This ICICI Bank used car loan EMI calculator, paired with our expert guide, provides a precise framework for planning your second-hand car purchase.
ICICI Bank is a leader in digital banking and customer service. Taking a pre-owned car loan from them is a strategic move. They offer comprehensive used car loans, with interest rates projected from 12.85% p.a. in late 2025 and flexible financing up to 100% of the car’s value for select customers.
The first step to a smart purchase is to gain absolute clarity on your monthly financial obligations. And that’s where our tool is going to help you.
ICICI Bank Pre-Owned Car Loan: Key Facts (October 2025)
| Attribute | Value | Notes | Source | Last Checked |
| Interest Rate Range | 12.85% – 16.80% p.a. | Fixed Rate. The final rate is contingent on your credit score and the vehicle model. | ICICI Bank Official Site | October 13, 2025 |
| Max Loan Tenure | 7 Years (84 Months) | A longer tenure lowers the EMI but increases the total interest paid. | ICICI Bank Official Site | October 13, 2025 |
| Processing Fee | Up to 2% of Loan Amount | A flat fee of ₹5,000 to ₹10,000 may also be applicable depending on the scheme. | ICICI Bank Fees | October 13, 2025 |
| Max LTV | Up to 100% of car’s value | For select pre-approved and high-profile customers. Standard LTV is 85-95%. | ICICI Bank Official Site | October 13, 2025 |
| Prepayment Policy | 5% on outstanding principal | Part-prepayment of up to 25% of the principal is allowed once per year. | ICICI Bank Fees | October 13, 2025 |
| Vehicle Age Limit | Not >10 years at loan maturity | The sum of the car’s age and the loan tenure should not exceed 10 years. | MyLoanCare ICICI Page | October 13, 2025 |
| Loan Amount Range | ₹1,00,000 to ₹50,00,000 | The maximum amount is determined by the vehicle valuation and your repayment capacity. | ICICI Bank Official Site | October 13, 2025 |
| Eligibility Basics | Age: 23-65 yrs. Income: >₹20k/mo. CIBIL: 720+ recommended. | For salaried (min 2 yrs exp.) and self-employed (min 3 yrs business vintage). | ICICI Bank Eligibility | October 13, 2025 |
Check Your Eligibility with ICICI Bank
Quick pre‑check. No hard credit pull. Policy terms apply.
How Does ICICI Bank’s Used Car Loan Work?
ICICI Bank’s “Pre-owned Car Loan” is a tailored financial product designed for speed, flexibility, and transparency. The loan’s structure is determined by a precise evaluation of your financial profile and the vehicle’s specifics, ensuring a competitive and suitable offer.
Interest Rate and Repayment Structure
ICICI Bank provides a fixed interest rate, which is a critical benefit for long-term financial planning. It ensures your EMI is immune to market volatility and remains constant throughout the loan term. The rate, ranging from 12.85% to 16.80% p.a., is influenced by:
- Credit Score: A CIBIL score of 720+ is the baseline, but scores above 750 are essential for securing the most competitive rates.
- Customer Category: Existing ICICI Bank salary account holders or wealth management clients may receive preferential pricing.
- Vehicle Age: Newer pre-owned cars often attract lower interest rates compared to older models.
Use the calculator above to see this in action. A small 0.5% reduction in the interest rate can save you thousands over a 5-year tenure on a typical loan of ₹7,00,000.
High-Value Financing and Loan Tenure
The bank’s financing options are structured to make car ownership highly accessible.
- Loan Amount: You can secure financing from ₹1,00,000 up to ₹50,00,000, accommodating a vast range of vehicles.
- Loan-to-Value (LTV): ICICI Bank offers up to 100% of the car’s valuation to pre-approved or high-net-worth customers, meaning zero down payment. For most applicants, the bank provides a strong LTV of up to 95%, minimizing the initial cash outflow.
- Flexible Tenure: Repayment tenures are flexible, ranging up to a maximum of 7 years (84 months). This extended option allows you to reduce your monthly EMI significantly. Adjust the Loan Duration slider above to see how extending the tenure from 5 years to 7 years impacts your monthly payment.
