Auto Loan
ICICIDirect offers Car Loans through ICICI Bank, finance up to 100% of on-road price of the car, with attractive interest rates and tenure up to 7 years..
loan
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New Car Loan
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Loan against Car
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Smart EMI
New Car Loan
Turning your dream into reality is now easy. Own your favourite car that you have always dreamt with attractive features of ICICI Bank Car Loans
New Car Loan Features:
- Loan up to 100% of on road price
- Loan tenure up to 7 years
- Attractive rate of interest
- Easy documentation
- Insurance cover for Loan Liability available, repayable along with EMI
Loan against Car
Refinance
Refinance refer to granting loan on an existing car which is not hypothecated to any bank/financial institution or is hypothecated but with nil outstanding. Maxx refinance is up to 140% of car valuation
Refinance Features:
- Attractive rate of interest
- Ease of Documentation
- Faster processing
Top up
Additional top-up loan can be provided to existing Car Loan Customers of ICICI Bank. These loans can be used for any additional requirements such as business development,Wedding, Personal engagements, Home Renovation.
Top up Features:
- Attractive rate of interest
- Ease of Documentation
- Faster processing
Smart EMI
Own your Car with Smart EMI
We at ICICI Bank Car Loans in association with Tranzlease are proud to introduce SMART EMI for your dream car.
With SMART EMI, your car ownership really becomes interesting.
Under traditional Auto Loan, you are investing in a depreciating asset, along with that, you bear the risk of fluctuating insurance cost,
unforeseen maintenance expenses and also bear the risk of resale value - ultimately your cost of ownership increases substantially.
However, under SMART EMI programme, you only have the Equated Monthly Instalment (EMI) which is inclusive of everything starting
from full tenure insurance, maintenance and risk protection. Also, the estimated resale value of the car is deducted upfront to lower
your EMI – at the end of the tenure you can choose either the buy or surrender option based on your preference along with attractive
bonus payments.
Benefits of SMART EMI:
- Lower EMI versus same tenure Auto Loan
- All-inclusive EMI with full tenure insurance and maintenance
- No more unbudgeted and unforeseen expenses
- No more risk of resale value
- No more investing in depreciating assets
- Automotive experience
Interest Rates
ICICI Bank offers new car loans with fixed interest rate. In fixed interest rate, the interest rate on the car loan will remain fixed during the tenure of the loan.
New Car
Interest rate is based on factors such as customer relationship, car segment and tenure of loan etc.
Documents Checklist
Car Loans FAQs
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What are the Interest Rates for Car Loan?
Car Loans - Indicative lending rates effective from Jan 01, 2016
Tenure of credit facility Up to 23 months 24-35 months 36-84 months Type of credit facility Rate of interest New Car Loans 12.75% 12.25% 12.75% -
How do I repay the Car loan?
The loan can repaid through Post Dated Cheques drawn on ICICI Bank Ltd. Alternately, if you have a Bank account with ICICI Bank, you can issue a direct debit mandate, to your existing ICICI Bank account or even opt for an ECS option for the repayment.
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What is a Monthly Reducing Balance in Car Loan?
In the case of monthly reducing balance method, the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month.
- What is pre-approved Auto Loan?
Pre-approved Auto Loan from ICICI Bank is offered to our existing customers on the basis of the existing relationship with the bank. It is offered to selected customers. Customers having pre-approved offers are eligible for the LOAN AMOUNT (in lacs) and tenure as per the offer available.
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What are the documents I need to submit, if I have pre-approved offer?
You just need to submit one application form along with one recent coloured photograph, KYC documents, Performa Invoice of the car and Disbursement Kit.
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What is the maximum LOAN AMOUNT (in lacs) and tenure for pre-approved car loan?
Maximum LOAN AMOUNT (in lacs) and tenure shall depend on the offer available. You can avail of lower LOAN AMOUNT (in lacs) or tenure as per the cost of car. You will get loan up to 100% of on road price of the car, if the same is within the range of the offer amount.
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What are the lending rates for Car Loan?
The lending rates vary on the basis of car models and tenure selected.
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Can I avail of a loan on my existing car?
Yes.