rates and up to 7 years tenure.

Latest Update – Car loan with special discount on Processing fee & ZERO Foreclosure charges*.

ICICI Bank Car Loan Interest Rates 2023

Interest Rates 8.00% – 8.80% onwards
Repayment Period 7 Years
Lowest EMI per Lakh Rs. 1,609
Maximum loan amount Upto 1 Crore
PROCESSING CHARGES ₹ 2,500 to ₹ 5000


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.

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.

ICICI Bank Car loan EMI Calculator

ICICI car loan emi calculator helps you to know how much emi per month you have to pay against the loan taken for purchasing the new car. you can select or choose the right loan amount as per your financial condition and it helps you in selecting the car variant as per your paying capacity of EMI. For calculation you have to just select the right loan amount, Interest Rate and Repayment period.


For an example, You can take a loan amount of Rs.9 lakh for Maruti Ertiga ZDI or Honda City ZX car for 6 years repayment period at 9.30% rate of interest than you emi calculations are as follows:

  • Loan Amount = Rs. 9,00,000
  • Monthly Installment (EMI) = Rs. 16,357
  • Total Interest Amount = Rs. 2,77,726
  • Total Amount (Principal + Interest) = Rs. 11,77,726
Year Principal Interest Balance Amount
1 Rs. 117,510 Rs. 78,774 Rs. 782,490
2 Rs. 128,916 Rs. 67,368 Rs. 653,574
3 Rs. 141,429 Rs. 54,855 Rs. 512,145
4 Rs. 155,157 Rs. 41,127 Rs. 356,988
5 Rs. 170,219 Rs. 26,065 Rs. 186,769
6 Rs. 186,895 Rs. 9,544 Rs. 0

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

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.

Compare ICICI Bank Car Loan Interest Rates with Other Banks

Car loan Banks Interest Rates EMI per Rs 1 lakh for 7 Years
Bank Of Baroda Car Loan 8.80% – 10.55% Rs. 1,599 – Rs. 1,689
Canara Bank Car Loan 8.70% – 9.35% Rs. 1,594 – Rs. 1,627
Corporation Bank Car Loan 8.75% – 9.50% Rs. 1,596 – Rs. 1,634
HDFC Bank Car Loan 8.50% – 11.25% Rs. 1,584 – Rs. 1,725
ICICI Bank Car Loan 8.82% – 12.75% Rs. 1,600 – Rs. 1,806
Union Bank Car Loan 8.85% – 11.85% Rs. 1,601 – Rs. 1,757
SBI Car Loan 8.65% – 9.70% Rs. 1,609 – Rs. 1,645

Other Available Products of ICICI Bank:

ICICI Bank Home Loan

ICICI Bank Personal Loan

ICICI Bank Credit Card

ICICI Bank NRI Home Loan

ICICI Fixed Deposit Rates

ICICI Bank Two Wheeler Loan
Source: ICICI Bank official Website