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Key Takeaways
“Showroom mein ‘yes’ bolna sirf ek second leta hai, lekin interest rate har EMI mein bolta rehta hai. That is why understanding the ICICI car loan interest rate matters before the booking amount goes in.”
A car loan finances your vehicle purchase in manageable monthly payments while spreading the cost over years. ICICI Bank’s interest is expressed as an Annual Percentage Rate (APR) covering the effective cost you pay over time.
If I borrow ₹12,00,000 at 8.5% p.a. from ICICI Bank for 60 months, my EMI comes to around ₹24,600 per month as shown on ICICI Bank’s official calculator. Each EMI includes a fixed portion of principal repayment and the applicable car loan rate of interest in ICICI Bank charged on the outstanding balance.
ICICI Bank lists specific car loan varieties for different borrower needs:
Read More – Axis Bank Car Loan Interest Rate
All loan types are part of ICICI Bank’s official auto financing solutions, offering tenure flexibility and digital applications.
ICICI Bank publishes a detailed schedule of charges applicable to car loans. These charges apply in addition to the car loan interest rate for ICICI Bank and are mandatory wherever applicable.
From 10.25% p.a. for tenure up to 36 months
*T&C Apply
These charges are non-refundable, and statutory costs depend on state norms.
Here’s the official way to apply for a car loan from ICICI Bank:
Step 1: Visit the official Car Loan page on ICICI Bank’s website and click Apply Now.
Step 2: Enter your basic personal and financial details as stated.
Step 3: Choose loan type (new or pre-owned) and customise loan amount, tenure, and interest.
Step 4: Upload KYC documents (identity, income proof).
Step 5: Submit the online application. A bank representative will contact you for verification.
Once approved, you receive a sanction letter and EMI schedule electronically.
Bonus Tip: Do you know? ICICI Bank strengthened its digital car loan process in 2024–25 with quicker dealership approvals and reduced paperwork for eligible customers.
Also Read – HDFC Car Loan Interest Rate
ICICI Bank car loans offer structured options for new, used, refinancing, and top-up financing with transparent interest and fee details. These official terms help borrowers plan costs and select the right loan type. Check the bank’s tools, like the ICICI car loan interest rate calculator, before applying.
Is the interest rate offered by ICICI Bank on car loans really fixed, or does it change later?
Car loans from ICICI Bank are generally offered at a fixed interest rate, which means the rate stays the same for the entire loan tenure unless the loan is refinanced or foreclosed.
What is the interest rate of a car loan at ICICI Bank?
The interest rate of a car loan in ICICI Bank starts from 8.5% p.a. for new cars with longer tenures and 11% p.a. or higher for used cars. The exact rate depends on your credit profile, loan tenure, and vehicle type.
Can existing ICICI Bank car loan holders get more funds later?
Yes. Existing car loan customers of ICICI Bank can apply for a Top-Up Car Loan to access additional funds on an ongoing loan, subject to eligibility, repayment history, and vehicle valuation.
Is the ICICI Bank pre-approved car loan interest competitive compared to others?
Yes. ICICI Bank pre-approved car loan typically offers interest rates around 8.5 %–9.10 % p.a. for new cars and higher for used ones, which is competitive with many private banks. Some public sector lenders like State Bank of India have car loan rates at about 8.45 %–9.10 % p.a., depending on market conditions, so comparing offers can help choose the lowest cost option.
Is it good to take a car loan or top up the existing house loan in ICICI Bank?
It depends on the cost and purpose. ICICI Bank home loan top-up usually has a lower interest rate than a car loan, but it increases the home loan tenure. A car loan keeps housing debt unchanged but comes at a higher interest rate. Compare total interest and tenure impact to decide the better option.
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