ICICI Bank Car Loan Interest Rate

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.

Benefits and Features of the ICICI Bank Car Loan

ICICI Bank provides a variety of incentives and features to its auto loan customers-

  • Assume a loan of 100% of the car's ex-showroom MSRP.
  • Apply online and receive quick approval, saving you the trouble of visiting the branch.
  • Get a loan to buy a new automobile, a used car, an electric car, a Multi Utility Vehicle (MUV), or an SUV.
  • To conveniently repay the loan, obtain payback terms of up to 7 years.
  • Get a quick vehicle loan of up to 80% on used cars.
  • Existing customers can get pre-approved and pre-qualified for car loans.
  • Easy and simple documentation process.

ICICI Car Loan Interest Rate 2022

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

New Car

8.80% - 15%

Used Car

10.90% - 18.50%

Who is Eligible for the ICICI Bank Car Loan?

The eligibility criteria can be determined in the below-mentioned method-

- For the Salaried Applicants

  • At the moment of maturity, the individual must be between the ages of 25 and 58.
  • A minimum annual salary of Rs 2.50 Lac is required.
  • Must have a total of two years of experience and one year of current work.

- For Partnership Firms

  • A minimum PAT (Profit After Tax) of Rs 2 Lac is required.
  • There will have to be at least three years of business stability.

- For Self-employed Applicants

  • Must be at least 28 years old and no older than 65 years old.
  • A minimum annual salary of Rs 2.00 Lac is required.
  • Must have at least three years of business stability.

- For Companies

  • The current company must have been in operation for more than three years.
  • A minimum PAT (Profit After Tax) of Rs 2 Lac is required.
  • There would have to be a minimum of three years of business stability.

The Different Kinds of Car Loans Offered by ICICI Bank

There are various kinds of car loans and schemes that ICICI Bank offers its customers, and they cater to different needs-

1) Insta Car Loan

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.

2) Insta Money Top-Up

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.

Other Charges Along with the ICICI Bank Car Loan Interest

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.

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