ICICI Bank car loan interest rate and EMI calculator
ICICI Bank charged 8.00% to 11.20% a year (fixed rate) on new car loans in Jul–Sep 2026. The average rate that it charged in Jul–Sep 2026 was 8.92%. The calculator starts at that rate. The calculator also shows the processing fee, the annual percentage rate (APR) and the foreclosure charge. Verification date: 27 Oct 2026.
ICICI Bank car loan interest rate and charges
| Interest rate | 8.00% to 11.20% a year (new car loans disbursed in Jul–Sep 2026; ICICI's rate page says 8.40% onwards, by CIBIL score and car model) |
| Average rate charged | 8.92% (Jul–Sep 2026); lowest 8.00%, highest 11.20% |
| Processing fee | Up to ₹8,500 + GST |
| Close early / part-payment | Close the loan: 3% up to 12 months, 2% from 13 to 24 months, nil after 24 months. Part-payment: 3% up to 24 months, nil after. GST is added. |
| Loan amount and tenure | 1 to 7 years; up to 100% of the on-road price |
ICICI Bank car loan EMI table
EMI at 8.92% (the average rate that it charged in Jul–Sep 2026). The loan is the on-road price less your down payment.
| Loan | 3 yrs | 4 yrs | 5 yrs | 6 yrs | 7 yrs |
|---|---|---|---|---|---|
| ₹3,00,000 | ₹9,529 | ₹7,454 | ₹6,216 | ₹5,396 | ₹4,815 |
| ₹5,00,000 | ₹15,881 | ₹12,424 | ₹10,360 | ₹8,993 | ₹8,024 |
| ₹7,00,000 | ₹22,234 | ₹17,393 | ₹14,504 | ₹12,590 | ₹11,234 |
| ₹8,00,000 | ₹25,410 | ₹19,878 | ₹16,576 | ₹14,389 | ₹12,839 |
| ₹10,00,000 | ₹31,763 | ₹24,847 | ₹20,720 | ₹17,986 | ₹16,049 |
| ₹12,00,000 | ₹38,115 | ₹29,816 | ₹24,863 | ₹21,583 | ₹19,258 |
| ₹15,00,000 | ₹47,644 | ₹37,271 | ₹31,079 | ₹26,979 | ₹24,073 |
| ₹20,00,000 | ₹63,525 | ₹49,694 | ₹41,439 | ₹35,972 | ₹32,097 |
Cost of the rate on ₹8 lakh for 5 years
APR includes the highest processing fee with GST. It shows the full cost of the loan for each year.
| Rate | EMI | Total interest | APR |
|---|---|---|---|
| Lowest rate (8.00%) | ₹16,221 | ₹1,73,267 | 8.54% |
| Average rate, Jul–Sep 2026 (8.92%) | ₹16,576 | ₹1,94,538 | 9.46% |
| Highest rate (11.20%) | ₹17,474 | ₹2,48,430 | 11.75% |
Foreclosure: cost to close the loan
5-year loan at 8.92%. The charge is on the balance that you repay, and you also pay GST.
| Loan | EMIs paid | Balance | Charge |
|---|---|---|---|
| ₹5,00,000 | 6 | ₹4,59,393 | ₹16,263 (3%) |
| ₹5,00,000 | 18 | ₹3,72,561 | ₹8,792 (2%) |
| ₹5,00,000 | 30 | ₹2,77,658 | Nil |
| ₹10,00,000 | 6 | ₹9,18,787 | ₹32,525 (3%) |
| ₹10,00,000 | 18 | ₹7,45,122 | ₹17,585 (2%) |
| ₹10,00,000 | 30 | ₹5,55,316 | Nil |
ICICI Bank and other banks
The data comes from the site of each bank. If a bank shows the average rate that it charged, that rate is the most accurate guide to the rate that a usual borrower gets.
| Lender | Rate | Average charged | Processing fee | Close early |
|---|---|---|---|---|
| State Bank of India | 8.55%–9.50% fixed | 8.90% Jul–Sep 2026 | ₹500–₹2,000 flat | 2% in first 2 years, then nil; part-payment nil |
| HDFC Bank | 7.60%–14.00% fixed | 8.63% Apr–Jun 2026 | 0.5% (₹3,500–₹8,000) + ₹700 | 5% (any time) |
| ICICI Bank | 8.00%–11.20% fixed | 8.92% Jul–Sep 2026 | Up to ₹8,500 | 3% / 2%; nil after 24 months |
| Axis Bank | 8.80%–11.70% fixed | Not published | Up to 2% + ₹700 | 5% (any time) |
| Punjab National Bank | 7.90%–10.95% floating | Not published | 0.25% (₹1,000–₹1,500); waived to 31 Dec | Nil (floating) |
| Bank of Baroda | 7.85%–11.30% floating | Not published | ₹1,500 / ₹2,000 flat | Nil (floating) |
| Canara Bank | 7.75%–10.95% floating | Not published | 0.25% (₹1,000–₹5,000); waived to 31 Dec | Nil |
| Union Bank of India | 7.85%–10.25% floating | Not published | ₹1,000 flat | Nil (own funds) |
| Bank of India | 7.85%–8.95% floating | Not published | 0.25% (₹2,500–₹10,000) | Nil (floating, RBI rule) |
Frequently asked questions
What is the ICICI Bank car loan interest rate?
ICICI Bank charged 8.00% to 11.20% a year on new car loans in Jul–Sep 2026. The ICICI rate page shows 8.40% and more, from the CIBIL score and the car model. The average rate that ICICI Bank charged in Jul–Sep 2026 was 8.92%. The bank sets your rate from your credit score, income, the car and the tenure.
What is the EMI for an ₹8 lakh ICICI Bank car loan?
At 8.92%, the EMI is ₹16,576 for 5 years and ₹12,839 for 7 years. At 8.00%, it is ₹16,221 for 5 years.
What is the processing fee for a ICICI Bank car loan?
Up to ₹8,500. You also pay GST at 18%. On an ₹8 lakh loan, the highest fee with GST is ₹10,030.
Can I prepay a ICICI Bank car loan?
Yes. ICICI Bank charges 3% of the balance to close the loan in the first 12 months and 2% from 13 to 24 months, plus GST. After 24 months, there is no charge. A part-payment costs 3% in the first 24 months. After that, there is no charge.
Is the ICICI Bank car loan rate fixed or floating?
ICICI Bank car loans are at a fixed rate: your rate stays the same for the full loan tenure. The RBI rule that prevents prepayment charges applies only to floating-rate loans. Thus, ICICI Bank can charge you to close the loan before the end of the tenure.
Sources
- ICICI Bank: Car Loan service charges and range of interest rates (quarter to Sep 2026). Read on 27 Oct 2026.
- ICICI Bank: Car Loan interest rate. Read on 27 Oct 2026.
Banks frequently change these rates. We examine them each month. Your sanction letter and Key Facts Statement show the rate and charges that you pay. Use the KFS / APR checker to examine them.