ICICI Two Wheeler Loan

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:

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.

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.

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.

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.

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

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.

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.

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

• 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. 

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.