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ICICI Bank Car Loan, Interest Rates and EMI Calculator Online May 2019

(Updated on 07.05.2019) ICICI Car Loan EMI Calculator May 2019 – Loansninsurances.com provides a simple tool to calculate Car Loan EMI on the basis of ✓ Interest Rate ✓ Loan Tenure ✓ Processing Fee & more.

ICICI Bank Car Loan – Quick, Easy & Instant Approval Online

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ICICI Bank Car Loan

ICICI bank is the largest private sector bank in India with a network of 2,791 branches and 10,021 ATMs in India. One of the best products of ICICI bank is ICICI bank car Loan, which has earned a great reputation among every car loan borrower. ICICI Bank provides car loans for buying both a new car and a pre-owned car. ICICI bank charges interest rate based on age and segment of car, and product variant like top up, refinance, etc. ICICI bank offers car loan finance up to 100% ex-showroom price of the car. For faster processing and quick approval, borrowers can apply online for ICICI bank Car loan in our Website.

ICICI Bank Car Loan Features

  • ICICI bank car loan up to 100% of ex-showroom price.

  • Maximum car loan tenure up to 7 years.

  • Attractive rate of interest applicable for ICICI bank car loan.

  • Easy and uncomplicated documentation for car loan.

  • Insurance cover for Loan Liability available, repayable along with EMI.

ICICI Bank Provides Varied skillfully Designed loan Products like

  1. ICICI Home Loan
  2. ICICI Personal Loan

ICICI Bank Car Loan Interest Rates

For New Car interest rate is based on factors such as customer relationship, car segment and tenure of loan etc. For old-car interest rate is based on age and segment of car, tenure of loan and product variant like top up, refinance etc. A detail of ICICI bank car loan interest rates and loan tenure is given below:

Tenure of Car Loan

Up to 23 months

24-25 months

36-84 months

Type of Credit Facility

Rate of Interest

New Car Loans

12.75%

12.25%

10.7%

Pre-used Car Loan

15.50%

ICICI Bank Car Loan EMI Calculator

ICICI Bank Car Loan EMI Calculator

Fill Loan Amount, Interest rate & Tenure in Fields & get Instant Calculation for Car loan EMI within seconds.
Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
 
Monthly EMI
Total Amount with Interest
Flat Interest Rate PA
Flat Interest Rate PM
Total Interest Amount
Yearly Interest Amount

ICICI Bank Car Loan Eligibility

  • ICICI bank car loans can be availed by salaried individuals, self-employed professionals and non- professionals.

  • ICICI bank offers car loan for both new cars and pre-used cars.

  • Applicant should meet the eligibility criteria of the bank.

  • ICICI car loan up to 100% of ex-showroom price of the New Car.

  • ICICI car loan up to 80% of the valuation of car with maximum tenure of 60 months.

ICICI Bank Car Loan Documents Required

Salaried Employees

  1. Filled in application form

  2. Photographs

  3. Identity Proof

  4. Address Proof

  5. Age Proof

  6. Bank account statement

  7. Signature Verification Proof

  8. Income Proof – Latest pay slip and Form 16

  9. Employment Stability Proof

Self-employed professionals

  1. Bank account statement

  2. Signature Verification Proof

  3. Business Stability proof

  4. Ownership proof

  5. Income Tax Returns for the last 2 financial years

Self-employed non-professionals

  1. Bank account statement

  2. Signature Verification Proof

  3. Income Tax returns for the last 2 financial years

  4. Financial/audit reports

  5. Business Stability proof

  6. Ownership proof

  7. Partnership deed

  8. Letter signed by all partners authorizing the borrower

  9. For Companies and Societies: Resolution by Board of Directors (or such managing body) and Memorandum and Articles of Association.

ICICI Bank Car Loan Processing Fee

Processing Fees

Gross Loan Amount

Processing Fee Amount

Processing Fee Amount

Up to 2.5 lakhs

₹2,500

2% of loan amount or ₹6,000 whichever is lower

2.5 lakhs to 3.9 lakhs

₹3,500

4 lakhs to 4.9 lakhs

₹4,000

5 lakhs to 9.9 lakhs

₹4,200

Up to 10 lakhs

₹5,000

ICICI Bank Car Loan Prepayment Charges

Prepayment Charges

  • Part prepayment is not allowed for cases with loan taken upto 6 months.

  • 6% of loan amount for cases with loan ranging from 7 to 12 months.

  • 3% of loan amount for cases with loan seasoning above 24 months.

  • Minimum amount that can be part prepaid should be equivalent to one Equated Monthly Installment (EMI)

  • Maximum amount that can be part prepaid should be 25% of principal outstanding.

  • Part prepayment is allowed only twice during the loan tenure and once during a year.

Foreclosure Charges

  • 5% on principal outstanding or interest outstanding for unexpired period of loan.

ICICI Bank Car Loan FAQs

1) How is the interest calculated on ICICI bank car loan?

ICICI bank car loan interest rate is calculated on a monthly reducing balance basis.

2) Who can be the co-applicants for ICICI bank car loan?

You can include your spouse or any blood relative staying in the same residence as a co-applicant for the car loan.

3) Do I need to provide a personal guarantor to avail the loan?

You can provide if you want but it is not mandatory to provide a personal guarantor for ICICI car loan.

4) What security/collateral do I have to provide?

No additional security/collateral needs to be provided, apart from the car being hypothecated to ICICI Bank.

5) What are the loan tenure options available for ICICI bank car loan?

ICICI bank loan tenure ranges from 1 year to 7 years for new car and up to 5 years for pre-owned cars.