ICICI Bank Used Car Loan
A used-car loan is financing arranged to help a borrower purchase a previously owned car rather than a new one, with the vehicle itself typically serving as security for the credit extended. Buyers commonly turn to this option when they want a car that has already depreciated from its showroom value, spreading the purchase cost over a repayment period instead of paying the full price at once.
ICICI Bank, founded in 1994, positions its pre-owned car loan around financing assessed against the valuation of the second-hand vehicle being bought, so that a qualifying applicant may fund a large portion of the car's appraised worth. The page emphasises a repayment schedule the borrower can select to suit their circumstances, alongside a reduced set of documents and identity verification handled as part of the application. Applications can be started online, and the bank indicates that outcomes and disbursal follow once the applicant's details and verification are reviewed.
Eligibility and the sanctioned terms depend on factors such as the applicant's credit profile, income, employment or business record, and the condition and value of the vehicle, meaning any advance is subject to assessment and is not assured in advance. The offering is aimed at both salaried individuals and self-employed applicants who meet the bank's stated criteria and can furnish the required proofs.
Documents required
- Salaried: Application form, Photographs, Proof of identity, Proof of address, Age proof, Bank statements, Signature verification, Latest salary slip or Form 16
- Self-employed: Application form, Photographs, Proof of identity, Proof of address, Age proof, Bank statements, Signature verification, Income tax returns for the previous two financial years with financial/audit report, Business stability or ownership proof, Partnership deed and letter (if applicable), Board resolution and governing documents (if applicable)
As published by ICICI Bank. Your branch may ask for more.
No verified interest rate is available for the ICICI Bank used car loan.
Eligibility
Loan terms
- Financing assessed against the valuation of the pre-owned vehicle being purchased
- Repayment tenure the borrower can select to suit their circumstances
- Reduced documentation requirement with KYC verification during processing
- Loan application that can be started online
Fees & charges
FAQ
A used vehicle is riskier collateral and depreciates faster, so lenders price the rate higher and finance a smaller share of the value. NBFCs often approve older cars and thinner files that banks decline.
Every row is date-stamped with the day we last checked it, and links to the lender’s published material so you can confirm it yourself. A row we confirmed against the source reads “Verified”; one we could only sight reads “as of”, and is not presented as confirmed. Anything we have not re-checked in 60 days is marked “rate under review” rather than left to look current. We do not claim a fixed re-checking cycle — the date on each row is the honest answer.
No. Viewing rates is not a credit enquiry and has no score impact. A hard enquiry happens only when you formally apply to a lender.
More from ICICI Bank
- New Car LoanRate8.5 – 12.5%Fee₹3K – ₹5KMax tenure7 yr
- Home LoanRate8.5 – 10.05%Feeup to 0.5%Max tenure30 yr
- Gold LoanRate8.55 – 16.5%Fee2%Max tenure3 yr