Car Loan FAQs 

ICICI Bank offers New Car Loan, Used Car Loan, Car Loan Refinance, Loan Against Car and Car loan Top-up.

Minimum loan amount: ₹1 lakh up to 100% of the on-road price, subject to eligibility. Tenure: up to 7 years (84 months).

Yes. you can apply online via the ICICI Bank website or the iMobile Pay app. upload documents digitally and track your status.

Car loan interest rates may be fixed or floating and depend on the customer’s credit profile and applicable bank policies.

Yes. ICICI Bank offers a refinance or balance transfer option for existing car loans.

25,000/month (salaried) or ₹2 lakh annual income (self-employed).

A CIBIL score of 700+ ensures faster approval and lower interest.

Yes. Joint applications improve eligibility and loan amount.

Car loan disbursal can be instant for pre-approved customers. For digital applications, disbursal is usually completed within 24 hours, while regular applications may take 2-3 working days subject to documentation and verification.

ID proof, address proof, salary slips, and 6-month bank statements.

KYC, ITRs, business proof, and latest bank statements.

Yes. ICICI Bank offers a 100% digital application process. You can submit all required documents online via the ICICI Bank website or iMobile Pay app and track your loan approval and disbursal status digitally.

Income, credit score, work stability, existing liabilities, and vehicle model.

Both salaried and self-employed individuals with a stable income can apply

Update via branch or digital channels depending on KYC status.

Yes, after maintaining a good repayment track and meeting eligibility criteria.

Track via iMobile Pay app, Net Banking, or customer support.

To Track Status of ICICI Bank Car Loan Application . Enter your mobile number and Date of Birth/PAN to view the current status of your application.

You may download it via Net Banking, iMobile Pay app, or request through customer care.

Yes. The Car Loan Eligibility Calculator helps you estimate how much car loan you qualify for based on your income, expenses, existing EMIs, and loan tenure.

Yes. Comprehensive insurance is required for loan disbursement.

You must notify the insurer and submit required documents. Claims help reduce outstanding loans.

The car itself is the primary security.

NOC is sent within a few days of clearing dues. You can request re-issuance if misplaced.

Contact customer care to update your repayment mandate.

Through branch, relationship manager, or pickup service.

Yes. A processing fee is applicable as per the bank’s prevailing terms and conditions.

Yes, overdue interest and penalties apply if EMIs are missed.

Charges vary by customer type. Fixed-rate loans may attract a foreclosure fee.

The lending rates vary based on the car models and tenure selected. Click here to check Interest rates

Yes, after a minimum lock-in period, with nominal charges.

Yes. It reduces the principal and helps save interest over time.

Interest is charged only on the outstanding balance, reducing with each EMI

If you have an ICICI Bank Account, you can issue a Direct Debit Mandate to your existing ICICI Bank Account or even opt for an ECS option for the repayment through a Physical or Digital Mandate. You can also submit a Digital Mandate using your Debit Card or Net Banking for e-Nach setup.

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

Late fees and penal interest may apply; it may also affect your credit score.

Quick approvals, competitive rates, 100% funding, and easy digital process.

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.

Download via iMobile Pay app → “Loans” → “View Statement”.

ICICI issues NOC within 5-7 working days post final payment.

Submit NOC and Form 35 to the RTO to remove bank hypothecation.

Car loans have lower interest rates and use the vehicle as collateral; personal loans are unsecured but faster.

If the applicant wishes to procure the Post-Dated Cheques and/or Security Post-Dated Cheques that remain unbanked at the end of the Loan tenure/Change in Repayment mode or details, the applicant must make a request for the same, within 30 days of Loan Closure/Change of Repayment mode. If not done, ICICI Bank will have the discretion/responsibility to destroy the unbanked Post-Dated Cheques and Security Post-Dated Cheques without any further notice. ICICI Bank will not have the obligation to return the same to the applicant.

You can ‘ask iPal’ on our website and mobile app. You may also contact our Customer Care, your Relationship Manager, or walk into any ICICI Bank Branch.

A car loan helps you purchase a new or used car with easy monthly EMIs. You borrow the amount and repay it with interest over a set tenure.