ICICI Car Loan Interest Rates
Last Updated : Jan. 12, 2019, 10:31 a.m.
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ICICI Car Loan Interest Rates at a Glance
| Particulars | Interest Rate | ||
|---|---|---|---|
| New Cars | Pre-owned cars | ||
| Interest Rate | Up to 23 months – 12.75% p.a.; From 24-35 months – 12.25% p.a.; From 36 - 84 months-10.75% p.a. | 15.50% p.a. | |
| Loan Amount | Lesser than ₹2.50 lakhs and maximum ₹ 10.00 lakhs | Loan amount depends upto 80% on the valuation of the car | |
| Tenure | Max. 7 years | Max. 5 years | |
| Processing fees | Gross Loan Amount | Processing fee amount | |
| <2.5 Lakh | ₹ 2,500 | 2% of loan amount or ₹6,000 whichever is lower | |
| 2.5 Lakh to 3.9 Lakh | ₹ 3,500 | ||
| 4 Lakh to 4.9 Lakh | ₹ 4,000 | ||
| 5 Lakh to 9.9 Lakh | ₹ 4200 | ||
| >10 Lakh | ₹ 5000 | ||
| Documentation Charges | ₹ 250 | ||
| CIBIL Report Charges | ₹ 50 | ||
| Registration Certificate Collection Charges | ₹ 200 | ||
| Stamp Duty | Actuals | ||
| Part Prepayment Charges and Terms | Part prepayment of the loan can be done as follows: | ||
| 1. Part prepayment is not allowed for cases with loan seasoning upto 6 months | |||
| 2. 6% of loan amount for cases with loan seasoning of 7 to 12 months | |||
| 3. 5% of loan amount for cases with loan seasoning of 13 to 24 months | |||
| 4. 3% of loan amount for cases with loan seasoning above 24 months | |||
| 5. Minimum amount that can be part prepaid should be equivalent to one Equated Monthly Installment (EMI) | |||
| 6. Maximum amount that can be part prepaid should be 25% of principal outstanding | |||
| 7. Part prepayment is allowed only twice during the loan tenure and once during a year | |||
| Full Prepayment Charges | 5% on principal outstanding or interest outstanding for unexpired period of loan (whichever is lower) | ||
| Charges for late payment of loans | 2% per month on the outstanding installment | ||
| Swap Charges | ₹ 500 per transaction | ||
| Bounce Charges | ₹ 500 per transaction | ||
| Amortisation Schedule Charges | ₹ 500 per schedule | ||
| Statement of Account Charges | ₹ 200 per statement | ||
| Prepayment Statement Charges | ₹ 200 per statement | ||
| Duplicate No Objection Certificate (NOC)/No Due Certificate (NDC) Charges | ₹ 500 per NOC/NDC | ||
| NOC for conversion from Petrol to LPG/CNG | ₹ 500 per NOC | ||
| Revalidation of NOC Charges | ₹ 500 per NOC | ||
| NOC to convert from Private to Commercial & Commercial to Private Registration | ₹ 2,000 per NOC | ||
| Loan Cancellation Charges | ₹ 3,000 per loan | ||
Owning a car has become a necessity in today’s life, especially for daily commuting purposes when you cannot depend solely on metro and buses, taking their own time to make you reach the destination. As these transports remain overcrowded at peak hours when you need to rush for your office or back to home or want to travel places to places for your routine activities, you desirously wish to have your own car. There are so many lenders in the market who give you the best deal, but you want such who can fit in your budget. The interest rate particularly comes in question because it becomes your concern to afford monthly installments from your budget. Apart from several banks, ICICI Bank is one such trustworthy bank that people would like to prefer as it offers an affordable interest rate on your car loan.
ICICI bank commands the trust and integrity among the masses across years by offering convenient interest rates to salaried and self-employed professionals. The bank offers you an interest rate of 12.75% p.a. (for upto 23 months), 12.25% p.a. (from 24-35 months) and 10.75% p.a. (from 36-84 months) for new cars and 15.50% p.a. for pre-owned cars. So, don’t wait further. Get your desired car loan upon successfully meeting the eligibility criteria set by the bank.
ICICI Car Loan Balance Transfer
Gear up yourself for transferring your existing car loan with ICICI bank. ICICI offers balance transfer facility on your car loan if you want to maximize your savings on your ongoing car loan interest rate . If you choose ICICI Car Loan Balance Transfer, you can get the interest rate on the basis of car models and tenure selected. However, you can opt for monthly reducing balance on your car loan which can overcome your worries from paying off your existing car loan monthly installments. So, plan your savings on the car loan and set yourself free from the repayment of loans at the earliest. Visit the branch or apply online for availing the transfer facility of your outstanding car loan with ICICI Bank.
Factors Affecting ICICI Car Loan
There are certain factors which play an important role in helping you avail ICICI Car loan. They are as follows:
1. Credit history
For availing car loan, credit history plays a pivotal role regarding the interest rate you will be charged. Higher credit score will boost up your performance for availing the chances of getting your desired car loan interest rate. Moreover, higher your credit score, higher will be your bargaining power. So, ensure that you have settled all your previous obligations in time in order to avail a good credit score. Your credit score is your reputation which you have with your bank.
2. Income level
Lower the debt-to-income ratio, better your chances will be. This highlights that you won’t have a tough time in repaying your EMI’s. The likelihood of default comes down and hence your bank will have more confidence in your repayment capacity. This increases your chances of availing the car loan at a lower interest rate.
3. Amount of down payment
Higher the downpayment made, lower will be the amount that ICICI bank will have to lend you. As a consequence, the bank’s risk will come down. Moreover, it shows your sound financial position. Also, you may avail the car loan at a lower interest rate from ICICI Bank.
4. Tenure of Car Loan
Availing car loan for your brand new car gives you a maximum tenure of 7 years so that you can comfortably settle your repayments within the pre-decided time frame. On the other hand, the tenure for pre-owned cars is 5 years.
5. Car model and age
Age of your car is another crucial factor while you go for your car loan. It becomes risky for the bank while granting you the loan as your vehicle is seen as collateral and will be hypothecated for the loan tenure. However, the bank considers the car model while estimating the interest rate as the sale of every model may not fetch you the estimated price. Famous car models have a higher resale value as against less prestigious car models. Therefore, the interest rate offered by ICICI Bank for pre-owned cars is 15.50% p.a. whereas for new cars, the rates are available at 12.75% p.a. (for upto 23 months), 12.25% p.a. (from 24-35 months) and 10.75% p.a. (from 36-84 months).
