Bank Name
Interest Rate Range
Processing Fee Range
Loan Amount
Tenure Range

Rate of Interest

  • Floating Rate of Interest : 9.10 % to 15% p.a.

Eligibility Criteria

  • Minimum 21 years of age and maximum 70 years
  • Loan period from 1 year to 7 years
  • Should be either salaried or self-employed and have regular source of income
  • Should have sufficient income to pay EMI on required loan
  • Applicant must be Indian Citizen, in case of NRI or person of Indian origin it should be properly documented

Fees and Charges

  • Processing Fee 0.50%  depends on type and category of borrower
  • Preclosure Charges – Rs 0
  • Part Payment charges- Rs 0
  •  No any other hidden charges

Documents Required

  • KYC- Pan Card, Adhar Card, ID Proof and Address proof
  • ITR with computation for 3 years with Income proof
  • Bank Statement
  • Photograph
  • 2 references

Value Additions

  • Doorstep services
  • E- approvals
  • Part payment allowed

Special Feature

  • No guarantor required
  • No pre-closure or part payment fees
  • Balance Transfer Allowed
  • Top up available

Overview about ICICI Bank

ICICI bank is an Indian Multinational banking and financial services company. It’s headquartered in Mumbai. It is the second largest bank in India. ICICI bank or Industrial Credit and Investment Corporation of India is a multinational bank established in India.It offers banking and financial services to both corporate as well as retail customers globally.Car loans from ICICI Bank are extremely Convenient, flexible and quick.

Your Eligibility depends on following

You should be minimum 21 years old

You should be maximum 70 years old

You should be salaried or self employed

You should have sufficient income to pay EMI on required loan

You can increase your eligibility by doing following

Minimum income required Rs.25,000 per month
EMIs of other loans loweryour eligibility
Pay off your credit card bills
Choose longer tenure loan up to 7 years

Rate of Interest and Other Charges for New Car Loan are following

Rate of Interest:


Tenure of credit facility

Up to 23 months

24-35 months

36-84 months


Type of credit facility

Rate Of Interest


New Car Loans




Existing Loan take over or New Loan

  • ICICI Bank finances up to 100% of the ex-showroom price of the new vehicle making it very convenient for a customer to manage his finances.
  • ICICI car loan tenures can be generally extended up to 7 years for new cars.
  • ICICI car loans are non-refundable loans and the bank charges the following processing fees based on the loan amount taken. The documentation charges remain the same at Rs 350/- for any quantum of loan.
  • ICICI charges 5% of the outstanding principal amount from the car loan or the outstanding interest for the remaining period of the loan, whichever is lower.
  • ICICI bank also levies charges for late payment of monthly instalments and customers are charged 2% of the outstanding loan balance.
  • ICICI bank customers can also take top-up loans on their existing car loans with easy processing of loan applications

Features of Loan

 Features and benefits for ICICI Car Loan

  • Loan amount up to 100% value of ex-showroom price.
  • Comparatively lower rates of interest.
  • As the application process is online, the loan can get approved instantly
  • The period of repayment of the loan amount is up to 7 years.
  • For buying new car, a minimum loan amount of Rs. 1, 00, 000 is offered.
  • The bank offers online application facility of car loan to the borrowers.
  • Through online loan application procedure, the loan is also processed on a faster pace.
  • Top-up facility on the loan amount is also provided to the existing customers.
  • The processing fee on used car is nominal at 2% of the amount of loan or Rs. 6, 000, whichever is lower.

Documents Required for applying Car loan with ICICI Bank

  1. Age Proof (Any one from these)
  • PAN Card
  • Passport
  • Voter ID
  • Aadhaar Card
  • School or College Leaving Certificate.
  1. Identity Proof (Any one from these)
  • PAN Card
  • Passport/Voter ID
  • Aadhaar Card
  • Driving License
  1. Residence Proof (Any one from these)
  • Passport
  • Voter ID
  • Electricity Bill
  • Telephone Bill
  • Life Insurance Policy
  1. Signature Verification Proof
  • PAN Card
  • Passport
  • Aadhaar Card
  • Any Other Documents Supporting Signature Proof
  1. Bank Statement
  • Bank Statement of Last 3-6 Months
  1. Income Proof

                  For Salaried-

  • Salary Slip of Last 3-6 Months.
  • Form 16 of Last 2 years.

                  For Self Employed-

  • ITR of Last 3 Years Profit & Loss A/C Statement
  • Audited Balance Sheet for Last 3 Years