Car Loan Interest Rates
Car Loan Interest rates are expressed as Annual Percentage Rates (APR) and are based on a variety of factors including your income, debt and credit score, value of the vehicle, the amount of the Car Loan, its duration and the RBI Repo Rate. The interest rate on a Car Loan is not directly influenced by the kind of vehicle, although it may be impacted by the car's price. Our Car Loan interest rates are amongst the lowest.
ICICI Bank offers you the best deals for financing your new car at Low Interest Rates, Low EMIs, minimal paperwork and quick disbursement. Apply for a Car Loan now.
- • New Car: Interest rate* is based on Car Segment, CIBIL Score, Customer Relationship, Tenure of Loan, etc
- • User Car: Interest rate* is based on Customer Relationship, Age and Segment of Car, Product Variant like Purchase, Top up, Refinance, etc
Car Loans - Indicative lending rates effective from 15th Apr, 2023
|Tenure of credit facility||12-35 months||36-96 months|
|New Car Loans||10.00% onwards based on CIBIL score and car segment||8.85%* onwards based on CIBIL score and car model.|
|Used Car Loans||11.25 % onwards based on CIBIL score and car segment|
A Car Loan Interest Rate is the Interest Rate charged by ICICI Bank for a loan to buy a car/vehicle. It shows the percentage of principal you will pay each month, in addition to a part of the principal, the sum of which represents your EMI.
If the tenure of your Car Loan is short, the Car Loan Interest Rate will be higher as compared to a longer tenure. If we increase the tenure, the Car Loan repayment is spread over a longer time, thus decreasing the EMI to be paid each month.
The Car Loan interest will be Fixed i.e. The Car Loan interest rate will stay constant for the duration of the loan. Market changes will have no effect on the fixed interest rates.
The Car Loan Interest Rate for pre-approved ICICI Bank customers starts at 7.85% p.a.* and 7.99% p.a.* for non-pre-approved customers.
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