Eligibility and Documentation
The eligibility criteria are clearly defined for individuals aged 23 to 65 years.
- Salaried: Must have a minimum monthly income of ₹20,000 and at least 2 years of work experience.
- Self-Employed: Must demonstrate a minimum business vintage of 3 years with stable profitability, verified via ITRs.
The process leverages digital platforms for quick document submission, typically requiring:
- KYC Proof: PAN Card, Aadhaar Card.
- Income Verification: Latest salary slips and bank statements for salaried; ITRs and business financials for self-employed.
- Vehicle Papers: The car’s Registration Certificate (RC) and a valuation report from an approved vendor.
Fees and Prepayment Policies
ICICI Bank maintains a transparent fee structure.
- Processing Fee: A one-time fee of up to 2% of the loan amount or a flat fee between ₹5,000 and ₹10,000 is charged.
- Foreclosure and Part-Payment: A foreclosure charge of 5% on the outstanding principal is applicable. However, a key benefit is the part-prepayment facility. You can pay up to 25% of the outstanding principal once a year without any penalty, which can significantly reduce your loan tenure and interest burden.
The information you need to use this EMI calculator is the loan amount, the annual interest rate, and the loan tenure in months or years; optionally add a monthly prepayment to estimate interest saved and earlier closure using standard amortization math accurately.
Changing the loan tenure (length) affects your EMI and total interest by making shorter tenure raise EMI but reduce lifetime interest, while longer tenure lowers EMI yet increases total interest; use the tenure slider to see modeled changes instantly before choosing.
The used‑car APR range is not published here. For planning, test scenarios between 10%–16% APR in the calculator, then rely on the sanctioned rate in the offer letter and MITC for final numbers, repayment schedule, and applicable fees clearly.
Yes, ICICI Bank offers a flexible part-payment facility. You can pay up to 25% of the outstanding principal once every financial year without incurring any penalty, which helps in reducing your overall interest cost. From 1 Jan 2026, floating‑rate individual loans should attract no prepayment charges by regulation; confirm fixed versus floating in the sanction, then model savings using the prepayment field before payoff.
The LTV you can expect is usually valuation‑ and profile‑dependent. Many market cases align near 80%–85% of valuation; final LTV follows inspection, vehicle condition, and scheme rules disclosed in the sanction letter during underwriting. Treat estimates as indicative until sanctioned.
Yes, if you are an existing ICICI Bank customer with a pre-approved offer, you can get instant sanction online through their iMobile Pay app or internet banking. Final disbursal requires document submission.
The vehicle age limits that usually apply ensure the loan ends before the car reaches roughly ten years of age. Specific model‑year policies vary; confirm permissible age and residual life during valuation and sanction to prevent later eligibility concerns prudently.
The documents you need typically include KYC (ID/address), income proof, recent bank statements, vehicle RC, insurance, and seller or valuation papers. The final checklist may differ by profile and scheme; request the latest list before submission to reduce rework.
Yes, ICICI Bank provides loans for cars purchased from both certified used car dealerships and individual sellers. The process involves a thorough verification and valuation of the vehicle to determine the loan amount.
The typical disbursal turnaround time often ranges 24–72 hours post‑sanction and documentation in market practice. Timelines vary by branch workflow, valuation, and compliance steps. Keep documents ready, respond quickly, and track status to minimize delays effectively.
Changing the EMI due date after disbursal is a policy‑driven service. Submit a formal request with updated mandate details if allowed. Charges or limits may apply; confirm with your servicing channel before adjustments to avoid administrative friction or unintended fees.
Processing fees are generally non‑refundable because they cover evaluation and administrative work. Any exception depends on policy and processing stage. Review fee disclosures in the application and sanction, and clarify refundability with support before payment decisions.
To compare tenures and APRs, move the tenure and rate sliders to model EMI and total interest. Shorten tenure if affordable; maintain a cash‑flow buffer. Download the amortization PDF to assess repayment trajectory against monthly budgets confidently.
You can validate assumptions using a trusted used car loan EMI calculator. Enter identical loan amount, APR, and tenure to reconcile outputs, then rely on the offer letter and MITC for final sanctioned figures and repayment schedule.