For two wheeler , their is no good option other than obtaining a short term loan or financing the vehicle with a reputed bank . This reduces the overall budget of the person and also helps a person to buy a new vehicle with part payments . ICICI Bank in India offers numerous types of loans including loan for two wheeler , four wheeler , loan against property and home loans . The most popular product of ICICI bank in the individual section is its ICICI Bank Bike loan which can be obtained from the bank without much documentation .
If you want to apply for Bike Loan from ICICI Bank or any other two wheeler loan from ICICI Bank , then we have tried to solve most of your queries in this article .
ICICI Bank Bike Loan or Two Wheeler Loan Benefits
For those seeking to purchase a new two wheeler can obtain a bike loan or a two wheeler loan from ICICI Bank . The bank offers loan which can be repaid in equal monthly installments . The bank provides convienience in direct partnership with numerous vehicle vendors in India like Hero , Bajaj , TVS etc to provide direct finance benefits to their customers . For those applying for bike loan with ICICI Bank , the following benefits are offered to them :
1.The loan is provided with minimal documentation and is paid directly to the vendor or the bike company .
2. It takes about 24 to 48 hrs for the loan to get disbursed from the bank .
3.The entire loan process can be followed online on the official website of ICICI Bank
4. The processing fees is very low compared to other banking institutions .
5. The loan is provided upto 100 percent value of the vehicle (On road price of the vehicle ) .
6. The maximum tenure for the loan provided is about 4 years .
ICICI Bank Bike Loan Documentation
To apply for Bike loan with ICICI bank , you can directly contact any loan agent of the bank or can self process the loan online on the ICICI Bank website . For application of loan , the list of documents as provided by the bank include :
- Application form
- KYC Documents including PAN / Aadhaar Card
- Passport Size Photograph
- Identity Proof / Address Proof
- Bank Statement of last 3 or 6 months .
- Income Proof / ITR Proof of Applicant
- Employment Proof if any
For two wheeler loan application , all these documents along with the final quotation of the price of the vehicle from the Vendor is to be provided to the bank . The said processing charges of the loan would be about 1500 INR .
ICICI Bank Bike Loan Features and Conditions
ICICI Bank Offers Bike Loan and two wheeler loan on minimal documentation and based on flat EMIs , where the applicant have to pay interest on the basis of installments provided by the bank. The amount of installments as provided by the bank on the official website is as low as Rs 36 per 1000. Some features and conditions specified by the bank for the vehicle loan is :
- Upto 100 percent of the amount of on road price of the vehicle can be financed from the bank .
- The interest rate of the loan varies on the vendor conditions , the amount of loan and duration of the loan .
- No co-applicant is required to apply for the loan .
- On prepayment of the loan only 5 percent on the principal amount will be charged plus GST.
- In case of any default in any EMI , the bounce charges will be charged at 500 + GST .
- For delay in payment of installement – 2 percent interest will be charged on monthly basis in addition for default in EMI .
The charges involved in the entire application includes :
|i. Duplicate Repayment/Amortization schedule charges||Rs. 150/- (for physical report) + applicable GST
Nil for digital report
|ii. Statement of Account charges||Rs. 150/- (for physical report) + applicable GST
Nil for digital report
|iii. Prepayment statement charges||Rs. 150/- (for physical report) + applicable GST
Nil for digital report
|iv. Duplicate No objection certificate / No due certificate charges||250 + applicable GST|
|v. Revalidation of No objection certificate charges||250 + applicable GST|
|vi. Swap charges||500 + applicable GST|
|vii. Registration Certificate (RC) Collection Fees||600 + applicable GST|
|viii. Information Utility Charges (Only for Corporate Cases)||300 + applicable GST|
|ix. Cash Transaction Charges (for repayment of EMI dues in cash at branches)||100 + applicable GST|
|x. Loan Cancellation Charges||2000 + applicable GST|
|xi. Processing fees||Premium Vehicles – 4.75 % of Loan amount + applicable GST.
Super Premium Vehicles – 2.5 % of loan amount + applicable GST
(Includes Loan documentation charges also)
ICICI Bank Bike Loan Application Process Online
The entire process for bike loan on ICICI bank is online , one can apply for loan by self on the official website of ICICI Bank . To apply for ICICI Bank bike loan or two wheeler loan online follow this process :
- Go to official website of ICICI Bank .
- Click on Apply now ( Right on Top )
- Select Two Wheeler Loan
- Login with Internet Banking if you are an existing customer of the bank .
- If you are not a customer call the ICICI Bank Helpline at 1800 1080.
Once your provide your query to any loan agent of the bank , the bank will respond you within 24 to 48 hrs and you can proceed with your Vehicle loan or Bike loan with the bank .
ICICI Bank Bike Loan NOC / NDC Rules
Once the loan is obtained from the bank , it can be repaid within a maximum duration of 48 months / 4 years . The No Objection Certificate or No Dues Certificate for the loan will be generated by the bank on clearing of all dues of the loan within 9 working days of the last EMI payment . If the ICICI Bank Bike Loan NOC is not generated within 9 days , it can be applied and received within 30 days of last EMI clearance .
If you have any queries related to application of ICICI Bank Bike Loan , Bike loan closure with ICICI Bank or NOC receipt for loan from ICICI bank for Bike purchase , then you can share us your queries down in the comment section below .