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Key Features of ICICI Bank Car Loans

  • Loan Amount: Up to 100% financing for new cars and up to 85% for used cars, with loan amounts ranging from ₹1 lakh to ₹1 crore.
  • Interest Rates: Competitive interest rates with both fixed and floating rate options, starting from 8.50% per annum.
  • Flexible Tenure: Repayment tenure ranging from 12 months to 84 months (7 years), allowing customers to choose comfortable EMI options.
  • Quick Processing: Fast approval within hours and same-day disbursal in many cases, with minimal documentation requirements.
  • Low Processing Fee: Processing fee typically between 1-2% of the loan amount, with special promotional offers available.
  • Online Application: Easy application process through ICICI Bank's website or iMobile app with real-time tracking.
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    • Special Benefits for EVs: Extended repayment tenure (up to 8 years), lower interest rates compared to petrol/diesel cars, and supports the government's green mobility initiative.
    • Balance Transfer Facility: Transfer your existing car loan from another bank/NBFC to ICICI Bank at a lower interest rate.
    • Optional Add-On Benefits: Comprehensive car insurance can be bundled with the loan. Extended warranty & maintenance packages available.
    • Special Discounts: Processing fee waiver during promotional periods, lower interest rates for women borrowers, and concessional rates for electric vehicles.
    • Wide Range of Cars: Loans available for new cars, certified pre-owned cars, luxury vehicles, electric cars, SUVs, and hybrid vehicles.
    • Flexible EMI Options: Step-up/step-down EMIs available for better cash flow management.
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Benefits of ICICI Bank Car Loans

  • Competitive Interest Rates: Attractive and competitive interest rates with both fixed and floating rate options, helping you save on interest payments.
  • Quick Processing: Fast approval within hours and same-day disbursal in many cases, making your car purchase process smooth and efficient.
  • Minimal Documentation: Hassle-free loan application process with minimal paperwork, reducing the time and effort required.
  • High Loan Amounts: Financing up to 100% of the on-road price for new cars and up to 85% for used cars, with amounts ranging from ₹1 lakh to ₹1 crore.
  • Flexible Repayment: Tenure ranging from 12 months to 84 months (7 years), allowing you to choose an EMI that fits your budget.
  • Wide Range of Vehicles: Finance options for all types of cars including sedans, SUVs, luxury vehicles, and electric cars.
  • Balance Transfer Facility: Transfer your existing car loan from another bank to SBI for better interest rates and terms.
  • Optional Insurance Bundles: Comprehensive car insurance and extended warranty packages available with your loan.
  • Daily Reducing Balance: Interest calculated on daily reducing balance, saving you money compared to monthly reducing methods.
  • No Prepayment Penalty: Zero foreclosure charges if you wish to close your loan early, giving you financial flexibility.
  • Special Schemes for EVs: Lower interest rates and extended tenures for electric vehicles to promote green mobility.
  • Online Application: Easy application process through SBI website or YONO app with real-time tracking.
  • Customer Support: Dedicated assistance throughout your loan journey, from application to closure.
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How to Apply for ICICI Bank Car Loans

  • Online Application Process: Visit ICICI Bank's Official Website and navigate to 'Loans' → 'Car Loans'.
  • Check Eligibility & Calculate EMI: Use the Car Loan EMI Calculator to estimate monthly payments and check eligibility criteria.
  • Fill Application Form: Enter personal details, employment & income details, and car details (make, model, ex-showroom price).
  • Upload Documents: Attach required documents (identity proof, address proof, income proof, car quotation).
  • Submit & Track: Review details, submit the form, and track your application using the reference number.
  • Offline Application: Visit nearest ICICI Bank branch, collect application form, submit with required documents.
  • iMobile App: Download ICICI Bank iMobile app, login, go to 'Loans' → 'Car Loan', fill details and submit.

Eligibility Criteria

  • Age: Between 21 and 60 years of age.
  • Income: Minimum monthly income of ₹20,000 for salaried individuals.
  • Employment: Minimum 2 years of total work experience with at least 1 year in current job/business.
  • Credit Score: Good credit history with a score of 750 or above.
  • Vehicle-Related Eligibility: New Cars-All manufacturers/models approved by ICICI Bank.
  • Special Eligibility Conditions:Co-applicants-Can be added to enhance eligibility,Spouse/parents preferred.
  • NRI Applicants: Indian co-borrower often required,NRE/NRO account mandatory.
  • Salaried Specific: Last 6 months salary slips, Form 16 (2 years), Bank statements showing salary credits.
  • Self-Employed: ITR (3 years) with computation, Business license/proof, GST returns (if applicable)
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Documents Required

  • Identity & Address Proof: Aadhaar, PAN, Passport, Voter ID
  • Income Proof (Salaried): Salary slips (last 3 months), Form 16, bank statements (last 6 months)
  • Income Proof (Self-Employed): ITR (last 2-3 years), profit/loss statement, bank statements (last 12 months)
  • Business Proof: GST registration, Shop Act License, etc.
  • Car Documents: For new cars: Proforma Invoice, quotation with ex-showroom price, RTO, insurance details
  • Used Car Documents: RC Book, Insurance Papers, PUC Certificate, Sale Deed/Agreement
  • Additional Documents: Passport-size photographs (2 copies), loan application form
  • Special Cases: For government employees: Service Certificate/ID Card; For NRIs: Passport, Visa, Overseas Bank Statements

Usage of ICICI Bank Car Loan

  • New Cars: All vehicle types including sedans, hatchbacks, SUVs, MUVs, luxury vehicles, and electric vehicles.
  • Used Cars: Certified pre-owned cars up to 5 years old with up to 85% financing for dealer-certified vehicles.
  • Two-Wheelers: Premium bikes, electric two-wheelers, and select scooters under special schemes.
  • Vehicle Conversion: Petrol/diesel to CNG conversion kits and electric vehicle conversion packages.
  • Commercial Vehicles: Taxis, ride-sharing vehicles, and fleet purchases for corporate use.
  • Refinancing: Balance transfer from other banks/NBFCs and top-up loans for accessories/repairs.
  • Not Covered: Vintage/classic cars (over 10 years old), modified vehicles, imported vehicles without homologation.

FAQs on ICICI Bank Car Loans

What is the maximum loan tenure for an ICICI car loan?
The maximum loan tenure is up to 7 years.
What is the minimum down payment required for an ICICI car loan?
The down payment varies depending on the car model and loan amount, generally ranging between 10-20%.
Can I apply for an ICICI car loan if I’m self-employed?
Yes, ICICI offers car loans to both salaried and self-employed individuals.
What is the processing fee for an ICICI car loan?
The processing fee is typically between 1-2% of the loan amount, but this may vary depending on promotional offers and specific terms.
How soon can I get approval for an ICICI car loan?
ICICI Bank offers quick loan approval, often within a few hours to a day, depending on the completeness of the documentation.

List of ICICI Bank Car Loans

  • ICICI New Car Loan
  • ICICI Pre-Owned Car Loan
  • ICICI Electric Vehicle (EV) Car Loan
  • ICICI Loan Against Car
  • ICICI Car Loan for Agriculturists
  • ICICI NRI Car Loan
  • ICICI Insta Car Loan
  • ICICI Top-up Car Loan
  • ICICI Luxury Car Loan
  • ICICI Commercial Vehicle Loan
  • ICICI Pre-approved Car Loan
  • ICICI Car Loan for Women