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  • ICICI 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.

    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.

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    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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    ICICI Two Wheeler Loan Reviews

  • Page 1 of 6 1 2 3 4 5
    • ICICI Two Wheeler Loan
      "Good Process"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I am a customer of ICICI bank for past ten years. I had taken loans and credit card. The bank is good for the all the services. I had taken two wheeler loan as well. The interest rate is good and I am happy with the services of ICICI bank for two wheeler loan.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Jun 13, 2017
    • ICICI Two Wheeler Loan
      "Not Happy"
      ICICI BANK
      0.5 2.0/5 "Expected more"
      I do not remember about the interst rate for the two wheeler loan. I had taken this loan from ICICI bank about a year. I faced a lot of issues at that time some kind of signature mismatch and other process issues, I am not happy with the bank for the loan service.
      Was this review helpful? 2
      , bangalore
      Reviewed on May 27, 2017
    • ICICI Two Wheeler Loan
      "Good Service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      Long back I had taken two wheeler loan from ICICI bank. The loan process went smooth and it was very easy to approach the bank for the loan. They had done with the loan process within a day. It was hassles free service with ICICI bank.
      Was this review helpful? 2
      , salem
      Reviewed on May 24, 2017
    • ICICI Two Wheeler Loan
      "Recommendable Loan Products"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      There was nothing delayed on my two wheeler loan with ICICI, everything was on time. I approached the loan showroom, so the process was quick I got my bike delivery on time. I had taken the loan amount around Rs.60,000 from ICICI, they all have done a very good job.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 12, 2017
    • ICICI Two Wheeler Loan
      "ICICI TWO Wheelerloan"
      ICICI BANK
      0.5 4.5/5 "Excellent!"
      Best rate of interast and fast process. It was totally a hassle free experience with ICICI Bank on my bike loan, I had taken this loan in Dec 2016 at the loan amount I have opted for 30k approximately and they charges me minimal.I have preclosed loan as i got the money.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 10, 2017
    • ICICI Two Wheeler Loan
      "Average"
      ICICI BANK
      0.5 4.0/5 "Great!"
      Five years back, I took bike loan with ICICI that I have purchased Bajaj Discover worth Rs. 48,000, I processed to the dealer I have submitted cancelled cheque, documents, bank statement they sanctioned the loan within the time. I didn't face have any issues.
      Was this review helpful? 0
      , madurai
      Reviewed on Apr 28, 2017
    • ICICI Two Wheeler Loan
      "Good Service"
      ICICI BANK
      0.5 4.0/5 "Great!"
      It was totally a hassle free experience with ICICI Bank on my bike loan, I had taken this loan in 2007 at the loan amount I have opted for 50k approximately and they charges me minimal and the EMI was around 2000 rupees approximately and it was for 2 years and i have done the down payment of 15k.But my experience with ICICI was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2017
    • ICICI Two Wheeler Loan
      "Excellent"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I had taken a two wheeler loan from ICICI Bank. The total loan amount was 30 to 35K. This loan was taken during the year 2006. During the year 2007, my bike was stolen therefore I forcefully closed the loan. For closure charges were amounting 4% for the same.
      Was this review helpful? 2
      , kota
      Reviewed on Apr 18, 2017
    • ICICI Two Wheeler Loan
      "Good bank"
      ICICI BANK
      0.5 4.0/5 "Great!"
      Long time ago, I had taken a two wheeler loan from ICICI bank. The loan process was very simple and they were not asking too many documents to proceed the loan process. Even the interest rate was reasonable when compared with other banks. Their customer service also quite good.
      Was this review helpful? 6
      , kolkata
      Reviewed on Apr 05, 2017
    • ICICI Two Wheeler Loan
      "Improve customer service and reduce rate of interest"
      ICICI BANK
      0.5 3.0/5 "Satisfactory"
      I had taken a two wheeler loan for long time ago with ICICI bank. The interest rate was offered by them was 10% which was higher when compared with other banks in the market. At that moment, some other banks were giving the loan with the interest rate of 8.5%. The customer service was not satisfactory.
      Was this review helpful? 5
      , mumbai
      Reviewed on Mar 08, 2017
    • ICICI Two Wheeler Loan
      "Very good "
