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2 mins Read | 10 Months Ago

Two-Wheeler Loan - Check Eligibility, Interest Rates and EMIs

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Two-wheeler Loan: Check Eligibility, Interest Rates and EMIs.

Two-wheelers have been a reliable and flexible source of conveyance in India. If you are planning to buy a two-wheeler and are holding back due to lack of funds, a Two-wheeler Loan can accomplish it. India is one of the biggest markets in the world for bikes and scooters, which explains the plethora of financial options available.

Most banks have loans specifically designed for buying two-wheelers. If you are planning to buy one, an ICICI Bank Two-wheeler Loan could be a viable solution. With competitive interest rates, flexible repayment tenure and easy documentation, we’re here to get you the wheels you’ve always wanted.

In this blog, we will take a closer look at Two-wheeler Loans, including eligibility criteria, interest rates and EMIs. We will also explore how you can use a Two-Wheeler Loan calculator  to get an estimate of the loan amount, repayment tenure and pick one that best suits your needs. 

Eligibility Criteria for ICICI Bank Two-wheeler Loans:

Both salaried and self-employed individuals can apply for a Two-wheeler Loan from ICICI Bank. Fill out an application form and meet the following criteria: 

1.   You must be an Indian citizen above 21 years

2.  You should have a stable source of income, either through employment or self-employment

3.  A good Credit Score

4.  You should have all the necessary documents, such as proof of identity, proof of address and income proof (Income Tax Return documents for self-employed and Salary Slips/Form 16 for salaried professionals)

5.  Bank Statements, valid signatures and photographs

6.  Proof of ownership and/or proof of business stability will be required from self-employed and employment experience/stability for salaried applicants

7.  Pre-approved customers don’t need to submit documents. 

You are eligible to apply for an ICICI Bank Two-wheeler Loan, if the above criteria are met. Conversely, if you fall short, do reach out to us and we’ll see how we can increase your eligibility and address any query that you may have. 

Interest Rates and EMIs for ICICI Bank Two-wheeler Loans:

For eligible pre-approved customers, ICICI Bank is currently offering EMIs as low as Rs 29 per every Rs 1000 of the Two-wheeler Loan amount. For other applications, the rates are competitive, which will vary basis the loan amount, repayment tenure and the borrower's credit score. The repayment tenure can be up to 48 months, based on your preference and financial situation.

Your Loan journey is made simpler with our online Two-wheeler Loan Calculator. All you need to do is enter a few key details to get the corresponding EMI amounts to be paid. Use it and budget your finances better to ensure you can comfortably repay without any financial duress.  

Applying for an ICICI Bank Two-wheeler Loan:

1.  There are three ways to do this! You can visit the nearest ICICI Bank Branch and meet our Representative

2. You can conveniently apply on our website, go straight to the dealership, select a vehicle and get in touch with us over phone.

The application process is simple and hassle-free. Provide all the basic documents mentioned above. This can be skipped if you’re an existing customer. Eligible pre-approved customers can even get an Instant Two-wheeler Loan in a matter of minutes. Once your application is approved, the loan amount will be disbursed in your Bank Account or paid directly to the dealer.

Two-wheeler Loan Features:

Our Two-wheeler Loans come with a host of attractions that include rates as low as Rs 29 per every Rs 1000  of the loan amount and a 100% loan amount approval for the on-road price of the two-wheeler. Here are some more features: 

Digital Convenience:

No one wants to waste a weekend or two, running around applying for a Loan? Applicants can conveniently apply from wherever they are, to start their ICICI Bank Two-wheeler Loan journey. Loan calculations and verification of documents can be done online in a few simple steps.

Minimal Documentation:

Borrowers need to submit a handful of basic documents for applying. Whereas, pre-approved customers need not worry about documentation to get their loans with paperless disbursement and digital online loan applications.

Processing Fees:

There’s a modest processing fee range of 2.5 - 4.75% of the loan amount depending on the segment of the vehicle.

Low Interest Rates:

ICICI Bank provides pre-approved customers with exceptional interest rates on Two-wheeler Loans, with EMIs as low as Rs 29 per Rs 1000.

Full Funding:

If you match certain eligibility criteria, we could completely finance your two-wheeler with 100% funding of the on-road price.

Conclusion:

Trust you’ve got the full picture of Bank's Two-Wheeler Loan processes and protocols. Always remember to use the Two-wheeler Loan Calculator irrespective, to budget for a repayment tenure that best suits your needs and plan your finances accordingly.     

 

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