ICICI Car Loan 2025 offers up to 100% on-road financing, exclusive electric vehicle (EV) schemes, fast approvals, and flexible repayment options. Discover the complete guide to rates, eligibility, EV discounts, and the step-by-step application process.
Buying a new car in 2025 is easier than ever with ICICI Bank’s streamlined car loan services. Whether you’re opting for a budget hatchback, luxury sedan, SUV, or an electric vehicle, ICICI offers customized loan solutions with minimal documentation and instant disbursal. With growing demand for EVs, the bank has also rolled out new financing schemes with interest concessions and processing fee waivers.
In this detailed guide, we’ll cover all aspects of ICICI Car Loan 2025 including updated interest rates, EMI examples, EV offers, loan eligibility, documents required, repayment flexibility, online application steps, comparison with other banks, and smart car buying tips.
ICICI Car Loan 2025 – Overview
| Feature | Details |
|---|---|
| Loan Amount | ₹1 Lakh to ₹50 Lakhs |
| Financing | Up to 100% of on-road price |
| Interest Rate | Starting at 8.50% p.a. |
| Tenure | Up to 7 years |
| Processing Fee | ₹2,999 or 0.50% (whichever is higher) |
| Down Payment | Nil to 15%, depending on profile |
| EV Loan Concession | Up to 0.50% rate reduction |
| Prepayment Charges | Nil after 6 months (floating rate) |
| Application Type | Online, iMobile App, or Branch |
ICICI offers fast disbursal within 24–72 hours and pre-approved loans for existing customers. Special schemes for women, self-employed, and first-time car buyers are available in 2025.
ICICI Car Loan Interest Rates – 2025
ICICI follows a credit score-linked pricing system for car loans. Interest rates are customized based on profile, loan amount, and vehicle type.
Standard Rate Slabs:
| Credit Score | Interest Rate (New Car) | EV Loan Rate |
|---|---|---|
| 750+ | 8.50% – 9.25% p.a. | 8.00% – 8.75% p.a. |
| 700–749 | 9.25% – 10.50% p.a. | 8.75% – 9.25% p.a. |
| Below 700 | 10.50% – 12.00% p.a. | Case-by-case |
Existing ICICI savings/salary account holders can get 0.25% discount on interest and priority processing.
ICICI Car Loan Eligibility 2025
| Criteria | Eligibility |
|---|---|
| Age | 21–65 years |
| Income (Salaried) | ₹20,000/month minimum |
| Income (Self-Employed) | ₹2 Lakhs p.a. (ITR proof) |
| Work Experience | 1 year minimum |
| Credit Score | 700+ preferred |
| Co-applicant | Allowed (spouse/family) |
| Employment Type | Salaried, business owner, professional, pensioner |
| Vehicle Type | New, used, and electric vehicles (personal use only) |
Pre-approved offers are visible in iMobile Pay or via NetBanking dashboard for eligible users.
Documents Required – ICICI Car Loan
Salaried Individuals
PAN & Aadhaar (KYC)
Salary slips (last 3 months)
Bank statement (6 months)
Employment letter (optional)
Self-Employed Professionals
ITR for 2 years
Business proof (GST, registration, etc.)
Bank statement (12 months)
Common for All Applicants
Proforma invoice from car dealer
Passport-sized photo
Address proof (utility bill, rental agreement, passport)
Digital upload and eKYC are available for faster approval.
ICICI Car Loan EMI Calculator – Examples
Below is an EMI chart based on 9.00% p.a. interest:
| Loan Amount | Tenure | EMI (Approx.) |
|---|---|---|
| ₹5 Lakhs | 3 years | ₹15,890 |
| ₹8 Lakhs | 5 years | ₹16,597 |
| ₹10 Lakhs | 6 years | ₹18,006 |
| ₹15 Lakhs | 7 years | ₹22,981 |
Use the ICICI Car Loan EMI Calculator for exact EMI based on your profile and interest rate.
ICICI Car Loan for Electric Vehicles – 2025 Offers
ICICI Bank has introduced new benefits and incentives for buyers choosing electric vehicles (EVs) in 2025. These offers promote green mobility and are applicable to eligible EV models listed under government subsidy programs.
Key EV Loan Benefits:
Interest Rate Discount: Up to 0.50% concession on standard car loan rates
100% On-Road Financing: Including RTO, insurance, and accessories
Fast Disbursal: Within 24 hours for approved EV variants
Zero Processing Fee Campaigns: Periodic offers during EV fests or government programs
Extended Tenure: Up to 8 years for select EV models (e.g., Nexon EV, Tiago EV, MG Comet)
Buyers must choose from ICICI’s EV-partnered dealer network to be eligible for these concessions. Use the ICICI EV loan portal to view applicable offers.
