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ICICI Two Wheeler Loan

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Two Wheeler Loan
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ICICI Bank Two Wheeler Loan:

In the present market, ICICI has earned the top position as India's largest private sector bank as of March of 2015. A bank that started its journey in 1994 as a financial institution solely focusing on project finance, has since branched out to providing an array of products and services, directly as well as through its subsidiaries and affiliates. ICICI is also the first bank and the first Indian company from Non - Japan Asia which is listed on the NYSE. The bank's total assets as of March 3, 2015 is Rs. 6, 461, 29 billion or US $103 billion. The bank holds a strong network of more than 4000 branches and over 13,000 ATMs in India alone. ICICI is also decorated with several awards, including winning 7 awards at 'National Award for Excellence in Energy Management 2015' that was organized by the CII (Confederation of Indian Industry).

Why Two Wheeler Loans Are Necessary Today:

With the rapidly changing lifestyles of people in the present world, there is a drastic change in the needs and demands of people. We live in a world today where luxury is the new necessity of life. Owning your own vehicle has become that necessity. We no longer want to travel according to someone else's schedule, we want our own vehicle so we can travel according to our time and need without being dependent on anybody else. Today, many have a preference of two wheelers over four wheelers, one of the most important reasons for this is the traffic in our country. With the increase in the population and purchase capacity of people, Indian roads are now flooded with vehicles causing massive traffic jams. Under such circumstances, people prefer opting for two wheelers to beat this traffic and get to their destinations much faster because they can squeeze into any lanes, can be parked with minimal space and are cheaper than other vehicles. Even though we see two wheelers as a necessity today, not everyone can afford it in on their own. Some of us need financial support to purchase it. Due to the increase in demand of two wheelers, loans for them are also increasingly becoming important so it becomes affordable to the masses. Having realized this necessity, many leading banks in the country are today offering Two Wheeler Loans at low interest rates, ICICI bank is popular among them.

Also Read: Two Wheeler Insurance.

ICICI Two Wheeler Loan Interest Rate:

ICICI bank provides specific interest rates for Two Wheeler Loans to customers that are determined using several factors, some of them are as follows -

  1. Customer Profile
  2. Customer Relationship
  3. Asset Segment
  4. Loan Tenure and many more
  • As of March, 2013, the interest rate for Two Wheeler Loans has been fixed at 12.50%.

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Two Wheeler Loan Interest Rate Range -

June 2015 Quarter End

Min.

Max.

Mean

Two Wheeler Loan

11 percent

14.50 percent

12.07 percent

Note :

  • The above values have been determined according to the loans provided in the first Quarter of the financial year of 2015 - 2016.
  • The values are inclusive of the fixed interest rates that were determined using the factors discussed in the previous section.
  • The values mentioned above exclude govt. schemes and subsidies.
  • Mean rate is calculated in the following way - Sum of the interest rate of all loan accounts / No. of all loan accounts.

You May Like To Read : Two Wheeler Insurance Online.

Annual Percentage Rate (APR)

APR is a method that helps to compute the annul credit cost that includes the loan origination fee and the interest rate. You can calculate the APR for your loan by downloading the APR calculator available on the official ICICI bank page.

Fees and Charges:

Charge for Additional Documentation

Rs. 350

Charge for Amortisation Schedule 

Rs. 200 per schedule

Late Payment Charge

2 percent per month will be charged on the outstanding amount

Charge for cheque return

Rs. 200 for each cheque return

Charge for cheque swap

Rs. 500 for each transaction

Charge for Duplicate NOC

Rs. 200 for each NOC

Charge for Prepayment Statement

Rs. 100 for each statement

Charge for Revalidation of NOC

Rs. 200 for each NOC

Charge for Statement of Account

Rs. 200 for each statement

Processing Fee for the Loan (Non Refundable)

0.25%

Prepayment Option

Part prepayment for the loan is not allowed

Note:

  • The following charges may be applied over and above the aforementioned rates - Service Tax, Other govt. tax, levies etc. These charges are applied as per the discretion of the bank.
  • Interest Reset Clause is not applicable on Two Wheeler Loans

IMPORTANT - Presently, Two Wheeler Loans are only offered on Harley Davidson Models.

ICICI Two Wheeler Loan FAQs:

  1. What factors will be taken into account while determining what interest rate I will receive for my Two Wheeler Loan?
  2. The interest rates are determined after careful evaluation of your customer profile that will include but not restricted to - your loan tenure, your customer relationship, your asset segment and several other factors. Currently, the interest rate for a Two Wheeler Loan is faxed at 12.50%.

