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.
Car Loan | Get financing of up to 100% on-road price at attractive interest rates with up to seven years of repayment tenure. |
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. |
Insta Car Loans | This 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 Up | Avail top-up on your existing car loan for fulfilling any additional requirements. Instant disbursal with no additional documentation at attractive interest rates. |
Insta Refinance | Refinance your car loan from another bank with ICICI Bank. Get special offers on refinancing applications. |
Type of Car Loan | Minimum Interest Rate (% p.a.)* | Maximum Interest Rate (% p.a.)* |
New Car Loans | 7.5 | 13.75 |
Used Car Loans | 10 | 17.5 |
*The rates are as applicable to Q3 of 2020.
Applicants can be salaried individuals, self-employed professionals, and self-employed non-professionals.
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 |
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 Band | Amount |
Entry/C | Rs.3,500 |
Mid Lower/B | Rs.4,500 |
Mid Upper/B+ | Rs.6,500 |
Premium/A | Rs.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
Our car loan calculator helps you figure out the monthly instalments you must pay for a specific loan amount to finance your dream car.
Part-prepayment charges are subject to the following conditions:
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.
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.
Follow the below steps to access the loan sanction letter: