ICICI Car Loan Top-Up Policy 2025
ICICI Bank Car Loan Top-Up allows you to borrow additional funds on your existing car loan. This blog explains the interest rate, charges, eligibility multipliers, and key terms & conditions in detail.
ICICI Car Loan Top-Up Policy 2025
What is a Car Loan Top-Up?
ICICI Bank’s Top-Up Loan is an additional loan facility provided on the basis of your existing car loan. It means your current car loan will continue as it is, and you will receive extra funds as a separate loan. Both loans will have separate EMIs.
⚠️ Important: You will not receive a No Objection Certificate (NOC) for your car until both the original car loan and the top-up loan are fully closed.
Interest Rate & Charges
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Rate of Interest (ROI): 14.50% p.a. (reducing balance)
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Maximum Tenure: 5 years
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Processing Fee: 1% of loan amount + GST
(For example: on a ₹10 lakh loan, PF = ₹10,000 + GST = ₹1,800 = ₹11,800 total)
👉 For reference, this ROI equals approximately ~9.2% on a flat basis.
Eligibility Through Multiplier System
ICICI Bank uses a multiplier method to determine top-up eligibility. The more EMIs you have already paid, the higher the multiplier you get:
| Paid EMIs | Multiplier |
|---|---|
| 12–17 | 1.3× |
| 18–23 | 1.4× |
| 24–29 | 1.5× |
| 30–35 | 1.6× |
Example:
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Current EMI = ₹10,000
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Paid EMIs = 15
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Multiplier = 1.3
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Eligible Top-Up Loan = 10,000 × 15 × 1.3 = ₹1,95,000
Key Terms & Conditions
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The top-up loan is provided only on the base of your existing car loan.
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NOC for the car will be issued only after both loans are fully closed.
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Processing fee + GST will be charged.
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ROI is fixed at 14.50% reducing p.a.,
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The maximum tenure is 5 years.
Frequently Asked Questions
Q: Do I need to close my existing car loan to get a top-up?
A: No. The top-up is only available while your car loan is active.
Q: What happens if I close my car loan but not the top-up loan?
A: You will not receive the NOC until the top-up loan is also cleared.
Q: How much are the processing charges?
A: 1% of the loan amount + GST.
Q: What is the current ROI?
A: 14.50% per annum on reducing balance, which equals ~9.2% on flat basis.
Conclusion
The ICICI Car Loan Top-Up is a convenient financing option for customers needing additional funds without closing their existing loan. However, borrowers should remember that the interest rate is higher than standard car loans, and the NOC is issued only once both loans are fully repaid.
📞 For expert guidance and smooth processing, contact AutoCred India today.
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