  3. If I want to end my loan tenure earlier than the agreed upon date, what are my prepayment options?
  4. In case you want to pay off your loan earlier than the mutually agreed upon date, you will have to pay the full prepayment amount at once for your Two Wheeler Loan. There is no option for part prepayment of your loan.

  5. How can I calculate the Annual Percentage Rate for my Two Wheeler Loan?
  6. You can download the APR Calculator that is available on the official ICICI website and calculate the APR for your Two Wheeler Loan.

  7. Will I be charged a fee for any additional documentation?
  8. Yes. You will be charged Rs. 350 extra for any additional documentation.

  9. What is the Interest Reset Clause on the ICICI Two Wheeler Loan?
  10. Currently, the Interest Reset Clause is not applicable on the Two Wheeler Loan offered by ICICI Bank.

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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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ICICI Two Wheeler Loan Reviews

Page 1 of 9 1 2 3 4 5
  • ICICI Two Wheeler Loan
    "Best Service"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have taken two wheeler loan 7 years back and my experience was good, the loan amount was sufficient and the rate of interest was nominal when compared to others. Customer service was good and they responded on time. Tenure period for this loan is 2 years.
    Was this review helpful? 4
    , bangalore
    Reviewed on Jan 09, 2019
  • ICICI Two Wheeler Loan
    "Good Two wheeler loan from ICICI"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    Taken my two wheeler loan 2016 December. Within a day, i have got this two wheeler loan. There is no particular reason for choosing the ICICI. The interest rates are 10% approximately and the processing fee was a convenient one. I went through all the installments and i have closed the loan. There is no particular payment facility since i have chosen the less tenure period facility which suits to me.
    Was this review helpful? 2
    , chennai
    Reviewed on Dec 29, 2018
  • ICICI Two Wheeler Loan
    "Excellent"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have done a balance transfer of my two wheeler loan to ICICI Bank. It is a quick transfer and the customer support is fine. They are responsive too. The interest was around 12% and the processing charges is normal. They are responsive and in all good.
    Was this review helpful? 2
    , coimbatore
    Reviewed on Dec 08, 2018
  • ICICI Two Wheeler Loan
    "Quick process"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    They have processed my two wheeler loan very fast. Within a minute over the phone, they have approved the loan. I have submitted the bank statement, PAN Card and Adhar card for the documentation process. Processing fee and interest rates were nominal. I took the two wheeler loan of Rs. 60000 approximately. I pay the EMI of Rs. 2400 for 3 years.
    Was this review helpful? 5
    , chennai
    Reviewed on Nov 30, 2018
  • ICICI Two Wheeler Loan
    "Excellent Service"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    The experience in getting this loan has been good and the loan amount which they had provided has been satisfactory as well. There has not been any sort of additional charges which had been made by them and the processing fee with them has been nominal. Overall I am happy with the experience with this loan.
    Was this review helpful? 5
    , new delhi
    Reviewed on Oct 17, 2018
  • ICICI Two Wheeler Loan
    "Best Financial Service"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have taken two wheeler loan from the iCICI bank . They have offered good rate of interest of 13%. There is processing fees of rs 500 for the documentation and approval . They have instantly approved the loan . Overall am satisfied with the customer service and response .
    Was this review helpful? 4
    , new delhi
    Reviewed on Oct 10, 2018
  • ICICI Two Wheeler Loan
    "Best Service"
    ICICI BANK
    0.5 4.5/5 "Excellent!"
    My experience was very good with ICICI bank for two wheeler loan, the loan amount was based on my requirement and it was taken back on 1995. Customer service was very good and their response was on time. The tenure period for this loan is 18 months and the rate of interest was nominal.
    Was this review helpful? 6
    , pune
    Reviewed on Sep 08, 2018
  • ICICI Two Wheeler Loan
    "Good"
    ICICI BANK
    0.5 4.0/5 "Great!"
    My two wheeler loan was taken with ICICI bank 6 years back. The loan amount was65,000 and the interest rate was satisfactory . The tenure period was 18 months. The customer service and responses was up to the mark.I had a good experience here.
    Was this review helpful? 3
    , chennai
    Reviewed on Aug 13, 2018
  • ICICI Two Wheeler Loan
    "Supportive services"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    ICICI Bank has also offered me a two wheeler loan and the process for this loan was excellent. It was approve in a day. I wanted this bike loan on my sons birthday as a gift and as planned I got it. I am happy with the banks process and supportive services.
