Car Loans


ICICI Bank Carloans


Car Loans

click here for instant e-approval


What are the loan tenure options?

The tenure of the loan could range from one to five years for new cars.

What are the lending rates?

The lending rates vary on the basis of discounts, which are offered by manufacturers and dealers. ICICI Bank has a tie-up with most of the manufacturers and authorised dealers and our sales team will help you negotiate the best deal on your car loan.

How is the interest charged/calculated?

Interest is calculated on a monthly reducing balance basis.

Do I have to pay any additional charges?

Please click here to know the existing service charges.

How do I approach ICICI Bank for a Car Loan?

You can approach us in any of the following ways

How much time will it take for my loan to be approved?
The loans are generally approved within 24 hours of submission of complete documentation.

Who can be the co-applicants for the loan?

Your spouse or any blood relative staying in the same residence can be a co-applicant.

Is a personal guarantor a must?

No, a personal guarantor is not a must.

What security/collateral do I have to provide?

No additional security/collateral needs to be provided, apart from the car against which the loan is granted, being hypothecated to ICICI Bank.

If I do not meet all the criteria for the loan, can I still avail of a loan?

Yes, it is possible for you to avail of a loan even if you do not meet all the criteria, at the discretion of ICICI Bank.

You can approach us in any of the following ways

How do I repay the loan?

The loan can repaid through post dated cheques drawn on ICICI Bank Ltd. Alternately, if you have a Bank account with ICICI Bank, you can issue a direct debit mandate, to your existing ICICI Bank account or even opt for an ECS option for the repayment.

Can I prepay my loan?

We charge prepayment fee of 5% on the outstanding principal amount,Service Tax will be charged as applicable.

What is a Monthly Reducing Balance?

In the case of monthly reducing balance method, the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month.

What is an Annual Reducing Balance?

In the case of annual reducing balance method, the principal gets reduced at the end of the year and the interest is calculated on the outstanding principal at the end of the year.

Do I need to open an account with ICICI Bank for availing and/ or servicing the loan?

We will encourage you to start a banking relationship with us so that we will be able to offer host of other value added services, which are complementary to the loan, however opening an account with us is not mandatory.

What are the stages involved in availing a loan?

The stages involved are:

  • Application
  • Processing
  • Documentation
  • Sanctioning of the loan
  • Disbursement

Does ICICI Bank have a loan for the car I want?

ICICI Bank car loans are available for almost all passenger cars - new as well as used.

Can I avail of a loan on my existing car?


How can I foreclose my Car Loan / Two Wheeler Loan?

To facilitate prepayment of your Car Loan / Two wheeler Loan Account, you are required to visit a ICICI Bank Asset Servicing (Retail asset operation group ) branch along with the below mentioned documents to complete the prepayment process:

  • Pre-payment Statement
  • Request letter signed by the loan applicant
  • Bank statement reflecting the clearance of the last installment
  • PAN Card (If the closing cash payment is more than Rs.50,000)
  • Vehicle Registration Certificate (R C Book Copy)
  • Vehicle Insurance Copy
  • Mode of payment can be cash, cheque or demand draft

How can I obtain my un-banked PDC or Security PDCs?

In the event of the applicant's/s' wishes, to procure the post-dated cheques and / or security post dated cheques that remain un-banked at the end of the loan tenure / change of repayment mode; or details of such un-banked post dated cheques and / or security post dated cheques, the applicant/s must make a request for the same, within thirty days of closure of loan / change of repayment mode. If this is not done, ICICI Bank shall have the discretion / responsibility to destroy the un-banked post dated cheques including security post dated cheques without any further notice and ICICI Bank shall not have the obligation to return the same to the Applicant/s.

How do I update my mailing address, mobile number or e-mail ID registered under my loan account?

You may update your mailing address, mobile number or e-mail ID through any of the following modes:
a. Through Internet Banking:

  • Login to with your user ID and password
  • Click on the "Loans" option
  • Click on the "Requests" option
  • Select the option "Request for Address Change" or "E-mail and contact number updation"
b. Through our Customer Care:

Call our 24-hour Customer Care and our executive will be glad to help you. To know the customer care number please click here.

c. At any ICICI Bank branch:

Visit any ICICI Bank loan branch with a valid photo ID proof and submit an application.