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Used Car Loan Interest Rates
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Eligibility Criteria for Used Car Loan
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Documents Required for Used Car Loan
Interest Rates
Rates start at 11.25% per annum, subject to CIBIL Score and Car segment.
Interest rates for Used Car Loans are based on the customer’s relationship with the Bank, age of the Car and the segment.
The product variant (e.g., Purchase, Top-Up, Refinance) influences the interest rate.
Tenure ranges from 12-84 months.
Customised rates as per financial profile and vehicle characteristics.
Eligibility Criteria for Used Car Loan
- You must be an Indian citizen between 21 and 60 years of age.
- You must have a good Credit Score
- Your minimum monthly income should be Rs 30,000.
Documents Required for Used Car Loan
- Identity Proof (Aadhaar Card, PAN Card, Driving Licence or Passport)
- Address Proof (Utility Bills, Aadhaar Card, PAN Card or Passport)
- Income Proof (ITR for self-employed individuals, Salary Slips/Form 16 for salaried individuals)
- Recent Bank Statements, along with valid signature and photographs
- Proof of ownership of business/business stability for self-employed individuals
- Employment experience/Income Proof
- Partnership Deed & Letter signed by all partners authorising one partner as the owner of the vehicle (for the self-employed)
- Resolution by the Board of Directors (or a similar Managing Body), Memorandum of Association and Articles of Association, for Companies and Societies.
Features and Benefits
Loan up to 100% of the offer amount
Tenure of up to 7 years
Attractive interest rates
Only KYC documents required
Who can Apply for Used Car Loan ?
| ELIGIBILITY FOR SELF-EMPLOYED INDIVIDUALS | ELIGIBILITY FOR SALARIED INDIVIDUALS |
|---|---|
| Resident Indians only | Resident & Non-Resident Indians |
| Aged between 23 - 60 years | Aged between 21 - 54 years |
| Minimum 4 years of business continuity | Minimum 2 years of experience |
| Must earn minimum Rs 1.75 lakh per annum | Must earn minimum Rs 2 lakh per annum |
Disclaimer : The products, services and offers referred to herein are subject to the terms and conditions governing them as specified by ICICI Bank from time to time at www.icicibank.com. Nothing contained herein shall constitute or be deemed to constitute an advice, invitation or solicitation to purchase any products/ services of ICICI Bank.
Used Car Loan FAQs
What is a Pre-Owned Car Loan?
A Pre-Owned Car Loan, also known as a Used Car Loan, facilitates the purchase a pre-owned Car, while offering structured repayment plans and competitive interest rates. It ensures that customers fulfil their aspiration of owning a reliable second-hand Car, without straining their budget.
Can I apply for a Second-Hand Car Loan?
Yes, individuals can apply for a Used Car Loan with ICICI Bank, to finance the purchase of a second-hand Car. With convenient terms, flexible repayment options and efficient processing, these Loans ensure a seamless experience for customers seeking to invest in quality used Cars.
How much time does it take to process a Used Car Loan?
ICICI Bank’s Used Car Loans come with easy documentation and instant approvals, provided the eligibility criteria are met. Once we have received and verified your KYC documents, the Loan will be disbursed within a few minutes.
