Used Car Loan 

A Used Car Loan, also known as a Used Car Loan, facilitates the purchase of a Used 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.

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.

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. 

With ICICI Bank Used 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.

ICICI Bank offers attractive interest rates for Used Car Loans, starting from 11% 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.

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 Used Car Loans.

A New Car Loan typically comes with lower interest rates, while a Used 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.