ICICI vs Axis Car Loan 2025 comparison reveals critical differences in interest rates, EMI options, loan tenure, and digital processing. Explore this detailed 2025 guide with a side-by-side feature breakdown and EMI calculator examples to choose the best car loan for your needs.
When purchasing a new car in 2025, selecting the right financing partner is as important as picking the car model. Two of India’s top private banks—ICICI Bank and Axis Bank—offer competitive car loans with digital processing, attractive interest rates, and customizable EMIs. But which bank provides better value, faster approval, and lower EMI?
In this detailed comparison, we’ll evaluate ICICI vs Axis Car Loan 2025 based on real-world features, customer benefits, interest rates, eligibility, documentation, and EMI examples. Whether you’re salaried or self-employed, this guide will help you choose the better bank for your next car purchase.
ICICI vs Axis Car Loan 2025 – At a Glance
Here’s a quick overview of the car loan offerings from both ICICI and Axis Bank in 2025:
| Feature | ICICI Bank | Axis Bank |
|---|---|---|
| Interest Rate (2025) | 8.75% – 10.25% p.a. | 8.70% – 10.75% p.a. |
| Loan Tenure | Up to 7 years | Up to 7 years |
| Loan-to-Value (LTV) | Up to 100% of ex-showroom price | Up to 100% of on-road price |
| Processing Fee | ₹2,999 onwards or up to 0.5% | ₹3,500 onwards or 1% of loan |
| Disbursal Time | Within 24–48 hours | Within 24–72 hours |
| Digital Application | Fully digital via iMobile App | End-to-end digital via Axis Mobile |
| Minimum Income Required | ₹20,000/month | ₹15,000/month |
| Prepayment Charges | 5% of principal (after 6 months) | 5% of principal (after 6 months) |
| Special Offers | Zero processing fee (festive offers) | Lower rate for existing Axis account holders |
Interest Rates – ICICI vs Axis Car Loan 2025
Interest rate is the most important factor when comparing car loans. Here’s how the rates differ:
ICICI Bank Car Loan Interest Rate 2025:
Salaried: 8.75% – 9.75% p.a.
Self-employed: 9.00% – 10.25% p.a.
Used car loans: From 12.00% p.a.
Axis Bank Car Loan Interest Rate 2025:
Salaried: 8.70% – 10.00% p.a.
Self-employed: 9.25% – 10.75% p.a.
Used car loans: From 13.00% p.a.
Verdict: ICICI offers slightly lower rates for salaried profiles, while Axis offers better flexibility for high-ticket loans with longer tenures.
Eligibility Criteria Comparison – ICICI vs Axis
Knowing whether you qualify before applying helps avoid credit score drops.
| Criteria | ICICI Bank | Axis Bank |
|---|---|---|
| Age | 21 to 65 years | 21 to 65 years |
| Monthly Income | ₹20,000+ (city-based) | ₹15,000+ |
| Employment Type | Salaried / Self-employed | Salaried / Self-employed |
| Work Experience | 2 years (6 months current job) | 1 year (3 months current job) |
| Credit Score | 700+ recommended | 700+ recommended |
Tip: Higher credit score = lower interest rates and faster approval at both banks.
Documentation Required – Axis vs ICICI Car Loans
Both banks follow standard KYC and income proof collection.
Common Documents:
PAN Card
Aadhaar / Voter ID / Passport
Latest salary slips (last 3 months)
Bank statements (last 6 months)
Form 16 or ITR for self-employed
ICICI Special Advantage:
Paperless processing for ICICI salary account holders via iMobile App
Auto-fetch income data via NetBanking login
Axis Advantage:
Instant e-KYC and bank statement fetch via Axis Mobile
Offers e-sign based digital loan agreement
ICICI vs Axis Car Loan 2025 EMI Calculator Examples
Let’s see how your EMI varies based on loan amount, tenure, and interest rate.
