| Loans - Two Wheeler Loans - FAQs - |
What are the eligibility criteria for availing an ICICI Bank Two Wheeler Loan? Broadly the eligibility criteria are: -
Above criteria are only suggestive in nature. All loans are given at sole discretion of the bank. What are the minimum & maximum loan amounts? We offer loans ranging from Rs. 7,500/- to Rs. 90,000/-. What are the loan tenure options? Loans are available for tenures ranging from 6 to 36 months. We offer monthly reducing balance interest depending on your down payment and the finance option chosen by you. There are various schemes running on different models and brands that are available to you. Our Sales Executive will help you choose the best scheme suited to your requirements.. Please click here for information on the different finance options. How is the interest charged / calculated? Interest rate is charged on a monthly reducing balance .
Do I have to pay any additional charges? From 2 to 4 % processing fees on the loan amount. Service tax applicable as per norms. What documents do I need to submit to avail an ICICI Bank Two Wheeler Loan? Only basic documents for processing the loan i.e. applicants Identity Proof, Residence Proof and Income Proof are required. We also offer options where Income Proof is not essential or alternate proofs can be furnished which are called surrogate income proofs ex: Telephone bills, RC of existing car/two-wheeler, life insurance premium receipts,PPF account statement, ATM & debit card etc. Please click here for further information on documentation How do I approach ICICI Bank for a Two Wheeler Loan? You will have to decide
on the Brand, go to the respective authorised dealer of the chosen
brand in your city and meet our Counter Sales Executive.sms TW with
your name and city to 9837142424
or 5676766 and we can have a Sales Executive
visit you. How much time will it take for my loan to be approved? Once the application is filled-in and the basic documents are given to our representative, it takes around 3-5 hours for us to approve the loan. We also offer 'Spot Loans' where the approval is given within 30 minutes of your applying for the loan. For more details on Spot Loans, you may please enter your details in the Online Application Form and our representative will contact you soon. Who can be the co-applicants for the loan? You may choose any one of your immediate family members as a co-applicant. The person could be any of your parents, spouse, son, daughter, brother, sister, son-in-law, daughter-in-law, father-in-law, mother-in-law, sister-in-law and brother-in-law. Is a personal guarantor a must? No, a guarantor is
not necessary for you to avail of Two Wheeler Loans from ICICI Bank. What security / collateral do I have to provide? None, only the vehicle registration papers will bear hypothecation in favour of ICICI Bank until complete repayment of the loan. Once the loan is completely repaid, we will provide you with a "No Objection Certificate" (NOC) that you may submit to the RTO for deletion of hypothecation. If I am not able to provide / submit income proof, what scheme can ICICI Bank offer? If you have MasterCard or Visa credit cards from any of the leading Credit Card Issuers in India, then income proof is not required. These could be co-branded or affinity credit cards. You will have to produce photocopies of the front & back of your credit card and the last 2 months billing statements to process the loan for up to 90% funding of the On Road Price. If you are an existing customer of ICICI Bank or any listed financial company/Banks, a repayment track record will be sufficient in the place of income proof. In case you are unable to provide the above, and are willing to make the down payment of 30% or more of the On Road Price of the vehicle, you need not submit income documents at all. Loan is repayable in Equated Monthly Instalments (EMI) through Post Dated Cheques (PDC) drawn in favour of ICICI Bank Ltd that will be presented to your bank on the 5 th or 10 th of the month depending on the disbursement date. . We also offer Auto Debit facility to the customers holding their bank account with us. The instalment amount is debited from their ICICI Bank Account every month. We also offer the ECS (electronic clearance system) option to you wherein you need not have an ICICI bank account. The loan can be prepaid/foreclosed after 6 months with a prepayment charge of 4% on principal outstanding.Service tax is applicable on all fees and charges. Do I need to open an account with ICICI Bank for availing and / or servicing the loan? We will encourage you to start a banking relationship with us so that we will be able to offer a host of other value added services, which are complementary to the loan, however opening an account with us is not mandatory for taking a Two Wheeler Loan. However, holding an account with us helps us in processing your loan as also to avail of the Auto Debit Facility to repay the loan. What are the stages involved in taking the loan? The various stages involved are as follows:
Our loan process is extremely simple. Once we receive the application along with the relevant documents, we take 3-5 hours to approve the loan. After your loan is approved and you have deposited the Margin Money at the dealership, you may take delivery of the vehicle from the dealership. We will disburse the cheque for the balance money in favor of the dealership. How fast will I get the vehicle? The delivery of the vehicle and RTO related issues like registration of vehicle is the responsibility of the dealer. Once your loan application is approved, you will need to complete post approval documents, pay margin money at dealership for ICICI Bank to disburse money in favour of the dealer, which will be done at the earliest. The down payment is normally up to 15% of the 'On Road Price'. However, you can choose to make a higher down payment depending upon the finance option and your personal needs. Please click here for information on the different finance options. Is there any prompt payment rebate? No, we do not have any such provision. I have an ICICI Bank credit card? How does it help? If you have an ICICI Bank credit card, you are entitled for a spot sanction through the Credit Card channel. Can I get a loan against Fixed Deposit (FD) at ICICI Bank? At the moment we do not offer this option of Two Wheeler Loans against FDs. However it could be considered as a positive point in processing your loan application. I have an account with ICICI Bank. Should I also give PDCs? Normally the loan is repayable through Post dated Cheques only. However, you being a privileged customer of ICICI Bank, may repay the loan through Auto Debit Instructions where in Equated Monthly Instalments (EMIs) can be automatically debited to your account with ICICI Bank. For more information on the same, please get in touch with our Sales Executive. Is registration of the vehicle in the name of my spouse/son/brother possible? Yes you can register the vehicle in the name of your spouse/son/brother by introducing them as an applicant to the loan for registration purpose, subject to their being above 18 years of age and including yourself as a co-applicant to the loan. I have only limited number of PDCs. What options do I have? You may give PDCs from a maximum of two different accounts of yours. You may also introduce any of your parents, spouse, son, daughter, brother, sister, son-in-law, daughter-in-law, father-in-law, mother-in-law, sister-in-law and brother-in-law as co-applicants and give the rest of the cheques from their account. I would like to know about exact PDC start date & end date? After the disbursal of the loan, Within TWO WEEKS you will receive a welcome letter from ICICI Bank, reconfirming and providing necessary details pertaining to your loan. I already have taken a consumer/auto/home/personal loan from ICICI Bank. Can I avail a Two Wheeler loan now? Certainly, being a privileged ICICI Bank customer, the processing of your loan will be faster and with minimum documentation. To help us consider your existing ICICI Bank Loan(s), you will have to furnish the loan number(s). Will ICICI Bank help me in exchanging my old vehicle? Yes, through the dealer. Our Counter Sales Executive can introduce you to a broker for second hand vehicles. Does ICICI Bank finance used Two Wheelers? Not at the moment.
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