ICICI Car Loan

I have read the Privacy Policy & Agree to Terms & Conditions and authorize Dialabank & its partner institutions to Call or SMS me with reference to my application.

Buy your dream Car

Rates as low as 7.35%*
Up to 100% Funding
Doorstep Service
Hassle-free Disbursal
Unbiased Experts Advice

ICICI Car Loan Key Features – Jan 2021

ICICI Car Loan Interest Rate 7.50%* per annum
Min Loan Amount ₹ 1,00,000
Max Loan Amount
(Loan to Value)
Loan up to 80% of On Road Price
or 100% of Ex-showroom Price
Loan Tenure Up to 7 Years
Lowest EMI / Lac ₹ 1,624
Minimum Net Monthly Income ₹ 20,000
Minimum ITR for Self Employed ₹ 2,00,000
Age Criteria Salaried: 18 years to 65 years
Self Employed: 18 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing Fee 0.40% of the principal amount
Foreclosure Charges Up to 5%
Basic Documentation Car quotation, Salary Slip, ID Proof, Address Proof, and Bank Statement

About ICICI Car Loan

ICICI Bank has formed 26 years ago in 1994 with a registered office in Vadodra, Gujrat, and a Corporate office in Mumbai, Maharashtra.
ICICI Banks stands in the Big Four Banks In India with subsidiaries in the UK and Canada with branches present in more than eight countries.
ICICI Bank has more than ten subsidiaries present across the nation and has more than 85,000 employees.

ICICI Bank provides Car loans to its customers for fulfilling their dream of buying their car at a reasonable Rate of Interest.

Advantages of ICICI Car Loan

ICICI Car Loan

ICICI Car Loan Eligibility

Salaried Individual
  • Age – 18-65 years of age
  • Employment Duration – More than one year
  • Income Eligibility – Present Form 16 and Salary Slip
  • Net Monthly Income – should be a minimum of ₹ 20,000
Self-Employed Individuals
  • Age – 18-65 years of age
  • Minimum ITR  – Rs. 2 Lakh or more depending on the car variant.
  • Employment Duration – >3 years
  • Income Eligibility – Based on ITR
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs.2 Lakhs
  • Employment Duration – A Minimum of 3 years
  • ITR and Audited Documents of Previous 2 Financial Years.
Priority Customers
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last two quarters
  • Average Quarterly Balance – Minimum Rs.1 lakh for the last two quarters

ICICI Car Loan Interest Rate, Fees, and Charges

Charges New Car Loan Used Car Loan
Interest Rate      7.50% p.a. to 11.30% p.a.     14.80% p.a. to 16.80% p.a.
Processing fee 0.40% of the principal amount From Rs. 8500
Issuance of Duplicate Repayment Schedule Charges From Rs.550 From Rs.550
Foreclosure Charges 5% of the principal outstanding 5% of the principal outstanding
Penal Interest Not applicable Not applicable
Part Payment charges 5% of the paid amount 5% of the paid amount
Cheque/Instrument Swap Charge From Rs.550 From Rs.550
Documentation Charge From Rs.550 + GST From Rs.550 + GST
Issuance of Duplicate ICICI car loan No Due Certificate Charges From Rs.450 From Rs.450
Registration Certification Collection Charge From Rs.450 From Rs.450
Cheque Bounce/Instrument Return Charges From Rs.550 From Rs.550
Issuance of Duplicate Statement Charges From Rs.550 From Rs.550
Loan Cancellation/Re-booking Charges 5% + GST 5% + GST
Issuance of Credit Report From Rs.100 From Rs.100

How to Increase Your Eligibility for ICICI Bank Car Loan

  • Opt for a shorter tenure – When you opt for a shorter tenure to repay the money, the EMI that you will be paying each month will be higher. This will be an indication of your higher repayment capacity which will build a sense of confidence in you. So, if you wish to boost your eligibility for a car loan, you can opt for a shorter repayment tenure.
  • Keep your credit score in check – If you wish to increase your eligibility for an ICICI Bank car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score. Checking your credit score regularly will allow you to take corrective measures to improve it if your score is low or if it gives you the confidence to approach the bank if it is high.
  • Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you have a good balance between your earnings and your spendings. Before banks decide to lend to you, they will check the percentage of your earnings that goes into paying your debts and a low debt-to-income ratio will indicate your high repayment capacity. To enhance your eligibility for a car loan, you should ensure that you maintain a low debt-to-income ratio.
  • Apply for a loan for a lower amount – By applying for a loan for a lower amount, you can increase your eligibility for an ICICI Bank car loan. A lower loan amount means that the loan will be repaid faster. Therefore, the chances of you being eligible for a loan are higher.

