ICICI BANK CAR LOAN INTEREST RATES
ICICI Bank is India’s largest private sector bank with total assets of Rs. 5,367.95 billion (US$ 99 billion) at March 31, 2013 and profit after tax Rs. 83.25 billion (US$ 1,533 million) for the year ended March 31, 2013. The Bank has a network of 3,384 branches and 11,063 ATMs in India, and has a presence in 19 countries, including India.
ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management.
The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany.
ICICI Bank’s equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).
Car Loan Eligibility criteria
With ICICI Bank Car Loans, you can avail of car loans as per your needs.
Particulars |
Salaried Individual |
Self-Employed Individual |
Partnership Firm |
Private / Public Ltd Co |
Age Criteria* |
The applicant should be above 25 years old at the time of application, and upto 58 years of age at the time of maturity of the loan. |
Any proprietor, partner, professional or director above 28 years but below 65 years at the time of the loan maturity. |
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Limited companies should have been in existence for at least 3 years. |
Income Criteria* |
Gross annual income of at least Rs. 2.50 lakhs. |
Gross annual income of at least Rs. 2.00 lakhs. |
Firm should have a minimum PAT (profit after tax) of Rs. 2.00 lakhs. |
Minimum PAT (profit after tax) of Rs. 2.00 lakhs. |
Stability |
The total employment stability should be more than 2 years and current employment stability of minimum 1 year. |
Business stability should be more than 3 years. |
Business stability should be more than 3 years. |
Business stability should be more than 3 years. |
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Car Loan Interest Rate
Loans & Advances – Indicative lending rates updated on July 26, 2012 |
Car Loans |
Tenure of credit facility |
Up to 23 months |
24-35 months |
36-60 months |
Processing fee |
Type of credit facility |
Rate of interest |
New Car Loans |
15.75% to 16.50% |
13.75% to 15.50% |
11.50% to 14.25% |
Loan amount less than Rs. 0.25 mn = Rs. 2,500 |
Rs. 0.25 to Rs. 0.39 mn = Rs. 3,500 |
Rs. 0.40 to Rs. 0.49 mn = Rs. 4,000 |
Rs. 0.50 to Rs. 0.99 mn = Rs. 4,200 |
Equal to and more than Rs.1.00 mn = Rs. 5,000 |
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Type of credit facility |
Rate of interest |
Processing fee |
Used Car Loans |
15.50% to 18.00% |
Rs. 4,000 OR 2% of loan amount, which ever is lower |
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Notes: |
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Specific interest rate applicable to a customer would be dependent on segment, asset category and location. |
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Stamp duty charges shall be extra as applicable. |
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Additional documentation charges of Rs.350/- applicable. |
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ICICI Bank reserves the right to revise the rate of interest and processing fee from time to time, at its sole discretion. |
Factors affecting your Car Loan Amount
Car Loans from ICICI Bank are extremely convenient, flexible and quick. With more than 604 channel partners in over 1000 locations, we reach out to millions of customers and help them realise their dream of possessing a car.
The minimum loan amount for taking a new car loan is Rs. 1,00,000. The maximum loan amount will depend upon the price of the car, model variant, profile of the customer, etc.
New car
- We finance up to 90% of the ex-showroom price of the car.
- The Loan amount also depends on the car model. Higher loan amounts are available under specific enhanced income eligibility criteria.
Service Charges
- If you are looking for flexible schemes, quick processing of your loans, attractive interest rates at the click of a mouse, then your search ends here. ICICI Bank Car Loans is the Most Preferred Financier for car loans in the country and offers you all the above with unbelievable ease.
- Our car loan interest charges differ according to the car model, the tenure of the loan, the customer and his location.
Description of Charges |
Car Loans |
Non Refundable Loan Processing Fees
and
Documentation Charges |
New Car |
Gross Loan Amt |
Processing Fee Amt |
Documentation Charges |
<2.5 L |
Rs.2500/- |
Rs.350/- |
2.5 L to 3.9 L |
Rs.3500/- |
Rs.350/- |
4 L to 4.9 L |
Rs.4000/- |
Rs.350/- |
5 L to 9.9 L |
Rs.4200/- |
Rs.350/- |
>10 L |
Rs.5000/- |
Rs.350/- |
Stamp DutyActualsPrepayment OptionsPart prepayment of the loan is not allowedPrepayment ChargesLower of the two amount given below.
