In 1994, ICICI Bank was founded with a registered office in Vadodara, Gujarat, and a corporate office in Mumbai, Maharashtra. ICICI Bank is one of India's Big Four banks, with operations in the United Kingdom and Canada and branches in over eight countries.
ICICI Bank employs over 85,000 people and has more than ten subsidiaries around the country. Among its various products and services to the customers, the bank also offers its customers car loans that can easily be availed to buy a car.
ICICI Bank car loans are among the most secure and popular in India. Aside from that, you may check out ICICI Bank's free extra services like ICICI Bank Car Loan EMI, Eligibility, and Interest Calculator. You could also monitor and track the status of your loan application online.
ICICI Bank provides a variety of incentives and features to its auto loan customers-
ICICI car Loan has an ICICI car loan interest rate and is based on a variety of factors such as client relationship, car segment, and loan tenure, among others.
The interest rate on a used car loan is determined by the time and segment of the car, the loan length, and product variants such as top-up, refinance, and so on. The interest rates for various segments are listed below-
Type of Loan
ICICI Bank Car Loan Interest Rate
8.50% - 13%
11.25% - 16.00%
The eligibility criteria can be determined in the below-mentioned method-
There are various kinds of car loans and schemes that ICICI Bank offers its customers, and they cater to different needs-
The Insta car loan is customized for the current customers of the bank, and all that you will have to do is send an SMS from your registered mobile number to the bank at - 5676766. It is a pre-approved car loan client that would be able to generate an approval letter online with the steps that are mentioned below-
Step 1: You will have to log in to the internet banking portal.
Step 2: Go to the car loan pre-approved by the widget.
Step 3: Choose the manufacturer information.
Step 4: Accept the offer.
Step 5: You will have to generate an approval letter.
Step 6: You will have to go to the closest ICICI Bank branch.
Step 7: Submit the disbursal kit.
This is a car loan option for applicants who need a top-up loan on the existing car loan with the bank. You would get an instant disbursal on the loan. There would be no need for any additional documents, and the repayment of the loan is for a period of 36 months.
Every bank has some typical lending fees. Foreclosure fees and processing fees are among them. Most banks levy a foreclosure penalty if you need to repay your loan early, whether in part or in full. Similarly, when granting your loan, most banks impose a processing fee.
The ICICI Bank auto loan fee and charges are as follows-
1) Processing Fee: ICICI Bank charges a processing fee of Rs. 2500 to Rs. 5,000 plus applicable service tax.
2) Foreclosure: These fees must be paid if you wish to repay the complete loan amount before the end of the tenure period. ICICI Bank enables car loan prepayment after paying one EMI with a 5% prepayment penalty.