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.

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

Apply Car Loan Online

Contact any of our Direct Sales Agents

Walk into any of our branches

Call our 24 hour Customer Care.

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

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

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

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

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

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.

Yes. Joint applications improve eligibility and loan amount.

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

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.

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

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 can calculate your car loan EMI using the standard formula or by entering values in Excel or Google Sheets.

Example:

For a ₹10 lakh car loan at 9% interest for 5 years,

EMI ≈ ₹20,758 per month.

However, the online Car Loan EMI Calculator is much faster and more accurate. It also gives an amortization chart showing how much of your EMI goes towards interest and principal each month.

The Car Loan Prepayment Calculator helps you understand how much interest you can save by paying off part of your loan early.

Example:

If you pay ₹1 lakh extra after 2 years, you can save up to ₹25,000–₹30,000 in interest and reduce your loan tenure by several months.

Enter your current loan balance, interest rate, and remaining tenure — and the tool will show potential savings after including transfer fees or processing charges.

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.

The car loan interest calculator gives you a detailed amortization schedule showing month-wise principal and interest breakup.

This helps you understand how much interest you’ll pay in total and how prepayment can reduce it.

The car itself is the primary security.

Yes. Comprehensive insurance is required for loan disbursement.

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

You can raise a complaint or query by contacting ICICI Bank Customer Care (toll- free 1800 1080) by email support, by visiting the nearest ICICI Bank branch, or via the online complaint portal. You may also reach out to your respective Relationship Manager (Rm) for assistance.

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.

ICICI Bank offers car loan starting from around 8.50% per annum onwards for new cars. The final rate may vary depending on the applicant’s credit profile, income, and loan tenure.

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

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

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

Yes, you can Foreclose/Prepay ICICI Bank Car Loan. Nominal prepayment charges + GST will be applicable on the outstanding principal amount.

To facilitate prepayment of your Car Loan/Two-wheeler Loan, visit an ICICI Bank Branch along with the below mentioned documents to complete the prepayment process:

• Prepayment Statement
• Request letter signed by the Loan applicant
• Bank statement reflecting the clearance of the last instalment
• PAN Card (If the closing cash payment is more than Rs 50,000)
• Vehicle registration certificate (RC Book Copy)
• Vehicle Insurance copy
• Mode of payment can be cheque, demand draft or cash.

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.