New & Used Car Loan 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, Car Loan amount, its duration and RBI Repo Rate. The interest rate on a Car Loan is not directly influenced by the car type, although it may be impacted by the car price. Our Car Loan interest rates are among the lowest in the market.
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.
Used Car: Interest rate is based on customer relationship, age and segment of car, product variants like Purchase, Top up, Refinance, etc.
Car Loans - Indicative lending rates effective from 1st January, 2024
|Tenure of credit facility
|New Car Loans
|10.20% onwards based on CIBIL score and car segment
|9.10% onwards based on CIBIL score and car model.
|Used Car Loans
|11.25 % onwards based on CIBIL score and car segment
When you are applying for a Car Loan, it is very important to understand the factors that influence interest rates.
Here is a brief overview to guide you:
1. Credit Score: Your credit history plays an important role. A higher credit score can lead to lower interest rates as it indicates a lower risk to the lender.
2. Loan Amount and Tenure: The amount you borrow and the loan tenure also affect the rate. Generally, a higher loan amount or a longer tenure might attract higher interest rates.
3. Type of Car: The interest rate can vary depending on whether you are buying a new car or a pre-owned car. New cars often have lower interest rates compared to pre-owned cars.
4. Income Level and Stability: Your income and job stability reassure lenders of your repayment capacity, potentially affecting your interest rate.
5. Market Conditions: Economic factors and RBI policies can influence Car Loan interest rates.
ICICI Bank offers competitive interest rates, ensuring your dream car is within your reach. Be sure to gather all necessary documents and understand your eligibility criteria for a smooth loan application process.
A 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 rate will stay constant for the entire duration of the Loan. Market changes will have no effect on the fixed interest rates.
The Car Loan Interest Rate for ICICI Bank customers will be as per the above table.
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