Repayment Terms of your Car Loan

ICICI Bank Car Loans offers flexible schemes, attractive interest rates, and quick &  hassle-free  application  process  at the  click of a  mouse. At the same time, we ensure that the repayment terms are equally convenient for you.

ICICI Bank now offers new car loans with fixed and floating interest rate options. In Fixed interest rate, the interest rate on the car loan will remain fixed during the tenure of the loan. Under Floating interest rate, the interest rate on the car loan taken from ICICI Bank by the customer will be linked to ICICI Bank Floating Reference Rate (FRR), which will be reviewed every quarter by the bank. FRR will go up or down depending upon the various factors that affect interest rate on a loan. Effective interest rate to the customer will thus vary during the tenure of the loan according to changes in FRR. ICICI Bank offers only fixed rate option for used car loans.

Car Loans

	Repayment tenure ranges from 1 year to 6 years for new car loans.
	Maximum loan tenure for used car would depend on the age of the car. The car should not be more than 8 years old at the time of maturity of the loan.
	You may change the tenure of the loan before the loan is disbursed. The interest rate & EMI would change accordingly. The repayment due dates are 5th and 10th of every month and would depend on the date of disbursement. Payment due dates cannot be changed.
	You can make the Payments through post-dated cheques (PDCs)
	Repayment option through Direct Debit Mandates is also available for all ICICI Bank account holders.
	Option of repaying through ECS is also available in select cities.
	Payments through cash or credit cards are not accepted.
	You may change the PDC's in case your Bank Account is changed . However, we would require verification of signatures by new banker. A nominal fee of Rs.500/- (Swap Charges) would be charged for exchange of cheques.
	A full pre-payment of the loan is accepted. Part pre-payment is not allowed.
	We charge Rs.200/-per bounced cheque.

 

Note: All charges are subject to Service Tax as applicable.

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