    Was this review helpful? 5
    , greater noida
    Reviewed on Aug 09, 2018
  • ICICI Two Wheeler Loan
    "Good service"
    ICICI BANK
    0.5 4.0/5 "Great!"
    I have taken a two wheeler loan with ICICI bank and my experience was good, the loan amount was for Rs 40000 with nominal interest rate when compared to other banks. Customer service was good and they followed up on time. I have to pay an EMI for 36 months.
    Was this review helpful? 3
    , lucknow
    Reviewed on Jul 10, 2018
  • ICICI Two Wheeler Loan
    "Average service"
    ICICI BANK
    0.5 2.0/5 "Expected more"
    I had taken a Two wheeler loan with ICICI bank 12-13 years back and it was an average experience. The loan amount was for Rs 25000 with nominal interest rate when compared to other banks. The processing charges were high at that time and the customer service was not up to the mark.
    Was this review helpful? 0
    , karad
    Reviewed on Jul 05, 2018
  • ICICI Two Wheeler Loan
    "Good Service"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I took a Bike loan from the ICICI bank for 65000, I applied at the showroom, The whole process was okay. 3 hours . The service is good. The processed the loan instantly with minimal documentations. So far it has been a good experience considering the bike loan from the ICICI bank.
    Was this review helpful? 1
    , rewa
    Reviewed on Jun 25, 2018
  • ICICI Two Wheeler Loan
    "Good Service"
    ICICI BANK
    0.5 4.5/5 "Excellent!"
    I took a bike loan from the ICICI bank which was for INR 8000 for purchasing my Royal Enfield Bullet. The loan was applied from the show room. The loan was approved with in 10 days but there was a delay in delivering the bike from the showroom which is common when it comes to bullet.
    Was this review helpful? 2
    , bangalore
    Reviewed on May 21, 2018
  • ICICI Two Wheeler Loan
    "Average service"
    ICICI BANK
    0.5 3.5/5 "Pretty good"
    My experience with ICICI bank for two wheeler loan was good, the process was quick and i received my loan amount on time. The tenure period for this loan is 18 months and the rate of interest was bit high when compared to other banks. Customer service was not up to the mark with ICICI bank.
    Was this review helpful? 0
    , chennai
    Reviewed on May 20, 2018
  • ICICI Two Wheeler Loan
    "Good service"
    ICICI BANK
    0.5 4.0/5 "Great!"
    I got the two wheeler loan from the ICICI bank around 5 years ago and I have closed it, I have got good experience from the ICICI bank, but the lending policy of the bank need to be customer oriented. The rate of interest and the charges are average here.
    Was this review helpful? 0
    , mysore
    Reviewed on May 16, 2018
  • ICICI Two Wheeler Loan
    "Good Service"
    ICICI BANK
    0.5 4.0/5 "Great!"
    I took a two wheeler loan from ICICI bank. The whole process took a day or two. The agent managed to get the documentation done very fast. Overall the experience was really good. I never had any issues with their service. The interest rate were also comparatively good.
    Was this review helpful? 1
    , pune
    Reviewed on May 11, 2018
  • ICICI Two Wheeler Loan
    "Average loan"
    ICICI BANK
    0.5 3.0/5 "Satisfactory"
    The Two Wheller which I have purchased through ICICI bank is bajaj bike the loan amount is good were the expected amount is provided The cost was under the show room rate the loan is now closed completely I took the bike through the festival offer the insurance coverage everything is good with ICICI bank.
    Was this review helpful? 1
    , chennai
    Reviewed on May 03, 2018
  • ICICI Two Wheeler Loan
    "ICICI BANK Two Wheeler Loan"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have taken a two wheeler loan from ICICI bank and the approved loan amount is 35000. The rate of interest was nominal and the monthly EMI comes around 2000. The tenure was for 1 year. The approval was very quick and the documentation process was simple.
    Was this review helpful? 1
    , new delhi
    Reviewed on Apr 18, 2018
  • ICICI Two Wheeler Loan
    "Best Service"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have taken a two wheeler loan with ICICI bank and my loan experience was good, the loan amount was for Rs 32000 with nominal interest rate when compared to other banks. Customer service was good and they collected documents on time. The tenure period of this loan is 24 months.
    Was this review helpful? 1
    , mumbai
    Reviewed on Apr 06, 2018
  • ICICI Two Wheeler Loan
    "good experience"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I had applied and got a Two wheeler insurance form top most Private sector bank ICICI. I didn't have any claim experience so i cant able to comment on it. My annual premium amount for Two wheeler insurance is Rs. 1100/- which is very affordable by comparing with other insurance polices.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 03, 2018
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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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