Automobile companies are coming up with different models and schemes each day in order to meet the demands of their customers. ICICI bank Two-Wheeler loan is easy to get sanctioned, as the demand for this loan is really high as compared to other lenders offering two-wheeler loans. The two-wheeler loan interest rate offered by ICICI is 10.50% onwards.
ICICI Bank Two-Wheeler Loan Interest Rates 2019
ICICI bank Two-Wheeler loan is advisable due to its low-interest rates, as compared to other financial institutions.
| Min. Interest Rate | Max. Interest Rate |
| 10.50% | 26% |
Note: The mentioned interest rates, fees, and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned interest rate.
ICICI Two Wheeler Loan Additional Fees & Charges
| Processing Fees | 2.5% of the loan amount or Max. Rs. 2500 |
| Processing Fees (Super Premium Vehicles) | 1% of the loan amount or Max. Rs. 5000 |
| Registration charges | Rs. 499 |
| Loan Cancellation Charges | Rs. 3000 per loan |
| Stamp Duty | At Actuals |
| 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 |
Note: The mentioned interest rates, fees, and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned interest rate.
Features and Benefits of ICICI Two Wheeler Loan
| Cost Covered | In total, 100% cost of the vehicle can be covered in the loan amount i.e 100% of the on-road price of the two-wheeler. This criterion is applicable in both the scenarios – For old and new purchase. |
| Payment Options | The payment options are too flexible through multiple platforms and at the affordable EMI options. |
| Sanction Time | The loan sanction time is 6 hours which is considered much faster compared to other banks. |
| Age Barrier | The loan can be opted by someone who is 21 years or above. |
| Down Payment | The down payment is low and flexible depending on the income of the buyer |
| Interest Payment Methods | The bank follows the reducing balance method while calculating the interest rates on two-wheeler loans. |
Documents Required for ICICI Two Wheeler Loan Application
The documentation process required for the approval of the loan is very simple compared to the loan schemes of other banks. Some of the mandatory documents required while applying for the loan are as follows:
| Identity Proof | Pan card, Aadhar card, Voter’s ID card, Driving license and one copy of passport. |
| Proof of Income Statement | Income proof is required for both salaried as well as a self-employed person. A salaried person has to mandatorily present the bank statement proof in order to apply for the loan.
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| Bank Statements and Bank Documents | The bank would need the details of all the transactions done in the last 6 months in order to analyze the earning as well as sending capacity of the buyer. |
| Address Proof | Documents which can represent your Permanent address in legal documents:
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Frequently Asked Questions (FAQs)
Ques. What are the methods to calculate EMIs for ICICI two-wheeler loans?
Ans. The ICICI bank website has an inbuilt loan two-wheeler loan EMI calculator which could be used to calculate the EMIs
Ques. What is the fee charged for additional documentation?
Ans. The additional charges are up to Rs. 350 for any additional procedures.
Ques. Is there any special scheme offered by ICICI bank for purchasing of superbikes?
Ans. No. There is no special scheme provided by ICICI bank for purchasing of superbikes.