What are the loan tenure options?
The tenure of the loan could range from one to seven years for new cars and from one to five years for used cars.

What are the lending rates?
Lending rates vary based on macroeconomic conditions as regulated by apex bank as well as schemes run by manufacturers especially for ICICI Bank Car Loans customers. For exact lending rates applicable, feel free to contact us.

How is the interest charged/calculated?
Interest is calculated on a monthly reducing balance basis for EMI based loans. For Car overdraft, it is calculated on a daily reducing basis.

Do I have to pay any additional charges?
We charge a processing fee, which might vary from time to time.

How much time will it take for my loan to be approved?
The Loans are generally approved within 24 hours of submission of complete documentation.

Who can be the co-applicants for the loan?
Your spouse or any blood relative staying in the same residence can be a co-applicant.

Is a personal guarantor a must?
No, a personal guarantor is not a must.

What security/collateral do I have to provide?
No additional security/collateral needs to be provided, apart from the car against which the loan is granted, being hypothecated to ICICI Bank.

If I do not meet all the criteria for the loan, can I still avail of a loan?
Yes, it is possible for you to avail of a loan even if you do not meet all the criteria, at the discretion of ICICI Bank.

How do I repay the loan?
The loan can repaid through post dated cheques drawn on ICICI Bank Ltd. Alternatively, if you have a Bank account with ICICI Bank, you can issue a direct debit mandate to your existing ICICI Bank account for the repayment. Please click here for further details.

Can I prepay my loan?
We charge prepayment fee of 5% on the outstanding principal amount outstanding. Service Tax will be charged as applicable.

What is a Monthly Reducing Balance?
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 outstanding at the end of the month.

Do I need to open an account with ICICI Bank for availing and / or servicing the loan?
We will encourage you to start a banking relationship with us so that we will be able to offer host of other value added services, which are complementary to the loan, however opening an account with us is not mandatory.

What are the stages involved in availing of a loan?
The stages involved are: Application Processing, Documentation, Sanctioning of the loan Disbursement.

If I am not able to furnish my income documents, is there a special scheme for persons like me?
Yes, ICICI Bank has tailor- made schemes for persons like you.

Can I avail of a loan on my existing car?
Yes, we do offer loans on existing cars, provided the cars are not hypothecated to any other financier.