Welcome to our support center

How can we help you?

Car Loans

Car Loan

Link

Please click any of the links below or type your query if you don’t see the right option.

Can I foreclose or prepay my Car Loan?

Link

We charge prepayment fee of 5% on the outstanding principal amount and the Goods and Service Tax will be charged as applicable on the pre-payment fee.

To facilitate prepayment of your Car Loan / Two wheeler Loan , you are required to visit an ICICI Bank Asset Servicing (Retail asset operation group ) branch along with the below mentioned documents to complete the prepayment process:

  • Pre-payment Statement
  • Request letter signed by the loan applicant
  • Bank statement reflecting the clearance of the last installment
  • PAN Card (If the closing cash payment is more than Rs.50,000)
  • Vehicle Registration Certificate (R C Book Copy)
  • Vehicle Insurance Copy
  • Mode of payment can be cash, cheque or demand draft

Please note that 18% Goods and Service Tax (GST) w.e.f. July 1, 2017 will be applicable .

How can I foreclose my Car Loan / Two Wheeler Loan?

Link

To facilitate prepayment of your Car Loan / Two wheeler Loan , you are required to visit an ICICI Bank Asset Servicing (Retail asset operation group ) branch along with the below mentioned documents to complete the prepayment process:

  • Pre-payment Statement
  • Request letter signed by the loan applicant
  • Bank statement reflecting the clearance of the last installment
  • PAN Card (If the closing cash payment is more than Rs.50,000)
  • Vehicle Registration Certificate (R C Book Copy)
  • Vehicle Insurance Copy
  • Mode of payment can be cash, cheque or demand draft

How do I update my mailing address, mobile number or e-mail ID registered under my loan account?

Link

You may update your mailing address, mobile number or e-mail ID with below:

  1. At any ICICI Bank branch:
    • Visit any ICICI Bank loan branch with a valid photo ID proof and submit an application.

How do I repay the Car loan?

Link

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.

What are the Interest Rates for Car Loan?

Link

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% 10.75%
Used Car Loans 15.50%

How do I approach ICICI Bank for a Car Loan?

Link

How can I obtain my un-banked PDC or Security PDCs?

Link

In the event of the applicant's/s' wishes: to procure the post-dated cheques and / or security post dated cheques that remain un-banked at the end of the loan tenure / change of repayment mode; or details of such un-banked post dated cheques and / or security post dated cheques, the applicant/s must make a request for the same, within thirty days of closure of loan / change of repayment mode. If this is not done, ICICI Bank shall have the discretion / responsibility to destroy the un-banked post dated cheques including security post dated cheques without any further notice and ICICI Bank shall not have the obligation to return the same to the Applicant/s.

Does ICICI Bank have a loan for the car I want?

Link

ICICI Bank car loans are available for almost all passenger cars - New as well as Pre-Owned.

What is a Monthly Reducing Balance in Car Loan?

Link

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 are the lending rates for Car Loan?

Link

The lending rates vary on the basis of car models and tenure selected.

Can I avail of a loan on my existing car?

Link

Yes.