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Turn your dream into reality. Own that new car you have always desired, with a little help from us. We offer car loans up to 90% of the ex-showroom price of the car. Our interest rates would pleasantly surprise you. What's more, you can take up to 5 years to repay the loan.
Worried about paperwork? Relax. The process for getting a loan involves only a few simple steps and we will tailor-make the loan to suit your needs.
Pick your choice.
Loan on the Strength of Your Income: Submit income proofs as required and avail finance up to 90% of the ex-showroom price of the car.*
Car Loans with Fixed Interest Rates: ICICI Bank offers new car loans with fixed rate option only.
The subject of car finance comprises the different financial products which allows someone to acquire a car with any arrangement other than a single lump payment. The provision of car finance by a third party supplier allows the acquirer to provide for and raise the funds to compensate the initial owner, either a dealer or manufacturer.[1][2]
Car finance is required by both private individuals and businesses. All types of finance products are available to either sector, however the market share by finance type for each sector differs, partly because business contract hire can provide tax and cashflow benefits to businesses.[3]
Personal Car Finance is a complete subsector of personal finance, with numerous different products available. These include a straightforward car loan, hire purchase, personal contract hire (car leasing) and Personal Contract Purchase. Therefore car finance includes but is not limited to vehicle leasing. These different types of car finance are possible because of the high residual value of cars and the second hand car market, which enables other forms of financing beyond pure unsecured loans.[4]
Car finance arose because the price of cars was out of the reach of individual purchasers without borrowing the money. The funding for personal car finance is provided either by a retail bank or a specialist car financing company. Some car manufacturers own their own car financing arms, such as Ford with the Ford Motor Credit Company and General Motors with its GMAC Financial Services arm, which has now been renamed and rebranded as Ally Financial.