Latest ICICI Bank car loan interest rates: All car buyers need to know in a glance

ICICI Bank offers new car loans with a fixed interest rate. In a fixed interest rate, the interest rate on the car loan will remain fixed during the entire tenure of the loan. All that you need to do is to pay some amount as downpayment while buying a car and the rest of the showroom price would be financed by the bank. A car loan applicant can decide the period of loan repayment, which can be up to seven years. However, while opting for the time-frame in which the loan applicant wants to repay the loan, the applicant must know that the period he or she chooses would decide the rate of interest on the loan he or she is applying for. So, a car loan applicant must check about the interest rate before applying. But, there are some other factors too, which a car loan applicant must know.

Source: ICICI Bank Portal

A car loan applicant mus know that there are different interest rates on new car and old car. if someone is going to buy a new car then the ICICI Bank and other banks too, levies lower interest rate while in the case of used car, the interest rate would be slightly higher. For a used car, interest rate is flat 14.25 per cent, irrespective of the tenure of the car loan. But, in case of new car, the interest rate would depend upon the tenure of the loan.

For a brand new car, ICICI Bank levies an interest rate of 12.85 per cent if the tenure of the car loan is up to 23 months. The interest rate remains the same at ICICI Bank for 24 to 35-month car loan but the interest rate rises to 9.3 per cent for a car loan which has a tenure of 36 to 84 months. So, keep all this information in your kitty while deciding the tenure of your car loan because at ICICI Bank interest rate for car loan is 12.85 per cent up to 35 months.