ICICI Bank Car Loan Interest Rates

Updated on:  

08 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. 

In this article, we will look at all aspects pertaining to ICICI Bank car loans.

Types of car loan schemes of ICICI Bank

Car LoanGet financing of up to 100% on-road price at attractive interest rates with up to seven years of repayment tenure.
Pre-Owned (Used) Car LoanEnjoy 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.
Insta Car LoansThis scheme is dedicated to existing ICICI Bank customers where a pre-approved car loan customer can generate a sanction letter on logging into their Internet Banking account.
Insta Money Top UpAvail top-up on your existing car loan for fulfilling any additional requirements. Instant disbursal with no additional documentation at attractive interest rates.
Insta RefinanceRefinance your car loan from another bank with ICICI Bank. Get special offers on refinancing applications.

Interest rates of ICICI Bank car loans

Type of Car LoanMinimum Interest Rate (% p.a.)*Maximum Interest Rate (% p.a.)*
New Car Loans7.513.75
Used Car Loans1017.5

*The rates are as applicable to Q3 of 2020.

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

Salaried ApplicantsApplication Form

Photograph

Identity Proof

Address Proof

Age Proof

Bank statement

Signature verification

Latest salary slip/Form 16

Employment stability proof
Self-Employed ProfessionalsApplication 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-ProfessionalsApplication 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


Documentation Charges

Rs.650 + GST

Registration Certificate Collection Charges

Rs.550 + GST

Stamp Duty

Actuals

Prepayment Charges

5% on outstanding principal amount or interest for the remaining period of the loan, whichever is lower

Part Pre-payment Charges

6% + GST on the prepayment amount subject to conditions

Non-Refundable Processing Fees for New Cars

Price BandAmount
Entry/CRs.3,500
Mid Lower/BRs.4,500
Mid Upper/B+Rs.6,500
Premium/ARs.7,000
Luxury/A+Rs.8,500

Non-Refundable Processing Fees for Used Cars

2% of the loan amount or Rs.15,000, whichever is lower

How to calculate EMI on ICICI Bank car loans

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

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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