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Features and Benefits

Loan up to 100% of the offer amount
Tenure of up to 7 years
Attractive interest rates
Only KYC documents required

Interest, Documentation and Eligibility

  • Used Car Loan Interest Rates

  • Eligibility Criteria for Used Car Loan

  • Documents Required for Used Car Loan

Interest Rates

  • Interest rates for Used Car Loans are based on the customer’s relationship with the Bank, age of the Car and the segment.
  • The product variant (e.g., Purchase, Top-Up, Refinance) influences the interest rate.
  • Rates start at 11.25% per annum, subject to CIBIL Score and Car segment.
  • Customised rates as per financial profile and vehicle characteristics.
  • Tenure ranges from 12-84 months.

Eligibility Criteria for Used Car Loan

  • You must be an Indian citizen between 21 and 60 years of age.
  • You must have a good Credit Score
  • Your minimum monthly income should be Rs 30,000.

Documents Required for Used Car Loan

  • Identity Proof (Aadhaar Card, PAN Card, Driving Licence or Passport)
  • Address Proof (Utility Bills, Aadhaar Card, PAN Card or Passport)
  • Income Proof (ITR for self-employed individuals, Salary Slips/Form 16 for salaried individuals)
  • Recent Bank Statements, along with valid signature and photographs
  • Proof of ownership of business/business stability for self-employed individuals
  • Employment experience/Income Proof
  • Partnership Deed & Letter signed by all partners authorising one partner as the owner of the vehicle (for the self-employed)
  • Resolution by the Board of Directors (or a similar Managing Body), Memorandum of Association and Articles of Association, for Companies and Societies.

Who can Apply for Used Car Loan ?

Resident Indians only Resident & Non-Resident Indians
Aged between 23 - 60 years Aged between 21 - 54 years
Minimum 4 years of business continuity Minimum 2 years of experience
Must earn minimum Rs 1.75 lakh per annum Must earn minimum Rs 2 lakh per annum

Disclaimer : The products, services and offers referred to herein are subject to the terms and conditions governing them as specified by ICICI Bank from time to time at Nothing contained herein shall constitute or be deemed to constitute an advice, invitation or solicitation to purchase any products/ services of ICICI Bank.

Used Car Loan FAQs

What is a Pre-Owned Car Loan?

A Pre-Owned Car Loan, also known as a Used Car Loan, facilitates the purchase a pre-owned Car, while offering structured repayment plans and competitive interest rates. It ensures that customers fulfil their aspiration of owning a reliable second-hand Car, without straining their budget. 

Can I apply for a Second-Hand Car Loan?

Yes, individuals can apply for a Used Car Loan with ICICI Bank, to finance the purchase of a second-hand Car. With convenient terms, flexible repayment options and efficient processing, these Loans ensure a seamless experience for customers seeking to invest in quality used Cars.

How much time does it take to process a Used Car Loan?

ICICI Bank’s Used Car Loans come with easy documentation and instant approvals, provided the eligibility criteria are met. Once we have received and verified your KYC documents, the Loan will be disbursed within a few minutes. 

What is the maximum Loan Amount and Tenure for a Pre-Owned Car Loan with ICICI Bank?

With ICICI Bank's Pre-Owned Car Loans, customers can avail 100% of the Loan amount as per the Car’s value, subject to certain conditions like creditworthiness, the features of the vehicle being purchased and the submission of KYC documents. Borrowers can choose their repayment plans, as per their financial capabilities.

What is the current interest rate for a Used Car Loan?

ICICI Bank offers competitive interest rates for Used Car Loans, starting from 11.25%* per annum, influenced by factors such as prevailing market conditions, the applicant's credit profile, age of the Car, customer’s relationship with the Bank and the overall economic landscape. 

Why is the Interest Rate of a Second-Hand Car Loan so high?

The interest rate is higher due to several underlying factors such as Used Cars being relatively riskier assets in comparison to new vehicles, due to potential maintenance costs, uncertain vehicle histories and faster depreciation rates. To reduce these perceived risks, higher interest rates are often levied on Pre-Owned Car Loans.