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A car loan interest rate is the additional sum ICICI Bank levies on your sanctioned loan amount. To put it simply, you need to bear this extra cost along with the principal amount, as ICICI Bank extends the required funds to help you get the vehicle of your choice.
Car loan interest rate is of two types: Fixed and Floating interest rate. A Fixed interest rate, as the name suggests, remains constant throughout the repayment tenure. On the other hand, a Floating interest rate will fluctuate as per the market conditions. You can choose either of them depending on your financial feasibility.
New & Used Car Loan Rates
Car Loan Interest rates are expressed as Annual Percentage Rates (APR) and are based on a variety of factors including your income, debt and credit score, value of the vehicle, the amount of the Car Loan, its duration and the RBI Repo Rate. The interest rate on a Car Loan is not directly influenced by the kind of vehicle, although it may be impacted by the car's price. Our Car Loan interest rates are amongst the lowest.
ICICI Bank offers you the best deals for financing your new car at Low Interest Rates, Low EMIs, minimal paperwork and quick disbursement. Apply for a Car Loan now.
- • New Car: Interest rate* is based on Car Segment, CIBIL Score, Customer Relationship, Tenure of Loan, etc
- • Used Car: Interest rate* is based on Customer Relationship, Age and Segment of Car, Product Variant like Purchase, Top up, Refinance, etc
Car Loans - Indicative lending rates effective from 1st November, 2023
| Tenure of credit facility | 12-35 months | 36-96 months | |
|---|---|---|---|
| New Car Loans | 10.00% onwards based on CIBIL score and car segment | 9.00%* onwards based on CIBIL score and car model. | |
| Used Car Loans | 11.25 % onwards based on CIBIL score and car segment | ||
Car Loan Interest Rate FAQs
A Rate charged by ICICI Bank for a Loan to buy a car/vehicle. It shows the percentage of principal you will pay each month in addition to a part of the principal, the sum of which represents your EMI.
If the tenure of your Car Loan is short, the Car Loan Interest Rate will be higher as compared to a longer tenure. If we increase the tenure, the Car Loan repayment is spread over a longer time, thus decreasing the EMI to be paid each month.
The Car Loan interest will be Fixed i.e. the rate will stay constant for the entire duration of the Loan. Market changes will have no effect on the fixed interest rates.
The Car Loan Interest Rate for ICICI Bank customers will be as per the above table.
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