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If you are looking for flexible schemes, quick processing of your loans, attractive interest rates at the click of a mouse, then your search ends here. ICICI Bank Car Loans is the Most Preferred Financier for car loans in the country and offers you all the above with unbelievable ease.
| Description of Charges* | Processing fees | ||
|---|---|---|---|
| New Car | Used Car | ||
| Non Refundable Loan Processing Fees | Asset Segment/ Price Band | Processing Fee Amt | Processing Fee Amt |
| Select models /C | Rs. 7,000/- to Rs. 8,500/- | Used car (Including all variants and Assessed income Product and Fleet) : All Bands: 2% of the loan amount or 20,000/- whichever is lower | |
| Entry & Compact / B | Rs. 6,000/- to Rs.7,500/- | ||
| Mid Upper / B+ | Rs. 6,000/- to Rs. 7,500/- | ||
| Premium /A | Rs. 7,000/- to Rs. 8,500/- | ||
| Luxury / A+ | Rs. 7,000/- to Rs. 8,500/- | ||
| Straight through Pass/Pre- approved | All brands 999/- to 5000/- | All Bands: 999/- to 5000/- | |
| SR.NO. | ITEM | Nature of charge | Charges |
|---|---|---|---|
| 1 | Additional Interest (Charges for late payment) | interest | 2% per month on overdue EMI |
| 2 | Prepayment charges | Penal | 3% + applicable GST on the Principal outstanding. |
| 3 | Part Payment Charges | Penal |
No prepayment for loan seasoning upto 6 months Part prepayment Charges: |
| 4 | Bounce Charges | Penal | ₹ 500 + applicable GST |
| 5 | Loan Cancellation Charges | Penal | ₹ 2000 + applicable GST |
| 6 | Duplicate Repayment/Amortization schedule charges | Service charges | ₹ 150 + Applicable GST (for physical report), Nil for digital report |
| 7 | Statement of Account charges | Service charges | ₹ 150 + Applicable GST (for physical report), Nil for digital report |
| 8 | Prepayment statement charges | Service charges | ₹ 150 + Applicable GST (for physical report), Nil for digital report |
| 9 | Duplicate No objection certificate / No due certificate charges | Service charges | ₹ 250 + applicable GST |
| 10 | Revalidation of No objection certificate charges | Service charges | ₹ 250 + applicable GST |
| 11 | No objection certificate for conversion from Petrol to LPG/CNG charges | Service charges | ₹ 400 + applicable GST |
| 12 | No objection certificate to convert from private to commercial or from commercial to private charges | Service charges | ₹ 2000 + applicable GST |
| 13 | Swap charges | Service charges | ₹ 500 + applicable GST |
| 14 | Loan documentation charges | Service charges | ₹ 650 + applicable GST |
| 15 | Registration Certificate (RC) Collection Fees | Service charges | ₹ 600 + applicable GST |
| 16 | Loan Reschedulement / rebooking charges | Service charges | NA |
| 17 | Valuation Charges (For Used Car) | Service charges | ₹ 800 + applicable GST |
| 18 | Information Utility Charges (Only for Corporate Cases) | Service charges | ₹ 300 + applicable GST |
| 19 | Cash Transaction Charges (for repayment of EMI dues in cash at branches) | Service charges | ₹ 100 + applicable GST |
| 20 | Stamp duty charges | Service charges | At Actuals as per State Stamp Duty Act along with applicable taxes (if any) |
Note:
- Good Service Tax (GST), Other Government taxes, Levies, etc., will be applicable as per prevailing rates in addition to the above mentioned charges.
- Loan Processing Fee (LPF) not mentioned here is part of Rate & Fees matrix communicated to customer at the time of loan application. Please refer www.icicibank.com for further details.
- The charges or fees given in above table are subject to change and the one recorded in loan application / agreement will be final binding.
- Stamp duty charges not mentioned here is charged as per actual expenses incurred while procuring the loan facility.
| Part Prepayment Charges for Car Loans | |
|---|---|
| Particulars | Part prepayment criteria and charges |
| Eligibility | No prepayment allowed for loan seasoning upto 6 months |
| Part prepayment allowed only to Salaried Segment customers or as per schemes offered at the time of loan application | |
| Part prepayment charges | i) 6% for loan seasoning above 6 months |
| ii) 5% for loan seasoning between 13 to 24 months | |
| iii) 3% for loan seasoning above 24 months | |
| Other Terms & Conditions | i) Minimum part prepayment amount will be equivalent to one Equated Monthly Instalment (EMI) |
| ii) Maximum part prepayment amount will be equivalent to 25% of principal outstanding | |
| iii) Part prepayment will be allowed only twice during a loan tenor | |
| iv) Part prepayment will be allowed only once during a year | |
Range of Interest rates for Car Loans
| ICICI BANK | Quarter ended on March-2023 | ||
|---|---|---|---|
| Product | Minimum | Maximum | Mean |
| New Car Loan | 8.40% | 11.50% | 9.06% |
| Used Car Loan | 10.50% | 17.00% | 14.36% |
Note:
- The range of interest rates provided above is with respect to loans to individuals disbursed during Quarter 4 - FY: 2022-23.
- It includes fixed rate of interest and is based on factors such as customer relationship, car segment and tenure of loan etc.
- Interest rate for used car loan is based on age and segment of car, tenure of loan and product variant like top up, refinance etc.
- It excludes subsidy and government schemes.
- Mean rate = Sum of rate of interest of all loan accounts / Number of all loan accounts.
Annual Percentage Rate
The Annual Percentage Rate (APR) is a method to compute annualized credit cost which includes interest rate and loan origination fee.
To calculate the same, please click here to download the APR calculator.
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