Car Loan

Service Charges

If you are looking for flexible schemes, quick processing of your loans, attractive interest rates at the click of a mouse, then your search ends here. ICICI Bank Car Loans is the Most Preferred Financier for car loans in the country and offers you all the above with unbelievable ease.

Description of Charges*	Charges Amount
	New Car		Used Car
	Non Refundable Loan Processing Fees	Asset Segment/ Price Band	Processing Fee Amt	Processing Fee Amt
		Entry /C	₹ 3,500	2% of loan amount or ₹15,000 whichever is lower
		Mid Lower/ B	₹ 4,500
		Mid Upper / B+	₹ 6,500
		Premium /A	₹ 7,000
		Luxury / A+	₹ 8,500
Documentation Charges	₹ 550 + GST
Registration Certificate Collection Charges	₹ 450 + GST
Stamp Duty	Actuals
Prepayment Charges	5% on principal outstanding or interest outstanding for unexpired period of loan (whichever is lower)
Part Pre payment charges*	6% + GST on amounting getting part prepaid subject to the below conditions Minimum prepayment will be equivalent to 1 EMI amount Maximum prepayment will be equivalent to 25% of principal outstanding Prepayment is allowed only twice during the loan tenor with a gap of 12 months.
Charges for late payment of loans	2% per month on the outstanding installment
Swap Charges	₹ 500 per transaction
Bounce Charges	₹ 500 per transaction
Amortisation Schedule Charges	₹ 500 per schedule
Statement of Account Charges	₹ 200 per statement
Prepayment Statement Charges	₹ 200 per statement
Duplicate No Objection Certificate (NOC)/No Due Certificate (NDC) Charges	₹ 500 per NOC/NDC
NOC for conversion from Petrol to LPG/CNG	₹ 500 per NOC
Revalidation of NOC Charges	₹ 500 per NOC
NOC to convert from Private to Commercial & Commercial to Private Registration	₹ 2,000 per NOC
Valuation charges for Used Car	₹ 800 + GST
Loan Cancellation Charges	₹ 3,000 per loan
Legal, Repossession and Incidental Charges. (Incidental Charges are those expenses that are not budgeted or specified, but are incurred by the bank on behalf of the customer).	At actuals

Note:

Good Service Tax (GST), Other Government taxes, Levies, etc., will be applicable as per prevailing rates in addition to the above mentioned charges.
The charges or fees given in above table are subject to change and the one recorded in agreement will be binding over the site.
Interest Reset clause: Not Applicable.
*Part pre-payment facility is available only to Salaried customers.
Stamp duty charges shall be extra as applicable
ICICI Bank reserves the right to revise the rate of interest and processing fee from time to time, at its sole discretion

For more information, please visit the nearest ICICI Bank branch or call our Customer Care.

Range of Interest rates for Car Loans

Quarter ended on June- 2019	Minimum	Maximum	Mean
New Car Loan	8.90%	14.50%	9.99%
Used Car Loan	10.75%	17.11%	14.66%

Note:

The range of interest rates provided above is with respect to loans to individuals disbursed during Quarter 1 - FY: 2019-20.
It includes fixed rate of interest and is based on factors such as customer relationship, car segment and tenure of loan etc.
Interest rate for used car loan is based on age and segment of car, tenure of loan and product variant like top up, refinance etc.
It excludes subsidy and government schemes.
Mean rate = Sum of rate of interest of all loan accounts / Number of all loan accounts.

Annual Percentage Rate

The Annual Percentage Rate (APR) is a method to compute annualized credit cost which includes interest rate and loan origination fee.

To calculate the same, please click here to download the APR calculator.

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