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ICICI Bank ICICI Bank

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BEST FOR

Fulfilling Your Desire of Car Ownership with a Pre-Owned Car

  • 100% Loan amount approval

  • Flexible repayment tenure

  • Quick Loan application

  • Easy documentation requirements.

About Used Car Loan

What is the loan tenure for Used Car Loans?

The Loan tenure can go up to 7 years, giving you more time to repay.

What documents are required for a Used Car Loan?

Minimal documentation is required, making the process quick and easy.

Can I get 100% financing?

Yes, you can get 100% financing for your used car purchase, reducing your initial payment.

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 of 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 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. 

What is the maximum loan amount and tenure for a Pre-Owned Car Loan with ICICI Bank?

With ICICI Bank Pre-Owned Car Loans, customers can avail 100% of the loan amount as per the car’s value, subject to certain conditions like creditworthiness, the features of the vehicle being purchased and the submission of KYC documents. Borrowers can choose their repayment plans, as per their financial capabilities.

What is the current interest rate for a Used Car Loan?

ICICI Bank offers attractive interest rates for Used Car Loans, starting from 11.25% per annum, influenced by factors such as prevailing market conditions, the applicant's credit profile, the age of the car, the customer’s relationship with the Bank and the overall economic landscape.

Why is the interest rate of a Second-Hand Car Loan so high?

The interest rate is higher due to several underlying factors, such as used cars being relatively riskier assets in comparison to new vehicles due to potential maintenance costs, uncertain vehicle histories and faster depreciation rates. To reduce these perceived risks, higher interest rates are often levied on Pre-Owned Car Loans.

Is a New Car Loan better than a Pre-Owned Car Loan

A New Car Loan typically comes with lower interest rates, while a Pre-Owned Car Loan might carry slightly higher rates but is often more affordable overall since the cost of the vehicle is lower. Consider your budget and needs carefully to choose the vehicle and loan that’s right for you.

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