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ICICI Bank Car Loan Interest Rates 2025

Updated on: Apr 21st, 2025

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4 min read

ICICI Bank provides you with a hassle-free car loan process at affordable rates and special discounts on processing fee. You can take an auto loan for a brand new or used car. ICICI Bank car loan offers features, such as low processing charges, low EMI, and others. With ICICI Car Loan, Get financing of up to 100% on-road price at attractive interest rates with up to seven years of repayment tenure.
In this article, we will look at all aspects pertaining to ICICI Bank car loans.

Types of car loan schemes of ICICI Bank

Pre-Owned (Used) Car Loan

Enjoy faster processing to own a wide range of certified/pre-owned cars with up to 80% of the offer amount and up to five years of repayment tenure.

Top-Up Car Loan 

Additional top-up loans can be provided to existing Car Loan customers. These loans are used for additional requirements like Business Development, Wedding, Home Renovation, personal commitments, and similar needs. 

Refinance Car Loan 

In this scheme, ICICI Bank provides loans on existing cars that are either not used as collateral with any bank or financial institution, or are used as collateral but have no outstanding loan balance. The maximum refinance amount offered by ICICI Bank is up to 140% of the car's valuation.

Pre-Approved Car Loan 

Gives upto 100% on road funding without any income documentation, along with a flexible tenure of 84 months.

Interest rates of ICICI Bank car loans

Type of Car Loan

Tenure

1-3 years

3-7 years

New Car Loans

10.20% 

(based on CIBIL Score and Car Segment)

9.10% 

(based on CIBIL Score and Car Model)

Used Car Loans

11.25% 

(based on CIBIL Score and Car Segment)

Features and benefits of ICICI Bank car loans

  • Get financing of up to 100% on-road price for new cars with up to seven years of repayment tenure.
  • Get financing of up to 80% of the car valuation with up to five years of repayment tenure.
  • Attractive interest rates on car loans.
  • Quick and easy process with minimal documentation.
  • Get pre-approved car loan offers based on your eligibility.
  • Instant loan disbursement on pre-approved offers for existing customers.
  • Top-up and refinancing facilities available on existing car loans.
  • Pre-approved customers can get their loan sanction letters online.

Eligibility for ICICI Bank car loans

Applicants can be salaried individuals, self-employed professionals, and self-employed non-professionals.

Documents required for ICICI Bank car loans

Type of Applicant 

Document 

Salaried Applicants

  • Application Form
  • Photograph
  • Identity Proof
  • Address Proof
  • Age Proof
  • Bank statement
  • Signature verification
  • Latest salary slip/Form 16
  • Employment stability proof

Self-Employed Professionals

  • Application Form
  • Photograph
  • Identity Proof
  • Address Proof
  • Age Proof
  • Bank statement
  • Signature verification
  • Last 2 years’ ITR filed
  • Business stability proof/ownership proof

Self-Employed Non-Professionals

  • Application Form
  • Identity Proof
  • Address Proof
  • Age Proof
  • Bank statement
  • Signature verification
  • Last 2 years’ ITR along with complete financial/audit report
  • Business stability proof/ownership proof
  • Partnership deed and letter signed by all partners authorising one partner
  • Companies and Societies: Resolution by Board of Directors (or such managing body) and Memorandum and Articles of Association

ICICI Bank car loan fees and charges

Charge

New Car

Used Car

Loan Processing Fees

Up to 2% of the loan amount

Up to 2% of the loan amount

Loan documentation charges

₹ 500

Part Prepayment Charges

Nil for loan seasoning above 24 months and 3% for loans seasoning up to 24 months.

Penal charges for late payment

5% per annum will be charged on the overdue EMI until repayment plus applicable taxes which may be payable pursuant to the applicable laws and terms and conditions

How to calculate EMI on ICICI Bank car loans

Our ICICI car loan calculator helps you figure out the monthly instalments you must pay for a specific loan amount to finance your dream car.

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Frequently Asked Questions

What are the conditions applicable to the part-prepayment charges?

Part-prepayment charges are subject to the following conditions:

  • The minimum prepayment must be equivalent to the first EMI amount.
  • The maximum prepayment must be equivalent to 25% of the outstanding principal.
  • Prepayment is allowed only twice during the loan tenure with a minimum gap of 12 months.
  • This facility is only available to salaried applicants.
What happens if I make a late payment?

In the case of late payment, a penalty equivalent to 2% per month on the outstanding instalment will be charged as a late payment fee.

How is the interest rate decided?

The bank’s interest rate is based on factors, such as customer relationship with the bank, car segment, tenure of the loan, and others. In the case of used car loans, the interest rate is decided based on the age of the car, the segment of the car, loan tenure, and product variant, such as top-up or refinance.

How do I access my car loan sanction letter online?

Follow the below steps to access the loan sanction letter:

  • Log into your ICICI Bank Internet Banking account.
  • Under the ‘Offers’ tab, select the ‘Car Loan Pre Approved’ option.
  • In the offers list, select the relevant manufacturer details.
  • Accept the offer and generate the approval letter.
  • Take this letter along when you visit the nearest ICICI Bank branch.
  • Submit the disbursal kit and drive home your dream car.
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