Factors Affecting ICICI Bank Car Loan Eligibility

The eligibility for availing an ICICI Bank car will depend on the below-given factors:

  • Income – If your income is on the higher side, there is a good chance that your eligibility for an ICICI Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for an ICICI Bank car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount – Your eligibility for a car loan from HDFC will be higher if you apply for a lower loan amount as if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan.
  • Repayment tenure – Choosing a longer repayment tenure can decrease your eligibility for a car loan. It might give an impression to the bank that you do not possess the ability to pay the loan. This is because longer repayment tenure results in lower EMIs and the lender will think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
  • Credit score – This is an important factor that every bank, including ICICI Bank, considers when finding out your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and your eligibility will be much higher.
  • Relationship with the bank – As stated earlier, ICICI Bank offers instant car loans to their existing customers through the ZipDrive feature which allows ICICI Bank customers to can avail of loans instantly, at their convenience, with very few documents required. This indicates that your relationship with the bank is an important factor while determining your eligibility.

ICICI Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof

 

(Any 1)

Voter ID
PAN Card
Aadhar Card
Passport
Address Proof

 

(Any 1)

Electricity Bill
Aadhar Card
Driving License
Date of Birth Proof

 

(Any 1)

Birth Certificate
Aadhar card
High School Marksheet
Signature Proof

 

(Any 1)

Banker’s Verification
Passport
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last three months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Aadhar card
PAN Card
Passport
Address Proof (Any 1) Electricity Bill
Rent Agreement
Utility Bill
Driving License
Date of Birth Proof (Any 1) Birth Certificate
Passport
High school Mark Sheet
Driving Licence
Signature Proof (Any 1) Bankers Verification
PAN
Income Proof Form 16 and Salary Slips
Bank Statement Bank statement of the previous three months
Employment Continuity Proof Current Account Statement
Shop & Establishment Act Certificate
Sales Tax or VAT Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Shop & Establishment Act Certificate
Telephone Bill/Electricity Bill
SSI or MSME Registration Certificate
Registered Lease Document and utility bills of the same

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) PAN Card
Aadhar Card
Passport
Address Proof (Any 1) Passport
Driving License
Electricity Bill
Income Proof P&L Account and ITR for at least last 2 Years
Balance Sheet Audited
Bank Statement Bank statement of the previous two months at least
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous two years
Bank Statement Bank statement of last three months
Business Continuity Proof SSI or MSME Registration Certificate
Shop & Establishment Act Certificate
Sales Tax or VAT Certificate
Current Account Statement
Additional documents
PAN Card
List of Directors and Shareholding Partners
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

ICICI Car Loan EMI Calculator

Know your EMI even before being sanctioned for the loan by using ICICI car loan Calculator provided below:

Car Loan EMI Calculator

ICICI Car Loan Types

ICICI Bank provides an extended range of loans to choose from depending on your needs; some of them are:

  1. New Car Loan –  Provides credit to the applicant who is willing to buy a brand new car and gives the tenure of as long as seven years.
  2. Used Car Loan – You can buy any used car with all necessary documents using an ICICI used car loan with a tenure of 5 years.
  3. Loan Against Car – Use your car as security and get a loan against it for quickly allocating essential funds.

ICICI Car Loan Pre Calculated EMI

How to Apply for ICICI Car Loan?

  1. Go on to Dialabank and fill the form with your details.
  2. Get free guidance from our well-trained Relationship Manager towards your loan.
  3. Get to choose from various options available in the market.
  4. Dialabank provides the best deal on Car Loans based on your personal needs.

Tips to decide the right amount of EMI

  • Ascertain the amount you need to borrow: It is important that before approaching a bank for a loan, you inform them about the amount of loan you need to borrow. Limit your loan amount after accounting for your own available funds. Furthermore, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans can result in huge interest outgo.
  • Review your current obligations: Before taking a loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you to estimate the amount of EMI which you will be able to pay comfortably after taking into account other obligations. Once you arrive at the EMI, you can also decide on the right loan tenure.
  • Calculate your ICICI Bank car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. ICICI Bank provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property by their own money
  • Multiplier-based loan amount eligibility – ICICI Bank also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating a loan eligibility used by banks. Usually, it is 2.5 to 3 times the annual salary for salaried individuals and 6 times the annual income for self-employed professionals. The multiplier depends on the bank’s internal categorization of your company that is based on its reputation, stability, size, and growth in turnover.
  • FOIR based loan amount eligibility – ICICI Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Generally, banks lend up to a maximum FOIR of 0.50. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. ICICI Bank’s assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short-term loans to improve your eligibility.

The car loan EMI – EMI changes in case of prepayment

In case you prepay your vehicle loan, a small penalty is issued. Prepayment in ICICI Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. ICICI Bank gives you two options:

  • Reduce your loan tenure and keep EMI on your car loan unchanged
  • Reduce the amount of EMI and keep your loan tenure the same

ICICI Car Loan for Top Selling Cars

Other Available Products from ICICI

How to Calculate EMI on ICICI Bank Car Loan

Before you avail of a car loan from ICICI Bank, you should know how much amount you will be paying every month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

You can calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.

