With the two-wheeler loans from ICICI bank, it has become easier to own a two-wheeler. With the flexible down payment options and the manageable Equated Monthly Instalments (EMIs) that the bank provides, it is no longer stressful to get a two-wheeler loan. The interest rate for Two-Wheeler Loans offered by ICICI bank is 10.50% onwards.
ICICI Bank Two-Wheeler Loan Interest Rates
ICICI bank two-wheeler loans interest rate ranges from 10.50% to 26%. The interest rates are perfectly designed with flexible loan tenures giving you affordable monthly EMIs. The offered interest rate might fluctuate with respect to the current market rates and your provided documents. Your loan amount and income proof shall influence the interest rates and loan tenures.
ICICI Two Wheeler Loan Eligibility Criteria
ICICI bank has some criteria you need to match before applying for a loan. You get approved for a loan only when you meet these eligibility criteria. This criterion has been implemented to screen the customers and keep the regulations in check.
The eligibility criterion for the ICICI bank two-wheeler loans is as follows:
- Minimum age to apply – 18 years (at the time of submission of the loan application)
- Maximum age – 65 years (at the time of loan maturity)
- Salaried customers – have to be in the current employment for 1 or more years
- Self-employed customers – have to be in the current business for 3 years or more
Now you can check your eligibility on the bank website as well. The bank also provides an EMI calculator where you can enter your loan amount, loan tenure and interest rates and find out an approximate estimate of your monthly EMI. These online services make it very easy for the customers to compare the loans of different banks and make a better decision for themselves.
Fees & Charges for ICICI Bank Two Wheeler Loan
ICICI bank charges some amount for evaluating your eligibility and processing your loan requirements. They are several services that they provide while you apply for a loan with them.
The following table shows the basic service charges that the bank charges for processing two-wheeler loans.
| Description of the Charges | Fees & Charges |
| Processing fee (non-refundable): Non-premium and premium vehicles | 2.5% of the loan amount, Max. Rs. 2500 |
| Processing fee (non-refundable): Super premium vehicles | 1% of the loan amount, Max. Rs. 5000 |
| Documents assessment fees | 2.25% of loan amount, Max. Rs. 1000 |
| Loan cancellation fees | Rs. 3000 per loan |
| Cheque bounce fees | Rs. 400 per transaction |
| Certification for registration fee | Rs. 499 |
| Stamp duty | Actuals |
| Prepayment installment option | Not available on this loan |
| Prepayment charges | 5% on principal outstanding amount |
| Late payment of loan charges | 2% a month on the outstanding installment |
| Amortisation scheduling fees | Rs. 500 for one schedule |
| Swap fees | Rs. 500 for one transaction |
| Account statement charges | Rs. 200 for one statement |
| Statement of Prepayment charges | Rs. 200 for one statement |
| No Objection Certificate(NOC)/No Due Certificate(NDC) duplication fees | Rs. 500 per NOC |
| NOC Revalidating charge | Rs. 500 per NOC |
| CIBIL analysis fee | Rs. 50 |
| Repossession and Incidental fees | 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.
Documents Required for ICICI Bank Two Wheeler Loan
- Application form
- Passport-sized Photographs
- Identity proof (Any from the following)
- Aadhar card
- PAN card
- Valid passport
- Original Voter’s ID
- Original Driving License
- Corporate ID Proof
- Authentic Ration Card
- Address proof (Any from the following)
- Original passport
- Legal Voter’s ID
- Rental Agreement
- Original Telephone Bill
- Original Electricity Bill
- Original Driving License
- Gas Connection Bill
- Ration Card
- Property Purchase Agreement
- Credit Card billing statement
- Original LIC policy Legal address proof from the company (if accommodation or residence provided)
- Age proof
- Signature verification
- Last 3 months’ salary slip (Not applicable for self-employed customers)
- Income tax returns for 2 previous years (Not applicable for salaried customers)
- Business stability proof (Not applicable for salaried customers)
- Employment stability proof (Not applicable for self-employed customers)
This is the necessary information for the two-wheeler loans from ICICI bank. You can also visit your nearest branch to get more information about your eligibility and monthly EMIs.