ICICI Bank Two Wheeler Loan

Two Wheeler has become a basic necessity for many individuals and now it is no more luxury because anyone can afford it easily. People who can’t afford a two-wheeler can take the help of the lending institutions and borrow the loan. You can take a look at the ICICI Bank Two Wheeler Loan that will help you to buy a two-wheeler if in case you fall short of funds. The rate of interest for this loan starts from 10.25% per annum. So you must explore the various details of this loan and make sure that you have the eligible documents and you fulfill the eligibility criteria before you apply for the loan.

ICICI Two Wheeler Loan Interest Rates and Other Details

Interest Rate for Two Wheeler10.25% to 27% Per Annum
Interest Rate for Super Bikes10.25% to 27% Per Annum
Loan TenureDecided by the Bank
Maximum Loan Amount₹3 Lacs
Loan AmountProvides 100% Finance for the Two Wheeler
Margin RequiredThe Bank Sanctions Loan at 0% Down Payment
Processing Fees for Two Wheeler2.5% of the Loan Amount with a Maximum of ₹2500
Processing Fees for Super Bike Loan1% of the Loan Amount with a Maximum of ₹5000

ICICI Two Wheeler Bike Loan Processing Fees and Other Charges

Documentation Charges2.25% of the Loan amount or Maximum of ₹1000/-
CIBIL Report Charges₹50
Registration Certificate Collection Charges₹499
Stamp DutyActual
Charges for late payment of loans2% per month on the outstanding installment
Swap Charges₹500 Per Transaction
Bounce Charges₹400 Per Transaction
Amortization Schedule Charges₹500 Per Schedule
Statement of Account Charges₹200 Per Statement
Revalidation of NOC Charges₹500 Per NOC
Loan Cancellation Charges₹3000 Per Loan
Cash transaction charge for repayment of EMI dues at Branches₹100
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Eligibility Criteria for the Two Wheeler Loan from the ICICI Bank

The eligibility criterion for the ICICI Bank Two Wheeler Loan is decided by the bank. As it is a pre-approved loan so the bank chooses its eligible customers for the loan depending upon their credit history and loan repayment cycle. You can go to the ICICI Net Banking or iMobile app in order to know your eligibility for the Two Wheeler Loan. The bank will give 100% finance for the two-wheeler and there is no need to make any down payment for the vehicle.

Documents Required for ICICI Bike Loan

You must check the documents that the bank will ask for while you apply for the loan. The documents are different for salaried employees and self-employed individuals. So, you must check all the documents before applying for the loan.

For Salaried Employees

  • Application Form
  • Photographs
  • Valid Identity Proof
  • Valid Address Proof
  • Age Proof
  • Signature Verification
  • Last Salary Slips
  • Form 16
  • Employment Stability Proof

For Self-Employed

  • Application Form
  • Photographs
  • Valid Identity Proof
  • Valid Address Proof
  • Age Proof
  • Signature Verification
  • Income Tax Returns of 2 Previous Financial Years
  • Business Stability Proof
  • Ownership Proof

Calculation of EMI before you apply for the Loan

If you are applying for a two-wheeler loan then it is very necessary to know your EMI through the Two Wheeler EMI Calculator. It will help you know the monthly EMI payable on a certain loan, for a specified period of time and at a given interest rate. Once you know the EMI then it will be easy for you to decide the loan amount and the tenure.

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ICICI Bank Two Wheeler Loan Customer Care Number

If you are applying for a bike loan then you can call the customer care executive at the toll-free numbers 1860-120-7777 and 1800-200-3344. The executive will let you know about all the details of the loan and tell you whether you are eligible for the pre-approved loans or not.

ICICI Two Wheeler Loan Payment

Once the bank disburses the loan then it will automatically deduct the EMI on a specified date. You will just have to maintain the required balance in your account and the payment of your EMI will be made automatically.

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Personal Loan Interest Rates February 2024
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