Step-by-Step Guide to Apply for ICICI Car Loan
Apply Online
Visit the ICICI Car Loan page
Select “New Car Loan” or “Electric Car Loan”
Fill in mobile number, PAN, income, and vehicle details
Upload documents or verify via DigiLocker
Choose tenure, EMI plan, and dealer
E-sign loan agreement with Aadhaar OTP
Loan is disbursed to the dealer after document verification
Apply via iMobile Pay App
Open app → Loans → Car Loan
Enter loan amount and car details
Upload KYC, income documents
View pre-approved offers (if any)
Confirm repayment method (EMI or overdraft)
Receive instant approval and dealer payment
Visit ICICI Branch
If you’re a new customer or prefer in-person processing, visit the nearest ICICI branch with:
KYC documents
Car proforma invoice
Income proof
Passport-size photograph
Loan processing and disbursal is typically completed within 1–3 working days.
ICICI Car Loan Repayment Options
| Repayment Method | Description |
|---|---|
| Standard EMI | Fixed principal + interest monthly |
| Step-Up EMI | Lower EMI initially, increases over time |
| Balloon EMI | Small EMIs and large final payment |
| Prepayment | Allowed after 6 months with minimal charges |
| Foreclosure | Entire loan can be closed after 6 EMIs |
ICICI allows EMI customization through their Car Loan EMI Restructuring tool available via NetBanking or the app.
ICICI Car Loan vs Other Banks – 2025 Comparison
| Feature | ICICI Bank | HDFC Bank | SBI | Axis Bank |
|---|---|---|---|---|
| Interest Rate | From 8.50% p.a. | 8.75% p.a. | 8.85% p.a. | 9.00% p.a. |
| Max Tenure | 7 years | 7 years | 7 years | 7 years |
| EV Scheme | Yes | Yes | Yes | Yes |
| Processing Time | 1–2 days | 2–3 days | 3–5 days | 2–4 days |
| Prepayment Penalty | Nil after 6 months | 2% | Nil | 3% |
| Application | Online/App/Branch | Online/Branch | Branch | Online/Branch |
ICICI stands out for fast approvals, EV-specific discounts, and fully digital experience.
FAQs – ICICI Car Loan 2025
Q1. What is the interest rate on ICICI Car Loan in 2025?
Interest rates start at 8.50% p.a. for new car loans and may go up to 12.00% based on your credit score and profile.
Q2. Can I get 100% financing on the car’s on-road price?
Yes. ICICI offers up to 100% financing, including ex-showroom price, insurance, RTO, and accessories for eligible profiles.
Q3. Is there any special scheme for electric vehicles?
Yes. Electric vehicle buyers can get up to 0.50% lower interest and benefit from zero processing fee offers.
Q4. What is the maximum loan tenure?
ICICI offers car loans for up to 7 years. Some EVs are eligible for 8 years repayment.
Q5. How fast is the loan disbursal?
ICICI disburses car loans within 24 to 72 hours after document verification. Pre-approved customers may get instant approvals.
Q6. What documents are required for a car loan?
PAN, Aadhaar, salary slip/ITR, bank statement, and a car invoice are the primary documents required.
Q7. Can I apply online or through the app?
Yes. ICICI allows full digital processing via website and iMobile Pay app. You can also apply at the nearest branch.
Q8. Is there a prepayment penalty?
For floating rate loans, prepayment is allowed without penalty after 6 months. Fixed rate loans may attract a 2% fee.
Q9. Can I apply for a car loan without income proof?
No. Basic income proof is mandatory, though some pre-approved customers may be exempted.
Q10. Are top-up car loans available?
Yes. Existing car loan customers with good repayment history may apply for a top-up after 9–12 months.
Important Links
| ICICI Bank officials website | click here |
| home page | click here |
| Join WhatsApp group | join here |
Authoritative External Links
Suggested Read on nicgujrat.com
Conclusion
ICICI Car Loan 2025 is a powerful lending solution for car buyers looking for speed, affordability, and EV-friendliness. With competitive interest rates, 100% on-road price financing, digital processing, and smart EMI flexibility, ICICI Bank continues to dominate the auto loan space in India.
Whether you’re buying your first car, upgrading to an SUV, or switching to an electric vehicle, ICICI’s wide dealer network, custom repayment plans, and fast disbursal ensure you get your vehicle without delays or hidden charges. Use ICICI’s app tools, EMI calculator, and pre-approved offers to make the smartest loan decision in 2025.