ICICI Bank Pre-owned Car Loan 2026
ICICI Bank offers pre-owned car loans with one of the lowest private-bank starting rates and tenures up to seven years. Interest rate 9.75% onwards, loan Up to 100% of value (bank) / 80% of valuation (aggregator), tenure Up to 7 years.
Rates as of Sep 2026 · Checked 30 September 2026ICICI Bank Pre-owned Car Loan at a glance
- Low starting rate for a private bank
- Tenure up to 7 years
- Fee capped at ₹20,000
- Foreclosure charge in the first two years
- Funding % reported differently by bank and aggregators
ICICI Bank used car loan interest rate & charges
| Feature | ICICI Bank |
|---|---|
| Interest rate | 9.75% onwards |
| Rate details | 9.75% onwards, depending on creditworthiness and the car (bank rate page). |
| Processing fee | 2% of loan, max ₹20,000 + GST |
| Loan amount | Up to 100% of value (bank) / 80% of valuation (aggregator) |
| Tenure | Up to 7 years |
| Prepayment / foreclosure | Foreclosure 3% + GST within 12 months, 2% + GST in months 13 – 24, nil after 24 months (fixed-rate) |
| Funding | Up to 100% per bank page; aggregators report 80% of valuation |
| Rate type | Fixed |
Special schemes & features
Up to 7 years — the longest among lenders we track
Source: www.icici.bank.in, Sep 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 @ 9.75% |
|---|---|
| ₹3,00,000 | ₹7,573 |
| ₹5,00,000 | ₹12,621 |
| ₹8,00,000 | ₹20,194 |
Tenure 4 years, reducing-balance method. Total interest on ₹5,00,000 at 9.75%: ₹1,05,825.
ICICI Bank used car loan EMI calculator
Eligibility
- Indian resident — salaried, self-employed, professional or farmer (minimum and maximum ages vary by lender)
- Minimum income: about ₹2.5 lakh – ₹3 lakh a year, or ₹20,000 – ₹25,000 a month, depending on lender
- A good credit score — pricing at SBI and Bank of Baroda is linked to it
- The car must pass the lender’s valuation and vehicle-age limit (age + tenure caps such as 8 or 10 years)
- Private (non-commercial) registration with clear title and no unresolved hypothecation
Documents required
- KYC: PAN and Aadhaar / passport / voter ID / driving licence
- Income proof: last 3 salary slips and Form 16, or 2 years’ ITR with financials for self-employed
- Bank statements (usually last 6 months)
- Copy of the car’s RC, valid insurance and PUC
- Sale agreement or dealer invoice / proforma
- Seller’s KYC and signed Form 29 and Form 30 for RC transfer
- If the car had a loan: previous financier’s NOC and Form 35
- Valuation / inspection report (arranged by the lender)
How to apply for ICICI Bank Pre-owned Car Loan
- Check eligibilityKnow your credit score and how much EMI your income supports; get a pre-approval if your bank offers one.
- Shortlist and check the carVerify RC, pending finance, challans, service and accident history; get an inspection.
- ValuationThe lender’s empanelled valuer inspects the car; funding is a % of this valuation, not the asking price.
- Sanction and KFSCompare the Key Facts Statement (APR, fees, foreclosure terms) — it stays valid for at least 3 working days.
- PaperworkSign the loan agreement, Form 34 (hypothecation) and RC transfer forms; pay your down payment.
- Disbursal and RC updateThe lender usually pays the seller or dealer; the RC is transferred to you with the new lender’s hypothecation noted.
ICICI Bank vs other lenders
| Lender | Rate | Processing fee | Tenure | EMI on ₹5,00,000 |
|---|---|---|---|---|
| PNB Used Car Loan | 9.45% – 10.55% | 0.25% of loan (min ₹1,000, max ₹1,500) + GST | Up to 5 years (60 EMIs) | ₹12,550 |
| Indian Bank Pre-owned Car Loan | 9.55% – 11.65% | As per the bank’s service-charge schedule — ask the branch | Up to 6 years (72 months) | ₹12,574 |
| ICICI Bank Pre-owned Car Loan | 9.75% onwards | 2% of loan, max ₹20,000 + GST | Up to 7 years | ₹12,621 |
| Bank of Baroda Pre-owned Car Loan | 10.20% – 12.95% | 0.50% of loan + GST (min ₹2,500, max ₹10,000 + GST) | Up to 5 years (car age from invoice + tenure ≤ 96 months) | ₹12,729 |
| SBI Pre-owned Car Loan | 10.45% – 15.60% | 1.50% of loan + GST (min ₹3,000, max ₹10,000 + GST) | Up to 5 years (car age + tenure ≤ 10 years) | ₹12,790 |
| Tata Capital Used Car Loan | 10.49% onwards | Up to 2.95% of loan + GST | 12 – 72 months | ₹12,799 |
| HDFC Bank Used Car Loan | 11.25% onwards | As per sanction — see the KFS (not published on sources checked) | 12 – 60 months | ₹12,984 |
| Sundaram Finance Used Car Loan | 12.50% onwards | About ₹2,500 (aggregator) | Up to 4 years (48 months) | ₹13,290 |
Frequently asked questions
What is the ICICI Bank Pre-owned Car Loan used car loan interest rate?
ICICI Bank used car loan rates start at 9.75% p.a. (as of Sep 2026). The rate you get depends on your credit score, income and loan details.
What is the EMI for ₹5,00,000 from ICICI Bank?
At 9.75% for 4 years the EMI is about ₹12,621, with total interest of ₹1,05,825.
What is the processing fee?
ICICI Bank: 2% of loan, max ₹20,000 + GST. GST at 18% applies on fees.
What is the maximum tenure?
ICICI Bank: Up to 7 years.
Can I prepay or foreclose the loan?
ICICI Bank: Foreclosure 3% + GST within 12 months, 2% + GST in months 13 – 24, nil after 24 months (fixed-rate).
Does ICICI Bank charge for closing a used car loan early?
Yes on its fixed-rate loans: 3% + GST if closed within 12 months, 2% + GST from month 13 to 24, and nothing after 24 months.
Information compiled from the lender’s published rates and reputable aggregators for comparison only. FinancePortal is not affiliated with ICICI Bank Pre-owned Car Loan. Terms change — confirm with the lender.