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I took two wheeler loan with ICICI bank and they have provided me around 80% of the cost of bike as loan. Response was very good with the ICICI bank, also I got the loan amount to be credited within five days of time. Within a week of time, I have got the NOC certificate with them and I have not faced any issues with them.
      Was this review helpful? 8
      , kochi
      Reviewed on Feb 14, 2017
    • ICICI Two Wheeler Loan
      "Need reduction the processing fee "
      ICICI BANK
      0.5 3.0/5 "Satisfactory"
      Two wheeler loan experience is good with ICICI, But my car loan experience was not up to the mark. Even I am holding my salary account more than six years. But they did not give any best offers. For my two wheeler loan processing fee was very high. I purchased the Bike value of Rs.80,000 for that I paid the down payment for Rs.15,000 remaining amount got converted into EMI.
      Was this review helpful? 7
      , bangalore
      Reviewed on Jan 04, 2017
    • ICICI Two Wheeler Loan
      "Service was good and helpful"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      Recently I approached ICICI for the two wheeler loan, They did all process to get my disbursement within 2 to 3 days. They will directly sanctioned the amount to the dealer. I am happy about the process, But they offered the interest rate of 13% it was high but processing fee only Rs.545 it was really low, I like ICICI service was really helpful.
      Was this review helpful? 8
      , new delhi
      Reviewed on Dec 08, 2016
    • ICICI Two Wheeler Loan
      "Super fast process"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I had a earlier experience with Bajaj Finserv for a two wheeler loan. They were super fast in the process, as I got the loan within two days. The rate of interest and charges was normal as well. I was happy that I had no issues in getting my loan and even the after loan services was smooth.
      Was this review helpful? 6
      , vijayawada
      Reviewed on Nov 26, 2016
    • ICICI Two Wheeler Loan
      "My two wheeler insurance"
      ICICI BANK
      0.5 3.5/5 "Pretty good"
      ICICI bank two wheeler loan process was okay. I had got the loan without much of hurdle. I am holding this two Wheeler loan for a period of 8 years and now its closed. I had taken this loan a way back and I will not recommend ICICI Bank for the same.
      Was this review helpful? 6
      , chennai
      Reviewed on Oct 26, 2016
    • ICICI Two Wheeler Loan
      "Nice experience"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      The process adds value to the bank as step by step process was carried out. It all happend one after the other. The process was fast from them. After the collection of documents. I got the loan on time. The rate of interest and processing charges was normal . It was a nice experience as it has always been hassle free with them.
      Was this review helpful? 11
      , bangalore
      Reviewed on Aug 13, 2016
    • ICICI Two Wheeler Loan
      "High roi and charges"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      The process was pretty fast for the two wheeler loan from ICICI Bank. The services are very good from them. After they collected my documents, the process took around five days. But the rate of interest is very high. It was of 22.13%. The processing charges was also of 1200 which was high again.
      Was this review helpful? 11
      , salem
      Reviewed on Jul 14, 2016
    • ICICI Two Wheeler Loan
      "Better "
      ICICI BANK
      0.5 3.0/5 "Satisfactory"
      I have closed the two wheeler loan with ICICI bank and the interest rate is around 7%. The loan amount got disbursed within two to three days of time. Documentation procedures are immediate one with them and the processing charges were around 1000 Rupees.
      Was this review helpful? 5
      , chennai
      Reviewed on Jun 28, 2016
    • ICICI Two Wheeler Loan
      "Good bank in private sector"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      In 2005, I had taken a two wheeler loan from ICICI bank as I have a long term relationship with them. The executive had called me and got everything co-ordinated. the loan processing was pretty smooth and took about 2 weeks after the collection of documents. It was a total hassle free experience.
      Was this review helpful? 9
      , ghaziabad
      Reviewed on Jun 23, 2016
    • ICICI Two Wheeler Loan
      "Very Good"
      ICICI BANK
      0.5 4.0/5 "Great!"
      Closure procedure was very smooth with ICICI bank and the interest rate was around 10%. The loan amount got disbursed to the dealers account within five to seven days of time. Documentation process was a nominal one and they have given NOC within fifteen days of time from my last date of EMI.
      Was this review helpful? 12
      , new delhi
      Reviewed on Jun 09, 2016
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