ICICI Bank is a leading private sector bank in India. It offers a wide range of banking and financial services to corporate and retail customers. In the 1990s, ICICI transferred its business from development financial institutions offering only project finance to a diversified financial services group offering a wide variety of products and services.
ICICI Bank two wheeler loan finance is up to 100% for on road price of the bike. It uses a digital process that makes loan disbursal faster. Two wheeler loans are provided at ICICI bank with the lowest EMI offers. Get maximum tenure for 60 months and low processing fees.
Here are some benefits of ICICI bank two wheeler loan that you can count on:
ICICI bank two wheeler loan comes with an attractive interest rate which starts at 10% per annum.
The bank provides up to 100% finance for the on road price of a bike.
You go through a cool-headed documentation.
ICICI bank provides loan sanction digitally which makes loan disbursement faster.
It has minimum processing fees.
ICICI bank customers are treated with special processing fees.
The repayment tenure period is up to 5 years.
ICICI bank applies certain fees and charges on the two wheeler loan which you have to pay to avail loan. These fees and charges include processing fee, cheque dishonour charges, prepayment / foreclosure charges, late payments of EMIs etc.
Here are the fees and charges applied to the ICICI bike loan.
|
TYPE |
CHARGES |
|
Processing Fees |
2.5% of the loan amount or Max. Rs. 2500 |
|
Registration charges |
Rs. 499 |
|
Loan Cancellation Charges |
Rs. 3000 per loan |
|
Part payment option |
Not allowed |
|
Swap charges |
Rs. 500 |
|
Pre-payment charges |
5% on principal outstanding |
|
Late payment charges |
2% per month on the outstanding installment |
|
Bounce Charges |
Rs. 400 per transaction |
|
Documentation Charges |
2.25% of the loan amount |
Any applicant who is going to avail a loan for two wheeler from ICICI Bank must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.
Filled application form
Proforma Invoice
Passport size photograph
Identity Proof
For salaried individuals: PAN card, voter’s ID, passport, driving license
For self employed individuals: PAN card, voter’s ID, passport, driving license
Address Proof
Income Proof
Salaried individuals: Salary slips, IT returns, bank statements
Self employed individuals: Bank statements, IT returns, audited financial statements
|
BANKS |
INTEREST RATE |
|
9.15% to 15.90% |
|
|
Start at 10.65% |
|
|
Start at 11.83% |
|
|
9.65% to 15% |
|
|
10% to 18% |
|
|
10% to 26% |
|
|
Start at 11.83% |
|
|
21% to 29% |
|
|
Start at 11.50% |
|
|
7.75% to 8.35% |
|
|
Start at 10.70% |
There are two ways which you can consider to apply for the ICICI bank super bike loan:
Offline method: You can visit the nearest bank branch to apply for a two wheeler loan from ICICI bank.
Online method: In this method, you can visit the bank website and apply for a two wheeler loan from ICICI bank.
Here is what you need to do:
Navigate to the website.
Now fill the application form.
Submit all the required documents along with the application form.
Now that you have submitted the application form for a two wheeler loan, wait until the bank informs you whether your application has been approved or rejected.
The following mathematical formula is used to calculate EMI for YES bank two wheeler loan:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Here,
The maximum loan amount provided by ICICI bank is Rs. 3,00,000.
The repayment tenure is up to 5 years provided by the ICICI Bank Super Bike Loan.
Processing fee charged by ICICI Bank Super Bike Loan is 2.5% of the loan amount or Max. Rs. 2500.
The Interest rate provided by ICICI Bank Super Bike Loan starts at 10% to 26% per annum.
You can apply online or offline by visiting the nearest bank branch for ICICI Bank Super Bike Loan.
The following mathematical formula is used to calculate EMI for YES bank two wheeler loan:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Here,
P is the loan amount or principal,
R stands for the interest rate per month
N stands for the number of monthly installments
Last Updated on : 11/Feb/2021Know More About
You're eligible for a Icici Bank Two Wheeler Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Two Wheeler Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Icici Bank Two Wheeler Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 10% - 26% |
| Processing Fees | 2.5% of the loan amount or Max. Rs. 2500 |
| Loan Tenure | 1 year to 5 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Two Wheeler Loans EMI Calculator