ICICI Bank Car Loan

You can now easily own your favorite car that you have always dreamt as ICICI Bank offers you funds for your Car Loans with a minimum of Rs. 1 Lacs to as high as Rs. 50 Lacs. You have to repay your loan with a maximum tenure of 84 months (7 Years). The processing fee charged by the bank is 2% of the loan amount or maximum Rs. 15,000. The annual interest rate charged by the bank is 9.75% per annum and the Pre-Payment charges are 5% on the principal outstanding or interest outstanding for unexpired period of loan, whichever is lower.

ICICI Bank is a good fit for you if?

If You're an Existing ICICI Customer – If you are an existing customer of the bank then availing loan from this bank could be an advantage for you as ICICI Bank has given a benefit for all its existing customers of reduce documentation and faster processing of application. You can check your offers by going through our website.

If Your Monthly Income is Rs. 16,500 or Above – availing car loan from ICICI could be a good fit for you if you are a salaried employee or a self employed applicant who is earning a minimum of Rs. 16,500 per month as compared to other competing banks or financial institutions such as Axis Bank which provides loan to only those applicants which are having a minimum income of Rs. 20,000 or more

ICICI Bank Car Loan at a glance

Annual Interest Rate

9.75%

Loan Term

Maximum of 84 months

Loan Amount

Rs. 1 Lacs - Rs. 50 Lacs

Time of Funding

 

Pre-Payment Charges

2.6% - 5%

ICICI Bank offers you car loan starting from Rs. 1 Lacs to up to maximum of Rs. 50 Lacs

You can repay your loan with a tenure of 84 months and the annual interest rate charged by the bank is 9.75% per annum and the Pre-Payment charges are 5% on the principal outstanding or interest outstanding for remaining tenure (whichever is lower).

Why Choose ICICI Bank?

Offers 100% ex-showroom price of the car - ICICI Bank could be a good alternative for you for availing loan to buy your dream car as it offers car loan up to 100% of the ex-showroom price of a new car which could be a benefit for you. So do not wait for this offer to end up without utilising it so apply for your car loan from ICICI Bank car loan and get maximum benefits.

What to watch out for?

High Prepayment Charges – Unlike other competing banks and financial institutions such as Syndicate Bank, State Bank of India, Canara Bank which doesn't charge any Pre-Payment charges, ICICI Bank charges up to 5% of the outstanding balance, which is quite a high amount.

Compare ICICI Bank Car Loans to Other Banks

Bank Name ICICI Bank SBI HDFC Bank

Typical APR

9.75%

9.20% - 9.25%

19% - 10.25%

Loan Term

Maximum 84 months

Maximum 84 months

12 - 84 months

Maximum Lending Amount

Rs. 50 Lacs

Up to Rs. 5 lacs

Up to Rs. 3 Crores

Processing Fee

2% of the loan amount

Max Rs. 15,000.

Rs. 1,000 to Rs. 1,500

0.4% of the loan amount

Min Rs. 3,000 to Max Rs. 10,000

Time to Funding

Within 7 working days

Within 5 working days

Within 7 working

Pre-Closure

2.6% to 5%

Nil

3% to 6% of principal outstanding

ICICI Bank offers you fund as high as Rs. 50 lacs as compare to other banks such as SBI Bank which offers fund as high as Rs. 5 Lacs and HDFC Bank offers maximum amount of funds which is Rs. 3 crores. The tenure to repay your loan is up to 84 months in case of both ICICI Bank and State Bank of india and in case of HDFC Bank, you can repay your loan with a tenure ranging from 12 months to up to maximum of 84 months. The processing fee charged by ICICI Bank is 2% of the loan amount or Rs. 15,000 (whichever is lower), and in case of State Bank of India, Rs. 1,000 for loan amount up to Rs. 6 Lacs and for loan amount above Rs. 6 Lacs it charges Rs. 1,500 as a processing fee. The typical APR charged by ICICI Bank is 9.75% per annum, 9.20% to up to maximum of 9.25% per annum in case of State Bank of india and in case of HDFC Bank, the typical APR is ranging from 9% to up to maximum of 10.25% per annum. The pre-closure charges in ICICI Bank is 2.6% of the loan amount for cases low seasoning of 7 to 12 months, 3.5% of the loan amount for cases with low seasoning of 13 to 24 months and for cases with low seasoning above 24 months, ICICI Bank charges 4.3% of the loan amount.

Am I Eligible?

  • Age of the applicant should not be less than 23 years at the time of the loan application
  • Age of the applicant should not be more than 70 years old at the time of loan maturity
  • Salaried or Self-Employed applicants with minimum income of Rs. 16,700 per month

Loan Offerings

ICICI Bank Car Loan

  • Keeping your convenience in mind, ICICI Bank offers you funds as high as 50 Lacs to fulfill your dream of having favorite car. The tenure to repay your loan is as long as 7 years. It offers 100% of the ex-showroom price of a new car which could be a benefit for you. The processing fee charged by the bank is 2% of the loan amount or maximum of Rs. 15,000 and the annual interest rate charged by the bank is 9.75% of the loan amount.
  • Federal bank also offers loan to Non Resident of india (NRI) which is a good thing for NRIs. It also offers free Personal accident insurance of up to Rs 10 Lacs to every individual who has availed this loan. So if you want this benefit, you can choose this bank for availing loan.
  • Documents required for Salaried:
    • Application form
    • Passport size photographs
    • Identity proof, Address Proof, Age proof
    • Bank statement for signature verification
    • Latest Salary Slip and form number 16
    • LEmployment stability proof
  • Documents required for Self-Employed Professionals:
    • Income tax returns of 2 previous financial years
    • Application form
    • Passport size photographs
    • Identity proof, Address Proof, Age proof
    • Business Stability proof
    • Ownership proof
  • Documents required for Self-Employed Businessmen:
    • Resolution by board of directors (such as managing bodies)
    • Memorandum of association
    • Business Stability proof
    • Application form
    • Passport size photographs
    • Bank statement for signature verification
    • Identity proof, Address Proof, Age proof
    • Partnership deed and letter signed by all partners authorising one partner
    • Income tax returns of 2 previous financial years

ICICI Bank Car Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

ICICI Bank New Car Loan

9.75% per annum

How do I apply for ICICI Bank Car Loan?