You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

Compare ICICI Car Loan With Other Banks In India

Car loan Banks Interest Rates EMI per Rs 1 lakh for 7 Years
Bank Of Baroda Car Loan 8.80% – 10.55% Rs. 1,599 – Rs. 1,689
Canara Bank Car Loan 8.70% – 9.35% Rs. 1,594 – Rs. 1,627
Corporation Bank Car Loan 8.75% – 9.50% Rs. 1,596 – Rs. 1,634
HDFC Bank Car Loan 8.50% – 11.25% Rs. 1,584 – Rs. 1,725
ICICI Bank Car Loan 8.82% – 12.75% Rs. 1,600 – Rs. 1,806
Union Bank Car Loan 8.85% – 11.85% Rs. 1,601 – Rs. 1,757
SBI Car Loan 8.65% – 9.70% Rs. 1,609 – Rs. 1,645

Other Available Products from ICICI

ICICI Personal Loan ICICI Gold Loan ICICI Home Loan
ICICI Loan Against Property ICICI Two Wheeler Loan ICICI Business Loan

FAQs for ICICI Car Loan

✅ What is ICICI Car Loan?

ICICI Car Loan is a financial product of ICICI bank which provides Loans to the customers for purchasing a Car.

✅ How can I get a Car Loan from ICICI Bank?

You can apply for a Car Loan with ICICI Bank by directly contacting the branch or apply with Dialabank for exciting offers on a Car Loan.

✅ How does ICICI Car Loan work?

ICICI Bank provides Loans to applicants willing to purchase a new car and the car is the only collateral involved in the process. Monthly EMIs are fixed with interest rates being charged on them.

✅ What are the ICICI Car Loan Rates?

7.50% Per Annum is the Minimum Rate of Interest charged by the Bank against the loan.

✅ How to Check the ICICI car loan status?

You can check your Car Loan status by directly entering your Loan details in the “Loan Status” address on the ICICI Bank official website. Or contact your ICICI car Loan Department.

✅ How to Calculate Car Loan Interest in ICICI?

You can easily calculate the Interest as well as the EMI of your Loan by using Dialabank’s EMI Calculator.

✅ What is the maximum loan amount I can avail myself of on a Car Loan from ICICI Bank?

Maximum Loan depends upon the Profile of the applicant and the Price/variant of the car. Whereas, you can get a loan up to 100% value of the ex-showroom price.

✅ What is the loan tenure of the ICICI Bank Car Loan?

Tenure of ICICI bank car Loan can go up to 7 Years.

✅ Can I get a 100% Car Loan from ICICI Bank?

Yes, you can avail 100% Car Loan on the ex-showroom price of the car.

✅How much Processing Fee is applicable on ICICI Car Loan?

0.40% of the principal amount is the basic Processing Fee charged by ICICI Bank on Car Loans.

✅What are the EMI options available on ICICI Bank car loan?

The options available are Step-Up EMI and Balloon EMI.

✅What are the ICICI Car Loan Prepayment charges?

Up to 5% of the outstanding amount can be charged as Foreclosure Charges on Prepayment of the loan and to know the ICICI car loan foreclosure process you can contact the bank.

✅Can I get a top-up loan on my existing ICICI Bank car loan?

Yes, ICICI Bank provides an option of a Top-up Loan on ICICI Bank Car Loan for existing customers.

✅Do I need to provide a guarantor to avail myself of a car loan from ICICI Bank?

No, ICICI Bank Car Loan Doesn’t require any guarantor.

✅How to get ICICI Bank Car Loan Statement?

Get your ICICI Car Loan statement by logging in to a car loan portal or Get it directly from the branch.

✅How to Pay ICICI Bank Car Loan Interest Online?

Pay your ICICI Bank car Loan online by using Net Banking on ICICI Bank official website.

✅What if I can’t pay the interest on ICICI Car Loan for three months?

The Bank charges around Rs.100 + GST for each EMI not paid on time.

✅How can I apply for EMI Moratorium on ICICI Car Loan?

You can apply for EMI Moratorium by the direct link provided by the Bank through SMS or By visiting the ICICI Bank Official Website.

✅What is the number for ICICI Car Loan agent?

Dialabank is the most reliable Car Loan agent of ICICI Bank so Call us at 9878981166.

✅ How to close an ICICI car loan online?

You can initiate the Loan Closure procedure online but have to visit the branch to finish it.

✅ What is ICICI Car Loan Customer Care Number?

Ring us at 9878981166 for any of your questions.

✅ How can I get an ICICI car loan NOC online?

Follow the following steps to get your ICICI bank car loan NOC online or to place an ICICI car loan NOC request:
> Log in to ICICI Bank’s website with your credentials -> Customer Service -> Service Request -> Product -> Request for NOC.
OR
Visit the nearest ICICI Bank Branch.

✅ What is the ICICI Car Loan closure procedure?

  • Just go to the bank with the documents.
  • Write a letter for pre-closure of the ICICI Car Loan account.
  • Pay the pre-closure charges as per ICICI Car Loan.

✅ What are the ICICI Car Loan preclosure charges?

ICICI Car Loan preclosure charges are up to 5%+ GST.

✅ What is the ICICI Car Loan maximum tenure?

The ICICI Car Loan’s maximum tenure is 7 years.

✅ What is the ICICI Car Loan minimum tenure?

The ICICI Car Loan minimum tenure is 1 year.

Table of Contents

Menu