Check your eligibility for either a new Car Loan or a pre-owned Car Loan with our easy-to-use eligibility calculator

Instantly calculate your monthly payments

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Quick, easy and minimal documentation required

Pre-Owned Car Loan

ICICI Bank also offers pre-owned Car Loans. With faster processing, the ICICI Bank Pre-Owned Car Loan makes it possible to own a wide range of certified/pre-owned cars, conveniently

Feature

  • Insta Car Loan customers can avail a loan with up to 80% of the offer amount
  • Loan tenure can be up to 8 years
  • You get an attractive rate of interest
  • Easy documentation

 

Refinance Car Loan

Refinance refers to granting a loan on an existing car, which is not hypothecated to any bank/financial institution or is hypothecated but has zero outstanding. Maximum refinance that can be availed, is up to 140% of the car’s valuation.

Feature

  • Easy documentation
  • You get an attractive rate of interest
  • Your loan gets processed faster

 

Top-Up Car Loan

Existing Car Loan customers of ICICI Bank can also avail additional top-up loans. These loans can be used for any other requirements such as business development, wedding, personal engagements, home renovation, etc.

Feature

  • Easy documentation
  • You get an attractive rate of interest
  • Your loan gets processed faster

 

Upgrade your Car Loan

As technology advances, car models get better and better. Existing ones get remodelled and new variants are launched quite frequently, making it difficult to resist the temptation to upgrade to a model with the latest technology.

These new models are complemented by various financing schemes offered by ICICI Bank Car Loans, making it easier to upgrade to the car of your choice at an attractive rate of interest.

So when should you upgrade?

  • Warranty of your existing car: Cars these days are pretty good and if you take care of your car properly, then there should not be a need to take advantage of the warranty. However, few people like to have that safety net in place at all times. In this case, they might look to change their car before their coverage expires
  • The finance: With the availability of ICICI Bank Car Loans, upgrade to your favourite car even if your current loan is functional.

 

Car Finder

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SMS CAR to 5676766 to check out available offers
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Popular FAQs

What is a Car Loan?

A Car Loan is extended for the purchase of a passenger four wheeler, be it a new car or a used one. A Car Loan can also be used as a Cash Loan for used cars to support transactions like refinance, top up an existing Car Loan or carry out a balance transfer.

How is a Car Loan application processed?

There are two types of application processes when applying for a Car Loan, one is manual and the other is digital.

The manual process:

  • 1. Customer walk-in
  • 2. Probing is done
  • 3. Scheme and IRR is shared
  • 4. Documents are collected
  • 5. Lead is generated on the Sales CRM
  • 6. Case is introduced through MCAS
  • 7. For pre-approved customers the case moves directly to the operations tray. For non-preapproved customers the case is moved to the credit tray
  • 8. Credit approves the case
  • 9. Post-approval docs are submitted
  • 10. The case is disbursed.

For the digital process please refer to the following video through the mentioned link:

https://icici.cogdam.secureanycloud.com/index/login?key=qk1638163163696qr&partial=true&b=1&e=0

Can I get 100% funding to buy a car?

Yes. Pre-approved customers can avail 100% of the on-road price. However, the on-road price should be equal to or less than the offer amount.

For non-preapproved customers 100% on-road funding is possible basis the merits of the case like income, stability, FOIR, CIBIL and internal checks.

What is the maximum loan amount that can be availed for a new car?

As no upper limit is prescribed for the maximum loan amount, it will depend on the cost of the vehicle. E.g. if the on-road price of a car is 20 lakh a customer can avail 20 lakh depending on the merits of the case.

What is the loan tenure to buy a new car?

The tenure ranges from 12 months to 84 months to secure a loan for a new car.

What is the eligibility criteria to apply for a Car Loan?

Anybody can apply for a Car Loan excluding customers below the age of 18 years, customers declared as defaulter by the RBI and applications from countries excluded by the OFAC.

What is the minimum credit score to get a Car Loan?

Credit score is one of the key factors to get a Car Loan approved. However, it would also depend on other parameters and on the reason why the applicant has a low credit score.

How much down payment needs to be made to buy a car?

The down payment would vary from car to car. However, before the disbursal of a Car Loan a margin money receipt is required from the car dealer.

What are the documents required for a Car Loan?

2 sets of documents are required for a Car Loan:

  • Pre-approval documents
  • Post approval documents.

Pre-approval documents:

  • Photograph
  • Application form
  • Performa Invoice
  • KYC documents (Identification, Address and Signature Verification)
  • Banking documents (Salary Account documents for salaried customers and Current Account documents for entities and the self-employed)
  • Income documents (Salary Slip/ITR/Form 16)
  • Relationship proof in the case of a co-applicant
  • Partnership deed in the case of partnership companies
  • MOA or AOA in the case of companies.

Post approval documents:

  • Agreement Kit
  • Insurance
  • Margin Money receipt
  • Partnership Authority letter in the case of partnership firms
  • Board resolution in the case of companies.
When applying for a Car Loan, is a guarantor required?

This would depend on the merits of the case. Generally, co-applicants are preferred in Auto Loan cases and the Guarantor can be taken if required.

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