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ICICI Bank Two Wheeler Loan Apply Online

Home ICICI Bank ICICI Bank Two Wheeler Loan ICICI Bank Two Wheeler Loan Apply Online
Updated: 28-06-2022 07:57:15 AM

In India, two-wheelers continue to be more popular than cars for several reasons. Studies show that even car-owning households prefer using a two-wheeler to reach their place of work or for daily commuting within the city.

Amongst the various online banking services offered by us, the ICICI Bank also offers a variety of customized two-wheeler loans with flexible payment tenures and even special finance schemes on superbikes. ICICI Bank offers up to 100% finance of on-road price to its customers and the interest rate offered starts from 10.50% onwards.

Details about the two-wheeler loans offered by ICICI Bank are available on ICICI Bank’s official website and through SMS. You can apply for a two-wheeler loan on the ICICI Bank website in a few short steps or simply through an “SMS TW” to 5676766.

Interest Rates for Two-wheeler Loans from ICICI Bank
Eligibility Criteria for Availing ICICI Bank Two-Wheeler Loan
Two-Wheeler Loan Service Charges
Required Documents for ICICI Two Wheeler Loan
FAQs (Frequently Asked Questions)
Interest Rates for Two-wheeler Loans from ICICI Bank
Loan Category Minimum Maximum
Two-Wheeler Loan 10.50% 26.00%
  • The interest rates for two-wheeler loans includes a fixed rate of interest and are based on different factors and variables, such as customer relationship, asset segment, the tenure of the loan, etc.
  • The mean rate is calculated as the sum of interest of all loan accounts/the number of loan accounts.
  • The above figures exclude subsidy and government schemes.
Eligibility Criteria for Availing ICICI Bank Two-Wheeler Loan
  1. In order to apply for and avail a two-wheeler loan from ICICI Bank, the applicant must be at least 21 years old and can be up to 65 years.
  2. Both salaried and self-employed professionals can apply for and avail the two-wheeler loans offered by ICICI Bank.
  3. For salaried professionals, 6 months of employment under the current employer is the basic eligibility criteria for availing a two-wheeler loan.
  4. Any applicant is eligible for a maximum loan amount of Rs.10 lakh.
Two-Wheeler Loan Service Charges
Description of Charges Fees & Charges
Non-Refundable Loan Processing Fee: Non-Premium/Premium Vehicles 2.5% of Loan amount OR Max Rs.2500/-
Non-Refundable Loan Processing Fee: Super Premium Vehicles 1% of Loan Amount OR Max Rs.5000/-
Documentation Charges 2.25% of Loan Amount OR Max Rs.1000/-
CIBIL Report Charges Rs.50/-
Registration Certificate Collection Charges Rs.499/-
Stamp Duty Actuals
Part Pre-payment Charges Part pre-payment is not allowed
Full Pre-payment Charges 5% on principal outstanding or interest outstanding for the unexpired period of the loan (whichever is lower)
Charges for late payment of loans 2% per month on the outstanding installment
Swap Charges Rs.500/- per transaction
Bounce Charges Rs.400/- per transaction
Amortization Schedule Charges Rs.500/- per schedule
Statement of Account Charges Rs.200/- per statement
Pre-payment Statement Charges Rs.200/- per statement
Duplicate No Objection Certificate (NOC)/No Due Certificate (NDC) Charges Rs.500/- per NOC/NDC
Revalidation of NOC Charges Rs.500/- per NOC
Loan Cancellation Charges Rs.3000/- per Loan
Legal Repossession and Incidental Charges. (Expenses that are not budgeted or specified, but are incurred by bank on behalf of the customer constitute Incidental Charges) At Actuals

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 charges.

Required Documents for ICICI Two Wheeler Loan

Attractive two-wheeler loans at ICICI Bank can be availed with minimum documentation by both salaried and self-employed professionals.

  • Application form
  • Passport-sized photographs
  • Identity Proof
  • Address Proof
  • Age Proof
  • Bank Statement
  • Salary Slips
  • Signature Verification
  • Latest Salary Slip/Form 16 (Not Applicable for Self-Employed Professionals)
  • Income Tax Returns of 2 previous financial years (Not Applicable for Salaried Professionals)
  • Business Stability proof/Ownership proof (Not Applicable for Salaried Professionals)
  • Employment Stability Proof (Not Applicable for Self-Employed Professionals)
FAQs (Frequently Asked Questions)

Q. I am a self-employed professional. Am I eligible to apply online for a two-wheeler loan at ICICI Bank?

A. Any self-employed professional who is between the age of 21 and 65 years old is eligible to apply for a two-wheeler loan.

Q. Do I need to get my KYC done in order to apply for a two-wheeler loan at ICICI Bank?

A. To apply for and avail of a two-wheeler loan from ICICI Bank, you do not need to get your KYC done.

Q. How do I know my EMI rate?

A. The ICICI Bank website has an EMI calculator that you can use to calculate your projected EMI that is based on the loan amount, interest rate and period of repayment.

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

A. Like our other credit services and loan products, two-wheeler loans for already existing ICICI Bank customers are pre-approved. You can directly walk in the outlet and drive back your vehicle after completing bank formalities.

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