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  • ICICI Two Wheeler Loan

    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.

    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%.

    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.

    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.

    Two Wheeler Loan by Other Banks
    Two Wheeler Loan

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