ICICI Car Loan - An Easy way to your Dream Car!

ICICI Bank car loans are a very popular option among the masses as they come with good interest rates and flexible EMI options.

To cater the diverse choices of the customers, the bank offers a variety of car brands with the feature of instant loan approval options. The best part about the ICICI Bank car loan is that you can get it approved from anywhere, even from your home and office.

ICICI Car Loan Interest Rates 2025

ICICI bank offers good interest rates for new car loan and used car loan.

They are mentioned below:

• New Car: The Interest rate is based on car segment, CIBIL Score, customer relationship, tenure of loan, etc

• User Car: The Interest rate is based on customer relationship, age and segment of car, product variant like purchase, top up, refinance, etc

Features of ICICI Vehicle Loan

Interest Rate

The ICICI car loan starts from 9.00% p.a. interest rate up to a tenure of 35 months. It offers an interest rate of 8.50% p.a for 36-84 months. It comes with minimal processing fees.

Sanction of Loan

You can get an instant sanction letter after applying for the loan. However, you need to submit all the necessary documents beforehand.

Dream Car

ICICI bank offers a feature called Car Finder, where you can find your dream car with sortings like By EMI, By Brand and By Price. This will guide you to buy a vehicle of your preference.

Loan Processing Charges

The processing charges for various price bands under the loan is available.

It is mentioned below:

Other Charges

Other charges are mentioned below:

Types of ICICI Bank Car Loans

The ICICI car loan is a great option to choose if you are looking to buy your dream car. It comes with three products - namely Insta Car Loan, Insta Money top Up and, Insta Refinance.

1. Insta Car Loan

Insta Car Loan is tailored for the existing customers of the bank. You can send an SMS from your registered mobile number to the bank at 5676766. A pre-approved Car loan customer will be able to generate an approval letter online with the following steps:

• Log into Internet banking
• Go to Car Loan Pre-approved through offers widget
• Select manufacturer details
• Accept the offer
• Generate approval letter
• Go to the nearest ICICI bank branch
• Submit the disbursal kit

2. Insta Money Top Up

This car loan option is for those who require a top-up loan on their existing car loan with the bank. You will get instant disbursal of the loan. There will be no requirement of additional documentation. The repayment tenure for the loan is up to 36 months.

ICICI Used Car Loan / Pre-Owned Car

The bank offers a wide Range of certified pre-owned cars, along with fast processing procedure. Some of the key features of Pre-Owned Car Loan are as follows-

Loan Amount and Tenure

It offers a car loan up to 100% of the on-road price. The loan repayment tenure is up to 5 years.

Processing Fees

The processing fees depend on two things when it comes with a pre-owned car loan. You will be required to pay 2% of the loan amount you are applying for or Rs. 15,000, whichever is lower will be applied as processing fees.

Documentation Charges

The documentation charge is Rs. 550 along with GST.

Rate of Interest

The rate of interest for used car loans is 12.00% p.a.

Documents Required for ICICI Car Loan Approval

Mentioned below are the documents required for receiving loan sanction-

Salaried Individuals

• Application form
• Photographs
• Identity Proof
• Address Proof
• Age Proof
• Bank statements
• Signature verification
• Latest Salary Slip/Form 16
• Employment Stability Proof

Self-Employed Professional

• Application Form
• Photographs
• Identity Proof
• Address Proof
• Age Proof
• Bank Statements
• Signature Verification
• Incomes Tax returns of two previous financial years
• Business stability proof/Ownership proof

Self-employed Non-professional

• Application Form
• Identity Proof
• Address Proof
• Age Proof
• Bank statement
• Signature Verification
• Income Tax Returns o two previous financial years along with financial/audit report
• Business stability/ownership proof
• Partnership Deed and letter signed by all partners authorising one partner
• Companies and Societies: Resolution by Board of Directors and Memorandum and Articles of Association.

Car Loan EMI Calculator

The car loan emi calculator is a quick and simple solution to pre-plan your loan. It helps in balancing your inflow and outflow of money so that you don’t run short of money. A card loan calculator is a formula box with three inputs, namely-

• Loan Amount
• Loan Tenure
• Interest Rate

Once you fill in the details, the calculator will tell you the EMI (Equal Monthly Installment) amount that you will need to give to the bank every month, to repay your debts.

ICICI Bank Car EMI

ICICI Bank offers some great options when it comes to the EMI scheme. They are mentioned below:

1. Step-up EMI

This is an EMI option to help you not compromise with your personal financial growth. It allows you to opt for lesser EMI payment at the beginning of the payment and you can gradually increase the EMI amount. It allows you to take into account your career growth.

2. Balloon EMI

You can avail the benefit of paying low EMI option at the beginning for the loan tenure with the balance included in the last EMI. This will allow you to pay a lower amount during most of your loan tenure. Your eligibility will be calculated on the Basis of your current Income and is assessed income in future. It is ideal for those with variations in their income and desire lower monthly expenses.

ICICI Car Loan Customer Care Number

You can contact the bank on their national toll-free number - 1600 229191 or SMS CV to 5676766 to help the bank get in touch with you immediately.

Conclusion

ICICI car loan is widely liked by the audiences. However, make sure to read all loan-related documents carefully before applying for the loan.