1. 5% of principal outstanding or
2. Interest outstanding for unexpired period of the loan.Charges for late payment (loans)2% per month on the outstanding installmentCheque Swap ChargesRs. 500/- per transactionCheque return charges^Rs. 400/- per returnAmortisation Schedule ChargesRs. 200/- per scheduleStatement of Account ChargesRs. 200/- per statementPrepayment Statement ChargesRs. 100/- per statementDuplicate NOC ChargesRs. 500/- per NOCNOC for conversion from Petrol to LPG/CNGRs. 500/- per NOCRevalidation of NOC ChargesRs. 500/- per NOCNOC to convert from Private to Commercial RegistrationRs. 2000/- per NOCNOC to convert from Commercial to Private RegistrationRs. 2000/- per NOCCharges for changing from fixed to floating rates of interestNot Applicable.Charges for changing from floating to fixed rates of interest1.75% on principal outstanding
Car Loan – Documentation
At ICICI Bank Car Loans, we offer the most convenient, flexible & quick car loan at the click of a mouse. Keeping your convenience in mind, we ask you for minimal mandatory documents for the sanctioning of your car loan.
Income proof: |
Salaried individuals : |
Latest Salary Slip and 2 years Form 16/ Income tax returns. |
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Self-Employed individuals: |
Income Tax Returns of 2 previous financial years. |
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Partnership Firms, Societies & Companies : |
Income Tax returns of 2 previous financial years along with complete financial/audit report. |
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Documents supporting customer information : |
Identity Proof, Signature Proof,Recent passport size colour photograph and Address Proof as per ICICI Bank norms (Our representative will help you choose suitable documents). |
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Other documents: |
Partnership Firms: Partnership deed and Letter signed by all partners authorising one partner to execute the required Car Loans documentation. |
Societies and Companies: Resolution by Board of Directors (or such managing body) & Memorandum & Articles of Association (or Society/Trust deed).
Our representative will help you with the formats of documents and the information required.
Car Loan Application Process
Application Process of your Car Loan
Car Loans from ICICI Bank are extremely convenient, flexible and quick.
Keep It Simple and Swift. That’s the idea behind the easy and quick application process of ICICI Bank Car Loans. We have multiple channels for you to access our car loan services. You can call us on the contact numbers given below, apply online, send us an email, call for our representative to visit you, visit our bank branch or SMS us your interest.
Car Loans
- Our representative will meet you at your convenience to assist you with the documentation and other terms.
- The loan will be disbursed within one day of submitting all the required post-sanction documents.
- If the vehicle is readily available with the dealer, you can get your car as soon as the disbursal is made to the dealer. However ICICI Bank is in no way responsible for car deliveries as they are regulated by the car manufacturer’s delivery schedules.
- You can retain the original Registration Certificate, Invoice and the Insurance Policy. We simply require a photocopy of these documents within 30 days of getting your loan disbursement.
- If you wish to cancel your loan application any time before the loan is disbursed, you may do so by informing the representative who has collected your documents or send us a written request.
- You may contact the nearest ICICI Bank branch for the best deal available on the car of your choice. We have an extensive network of associates offering our loan products too.
- You may also contact us by any of the following options
– Click here to reach our call centre.
– Send an SMS with the message “carloan ” to 5676766, for eg. SMS “carloan mumbai” if you stay in Mumbai.
– Write to us using the “Email Us” option
– Click here to apply online.
Car Loan Repayment
Repayment Terms of your Car Loan
ICICI Bank Car Loans offers flexible schemes, attractive interest rates, and quick & hassle-free application process at the click of a mouse. At the same time, we ensure that the repayment terms are equally convenient for you.
ICICI Bank offers new car loans with fixed interest rate. In Fixed interest rate, the interest rate on the car loan will remain fixed during the tenure of the loan.
Car Loans
- Repayment tenure ranges from 1 year to 7 years for new car loans.
- You may change the tenure of the loan before the loan is disbursed. The interest rate & EMI would change accordingly.
- The repayment due dates for the loan are 1st and 15thof every month and would depend on the date of disbursement. Payment due dates cannot be changed.
- You can make the Payments through post-dated cheques (PDCs)
- Repayment option through Direct Debit Mandates is also available for all ICICI Bank account holders.
- Option of repaying through ECS is also available in select cities.
- Payments through cash or credit cards are not accepted.
- You may change the PDC’s in case your Bank Account is changed . However, we would require verification of signatures by new banker. A nominal fee of Rs.500/- (Swap Charges) would be charged for exchange of cheques.
- A full pre-payment of the loan is accepted. Part pre-payment is not allowed.