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✓ Attractive Interest Rates ✓ Repayment Tenure of up to 3 Years ✓ Smooth Online Process 

**Disclaimer: ICICI Bank is not a Finserv MARKETS’ partner. Offers would be from partner Banks/NBFCs only.

ICICI is deemed as a big name amongst the private money-lending sector in the nation. The ICICI Bank Bike Loan's main aim is to provide you with the best services and benefits so that you can ride your dream bike in style and without any worries. 

 

The ICICI Bank Two Wheeler Loan interest rate is minimal and starts from 11% per annum along with a basic possessing charge of 2.5% of the total amount of the loan (given that the vehicles are premium or non-premium) and 1% possessing charge of the total amount of the loan (given that the vehicles are super-premium).

Availing a loan is a safer, wiser, and much more reliable option than spending your savings. Let us take a closer look at everything you need to know about the ICICI Two Wheeler Loan.

ICICI Bank Two Wheeler Loan Interest Rate

The rate of interest is an important factor to comprehend and keep an eye on before taking up any type of loan. The ICICI Two Wheeler Loan interest rate starts from 11% per annum and ranges up to 25% per annum. This makes the ICICI Bike Loan interest rate quite reasonable, making this loan the ideal one for you. The ICICI Bike Loan interest rate and details are mentioned below:

ICICI Bike Loan Interest Rate

Starting from 11% per annum to 25% per annum

Maximum Amount of Loan

Rs. 10 Lakhs only

Minimum Amount of Loan

Rs. 20,000 only

Income Requirement

According to the bank's preference

Repayment Tenure

48 months or 4 years

Processing Charges

Up to 2.5% of the total loan amount

Pre-payment Charges

5%

 

The processing fee can vary. In the case of non-premium or premium vehicles, the processing fee is 2.5% of the total amount of loan, whereas, in the case of super-premium vehicles, the processing fee is 1% of the total amount of loan.

Key Features and Benefits of the ICICI Bank Two Wheeler Loan

The ICICI Bank Bike Loan comes with numerous exciting benefits and attractive features which make you choose this two wheeler loan over any others available in the market. The key features and benefits of availing the ICICI Two Wheeler Loan are as follows:

  • Complete paperless process

  • Instant two wheeler loan for some select ICICI Bank customers

  • Digital sanction of loan

  • Pre-approved two wheeler loan for ICICI Bank customers at Rs. 1,500

  • Special processing fee rates for ICICI Bank customers

ICICI Bike Loan EMI Calculator

EMIs (Easy Monthly Installments) help in repaying any large amount of loan over the repayment period. However, many of us make the mistake of choosing a high EMI to clear off our debt soon. Remember that while choosing a suitable EMI for yourself, choose the lowest option as it won't hinder your other financial responsibilities.

Getting an idea about the EMI before availing yourself of the loan will aid you in planning the repayment of your loan and finances efficiently. It is really convenient to know the exact amount that you need to pay every month through EMIs. To know the EMI amount of the desired ICICI Bank 2-Wheeler Loan, you can simply check the official ICICI Bank website and navigate through the two wheeler loan menu where you will find the ICICI Bike Loan EMI Calculator.

Once you input the necessary details asked in the EMI calculator, the exact amount of EMI you are required to pay over your chosen tenure will be viewed in a graph.

ICICI Two Wheeler Loan Eligibility Criteria

The ICICI Two Wheeler Loan eligibility depends on the various factors that you need to fulfil. The ICICI Two Wheeler Loan eligibility criteria are as follows:

  • Age Group - You must be within the age group of 21 to 65 years.

  • Employment Type - You must be a self-employed individual or a salaried employee who has been working for at least a year.

  • Employment Status - You must be employed or in business for a minimum of 1 year and must be with your current company or business for at least 6 months.

  • Nationality - You must be an Indian citizen, having lived at your current residential address for a minimum of 1 year.

  • CIBIL Score - You must have a good CIBIL Score and profile. A good CIBIL Score is 750 and above.

  • Tenure - The repayment tenure should be between 12 to 60 months. This means that the offered tenure is a minimum of 1 year and a maximum of 5 years.

  • Maximum Loan Amount - The maximum loan amount offered is 90% of the two wheeler loan.

  • Minimum Income - Your minimum income must be Rs. 50,000 per annum.

How to Apply for the ICICI Bank Two Wheeler Loan

ICICI Bank offers several modes of loan application to make it hassle-free for its customers. You can follow the below-mentioned ways to apply for your own ICICI Bike Loan:

  1. You can SMS "TW" in a text to the number 5676766.

  2. You can log in to the iMobile application of the ICICI Bank to check for your pre-approved loans and offers, where you can simply apply for the Two Wheeler Loan. Or, you can visit the official website at https://www.icicibank.com/ and apply online from there.

  3. Finally, for the offline mode, you can go to the nearest ICICI Bank for the application for your Two Wheeler Loan.

Documents Required for the ICICI Bank Bike Loan

There are two categories under which you, as an applicant of the loan, can fall. The first is the salaried employees and the second is the self-employed individuals. The documents required for the ICICI Bank Two Wheeler Loan are as follows:

  • Identity Proof - Documents such as Aadhaar Card, PAN Card, Driving Licence, Passport, and Voter ID Card.

  • Address Proof - Any of the following documents: Driving Licence, Electricity Bill, Telephone Bill, Ration Card, and Passport.

  • Bank Statements - Your bank statement for the last 6 months.

  • Proof of Income -

    1. For the salaried employees: Latest salary slip attached with Form 16.

    2. For the self-employed individuals: Income tax returns of the last two financial years.

ICICI Two Wheeler Loan FAQs

✔️If I qualify for an ICICI Bike Loan that is pre-approved, how much is the maximum amount of loan that I can get?

The maximum loan amount that you can avail of if you qualify for an ICICI Bike Loan that is pre-approved is Rs. 3 Lakhs.

✔️Are there any processing fees for the ICICI Bank Two Wheeler Loan?

Yes, there is a very minimal processing fee for the ICICI Bank Two Wheeler Loan. It is 2.5% of the total amount of the loan.

✔️Do self-employed individuals provide a guarantee to get a bike loan from the ICICI Bank?

No, self-employed individuals do not need to offer any guarantee to avail of a Bike Loan from the ICICI Bank. All you need to do is meet the eligibility criteria and positively submit your income tax returns for the last two years.

✔️What is the minimum age to get an ICICI Two Wheeler Loan?

The minimum age to get an ICICI Two Wheeler Loan is 21 years.

✔️How much is the ICICI Two Wheeler Loan interest rate 2021?

The ICICI Bike Loan interest rate for 2021 starts from 11% per annum and can go up to 25% per annum.