The tenure of the loan could range from one to five years for new cars.
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.
Interest is calculated on a monthly reducing balance basis.
Please click here to know the existing service charges.
Your spouse or any blood relative staying in the same residence can be a co-applicant.
No, a personal guarantor is not a must.
No additional security/collateral needs to be provided, apart from the car against which the loan is granted, being hypothecated to ICICI Bank.
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
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.
We charge prepayment fee of 5% on the outstanding principal amount,Service Tax will be charged as applicable.
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.
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?
The stages involved are:
ICICI Bank car loans are available for almost all passenger cars - new as well as used.
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:
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.
You may update your mailing address, mobile number or e-mail ID through any of the following modes:
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.