Used Car Loan 

Yes, individuals can apply for a Used Car Loan with ICICI Bank to finance the purchase of a used car. With convenient terms, flexible repayment options and efficient processing, these loans ensure a seamless experience for customers seeking to purchase quality used cars.

ICICI Bank Used Car Loans come with easy documentation and instant approvals, provided the eligibility criteria are met. Once we have received and verified your KYC documents, the loan will be disbursed between 2-7 Days. 

With ICICI Bank Used Car Loans, customers can avail 100% of the loan amount as per the car’s value, subject to certain conditions like creditworthiness, the features of the vehicle being purchased and the submission of KYC documents. Borrowers can choose their repayment plans, as per their financial capabilities.

Used car loan from ICICI Bank is available at attractive interest rates starting from 9.75% per annum, subject to customer profile, car valuation and applicable loan conditions.

The interest rate is higher due to several underlying factors, such as used cars being relatively riskier assets in comparison to new vehicles due to potential maintenance costs, uncertain vehicle histories and faster depreciation rates. To reduce these perceived risks, higher interest rates are often levied on Used Car Loans.

A New Car Loan typically comes with lower interest rates, while a Used Car Loan might carry slightly higher rates but is often more affordable overall since the cost of the vehicle is lower. Consider your budget and needs carefully to choose the vehicle and loan that’s right for you.

A guarantor is not mandatory to avail of an ICICI Bank Used Car Loan. However, your eligibility is assessed based on your income, credit score, and repayment capacity. Meeting the eligibility criteria helps ensure a smooth loan approval process.

With an ICICI Bank Used Car Loan, you can finance up to 100% of your used car's value. Once your KYC documents are verified and eligibility is confirmed, the loan is disbursed quickly, allowing you to complete your purchase without delay.

Interest rates on a second-hand Car Loan with ICICI Bank start from 9.75% per annum. The applicable rate varies based on your credit score, car valuation, and overall profile. It is advisable to check the current rates before applying.

To apply for a Used Car Loan with ICICI Bank, salaried individuals must be at least 21 years of age. Self-employed individuals must be at least 23 years of age at the time of submitting their application.