Frequently Asked Questions
Car Loans FAQs
How do I approach ICICI Bank for a Car Loan?
- Apply online
- Contact any of our Direct Sales Agents
- Walk into any of our branches
- Call our 24 hour Customer Care.
What are the interest rates for Car Loans?
The interest rates vary based on the car model chosen and the tenure selected.Click here to check interest rates.
How do I repay the Car Loan?
If you have an ICICI Bank Account, you can issue a Direct Debit Mandate from your existing ICICI Bank Account. You can also submit a Digital Mandate using your Debit Card or Internet Banking for e-Nach setup.
What is a Monthly Reducing Balance in Car Loan?
In the Monthly Reducing Balance method, the principal is reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month.
Can I foreclose or pre-pay my Car Loan?
Yes, you can foreclose / pre-pay your Car Loan. Nominal pre-payment charges + GST will be applicable on the outstanding principal amount.
Visit any ICICI Bank Branch with the below-mentioned documents to complete the pre-payment process:
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Pre-payment Statement
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Request Letter signed by the Loan applicant
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Bank Statement reflecting the clearance of the last instalment
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PAN Card (If the closing cash payment is more than ₹ 50,000)
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Vehicle Registration Certificate (RC Book Copy)
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Vehicle Insurance Copy
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Mode of payment can be cheque, Demand Draft or cash.
How do I update my mailing address, mobile number or e-mail ID registered against my Loan?
Visit any ICICI Bank Branch with a valid photo ID proof and submit an application to update your mailing address, mobile number or e-mail ID.
How can I obtain my unbanked Post-Dated Cheques (PDCs) or Security PDCs?
To procure the Post-Dated Cheques and / or Security Post-Dated Cheques that remain unbanked on Loan Closure / Change of the Repayment Mode, please place a request for the same within 30 days of Loan Closure / Change of Repayment Mode. If the request is not placed, ICICI Bank will have the discretion / responsibility to destroy the unbanked PDCs / Security PDCs without any further notice. ICICI Bank will not have the obligation to return the same to you.
Whom can I contact for any issues / queries during my Car Loan application or tenure?
You can chat with the ‘ask iPal’ chatbot on our website and mobile app. You can also contact our Customer Care on 1800 1080, your Relationship Manager or walk into any ICICI Bank Branch.
For more details, visit the Car Loan page on our website.
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