GET A CALL BACK

Want us to help you with anything?
Request a Call back

This field is required Only alphabetes are allowed
This field is required Only alphabetes are allowed
Please enter valid number
Please enter valid email
Please select product type
Please enter valid pincode

Thank you for your request.

Your reference number is CRM

Our executive will contact you shortly

Electric Two Wheeler Loan

Electric Bike Loans:
A Sustainable Choice

Electric bikes, commonly known as e-bikes, are an eco-friendly alternative to traditional bikes that are fuelled by petrol or diesel. They are cost-effective in the long run as they require minimal maintenance and help to reduce fuel expenses significantly.

Recognising the growing demand for e-bikes, ICICI Bank has introduced Electric Two-Wheeler Loans with funding up to 100% of the on-road price, to make it easier for you to adopt this sustainable mode of transport.

Electric Bike Loans offer an excellent opportunity to embrace eco-friendly and cost-effective commuting options. By choosing an electric bike, you not only help in reducing carbon emissions but also enjoy convenience and affordability.

Key Highlights of Electric Bike Loans

Easy Financing

ICICI Bank provides hassle-free financing options for both high-speed and low-speed electric bikes, so that you can make a suitable choice without straining your finances.

Easy Financing

Competitive Interest Rates

Enjoy competitive interest rates on your Electric Two-Wheeler Loan, making e-bikes an affordable choice.

Competitive Interest Rates

Quick Approvals

With a streamlined loan approval process, you can now get your loan sanctioned quickly.

Quick Approvals

Flexible Repayment Tenures

ICICI Bank offers flexible repayment tenures, allowing you to choose a comfortable tenure that suits your finances.

Flexible Repayment Tenures

Minimal Documentation

The documents required for Electric Bike Loans are minimal, which reduces paperwork and simplifies the application process.

Minimal Documentation

Eligibility, Charges and Documents for Electric Bike Loan

Electric Two Wheeler Loan Eligibility Criteria

You are required to meet certain eligibility criteria to qualify for an Electric Two-Wheeler Loan. These might include age requirements, employment status, minimum income limit and creditworthiness. Lenders may also consider your residential status and repayment capacity.

Electric Two Wheeler Loan Fees & Charges

Electric Two-Wheeler Loans include various fees and charges that you should be aware of, before availing the loan. These might include processing fee, administrative charges, prepayment penalties and late payment fees. 

Electric Bike Loan Documentation

To apply for an Electric Bike Loan, you need to provide your identity proof, address proof, income proof, bank statements, photographs and proof of employment. Additionally, lenders may request specific documents related to the electric vehicle purchase, such as vehicle registration and insurance details. By compiling these documents in advance, you can speed up the loan application process and secure financing for your electric bike purchase.

How to Apply for an Electric Bike Loan

Applying for an Electric Bike Loan from ICICI Bank is a straightforward process. Here are the steps involved:

Check the eligibility criteria:

Check the eligibility criteria:

Determine whether you meet the eligibility criteria such as age, income and credit score before you apply for an Electric Bike Loan.

Compile all the documents

Compile all the documents

Compile all the necessary documents such as proofs of identity, address and income as well as the quotation or invoice for the electric bike you wish to purchase.

Apply for the loan

Apply for the loan 

Visit any ICICI Bank Branch or apply online through our website to apply for the loan. Our executive will assist you in filling out the loan application form digitally once you provide the details.

Processing of the loan

Processing of the loan 

Once you submit your loan application, ICICI Bank will review your documents and assess your eligibility.

Approval and Disbursement of the loan

Approval and Disbursement of the loan:

Post the loan approval process, the Bank will disburse the loan amount directly to the electric bike dealer or seller.

Repayment of the loan

Repayment of the loan

You can start repaying the loan in Equated Monthly Instalments (EMIs) as per the chosen repayment schedule.

Electric Bike Loan EMI Calculator

  • ₹30,000
  • ₹30L
  • 12 months
  • 36 months
%
  • 9%
  • 30%
*The EMI displayed is indicative and may vary during actual loan processing.
  • ₹ 2,00,000

  • ₹ 22,605

  • ₹ 2,22,605

Your Monthly EMI is ₹9,275

Enter a valid input

How to Use the EMI Calculator

  1. Loan Amount: Enter the loan amount you wish to borrow for your electric bike purchase. This should include the cost of the electric bike itself along with any additional expenses such as the cost of insurance or accessories.
  2. Loan Tenure: Choose the loan tenure that suits your financial situation. The tenure represents the number of months required to repay the loan.
  3. Interest Rate: Input the applicable interest rate for your Electric Bike Loan. ICICI Bank offers competitive interest rates to ensure affordability.

The calculator will carry out the calculations side by side and give you varying figures as you adjust the inputs. This way, you can find the ideal EMI plan for repaying the loan comfortably.

For instance:

Principle Amount= 5,00,000

Rate of Interest= 10.25%*

Tenure= 3 years (36 months)

Loan EMI= Rs. 16,192

Note: The Rate of interest is subject to change.

Factors Impacting Your EMI Amount

Several factors can influence your EMI amount

Interest Rate

Interest Rate

Higher interest rates result in higher EMIs. ICICI Bank offers competitive rates to keep your EMIs affordable.

240
Loan Amount

Loan Amount

A higher loan amount translates to higher EMIs. You should borrow as per your financial capacity.

240
Loan Tenure

Loan Tenure

Longer loan tenures lead to lower EMIs but increase the total interest component of the loan. Consider your financial goals and capacity when choosing the loan tenure.

240
Flexible EMI

Flexible EMI

ICICI Bank offers flexible EMI schemes that allow you to adjust the EMI amount to suit your convenience.

240

Electric Bike Loan FAQ

Is there any loan available for purchasing electric bikes?

Yes, ICICI Bank offers Electric Two-Wheeler Loans for the purchase of electric two-wheelers. These loans are designed to promote eco-friendly transportation solutions and financially assist individuals looking to invest in sustainable mobility options.

Why should I apply for an Electric Bike Loan from ICICI Bank?

Applying for an Electric Bike Loan ICICI Bank gives you access to a tailored financing solution for purchasing an eco-friendly two-wheeler of your choice. With competitive interest rates, flexible repayment terms and a convenient application process, ICICI Bank makes it easy for you to transition to an environment-friendly transportation alternative.

What is the maximum loan amount that I can get for an Electric Bike Loan?

At ICICI Bank, we offer a maximum loan amount of up to ₹ 30 lakh to eligible customers. However, the maximum loan amount sanctioned to you will depend on various factors like your creditworthiness & income and the value of the electric bike you wish to purchase.

Is the interest rate of an Electric Two-Wheeler Loan the same as that of normal Two-Wheeler Loan? 

ICICI Bank offers the same interest rates for both Electric Two-Wheeler Loans and normal Two-Wheeler Loans.