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ICICI BankCar LoansFixed Interest Rate

ICICI Bank Car Loan

Instant digital sanction with paperless KYC · Pre-approved car loans for existing customers · Special EV vehicle discounted financing

Starting rate8.85%p.a. onwards
Max LTV95%Asset value
Max tenure7 years84 months
Customize this example for your borrowing needs.
Customize repaymentApply on ICICI BankBank site · opens in a new tab
Mathematical Grounding

True Cost & Day-1 Cash Breakdown

Representative scenario for ₹10,00,000 loan over 7 years at CIBIL 750+.

Day-1 Upfront Cash Outflow₹5,900

This cash must be paid out-of-pocket before disbursement and is not added to your loan EMI.

Processing Fee₹5,000
18% GST₹900
Legal & Valuation₹0
Estimated Monthly EMI₹16,013Per month for 84 installments
Total Lifetime Interest₹3,45,092Net interest outgo over 7 years
Total Lifetime Outgo (Principal + Interest + Day-1 Cash):₹13,50,992
CredSutra Intelligence

Decision Verdict & Mathematical Edge

Our algorithmic evaluation balances starting benchmark spreads against upfront processing loads and fine print restrictions.

Maths for it

  • +Reputable lending network of ICICI Bank with predictable servicing and flexible tenures.
  • +RBI-mandated 0% prepayment penalty: Accelerate principal amortization without exit penalties.

Maths against

  • −Processing fee of 0.5% (cap ₹8,500) + 18% GST adds to initial disbursement overhead.
  • −Self-employed applicants face a +20 BPS (0.20%) risk adjustment spread over base card rates.
Customize this scenario
Credit Score Sensitivity

CIBIL Tier Rate Ladder

Self-employed risk loading: +20 BPS
CIBIL score bandBorrower tierIndicative salaried rateIndicative self-employed rateEst. monthly EMI (₹10,00,000)
750 – 900Prime borrower8.85% – 9.25%9.05% – 9.45%₹16,013
700 – 749Good standing9.25% – 9.85%9.45% – 10.05%₹16,216
650 – 699Standard / fair9.85% – 10.50%10.05% – 10.70%₹16,524
Contract Details

Contract Fine Print & Clauses

Rate Reset Frequency

Fixed rate agreement for retail passenger vehicles

Overdraft / Smart Saver Facility

Not available on this product tier

RBI 0% Foreclosure Penalty Mandate

Under RBI Master Directions, no bank, HFC, or NBFC can charge prepayment penalties or foreclosure charges on floating rate term loans sanctioned to individual borrowers.

Bank notes: Foreclosure fee: 5% if closed before 12 months, 3% between 12-24 months.

Borrower Verification

Eligibility Highlights

  • Minimum gross monthly income ₹25,000
  • Age 21-65 years
  • At least 1 year in current employment / profession
Loan amount range

₹1,00,000 up to ₹1,50,00,000

Lender Alternatives

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State Bank of India

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Kotak Mahindra Bank

Kotak Mahindra Car Finance

Starting at 8.70% p.a.
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HDFC Bank

HDFC Bank New Car Loan

Starting at 8.75% p.a.
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Frequently Asked Questions

What is the current interest rate and benchmark spread for ICICI Bank Car Loan?
ICICI Bank Car Loan offers interest rates starting from 8.85% up to 10.50% p.a., structured as Fixed Interest Rate.
Are there prepayment or foreclosure charges on ICICI Bank Car Loan?
Under RBI Master Directions, banks and lending institutions are strictly prohibited from charging prepayment or foreclosure penalties on floating-rate retail loans to individual borrowers. Foreclosure fee: 5% if closed before 12 months, 3% between 12-24 months.
What is the Day-1 upfront cash requirement for ICICI Bank Car Loan?
For a representative principal of ₹10,00,000, the total Day-1 upfront cash outflow is approximately ₹5,900, comprising ₹5,000 processing fee + ₹900 GST (18%) + ₹0 estimated legal and valuation inspection charges.

These loan records do not include a verification date. Check the lender’s current terms before applying.

Official Sources & Citations
Sources
  • icicibank.com
  • RBI Master Directions on Advances & Floating Rate Loans (Commercial Banks)
  • RBI Regulatory Framework for Retail Loan Interest Rate Resets