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Key Features of ICICI Bank Car Loan

Some notable features of ICICI Bank New Car Loans are:

  • Minimal documentation
  • Longer loan tenure up to 7 years
  • Financing for up to 100% of on-road price
  • Low processing fee

ICICI Bank Car Loan Fees & Charges

Here are some of the main fees and charges accompanying the ICICI Bank’s New and Used Car Loans:

ChargesNew Car LoanUsed Car Loan
Non-Refundable Loan Processing FeeRs.3,500 to Rs.8,500 (depending on car segment)Lower of 2% of loan amount or Rs.15,000
Late Payment Charges2%/month on outstanding installment amount
Loan Cancellation ChargesRs.3,000 per loan
Used Car Valuation ChargesRs.800 + applicable GST
Prepayment ChargesLower of 5% on interest or % on principal due for remaining loan tenure
Part Pre-payment Charges6% + GST on amount being prepaid, subject to conditions
Prepayment Statement ChargesRs.200/statement
Amortisation Schedule ChargesRs.500/schedule
Documentation ChargesRs.550 + applicable GST
Stamp DutyAt actuals
Bounce ChargesRs.500/transaction
Account Statement ChargesRs.200/statement
Legal Repossession/Incidental ChargesAt actuals

ICICI Bank Car Loan Eligibility

To be eligible for an ICICI Bank New or Used Car Loan, applicants must adhere to the following criteria:

  • Applicant must be a salaried or self-employed individual (professional or non-professional).
  • Must provide proof of income stability

You can find more about Car loan eligibility here!.

Documents Required for ICICI Car Loan

Following are the documents to be furnished to apply for the ICICI Bank New or Used Car Loan:

Salaried Applicants

CategoryDocuments Required
Application FormDuly filled-in application form
KYCAddress proof, ID proof, age proof, and photographs
Bank StatementsSignature Verification
Income ProofForm 16 or latest salary slip
Other DocumentationProof of employment stability

Self-employed Professionals

CategoryDocuments Required
Application FormDuly filled-in application form
KYCAddress proof, ID proof, age proof, and photographs
Bank StatementsSignature Verification
Income ProofIncome Tax Returns for last 2 years
Other DocumentationProof of business stability/ownership

Self-employed Non-professionals

CategoryDocuments Required
Application FormDuly filled-in application form
KYCAddress proof, ID proof, and age proof
Bank StatementsSignature Verification
Income Proof
  • Income Tax Returns for past 2 years
  • comprehensive audit/financial report
Other Documentation
  • Proof of business stability/ownership
  • Partnership Deed & letter signed by all partners giving authority to one partner
  • Memorandum/Articles of Association & Resolution by Boar of Directors

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