| Loan Amount | Tenure | Bank | Rate | EMI |
|---|---|---|---|---|
| ₹5,00,000 | 5 years | ICICI | 9.00% | ₹10,378 |
| ₹5,00,000 | 5 years | Axis | 9.25% | ₹10,432 |
| ₹8,00,000 | 7 years | ICICI | 9.25% | ₹13,072 |
| ₹8,00,000 | 7 years | Axis | 9.50% | ₹13,240 |
| ₹10,00,000 | 6 years | ICICI | 9.50% | ₹18,095 |
| ₹10,00,000 | 6 years | Axis | 9.75% | ₹18,261 |
ICICI vs Axis Car Loan 2025 Application Process
Online via iMobile App:
Log in to iMobile App
Tap on “Loans” > “Car Loan”
Select car brand/model
Choose tenure and EMI
Upload documents / auto-fetch
e-Sign and get instant sanction
Axis Bank Car Loan Application Process (2025)
Online via Axis Mobile App:
Login with MPIN
Tap “Apply Now” → Loans → Car Loan
Enter car details and price
Check eligibility
Upload docs or connect via DigiLocker
Instant approval & digital agreement
ICICI vs Axis – Used Car Loan Comparison 2025
| Feature | ICICI | Axis |
|---|---|---|
| Interest Rate | 12% – 16% p.a. | 13% – 17% p.a. |
| Max Age of Vehicle | 10 years | 8 years |
| Loan Tenure | Up to 5 years | Up to 5 years |
| Down Payment | 15% to 30% | 20% to 30% |
Verdict: ICICI offers better rates and supports older car models.
Customer Care & Support
| Bank | Phone | App Chat | |
|---|---|---|---|
| ICICI | 1860 120 7777 | customer.care@icicibank.com | iPal chatbot |
| Axis | 1860 419 5555 | loans@axisbank.com | Axis AHA chatbot |
Which Bank is Better in 2025?
Let’s evaluate:
| Parameter | Winner |
|---|---|
| Lower Interest Rate | ICICI (for salaried) |
| Used Car Loans | ICICI |
| Faster Digital Process | Tie |
| Minimum Income Needed | Axis |
| Paperless Processing | ICICI |
| Special Offers | Axis (festive campaigns) |
| LTV for Premium Cars | Axis |
| Customer Support | Tie |
FAQs – ICICI vs Axis Car Loan 2025
Q1. Which bank offers lower car loan rates in 2025?
ICICI offers slightly lower interest rates for salaried customers, starting from 8.75% p.a.
Q2. Can I get 100% car loan from ICICI or Axis?
Yes, both banks offer up to 100% financing depending on the car model and your profile.
Q3. Which bank has faster car loan approval?
Both ICICI and Axis offer digital approvals within 24–48 hours via their mobile apps.
Q4. Are used car loans available from both?
Yes. ICICI supports used cars up to 10 years old, Axis supports up to 8 years.
Q5. Can I apply for Axis car loan without visiting the branch?
Yes, Axis Bank supports complete digital applications through Axis Mobile.
Q6. What is the processing fee difference?
ICICI charges ₹2,999 onwards. Axis may charge ₹3,500 or 1% of loan.
Q7. Which bank supports older vehicles?
ICICI supports older used vehicles up to 10 years, Axis allows up to 8 years.
Q8. What is the CIBIL score required?
Both banks prefer a minimum score of 700+ for faster approval and better rates.
Q9. Is prepayment allowed?
Yes, both banks allow part or full prepayment after 6–12 months with nominal charges.
Q10. Which bank is better for low-income applicants?
Axis may approve car loans with minimum ₹15,000/month income, while ICICI requires ₹20,000.
Important Links
| ICICI Bank officials website | click here |
| Axis Bank Officials Websie | click here |
| home page | click here |
| Join WhatsApp group | join here |
Authoritative External Links
Suggested Read on nicgujrat.com
- Axis Bank Car Loan 2025 – Smart Auto Financing with Lowest Interest & EV Benefits
ICICI EV Loan – Interest Rate, EMI, Tenure & Subsidy Guide 2025
Conclusion
Choosing between ICICI vs Axis Car Loan 2025 depends on your profile and preferences. If you’re salaried with a good credit score, ICICI Bank offers slightly better interest rates and fully digital paperless processing via iMobile. For first-time applicants or lower income segments, Axis Bank may offer more flexible LTV and income criteria.
Always compare offers using the EMI calculators, verify processing fees, and read prepayment terms before applying. With both banks offering trusted financing, your choice ultimately depends on who provides a better deal for your car model and repayment capacity.