ICICI Bank Car Loan 2026
ICICI Bank finances new cars through dealer tie-ups and its app, with pre-approved offers for many existing customers. Interest rate 8.40% onwards, loan Up to 100% of on-road price, tenure 12 – 84 months.
Rates as of 1 Jun 2026 · Checked 30 September 2026ICICI Bank Car Loan at a glance
- Zero foreclosure charge after 24 months
- Fee capped at ₹8,500
- Up to 100% on-road funding
- Loans under 3 years cost more (10.25% onwards)
- Part-prepayment charged in the first 2 years
ICICI Bank car loan interest rate & charges
| Feature | ICICI Bank |
|---|---|
| Interest rate | 8.40% onwards |
| Rate details | 8.40% onwards for tenures of 36 months or more; 10.25% onwards for loans under 36 months. The final rate depends on CIBIL score and car model (official, June 2026). |
| Processing fee | Up to ₹8,500 + GST |
| Loan amount | Up to 100% of on-road price |
| Tenure | 12 – 84 months |
| Prepayment / foreclosure | Foreclosure 3% + GST up to 12 months, 2% + GST at 13 – 24 months, nil after 24 months; part-prepayment 3% + GST up to 24 months, nil after |
| Short-tenure rate | 10.25% onwards below 36 months |
| Rate type | Fixed; priced by credit score and model |
Special schemes & features
Instant offers for eligible ICICI Bank customers
Separate used-car product from 9.75% onwards
Source: www.icici.bank.in, 1 Jun 2026. Rates are indicative; your rate depends on your profile. Always check the Key Facts Statement (KFS) for the APR before signing.
EMI at ICICI Bank’s rates
| Loan amount | EMI @ 8.40% |
|---|---|
| ₹5,00,000 | ₹10,234 |
| ₹8,00,000 | ₹16,375 |
| ₹12,00,000 | ₹24,562 |
Tenure 5 years, reducing-balance method. Total interest on ₹8,00,000 at 8.40%: ₹1,82,482.
ICICI Bank car loan EMI calculator
Eligibility
- Indian residents (and NRIs at some banks, e.g. SBI NRI Car Loan); minimum age usually 18 – 21, with an upper age limit at loan maturity set by each bank
- Salaried, self-employed professionals, business owners and (at PSU banks) agriculturists
- Minimum income typically ₹3 lakh a year (SBI, HDFC Bank, Canara) or ₹25,000 net a month (PNB)
- Credit score: the lowest rates need 750–800+; Bank of Baroda needs at least 701
- Total EMIs (including the new car loan) usually within about 50% of net income
- Car must be registered in the borrower’s name with the bank’s hypothecation noted on the RC
Documents required
- Application form with photographs
- KYC: PAN (mandatory) and Aadhaar / passport / voter ID / driving licence
- Income proof — salaried: last 3 salary slips and Form 16; self-employed: 2 years’ ITR with computation, P&L and balance sheet
- Bank statements for the last 6 months
- Proforma invoice / quotation from the dealer showing on-road price
- Employment or business continuity proof
- After purchase: RC copy with hypothecation, insurance policy naming the bank, and final invoice
How to apply for ICICI Bank Car Loan
- Pick the car and get a quoteAsk the dealer for an itemised on-road quotation — ex-showroom, road tax, registration, insurance, TCS and accessories.
- Compare offersCheck rate, rate type (fixed / floating), processing fee, foreclosure charges and the APR in each lender’s Key Facts Statement.
- ApplyOnline, through the bank app, at a branch or at the dealership; many banks give pre-approved offers to existing customers.
- SanctionThe bank checks your credit report, income and the car’s price, then issues a sanction letter and KFS.
- Sign and pay marginSign the loan agreement, set up NACH/e-mandate for EMIs and pay your down payment to the dealer.
- Disbursal and registrationThe bank pays the dealer directly; the RTO registers the car with the bank’s hypothecation on the RC. Submit the RC and insurance copies to the bank.
ICICI Bank vs other lenders
| Lender | Rate | Processing fee | Tenure | EMI on ₹8,00,000 |
|---|---|---|---|---|
| Canara Bank Car Loan | 7.45% – 15.00% | 0.25% of loan (min ₹1,000, max ₹5,000) + GST; 50% waiver from 1 Jul to 30 Sep 2026 | Up to 84 months (7 years) | ₹16,011 |
| Bank of Baroda Car Loan | 7.60% – 11.30% | Up to ₹10 lakh: ₹1,500 + GST; above ₹10 lakh: ₹2,000 + GST; ₹500 + GST for government / PSU employees | Up to 84 months (7 years) | ₹16,068 |
| PNB Car Loan | 7.60% – 9.70% | 0.25% of loan (min ₹1,000, max ₹1,500) + GST | Up to 84 EMIs (7 years) | ₹16,068 |
| Union Bank of India Car Loan | 7.60% – 10.00% | ₹1,000 + GST (aggregator); often waived for electric vehicles | Up to 84 months (7 years) | ₹16,068 |
| HDFC Bank Car Loan | 8.15% onwards | Up to 0.5% of loan (min ₹3,500, max ₹8,000) per BankBazaar; ClearTax shows 1% (min ₹3,500, max ₹9,000) — plus GST | 12 – 84 months | ₹16,279 |
| ICICI Bank Car Loan | 8.40% onwards | Up to ₹8,500 + GST | 12 – 84 months | ₹16,375 |
| SBI Car Loan | 8.40% – 9.35% | Up to ₹5 lakh: ₹500 (salaried) / ₹750 (others); ₹5 – 10 lakh: ₹1,000 / ₹1,250; above ₹10 lakh: ₹1,500 / ₹2,000 — all + GST | Up to 7 years (Green Car Loan up to 8 years) | ₹16,375 |
| Axis Bank Car Loan | 8.95% – 11.75% | ₹3,500 – ₹5,500 + GST | 12 – 96 months (up to 8 years) | ₹16,587 |
Frequently asked questions
What is the ICICI Bank Car Loan car loan interest rate?
ICICI Bank car loan rates start at 8.40% p.a. (as of 1 Jun 2026). The rate you get depends on your credit score, income and loan details.
What is the EMI for ₹8,00,000 from ICICI Bank?
At 8.40% for 5 years the EMI is about ₹16,375, with total interest of ₹1,82,482.
What is the processing fee?
ICICI Bank: Up to ₹8,500 + GST. GST at 18% applies on fees.
What is the maximum tenure?
ICICI Bank: 12 – 84 months.
Can I prepay or foreclose the loan?
ICICI Bank: Foreclosure 3% + GST up to 12 months, 2% + GST at 13 – 24 months, nil after 24 months; part-prepayment 3% + GST up to 24 months, nil after.
Why is ICICI’s rate higher for a 2-year loan?
ICICI prices loans under 36 months from 10.25% onwards versus 8.40% for 36 months or more. If you want to finish early, take 3 years and prepay after month 24, when prepayment is free.
Information compiled from the lender’s published rates and reputable aggregators for comparison only. FinancePortal is not affiliated with ICICI Bank Car Loan. Terms change — confirm with the lender.