ICICI Bank has low car loan interest rates starting from 7.50%, long loan tenures up to 7 years, and an online, one-stop shop for your car purchasing needs. Whether you are seeking a new car, a secondhand vehicle, or if you're refinancing your used four-wheeler, ICICI provides maximum funding and seasonal promotions to eligible borrowers. However, though you can avail low equated monthly instalments through the lender, ICICI Bank charges costly fees which may increase your total cost of borrowing. Nonetheless, ValueChampion recommends ICICI Bank car loans as a first option to consider during your auto loan search.
|Summary of ICICI Bank Car Loan|
|New car loan rates from 7.50%|
|Used car loan rates from 10.00%|
|Loan Against Car up to 140%|
|7 year new car loan tenure|
|Buying assistant available|
Table of Contents
What Makes ICICI Car Loans Stand Out to Borrowers
ICICI Bank not only charges relatively low car loan interest rates, but also provides 100% on-road financing for new cars and 80% financing for used vehicles. In addition to these generous car loan margins, the lender also provides 140% refinancing for Loans Against Cars. If you are a borrower seeking a low ROI on your car loan or maximum funding for your dream vehicle, then ICICI Bank is a top car loan lender to consider.
Below, you can find the various ICICI car loan options available to you, including what makes them stand out amongst the rest.
|ICICI Auto Loan||Features|
|ICICI New Car Loan|
|ICICI Pre-Owned Car Loan|
|ICICI Loan Against Car||Refinancing up to 140% of your used car valuation|
|ICICI Top Up Loan||Existing customers can receive additional funding|
ICICI Car Loan Interest Rates
ICICI car loan interest rates start from 7.50% and 10.00% for new and used vehicles, respectively. For used cars, ICICI Bank offers the 5th lowest interest car loan amongst the banks our financial experts reviewed. Similarly, ICICI new car loan interest rates rank amongst the top 6 on_current="true" url="/car-loans/how-to-choose-the-best-car-loan#interestRates" title="How to Choose the Best Car Loan"lowest interest car loans/link] of the lenders ValueChampion analysed.
ICICI bank advertises mean interest rates for both used and new vehicles, which is a good metric for borrowers to determine what their final interest rate may be. The average ICICI new car loan borrower will avail an interest rate of 8.89%, which is still lower than our calculated market average of 9.06%. However, if you are interested in financing a used vehicle, you will find a higher-than-average ROI of 14.55%.
ICICI Bank Car Loan ROI
|Minimum Rate||Maximum Rate||Average Rate||Type|
|ICICI New Car Loan||7.50%||14.00%||8.89%||Fixed|
|ICICI Used Car Loan||10.00%||18.00%||14.55%||Fixed|
It's important to note that your final interest rate will be determined based on a number of factors including your car model and the loan tenure selected.
ICICI Car Loan Eligibility Criteria
ICICI Bank offers 100% on-road financing for new cars, 80% financing for used vehicles, and 140% refinancing for Loans Against Cars. In addition to these large amounts of funding, borrowers can pay low EMIs over a long 7-year loan tenure for new cars and 5-year loan tenure for used four-wheelers.
Existing ICICI Bank customers are eligible for pre-approved and pre-qualified auto loans, however you do not need to be a salary account holder to avail an ICICI car loan. If you have any queries about promotions or general eligibility criteria like income and age requirement, please contact ICICI customer service.
ICICI Car Loan Processing Fee and Other Charges
A potential drawback to the ICICI car loan is its menu of extra costs. Compared to other lenders we analysed, the bank's processing fees are high. For new cars, ICICI Bank charges a processing fee between Rs. 3500 and Rs. 8500, while used car loans are charged a processing fee up to Rs. 15,000 (2.00% of the total loan amount).
ICICI prepayment and foreclosure fees are also costly. You could pay up to 6.00% of your outstanding balance in prepayment penalties, which is the highest fee amongst all of the banks ValueChampion analysed. Additionally, ICICI Bank charges 5.00% of the car loan amount in foreclosure fees, which is not good for borrowers who plan to pay off their car loan in advance.
ICICI Bank Car Loan: Apply Online
You can apply for an ICICI car loan in person or online for faster processing and instant approval. Pre-existing customers will avail car loan promotions, as well as faster loan sanction and approval times.
ICICI Bank is one of the few car loan lenders that provides an online buying assistant directly on their website. Through this one-stop service, you can find the perfect vehicle for you, as well as any deals that may be available. Click here to begin your for a new car.
Documents Required for Car Loan from ICICI Bank
ICICI requires standard documents for proof of identity, address and income. It's important to note that applicants must submit 2 years of income tax returns or Form-16s, depending on their job status. Below, you can find the required documents for both salaried and self employed borrowers.
|Documents Required||Salaried Borrowers||Self Employed Borrowers|
|Proof of Income|
|Other Documentation||Employment Stability Proof|
ICICI Car Loan Customer Care
If you have any queries about the ICICI car loan application process, contact ICICI customer care.
- ICICI Bank Car Loan Customer Care Number: 1860 120 7777
- Click here to use ICICI's car finder.
- Begin your ICICI online car loan application process here.
- Click here to find your nearest ICICI Bank Branch.