At Paisa

    • Click on ''APPLY NOW'' button
    • Fill the necessary details such as
      • Desired Loan Amount
      • Purpose of your loan
      • Your monthly salary
      • Select whether you are salaried or self-employed
      • Your name, email-id, contact no etc.
    • Click on ''SUBMIT

At ICICI Bank Branch

    • Walkin to the nearest branch of ICICI Bank along with your KYC documents.
    • Click here to download the application form of ICICI Bank Car Loan
    • Fill in the required details and attach your important documents
    • Now, you can submit this application from at any of your nearest branch of ICICI Bank

After I Apply?

Check Loan Status

  • Through Status Tracking Page
    • Click here to go to the status tracking page.
    • Enter your reference number and your phone number
    • Now you can click on ''TRACK''
  • Through Customer Care
    • By dialing 180-0200-3344
    • Now enter the numeric digit of your service request number
    • Now, wait for the IVR to connect your call to the customer care executive.

Fees & Penalties

Type of Charge Applicable Charges

Processing Charges

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

Foreclosure Charges

5% on the principal outstanding or interest outstanding for unexpired period of loan

(whichever is lower)

Part-Payment Charges

2.6% of the part payment amount

If the part payment is made after 7 to 12 months from the date of disbursement.

3.5% of the part payment amount

If the part payment is made after 13 to 24 months from the date of disbursement.

4.3% of the part payment amount

If the part payment is made after 24 months from the date of disbursement.

Stamp Duty Charges

Actuals

Late Payment Penalty

2% per month on the outstanding installments

Swapping Charges

Rs. 500 per transaction

Documentation charges

Rs. 250

Registration certificate collection charges

Rs. 200

CIBIL report charges

Rs. 50

Bounce charges

Rs. 500 per transaction

Amortisation schedule charges

Rs. 500 per schedule

Statement of account charges

Rs. 200 per statement

Prepayment Statement charges

Rs. 200 per statement

ICICI Bank charges a processing fee of 2% of the loan amount or Rs. 15,000 whichever is lower and the foreclosure charges are 5% on the principal outstanding or interest outstanding for unexpired period of loan or whichever is lower. The part payment charges are 2.6% of the loan amount for cases low seasoning of 7 to 12 months and 3.5% of the loan amount for cases with low seasoning of 13 to 24 months and for cases with low seasoning above 24 months, HDFC Bank charges 4.3% of the loan amount. The late payment penalty is 2% per month on the outstanding installments and Rs. 500 per transaction as a swapping charges.

It charges Rs. 250 for documentation fee and Rs. 200 for registration certificate collection charges. Rs. 50 is charged for CIBIL report fee. The bounce charges are Rs. 500 per transaction which is quite a huge amount as compared to other banks charging lower fee on this. The amortisation schedule charges are Rs. 500 on each schedule. The statement of account charges are Rs. 200 per statement and Rs. 200 per statement as a prepayment statement charges.

FAQs

What is Marginal Cost of Funds based lending rates (MCLR) ?
  • Overnight / one month - 8.05%
  • Three months - 8.10%
  • Six months - 8.35%
  • One year - 8.40%
Can I make a partial prepayment towards my Car Loan? Will any charge be applicable?

Yes, you can make a Part-payment for your Car Loan. However, Part-payment is not allowed until the 6 months of the loan seasoning. You can pay a maximum amount for part-payment equal to the 25% of principal outstanding, allowed only twice during the loan tenure and once during a year.

A fee of 6% of the loan amount if part-payment is done during 7 to 12 months of loan seasoning. And 5% and 3% if done during 13 to 24 months and after 24 months respectively.

What is a Monthly Reducing Balance in Car Loan?

In the case of monthly reducing balance method, the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month.

How can I obtain my un-banked PDC or Security PDCs?

In the event of the applicant's/s' wishes: to procure the post-dated cheques and / or security post dated cheques that remain un-banked at the end of the loan tenure / change of repayment mode; or details of such un-banked post dated cheques and / or security post dated cheques, the applicant/s must make a request for the same, within thirty days of closure of loan / change of repayment mode. If this is not done, ICICI Bank have the discretion / responsibility to destroy the un-banked post dated cheques including security post dated cheques without any further notice and ICICI Bank shall not have the obligation to return the same to the Applicant/s.

How to apply for prepay of my Car Loan?

To prepay your Car Loan, you need to visit an ICICI Bank Asset Servicing (Retail asset operation group) branch along with the below mentioned documents to complete the prepayment process –

  • Pre-payment Statement
  • Request letter signed by the loan applicant
  • Bank statement reflecting the clearance of the last installment
  • PAN Card (if the closing cash payment is more than Rs. 50,000)
  • Vehicle Registration Certificate (RC Book Copy)
  • Vehicle Insurance Copy
  • Mode of payment can be cash, cheque or demand draft