ICICI Bank Used Car Loan

ICICI Bank provides a used car loan designed to make the purchase of a pre-owned vehicle straightforward and hassle-free. The ICICI Bank Pre-owned Car Loan provides competitive interest rates and flexible repayment options of up to 7 years.

Whether you are looking for a new vehicle or buying your first car, this loan simplifies the process and makes it more affordable. With simple eligibility criteria, minimal documentation, and quick approval, ICICI Bank’s used car loan serves as a convenient financing option.

ICICI Bank provides affordable used car loans with competitive interest rates and straightforward processing. The rates depend on your CIBIL score, the type of car, and your financial profile. You need to meet the eligibility criteria and submit the required documents. The table below shows the applicable interest rates and processing charges:

Disclaimer: The details mentioned above are subject to change at the lender’s discretion.

The ICICI Bank Used Car Loan EMI calculator is a simple online tool to check your monthly EMI. Enter the loan amount, interest rate, and tenure to get an instant result. It helps you understand how much you need to pay each month and manage your budget efficiently.

Adjust the values to compare different EMI options before you apply for the loan.

Apart from interest rates and processing fees, there are a few additional charges you need to be aware of. These include part prepayment fees and service charges, among others. Service charges depend on how long you have held the loan and the method you use to request documents.

Disclaimer: The details mentioned above are subject to change at the lender’s discretion.

To apply for a used car loan from ICICI Bank, you need to meet the following criteria:

For Salaried Individuals

• Resident and Non-resident Indians
• Age between 21 and 54 years
• Minimum 2 years of work experience
• Minimum annual income of ₹2 Lakhs

For Self-employed Individuals

• Resident Indians only
• Age between 23 and 60 years
• Minimum annual income of ₹1.75 Lakhs
• Minimum 4 years of stable business continuity

Here’s a list of documents needed based on your employment type:

For Salaried Individuals

• KYC documents (Identity, Address, and Age proof)
• Recent passport-size photographs
• Bank statements for the last 6 months
• Latest salary slips or Form 16 as income proof
• Employment stability proof

For Self-Employed Professionals

• KYC documents (Identity, Address, and Age proof)
• Recent passport-size photographs
• Bank statements for the last 6 months
• Income Tax Returns for the past 2 years
• Business stability or ownership proof

You can easily apply for the loan by following these steps:

• Step 1: Go to the official website of ICICI Bank
• Step 2: Choose ‘Used Car Loans’ under ‘Loans’
• Step 3: Enter your desired loan amount and repayment tenure
• Step 4: Fill in the required personal and financial details
• Step 5: Agree to the terms and conditions
• Step 6: Submit and proceed with the loan application

Several factors influence the ICICI Bank Pre-owned Car Loan amount. Some of them include:

• Debt-to-Income Ratio

Lenders check how much debt you have compared to your income. A lower ratio improves your chances of getting an ICICI Bank Used Car Loan.

• Loan Amount and Down Payment

A larger down payment lowers the loan amount and interest rate. A small down payment on a high loan may lead to higher charges.

• Credit Score

A good credit score shows that you have repaid your past loans on time. It increases approval chances and helps you get lower rates.

• Age of the Used Car

You generally get better loan terms on loans for new cars. Older cars often come with higher interest due to lower resale value.

• Loan Tenure

Shorter tenures usually have lower interest rates. Longer ones increase the total interest paid.

The ICICI Bank Used Car Loan offers a convenient way to finance your pre-owned car purchase. The bank offers up to 100% financing, allowing you to get the full loan amount for your chosen vehicle. 

You can select a repayment tenure of up to 7 years based on your financial plan. Quick processing and seamless application ensure a faster purchase experience. You also have the option to use the EMI calculator to plan your monthly payments effectively.