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

**Disclaimer: ICICI Bank is not a Bajaj 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 Particulars

Details

ICICI Two-Wheeler Loan Interest Rates

9% per annum to 28% per annum

Maximum Loan Amount

100% of the bike’s on-road price

Minimum Loan Amount

₹20,000

Minimum Income Requirement

For Salaried Persons: Depends on the bank’s discretion 

For Self-Employed Persons: Depends on the bank’s discretion

Loan Repayment Tenor

Up to 4 Years

Processing Fee

4.75% of the loan value + GST (premium two-wheelers)

2.5% of the loan value + GST (super-premium two-wheelers)

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.

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.

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 Bank Two Wheeler Loan Processing Fees and Charges

As a potential borrower, you should be aware of the interest rates as well as other processing fees and charges applicable on your ICICI bike loan. Here’s a table that can help you get acquainted with the additional charges and fees associated with an ICICI Bank bike loan.

 

ICICI Bank Bike Loan Particulars 

Fees and Charges 

Processing Fee

Up to 4.75% of the loan amount + GST* (inclusive of loan documentation charges)

Stamp Duty and Statutory Charges

At actuals as per the state’s stamp duty laws

Cheque Bounce Charges

₹500 + GST

Instrument Swap Charges

₹500 + GST 

Duplicate NOC Charges

₹250 + GST

Charges for Revalidating No Objection Certificates

₹250 + GST

Duplicate Statement Issuing Charge

₹250 per case

Charges for Duplicate Amortization Schedule 

For physical report: ₹150 + GST 

For digital report: nil

Charges for Issuing Prepayment Statement

For physical statement: ₹150 + GST 

For digital statement: nil

Charges for Issuing Account Statement

For physical statement: ₹150 + GST 

For digital statement: nil

Fees for Registration Certificate Collection

₹600 +GST

Cash EMI Transaction Charges

₹100 + GST

Loan Cancellation/Rebooking Charges

₹2000 + GST

Prepayment Charges 

5% of the outstanding principal amount + GST

Penal Interest

2% per month 

*A processing fee of up to 2.5% is applicable on super-premium two-wheelers. 

Benefits of Availing an SBI Two-Wheeler Loan

  • Low Interest Rates - ICICI Bank understands that shouldering the burden of high interest rates is not easy on borrowers, given their other existing financial commitments. This is why the bank offers interest rates starting from 9% p.a. Thus, now you can own your dream bike without worrying about its EMI costs interfering with your other essential payments. 
  • Lightning Fast Disbursals - ICICI Bank bike loans are approved and disbursed in record time to ensure that you can start cruising on your dream bike as soon as possible. Existing customers can also enjoy instant loan approvals and disbursals. 
  • Special Offers for Existing Customers - Privileged customers of the bank can enjoy pre-approved instant bike loans at a special processing fee of just ₹1,500. 
  • Minimal to Zero Documentation - Applying for an ICICI bike loan does not mean a mountain of paperwork. You can apply for a bike loan with just a basic set of documents proving your identity, place of residence and income. Additionally, existing customers can also skip this document verification stage.  
  • No Down Payment Worries - While you might wish to buy a bike on EMI, arranging the hefty down payment amount might still be a hassle. But when you choose an ICICI Bank bike loan plan, up to 100% of your vehicle’s costs are covered.  
  • Easy Online Application Process - You can apply for an ICICI Bank bike loan with just a few simple clicks. Since the bank offers a completely digitised application system that can be accessed with a laptop, smartphone or tablet, you won’t need to spend hours waiting for your turn at a bank branch. 

ICICI Bank Contact Details 

If you’re still unsure about some aspects of ICICI Bank two-wheeler loan’s eligibility criteria or the terms of the loan agreement, you can contact your nearest ICICI Bank branch for assistance. Alternatively, you can also call 1860-120-7777 or 1800-200-3344 between 9:00 a.m. to 6:00 p.m. from Monday to Friday. The bank also has dedicated customer care numbers for Kolkata, Delhi, Mumbai and Chennai which can be assessed directly from the official website.

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.

  • ✔️Do I need to get my KYC done to apply for a two-wheeler loan at ICICI Bank?

    If you’re an existing customer of the bank, you won’t need to get a KYC done before applying for an instant pre-approved loan.

  • ✔️Can I prepay the ICICI Bank bike loan?

    While you can prepay your ICICI Bank bike loan, doing so will cost you an additional 5% prepayment fee on the outstanding loan amount.

  • ✔️I am already a customer of ICICI bank. What is the procedure for me to get a two-wheeler loan?

    As an existing ICICI Bank customer, you qualify for a pre-approved instant two-wheeler loan. To avail of this offer, you simply have to visit ICICI Bank’s internet banking page and download the loan sanction letter. You can also walk into your bank branch to avail of this offer.

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